Top 5 Cable Stocks with the Highest Market Share in India
Explore the leading cable and wire companies in India, including Polycab India, KEI Industries, Havells India, Finolex Industries, and RR Kabel, as they navigate a growing market and increasing competition.
Cable StocksMarket SharePolycab IndiaKei IndustriesHavells IndiaReal Estate NewsJul 19, 2025
In a significant development, the announcement earlier this year of Aditya Birla Group and the Adani Group entering the cables and wires sector sparked concerns over rising competition. This news triggered heightened volatility in the share prices of existing players, as investors weighed the potential impact of these deep-pocketed new entrants on market dynamics.
UltraTech Cement announced in February 2025 its plans to enter the cables and wires segment. The company will invest Rs. 1,800 crore over the next two years to set up a manufacturing facility in Bharuch, Gujarat, with commissioning expected by December 2026.
Against this backdrop of rising competition and sector growth, here’s a look at the top 5 players dominating India’s cables and wires market by market share as of 2025:
### Polycab India Limited
With a market cap of Rs. 1.04 lakh crores, the stock surged by nearly 3 percent on BSE, rising to Rs. 7,080 on Friday. The company expanded its market share by 100 basis points, now holding around 27 percent of India’s organised cables and wires market, up from 25-26 percent in FY24 and 18-19 percent in FY19, showcasing steady growth and strengthening leadership.
This increased market share of Polycab is aided by Rs. 2,800 crore capex over four years. Meanwhile, its FMEG (Fast-Moving Electrical Goods) segment, contributing about 10 percent to overall revenues, has turned profitable after ten consecutive quarters. Polycab India Limited is India’s largest integrated manufacturer of wires and cables and a prominent player in the Fast-Moving Electrical Goods (FMEG) industry. It serves industries including infrastructure, real estate, chemicals, data centres, defence, energy, manufacturing, metals, oil and gas, technology, telecom, and transport.
### KEI Industries Limited
With a market cap of Rs. 37,426 crores, the stock surged by nearly 2 percent on BSE, rising to Rs. 4,008.95 on Friday. KEI Industries holds its position as the second-largest player in India’s cables and wires industry, with a solid 13 percent share in the organised segment and around 9 percent of the overall market.
KEI Industries Limited has three major segments: Cables & Wires, EPC Projects, and Stainless Steel Wire. It is engaged in the manufacturing, sale, and marketing of all range of power cables to address the cabling requirements of a wide range of sectors such as power, oil refineries, railways, automobiles, cement, steel, fertilisers, textiles, and real estate, amongst others. KEI is also engaged in the execution of Engineering, Procurement, and Construction projects (EPC) for survey, supply of materials, design, erection, testing & commissioning on a turnkey basis.
### Havells India Limited
With a market cap of Rs. 95,241.3 crores, the stock surged by nearly 1 percent on BSE, rising to Rs. 1,547.60 on Friday. As of February 2025, the market share of Havells India in the wires and cables segment stood at 7.9 percent. The company is a consumer electrical/electronics and power distribution equipment manufacturer with products ranging from industrial and domestic circuit protection switchgears, cables, and more, covering the entire range of household, commercial, and industrial electrical needs.
The company’s manufacturing facilities are located in Rajasthan, Uttarakhand, Uttar Pradesh, Himachal Pradesh, Haryana, Andhra Pradesh, and Karnataka, while the research and development facilities are located at Noida (Uttar Pradesh), Bangalore, and Ghiloth (Rajasthan).
### Finolex Industries Limited
With a market cap of Rs. 13,070 crores, the stock moved down by nearly 2 percent on BSE, falling to Rs. 210.15 on Friday. As of February 2025, the market share of Finolex Industries in the wires and cables segment stood at 5.9 percent. The company is engaged in the business of manufacturing PVC pipes and fittings and PVC resin. The company has manufacturing facilities in Maharashtra and Gujarat.
### RR Kabel Limited
With a market cap of Rs. 16,600 crores, the stock surged by nearly 4 percent on BSE, rising to Rs. 1,523.05 on Friday. Among the top players in India’s branded wires & cables (W&C) segment, R R Kabel has a decent market share of 5.2 percent as of February 2025. The company is mainly engaged in the business of manufacturing PVC-insulated wires and cables, power cables, and special cables.
Management highlighted robust demand, reporting about 14 percent YoY and 24 percent QoQ volume growth in its cables and wires segment, driven by both domestic and export markets. Looking ahead, RR Kabel aims to deliver a ~25 percent CAGR in cable volumes over the next two years, leveraging capacity expansions, market share gains, and export growth.
Frequently Asked Questions
What is the projected growth of India’s electric wires and cables market?
India’s electric wires and cables market is projected to expand by approximately USD 2.3 billion between 2024 and 2029, growing at a CAGR of 4.5 percent over the period.
Which company is the largest player in India’s organised cables and wires market?
Polycab India Limited is the largest player in India’s organised cables and wires market, with a market share of around 27 percent as of 2025.
What are the major segments of KEI Industries Limited?
KEI Industries Limited has three major segments: Cables & Wires, EPC Projects, and Stainless Steel Wire.
What is the market share of Havells India in the wires and cables segment?
As of February 2025, the market share of Havells India in the wires and cables segment stood at 7.9 percent.
What are the future plans of RR Kabel Limited?
RR Kabel aims to deliver a ~25 percent CAGR in cable volumes over the next two years, leveraging capacity expansions, market share gains, and export growth.
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