India’s transformative journey towards becoming a $5 trillion economy is promising to be a gamechanger for India Inc., and is set to provide a major fillip to the country’s wire and cable industry which is estimated to have grown to `680-730 billion in size in FY23, contributing to 40-45% of the Indian electrical industry.
At the heart of the economic growth journey story lies the development of crucial infrastructure—airports, railways, metros, highways, and more. As the nation advances, the demand for reliable and innovative electrical solutions has surged. While organised players command a lion’s share of the market at 70%, unorganised players dominate the rural geographies. Polycab continues to be the market leader in the segment, with a market share of 22-24% of the organised market.
Over the decades, Polycab has grown as an industry leader, catering to a wide spectrum of electrical and power solutions. The company’s ability to adapt to changing market dynamics and embrace innovation has been instrumental in its upward trajectory. Today, Polycab stands as a symbol of trust and reliability in the Indian electrical sector.
Within Polycab’s user-sectors, the railway market, a massive consumer of Wires and Cables, is dynamic and evolving, as cables are used in signalling and control systems, power supply, and communication systems. The railways’ sector has been the recipient of the highest investment allocation in the last two budgets, with the government focused on transforming the Indian Railways to improve connectivity across
the country.
Also, the government is focusing on operating more semi- high-speed trains, with production plans of trains like Vande Bharat already on the rise. Additionally, there is a strong aim to rollout high-speed bullet trains between Mumbai and Ahmedabad by 2026, and to operate about 150 private trains by 2027. Furthermore, the government is targeting 100% electrification of all broad-gauge lines by December 2023, and a dedicated freight corridor will boost freight activity, and will require more electric locomotives.
The metro railway expansion in the country is also on a rapid rise with twenty-seven cities having operational metro rail system of about 831 kms. Compared to five cities having 229 kms of metro rail coverage before 2014, the expansion is over 3.6 times. According to the Ministry of Housing and Urban Affairs, about 1,005 kms of metro rail projects are currently under-construction in various Indian cities.
The metro rail expansion, with monthly average of metro lines started at 0.68 km before 2014, has now increased to 5.6 kms per month. Also, against the budget estimates of 20,401 crore for FY 2023, the budget estimates for FY 2024 have been revised upwards by 13.6% to23,175 crore. The business opportunity from this user sector is going to advantageous for organised W&C players, including Polycab.
As an industry stalwart, Polycab has not only witnessed India’s growth story but has actively contributed to it. The company’s commitment to delivering innovative and reliable products has positioned it as a preferred partner for India’s ambitious infrastructural growth.
Polycab has scaled up its manufacturing capabilities, improved processes, and invested heavily in research and development to meet these growing needs. With 167 registered intellectual property rights (IPR) in its kitty, Polycab has spent 34.3 crore on research and development (R&D) activities –a 53.8% growth over22.3 crore spent in FY 2022–with an aim to develop and manufacture these cables in-house and capture the expanding market.
Polycab very firmly recognises that in a rapidly changing world, innovation is the key to staying relevant. It has made significant strides in developing futuristic and sustainable solutions. Recently, Polycab has unveiled its renewed brand identity and philosophy that is reflective of its future business roadmap.
“We have grown by focusing on innovation, sustainability, and customer-centricity, and our new brand identity reflects these core pillars,” says Bhushan Sawhney, Executive President and Chief Business Officer (B2B), Polycab India Ltd, while talking about the unveiling of Polycab’s visionary rebranding.
“Our refreshed brand tagline, “Ideas. Connected.”, builds on a future where innovative solutions, based on a thoughtful idea, simplifies lives, and in turn connects to a brighter future. With unwavering determination, we look forward to redefining not just our brand but also the way we live,” adds Sawhney.
With its rich history of evolution, commitment to quality, and a renewed brand identity, Polycab India is strongly poised to play a pivotal role in India’s promising future by taking a futuristic leap towards a brighter tomorrow.
