High-voltage (66-132 kV) and extra-high-voltage (220-400 kV) XLPE underground cables for cities, substations, data centres and plant connections.
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Polycab India (POLYCAB)
India's largest wires and cables maker, expanding into EHV cable and taking power-distribution and BharatNet EPC work (also in real estate and data-centre sectors)
Price
₹7,871
snapshot 6 Nov 2026
Strengths
Scale leader in cables with capacity to enter EHV
Large distribution network and export growth
Risks
Transmission-grade EHV is still small for Polycab
EPC projects carry lower margins
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹1.19L Cr
Stock P/E
37.6x
Div Yield
0.60%
ROCE
33.2%
ROE
23.0%
P/B
9.1x
Revenue growth
+28.9%FY26
Profit growth
+32.4%FY26
Net margin
9.4%FY26
1Y vs Nifty
+6 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
12,204FY22
14,108FY23
18,039FY24
22,408FY25
28,884FY26
Stock price return · as of 6 Nov 2026
1Y price return
+4%
3Y CAGR
+15%
5Y CAGR
+27%
Trend59th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 22% below its high
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Makes and lays insulated power cables where overhead lines can't go - inside cities, into GIS substations, under airports and into data-centre campuses - and often does the jointing and commissioning too.
Why it matters
Urban load growth and data centres push utilities underground, and EHV cable is one of the hardest products to make (clean-room extrusion, long qualification). Few Indian makers can supply 220 kV and above, so capacity there is valuable.
Where the value pool sits
EHV cable earns better margins than building wire (roughly low-to-mid teens EBITDA for scaled players) but needs heavy capex in vertical extrusion lines. Most listed cable makers' revenue still comes from building wire and LV/MV cable; EHV is a growing slice.
Key drivers
Urban substations and cabled ring mains in metros
Data-centre and industrial grid connections
Renewable plant export lines
Exports to the Middle East and US
Potential bottlenecks
Few vertical continuous-vulcanisation (VCV) lines for 220-400 kV in India