Synopsis : Five listed cable and wire companies delivered strong June-quarter numbers, but rising copper prices were a major factor behind the sector-wide revenue growth. Here’s what stood out. Something unusual happened in the June 2026 quarter: almost every major listed wires and cables company in India reported strong results.
The common factor was copper.
The LME 3-month copper price was around US$14,100 per tonne in early August 2026, compared with less than US$11,000 at the end of November 2025. Since copper is a major input for cables and the industry largely operates on a cost-plus model, higher metal prices can directly lift reported revenue.
That means investors need to look beyond headline growth. The key question is which companies converted higher copper realisations into stronger margins, volumes, product mix and long-term growth.
Here are five cable and wire stocks that stood out in Q1 FY27.
1. Polycab India
Polycab India delivered its highest-ever first-quarter revenue, with consolidated revenue rising 39% year-on-year to Rs 82.1 billion. Profit increased 33% to a record Rs 7.97 billion.
Its wires and cables segment generated revenue of around Rs 72 billion, with domestic sales rising 43%.
However, the headline numbers don't tell the entire story.
Polycab management indicated that domestic cable and wire volume growth was only in the low-to-mid single digits. In other words, a significant portion of the 39% revenue growth came from higher copper and aluminium prices rather than an equivalent increase in physical volumes.
The company's EBITDA margin stood at 13.8%. While this was around 70 basis points higher than the March quarter, it was below the 14.5% margin recorded a year earlier.
One of the more encouraging parts of the business was FMEG, which grew 71% and continued to outperform the industry. The company also had a strong balance sheet, with net cash of Rs 39.9 billion and a working-capital cycle of just 15 days.
Its international business, however, declined 13% amid disruptions in the Middle East.
Overall, Polycab's strong balance sheet and FMEG growth remain important positives, but investors should distinguish between copper-driven revenue growth and underlying volume growth.
2. KEI Industries
KEI Industries recorded the slowest revenue growth among the five companies, with revenue increasing 23% to Rs 31.9 billion.
But its margins were the standout feature.
EBITDA margin expanded 247 basis points year-on-year to 12.4%, helping profit rise 40% to Rs 2.74 billion despite the relatively slower revenue growth.
Domestic wires and cables revenue increased 29% to Rs 27.8 billion, while exports declined 7% to Rs 3.08 billion because of Middle East-related shipping disruptions.
Extra-high-voltage cables, one of KEI's more technically demanding businesses, performed particularly well, with revenue rising 48% to Rs 1.86 billion.
KEI had an order book of around Rs 42.9 billion as of June 30 and net cash of Rs 8.5 billion. The company also plans to increase annual capacity at its Sanand plant to Rs 70 billion from its earlier target of Rs 60 billion.
There are, however, risks investors cannot ignore.
The EPC segment moved into a loss of Rs 51 million on revenue of Rs 1.31 billion.
More importantly, the Income Tax Department conducted search and seizure operations at KEI's offices, plants and the residences of a promoter and certain executives between May 7 and May 12, 2026. The company said it cooperated with the authorities and had not received written communication regarding the outcome as of the results date.
The statutory auditors also included an emphasis-of-matter note without modifying their conclusion.
Until there is greater clarity on the matter, it remains a key factor investors need to monitor.
3. RR Kabel
RR Kabel delivered some of the strongest headline numbers in the sector.
Revenue jumped 54% to Rs 31.7 billion, EBITDA almost doubled to Rs 2.85 billion, while profit surged 129% to Rs 2.05 billion.
Wires and cables, which account for roughly 90% of the business, grew 57%.
But the more important number was profitability.
EBITDA margin increased from around 7% to 9%. For RR Kabel, this is significant because the company has historically operated with lower margins than some of its larger branded peers.
Management is targeting margins of 9.5% in FY27 and 10.5% in FY28.
Its FMEG business also reaching operational breakeven is another important development after years of dragging on profitability.
The company has guided for 16-18% volume growth in cables and wires in FY27 and plans to spend around Rs 12 billion on capex between FY26 and FY28, including approximately Rs 6.5 billion in FY27.
