Cables - Electricals industry

25 companies · ₹2.1 L cr · 15 with AI deep dives · Q2FY27 report

Metal inflation drives revenue and mix drives margins, but volumes trail the topline and plants slip

Turning upmargin troughed at 9.4% and has risen for 7 quarters to 12.1%, on positive revenue growth

Revenue YoY: +38.7%
EBITDA margin: 12.1%; +80bps YoY
Price, 1 year: +28.5%; 73% of names up
P/E vs own 5y: +33.1%; 31.2x now

Exhibit 1The quarter in numbers

constant panel of 7 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	18,400 cr	19,025 cr	-3.3%	13,264 cr	+38.7%	19,025 cr	-3.3%
EBITDA margin	12.1%	11.2%	+90bps	11.3%	+80bps	12.1%	0bps

Revenue

Jun 26: 18,400 cr

Exhibit 4Screen

P/E below the sub-industry median of 31.22x, 5y ROCE above its median of 15.78%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 25)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Polycab India Ltd	₹1.2 L cr	36.9x	27.4x	34.0%	13.9%	+52.8%	Unlock
KEI Industries Ltd	₹37,093 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-09-30

mixedCopper/aluminium inflation is inflating reported revenue more than volumes5 managements

At least five managements said metal pass-through is a big part of headline growth. Dynamic Cables put volume at 5-6% against 33% revenue growth. RR Kabel estimated the price…

DYCL (Q1FY27): “5% to 6% is our volume growth and balance is large part of it is kind of derived by the…”

tailwind6 managements headwind3 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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