What are the different types of cables & wires that you manufacture now, and which are the industries that you cater to?
Polycab India Limited manufactures a variety of cables and wires, designed to meet the diverse needs of several key industries. Our product portfolio includes LV & MV power cables and E(HV) cables, which are fundamental for power distribution and transmission in residential, commercial and industrial sectors. Additionally, we offer instrumentation cables, essential for control and monitoring systems in industries like oil & gas, petrochemicals, and manufacturing.
Furthermore, Polycab provides rubber cables and flexible communication cables, which are used in oil rigs, machinery, robotics, and portable equipment, where adaptability is crucial. The communication and data cables are serving as the backbone of the telecom industry with the now blooming data centre expansion increasing the demand for reliable coaxial and communication cables.
The demand for sustainable energy solutions has led to the introduction of solar cables, specifically designed for photovoltaic systems, enabling efficient energy transmission in the renewable energy sector.
Polycab is India’s largest integrated manufacturer of wires and cables, with its organized domestic W&C market share standing at approximately 25–26%. The annual manufacturing capacity for W&C products is around 6 million km, and the product portfolio includes over 10,600 SKUs, serving diverse sectors such as chemicals, data centres, defence, energy, manufacturing, infrastructure, and telecom.
The flexible wires and building wires cater to residential needs, ensuring safe and reliable electrical systems in homes. These products serve a diverse range of industries including power generation, transmission and distribution, oil & gas, manufacturing, building construction, telecom, data centres, defence, renewable energy, and residential markets.
Polycab’s commitment to offering comprehensive electrical solutions ensures that our products are reliable, efficient, and tailored to meet evolving demands of these industries.
These offerings have contributed significantly to maintaining high customer satisfaction rates, with robust quality controls and backward integration ensuring that 100% of C&W products are manufactured in-house.
Which key strategies have you implemented to drive your company’s global expansion and strengthen its position in the international market?
Our international business has been a stellar performer, boasting a CAGR of 40% over the last five years. In FY 2023-24, international sales contributed 8% of total revenue, and our robust business model having combination of B2B and distribution approach in key markets like the USA and Australia – has set the stage for further growth across over 79+ countries.
Market-Specific Offerings: In markets such as North America, the Middle East, and Australia, Polycab has tailored its product portfolio to meet local regulatory standards – its UL-certified cables, for example, satisfy rigorous safety requirements in the US, while products in the Europe, Middle East and Australia adhere to IEC, BS, and AS/NZS standards. These approvals reinforce trust and position the company as a preferred supplier in these regions.
Strategic Partnerships & Distribution: Polycab is investing in robust distribution networks and forging strategic alliances with local partners across emerging markets. We have subsidiaries in US and Australia and looking forward to expand subsidiaries in other strategic locations.
Innovation & Quality Assurance: Continuous R&D investments and adherence to international standards – evidenced by various approvals including UL, CE, and compliance with IEC standards – enable Polycab to differentiate its product offerings.
A significant strategy for achieving this has been identifying and entering new international markets, especially in regions like the USA, Australia, Europe, and Asia.
Additionally, we have introduced products that cater specifically to international markets, ensuring that our offerings remain relevant and competitive.
What are the challenges that the wires and cable industry faces today? How does Polycab strategize to overcome them?
The wires and cables industry today faces several challenges, such as fluctuating raw material prices, increasing global competition, and the pressure to innovate continuously to meet customer expectations.
The volatility in the prices of raw materials like copper and aluminium presents a significant challenge, as it impacts production costs and pricing strategies. Additionally, the industry is subject to stringent regulatory standards across different markets, requiring companies to invest in compliance and quality assurance systems.
Another challenge is the rapid pace of technological advancements, which forces companies to keep innovating to remain competitive in the global marketplace.
Polycab addresses these challenges through robust backward integration – ensuring 100% of its C&W products are manufactured in-house – and achieving capacity utilization levels of 70–80%, which helps mitigate raw material price volatility and control production costs.
Polycab has implemented several strategies to overcome these challenges. One such strategy is vertical integration of processes within our production chain, enabling us to exert greater control over key inputs and processes. In addition to streamlining our operations, we also cultivate a deeper understanding of our supply chain, implementing tighter quality control measures, and achieving consistency in our offerings. This proactive stance empowers us to respond swiftly to market demands while reinforcing our reputation for reliability and product superiority. We have achieved full backward integration in the W&C business. This comprehensive integration has contributed to a significant reduction in cost fluctuations, with production costs decreasing by a measurable percentage over recent years, and further strengthens our market leadership.