The major concern is valuation.
The stock has gained around 122% over the past year and trades at roughly 12 times book value, making it the most expensive stock on that metric among the five companies.
4. Finolex Cables
Finolex Cables reported its Q1 results on August 11, and the market reacted strongly, with the stock gaining around 30% over two sessions and hitting a 52-week high.
Revenue increased 44% to Rs 20.1 billion, while consolidated profit rose 53% to Rs 2.49 billion.
EBITDA jumped 79% to Rs 2.44 billion, with the margin expanding 236 basis points to 12.1%.
Finolex also provided a useful disclosure on volumes.
Electrical wire volumes increased 7%, while electrical cable revenue grew 47%. The difference highlights how much higher metal realisations contributed to the sector's reported growth.
However, communication cables were arguably more interesting.
Revenue from the segment rose 62% to Rs 1.76 billion, supported by higher optical-fibre volumes and better realisations.
The company is expanding its fibre draw facility to 4 million fibre kilometres and expects the expansion to be completed by the December 2026 quarter.
That could become more important for the company's longer-term growth if India's optical-fibre market continues to recover from the effects of Chinese oversupply and weak telecom capex.
There are also some negatives.
Finolex's copper rod segment collapsed 98% to Rs 80 million, which the company attributed to limited LPG and PNG availability arising from the Middle East conflict.
The company also has a sizeable treasury portfolio and an associate stake that contribute materially below the operating line, making it important to separate its operating performance from investment-related income.
5. Universal Cables
Universal Cables, the smallest company on this list, delivered perhaps the most dramatic quarter.
Revenue increased 57% to Rs 9.45 billion, its highest-ever first-quarter revenue, while profit more than doubled to Rs 701 million.
The stock gained nearly 16% on the results day and is up around 127% over the past year.
Part of the company's appeal comes from its positioning in extra-high-voltage cables rather than the traditional retail house-wire market.
Universal Cables, part of the M P Birla group, had an order book of around Rs 28.6 billion as of July 1, including approximately Rs 4.85 billion of export orders.
Based on its order book, the company has guided for revenue growth of 25% or better in FY27.
It has also increased its capacity expansion outlay to around Rs 6.17 billion from Rs 5.5 billion, with another Rs 740 million earmarked for modernising its EHV facility.
Its joint venture, Birla Furukawa Fibre Optics, has separately proposed a significant expansion of optical-fibre capacity along with an upstream preform plant.
However, investors should be careful not to treat the proposed JV investment as committed spending.
Universal Cables also has a weaker financial profile compared with some of the larger branded players. Its three-year average return on equity has remained below 7%, while finance costs stood at Rs 365 million in the quarter against profit before tax of Rs 848 million.
That highlights the company's relatively capital-intensive and working-capital-heavy business model.
What does this mean for cable and wire stocks?
The June quarter was clearly a strong one for the sector, but rising copper prices explain a meaningful part of the headline revenue growth.
That distinction matters.
If copper prices stop rising or begin falling, revenue growth across the industry could slow sharply. Companies that have used the favourable environment to improve margins, strengthen their product mix, expand capacity and build stronger businesses could continue to outperform.
Polycab stands out for its scale, balance sheet and FMEG growth. KEI delivered particularly strong margin expansion, while RR Kabel showed significant improvement in profitability. Finolex has an interesting optical-fibre opportunity, and Universal Cables offers exposure to the higher-voltage infrastructure segment but comes with greater balance-sheet considerations.
Ultimately, copper prices may have lifted the sector's numbers, but the durability of those numbers will depend on volumes, margins, order books, product mix and capital allocation.
Investors should therefore evaluate each company on business quality, financial performance, management execution, corporate governance and valuation before drawing any investment conclusions.
Disclaimer: This article is for informational purposes only and should not be construed as a stock recommendation or an offer to buy or sell securities. Investors should conduct their own independent research and consult a SEBI-registered financial advisor before making investment decisions.
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