# Cables - Power — company-by-company sector analysis

> Cables - Power: Polycab India Ltd owns the largest revenue base; V-Marc India Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 8 of 8 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Polycab India Ltd leads with revenue of ₹31,187 crore, based on 8 of 10 comparable companies through Jun 2026. V-Marc India Ltd has the fastest current revenue growth at 100%, across 8 of 10 comparable companies.

### Is the Cables - Power sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 8 of 8 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Cables - Power company is largest by revenue?

Polycab India Ltd leads with revenue of ₹31,187 crore, based on 8 of 10 comparable companies through Jun 2026.

### Which Cables - Power company is growing fastest?

V-Marc India Ltd has the fastest current revenue growth at 100%, across 8 of 10 comparable companies.

### Which Cables - Power company has the strongest 4-Factor Sector Score?

R R Kabel Ltd ranks first at 65.3/100 with 95.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Cables - Power company reports the most CAPEX?

Polycab India Ltd reports the largest latest CAPEX at ₹313 crore, with 3 of 10 companies comparable.

### Which Cables - Power company has the least gross debt?

Dynamic Cables Ltd has the lowest comparable gross debt at ₹43 crore. Diamond Power Infrastructure Ltd has the highest at ₹2,536 crore.

### Which Cables - Power company has the lowest comparable PEG?

V-Marc India Ltd has the lowest comparable Guarded PEG at 0.68, among 6 of 10 companies that pass the metric’s comparability rules.

### How much history does this Cables - Power comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Cables - Power against NIFTY 500 is not available from the current market series. 8 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. R R Kabel Ltd is the strongest against the sector itself at +14.3%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 8/8
Stocks leading sector: 4/8

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 10
Combined market value: ₹2.9 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. R R Kabel Ltd (RRKABEL): 65/100 — Favorable setup; evidence 96%
   - Growth & earnings 23.8/35 | Capital efficiency 14.2/25 | Valuation 7.8/20 | Relative strength 19.5/20
   - Exact sum: 23.8 + 14.2 + 7.8 + 19.5 = 65.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Diamond Power Infrastructure Ltd (DIACABS): 64/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 28.8/35 | Capital efficiency 9.7/25 | Valuation 8.5/20 | Relative strength 17.1/20
   - Exact sum: 28.8 + 9.7 + 8.5 + 17.1 = 64.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. V-Marc India Ltd (VMARCIND): 62/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 23.7/35 | Capital efficiency 17.6/25 | Valuation 15.2/20 | Relative strength 5.0/20
   - Exact sum: 23.7 + 17.6 + 15.2 + 5 = 61.5
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -64.3% and the one-year return is -37.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. Universal Cables Ltd (UNIVCABLES): 56/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 20.3/35 | Capital efficiency 8.0/25 | Valuation 11.0/20 | Relative strength 16.4/20
   - Exact sum: 20.3 + 8 + 11 + 16.4 = 55.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Polycab India Ltd (POLYCAB): 55/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 20.1/35 | Capital efficiency 21.6/25 | Valuation 7.1/20 | Relative strength 6.3/20
   - Exact sum: 20.1 + 21.6 + 7.1 + 6.3 = 55.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Apar Industries Ltd (APARINDS): 48/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 19.7/35 | Capital efficiency 15.1/25 | Valuation 1.5/20 | Relative strength 11.2/20
   - Exact sum: 19.7 + 15.1 + 1.5 + 11.2 = 47.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. KEI Industries Ltd (KEI): 46/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 18.3/35 | Capital efficiency 13.8/25 | Valuation 9.5/20 | Relative strength 4.0/20
   - Exact sum: 18.3 + 13.8 + 9.5 + 4 = 45.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Dynamic Cables Ltd (DYCL): 46/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 12.9/35 | Capital efficiency 14.1/25 | Valuation 12.1/20 | Relative strength 6.5/20
   - Exact sum: 12.9 + 14.1 + 12.1 + 6.5 = 45.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. JD Cables Ltd (544524): 54/100 — Thin evidence · provisional; evidence 32%
   - Growth & earnings 14.6/35 | Capital efficiency 17.9/25 | Valuation 11.5/20 | Relative strength 10.0/20
   - Exact sum: 14.6 + 17.9 + 11.5 + 10 = 54
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Systematic Industries Ltd (544541): 49/100 — Thin evidence · provisional; evidence 23%
   - Growth & earnings 17.1/35 | Capital efficiency 11.6/25 | Valuation 10.5/20 | Relative strength 10.0/20
   - Exact sum: 17.1 + 11.6 + 10.5 + 10 = 49.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Polycab India Ltd is the scale leader at ₹31,187 crore, 27.9% ahead of Apar Industries Ltd. V-Marc India Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 232.5% from a ₹2,703 crore base, with 10 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Polycab India Ltd is the scale benchmark; V-Marc India Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Polycab India Ltd's growth falls below V-Marc India Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Polycab India Ltd · ₹31,187 crore | 27.9% versus #2 · Apar Industries Ltd | 8/8 recent comparable periods | 8/10 companies · 136 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Polycab India Ltd (POLYCAB): ₹31.2K Cr
2. Apar Industries Ltd (APARINDS): ₹24.4K Cr
3. KEI Industries Ltd (KEI): ₹11.7K Cr
4. R R Kabel Ltd (RRKABEL): ₹9.7K Cr
5. Universal Cables Ltd (UNIVCABLES): ₹3.0K Cr