Additionally, we have invested heavily in Research & Development (R&D), focusing on creating products that meet the latest technological standards and customer demands. Sustainability is deeply ingrained in our robust research and development capabilities and empowers us to provide environmentally conscious solutions across our product spectrum.
These investments in R&D have been supported by an annual expenditure of approximately K260 Mn, and have resulted in registering 78 IPRs in FY 2023 24, underscoring our commitment to innovation.
What are the new innovations and recent developments of Polycab India?
Polycab India has continuously invested in research and development to remain at the forefront of innovation within the electrical industry. Our key R&D highlights include the development of cables conforming to Australian and North American standards, automotive cables for global markets, marine wiring cables as per defence standards, and specialised cables for railway and nuclear research applications.
For instance, recent product innovations include new cable ranges that have helped increase market penetration in sectors such as defence and energy, while our product portfolio now encompasses over 17,000 SKUs across both W&C and FMEG businesses.
Polycab’s green wires portfolio exclusively utilises lead-free, non-carcinogenic, and non-hazardous raw materials and is RoHS and REACH compliant. Among the key product innovations are the Polycab Suprema and Polycab Maxima+ Green wire, which are designed to offer superior performance while adhering to eco-friendly standards. These products align with global trends toward sustainability, providing both energy savings and reduced environmental impact.
In these ever-evolving times, how do you focus on R&D and innovation?
Innovation is at the heart of our strategy. We understand that in today’s rapidly evolving business environment, staying ahead of technological trends is crucial for maintaining market leadership. As a result, a significant portion of our resources is allocated to Research And Development (R&D) initiatives that drive product innovation, process improvement, and technological advancement. We have invested in R&D to discover innovative materials and improve the designs of our cables. We are steadfastly expanding our production capacity as well as increasing our investment in R&D to innovate and maintain technological leadership in our product offerings.
Our R&D mission is rooted in adding value to stakeholders and innovating compounds that meet safety and sustainability benchmarks alongside global standards. Our integrated approach aligns market insights with research expertise, while our stringent quality assurance protocol ensures excellence across the entire production lifecycle, from raw material selection to the finished product.
A good example would be Polycab’s Polymer R&D centre, established in 2016 and recognised by the Department of Scientific and Industrial Research (DSIR), India, which is advancing polymer technology for W&C applications. This centre has significantly boosted product efficiency and innovation, contributing to our competitive edge in the market.
Our efforts in R&D have led to the launch of several new products, including high performance cables for renewable energy applications and fire-retardant cables designed for industrial environments. Polycab’s focus on R&D also extends to understanding market trends and customer needs. By engaging directly with our clients and understanding their specific requirements, we ensure that our R&D efforts are tailored to solve real-world challenges.
This is evident from the development of cables conforming to Australian and North American standards. Further, we hold approvals from CERN and comply with CPR and PCR from BASEC. This customer-centric approach enables us to deliver products that are not only innovative but also highly relevant to the industries we serve.
As global energy demands rise, the role of high-quality conductors and EHV cables becomes ever more critical. How does Polycab India ensure that its products meet international standards and remain competitive in an increasingly globalized market?
At Polycab, we recognize this challenge and are committed to ensuring that our products not only meet but exceed international quality standards. This is achieved through a combination of state-of-the-art manufacturing capacity, continuous product development, and adherence to stringent global certifications. Our EHV cables, engineered to handle high-voltage transmission – from 66 kV to 400 kV – are rigorously tested and certified.
Polycab’s EHV cables are engineered to handle high-voltage transmission with enhanced durability, safety, and efficiency, making them ideal for large-scale energy infrastructure projects. To ensure compliance with international standards, we adhere to certifications from globally recognized bodies, including ISO, BASEC, UL, and IEC. These certifications affirm the reliability and safety of our products in markets worldwide.
With 28 advanced manufacturing facilities across India and a proven track record of high-capacity utilization, our products are designed to meet the stringent requirements of global markets.
To remain competitive in the global market, Polycab also focuses on expanding its international reach. We have established a robust network of distributors and partners across 79 countries ensuring that our products are available to meet the growing energy demands of international markets.
