Wires and cables sector sees IPOs surge amid electrification boom in India

It is going to be busy year for initial public offerings (IPOs) in the wires and cables sector in India, thanks to the tailwinds in the electrical industry. Two companies - Gujarat-based Vidya Wires and Atlanta Electricals – have already filed their IPOs papers with the capital market regulator SEBI, while several other companies such as Silver Consumer Electricals and KSH International are in queue, looking to tap IPO market soon.   

The wires and cables sector’s growth potential can be adjudged by the entry of big players like billionaire Gautam Adani's Group and Kumar Mangalam Birla's Aditya Birla Group. Ultratech Cement announced its foray in Februray, with an investment commitments of ₹1,800 crore over two years.  While Adani Enterprises has formed a joint venture Praneetha Ecocables through its subsidiary Kutch Copper Ltd with Praneetha Ventures to manufacture and sell cables and wires. The organised sector, which forms two thirds of the sectoral revenue includes top listed players like Polycab India, RR Kabel, KEI Industries and Havells.

The cables and wires market grew over 8% CAGR over FY14-23 to reach ₹70,000 crore and is expected to grow at a rate of 12-14% CAGR over FY23-27, according to a recent report by Motilal Oswal Financial Services. The market size was valued at $9.32 billion in 2024.

The growth in the sector is supported by India’s renewable energy goals, focus on infrastructure, electrification of villages and rising exports. The rising investment in end-user segments such as power generation and transmission, railways and real estate is also a major contributor to this growth. The cables and wires industry also constitutes over 39 % of the electrical industry, forming a critical part of India’s industrial and infrastructure expansion.