The Daily Brief The wires & cables industry is all charged up
Nov 11, 2025
The podcast dives into the booming wires and cables industry with a focus on strong Q2 performances from major players. It explores the distinction between wires and cables, emphasizing the higher margins of the latter. KEI's growing sales of extra high-voltage cables and Polycab's strategy targeting EVs and defense are highlighted. IndiGo's surprising Q2 results are dissected, revealing impacts from currency fluctuations and a shift toward owning more of its fleet. The episode wraps up with brief insights on inflation and corporate news.
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Capex Aims For Multi‑Fold Revenue
- Major players plan thousands of crores in capex focused on EHV and specialty cables with multi-year payoffs.
- Managements expect several-fold revenue on new capex after 1.5–2 years once facilities stabilise.
EPC Business Is Being Pruned
- Firms are deliberately deprioritising low‑margin EPC work because it brings large payments, delays and poor returns.
- Top players now aim to keep EPC as a minimal strategic presence rather than a growth engine.
FMEG Took A Weather Hit
- FMEG diversification (fans, lights, switches) disappointed this quarter due to an unusually long monsoon hitting summer sales.
- Despite the miss, FMEG remains too small to derail overall strong W&C performance.