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Polycab India Limited
Polycab makes the wires and cables that carry electricity to homes, factories, and businesses, and sells fans, lights, and other electrical goods too.
Polycab is India's biggest maker of wires and cables — the copper and aluminum cords that run electricity through your walls, under streets, and across factory floors. When a builder wires a new apartment tower, when a power company strings lines to a village, or when a factory installs heavy machinery, someone has to supply the cable. Polycab is usually that someone. It sells to electricians and hardware shops that cater to homes, and directly to big industrial and government projects. The company also sells fans, switches, lights, and water heaters under its own brand, though wires and cables are the heart of the business.
The reasons customers pick Polycab are simple: it makes a huge range of cable types, its brand is trusted, and its network of dealers reaches deep into small towns. A wire that fails can burn a house down, so buyers pay for reliability, not just the cheapest reel. That trust is the company's real moat, built over decades of selling into Indian retail. Its main rival is Havells India, alongside Kei Industries and a long tail of smaller regional players.
The business throws off a lot of cash, and management has been spending it on expansion — new plants, more cable capacity, and a push into the electrical goods market. That cash also funds dividends and occasional buybacks. One thing to watch: Polycab has been tangled in a tax investigation, with Indian authorities alleging unaccounted cash sales; the company denies wrongdoing. That overhang matters for investors because a big tax demand could dent profits, even if the core cable business keeps humming along with India's construction and power boom.
Saved answer · last researched 12 Nov 2026