### Revenue growth — fastest growers
1. V-Marc India Ltd (VMARCIND): 100%
2. Diamond Power Infrastructure Ltd (DIACABS): 71%
3. Polycab India Ltd (POLYCAB): 32%
4. R R Kabel Ltd (RRKABEL): 28%
5. Universal Cables Ltd (UNIVCABLES): 25%

### 20-quarter Revenue history
- 544524: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹107 Cr | Dec 2024 — | Mar 2025 ₹143 Cr | Jun 2025 — | Sep 2025 ₹121 Cr | Dec 2025 — | Mar 2026 ₹243 Cr | Jun 2026 —
- 544541: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹165 Cr | Dec 2024 — | Mar 2025 ₹282 Cr | Jun 2025 — | Sep 2025 ₹254 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- POLYCAB: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹5.6K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹5.5K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹7.0K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹6.5K Cr | Dec 2025 ₹7.6K Cr | Mar 2026 ₹8.9K Cr | Jun 2026 ₹8.2K Cr
- APARINDS: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹5.2K Cr | Jun 2025 ₹5.1K Cr | Sep 2025 ₹5.7K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹6.6K Cr | Jun 2026 ₹6.6K Cr
- KEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.8K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 —
- RRKABEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- DIACABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹134 Cr | Jun 2024 ₹224 Cr | Sep 2024 ₹250 Cr | Dec 2024 ₹307 Cr | Mar 2025 ₹334 Cr | Jun 2025 ₹302 Cr | Sep 2025 ₹438 Cr | Dec 2025 ₹474 Cr | Mar 2026 ₹696 Cr | Jun 2026 —
- UNIVCABLES: Sep 2021 ₹451 Cr | Dec 2021 ₹490 Cr | Mar 2022 ₹594 Cr | Jun 2022 ₹514 Cr | Sep 2022 ₹514 Cr | Dec 2022 ₹591 Cr | Mar 2023 ₹583 Cr | Jun 2023 ₹479 Cr | Sep 2023 ₹494 Cr | Dec 2023 ₹467 Cr | Mar 2024 ₹580 Cr | Jun 2024 ₹489 Cr | Sep 2024 ₹638 Cr | Dec 2024 ₹608 Cr | Mar 2025 ₹674 Cr | Jun 2025 ₹600 Cr | Sep 2025 ₹814 Cr | Dec 2025 ₹768 Cr | Mar 2026 ₹840 Cr | Jun 2026 —
- VMARCIND: Sep 2021 ₹56 Cr | Dec 2021 — | Mar 2022 ₹125 Cr | Jun 2022 — | Sep 2022 ₹115 Cr | Dec 2022 — | Mar 2023 ₹133 Cr | Jun 2023 — | Sep 2023 ₹175 Cr | Dec 2023 — | Mar 2024 ₹390 Cr | Jun 2024 — | Sep 2024 ₹345 Cr | Dec 2024 — | Mar 2025 ₹560 Cr | Jun 2025 — | Sep 2025 ₹692 Cr | Dec 2025 — | Mar 2026 ₹1.1K Cr | Jun 2026 —
- DYCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹159 Cr | Mar 2023 ₹178 Cr | Jun 2023 ₹181 Cr | Sep 2023 ₹154 Cr | Dec 2023 ₹192 Cr | Mar 2024 ₹241 Cr | Jun 2024 ₹209 Cr | Sep 2024 ₹234 Cr | Dec 2024 ₹252 Cr | Mar 2025 ₹331 Cr | Jun 2025 ₹262 Cr | Sep 2025 ₹282 Cr | Dec 2025 ₹299 Cr | Mar 2026 ₹355 Cr | Jun 2026 ₹349 Cr

### 20-quarter Revenue growth history
- 544524: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 13% | Dec 2025 — | Mar 2026 70% | Jun 2026 —
- 544541: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 54% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- POLYCAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 10% | Mar 2023 8.9% | Jun 2023 42% | Sep 2023 27% | Dec 2023 17% | Mar 2024 29% | Jun 2024 21% | Sep 2024 30% | Dec 2024 20% | Mar 2025 25% | Jun 2025 26% | Sep 2025 18% | Dec 2025 46% | Mar 2026 27% | Jun 2026 39%
- APARINDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 71% | Sep 2022 43% | Dec 2022 77% | Mar 2023 36% | Jun 2023 22% | Sep 2023 21% | Dec 2023 1.8% | Mar 2024 9.1% | Jun 2024 6.5% | Sep 2024 18% | Dec 2024 18% | Mar 2025 17% | Jun 2025 27% | Sep 2025 23% | Dec 2025 16% | Mar 2026 27% | Jun 2026 29%
- KEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15% | Mar 2024 19% | Jun 2024 16% | Sep 2024 17% | Dec 2024 20% | Mar 2025 25% | Jun 2025 25% | Sep 2025 19% | Dec 2025 20% | Mar 2026 19% | Jun 2026 —
- RRKABEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 8.6% | Jun 2023 29% | Sep 2023 18% | Dec 2023 10% | Mar 2024 16% | Jun 2024 13% | Sep 2024 12% | Dec 2024 9.1% | Mar 2025 26% | Jun 2025 14% | Sep 2025 20% | Dec 2025 42% | Mar 2026 34% | Jun 2026 —
- DIACABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5,900% | Mar 2024 857% | Jun 2024 203% | Sep 2024 233% | Dec 2024 412% | Mar 2025 149% | Jun 2025 35% | Sep 2025 75% | Dec 2025 54% | Mar 2026 108% | Jun 2026 —
- UNIVCABLES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 85% | Sep 2022 14% | Dec 2022 21% | Mar 2023 -1.9% | Jun 2023 -6.8% | Sep 2023 -3.9% | Dec 2023 -21% | Mar 2024 -0.5% | Jun 2024 2.1% | Sep 2024 29% | Dec 2024 30% | Mar 2025 16% | Jun 2025 23% | Sep 2025 28% | Dec 2025 26% | Mar 2026 25% | Jun 2026 —
- VMARCIND: Sep 2021 -14% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 105% | Dec 2022 — | Mar 2023 6.4% | Jun 2023 — | Sep 2023 52% | Dec 2023 — | Mar 2024 193% | Jun 2024 — | Sep 2024 97% | Dec 2024 — | Mar 2025 44% | Jun 2025 — | Sep 2025 101% | Dec 2025 — | Mar 2026 98% | Jun 2026 —
- DYCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 21% | Mar 2024 35% | Jun 2024 15% | Sep 2024 52% | Dec 2024 31% | Mar 2025 37% | Jun 2025 25% | Sep 2025 21% | Dec 2025 19% | Mar 2026 7.3% | Jun 2026 33%

## Operating Economics & Margin Trend

What the numbers say: Polycab India Ltd leads opm at 14%; Diamond Power Infrastructure Ltd leads margin change at +7 percentage points.

Investor read: Polycab India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Polycab India Ltd · 14% | 16.7% versus #2 · JD Cables Ltd | 4/8 recent comparable periods | 10/10 companies · 145 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Polycab India Ltd (POLYCAB): 14%
2. JD Cables Ltd (544524): 12%
3. Apar Industries Ltd (APARINDS): 11%
4. Diamond Power Infrastructure Ltd (DIACABS): 11%
5. Dynamic Cables Ltd (DYCL): 11%

### Margin change — fastest expanders
1. Diamond Power Infrastructure Ltd (DIACABS): +7.0 pp
2. Apar Industries Ltd (APARINDS): +2.0 pp
3. Dynamic Cables Ltd (DYCL): +1.0 pp
4. KEI Industries Ltd (KEI): +1.0 pp
5. R R Kabel Ltd (RRKABEL): 0.0 pp

### 20-quarter OPM history
- 544524: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 14% | Dec 2024 — | Mar 2025 13% | Jun 2025 — | Sep 2025 16% | Dec 2025 — | Mar 2026 12% | Jun 2026 —
- 544541: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 8.0% | Dec 2024 — | Mar 2025 7.0% | Jun 2025 — | Sep 2025 7.0% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- POLYCAB: Sep 2021 9.7% | Dec 2021 11% | Mar 2022 12% | Jun 2022 11% | Sep 2022 13% | Dec 2022 14% | Mar 2023 14% | Jun 2023 14% | Sep 2023 14% | Dec 2023 13% | Mar 2024 14% | Jun 2024 12% | Sep 2024 11% | Dec 2024 14% | Mar 2025 15% | Jun 2025 15% | Sep 2025 16% | Dec 2025 13% | Mar 2026 13% | Jun 2026 14%
- APARINDS: Sep 2021 5.6% | Dec 2021 5.3% | Mar 2022 5.8% | Jun 2022 7.7% | Sep 2022 7.0% | Dec 2022 9.0% | Mar 2023 10% | Jun 2023 9.0% | Sep 2023 9.0% | Dec 2023 10% | Mar 2024 10% | Jun 2024 9.0% | Sep 2024 8.0% | Dec 2024 8.0% | Mar 2025 9.0% | Jun 2025 9.0% | Sep 2025 8.0% | Dec 2025 8.0% | Mar 2026 8.0% | Jun 2026 11%
- KEI: Sep 2021 11% | Dec 2021 10% | Mar 2022 9.6% | Jun 2022 10% | Sep 2022 10.0% | Dec 2022 10% | Mar 2023 10% | Jun 2023 10% | Sep 2023 10% | Dec 2023 10% | Mar 2024 11% | Jun 2024 11% | Sep 2024 10% | Dec 2024 10% | Mar 2025 10% | Jun 2025 10% | Sep 2025 10% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- RRKABEL: Sep 2021 — | Dec 2021 — | Mar 2022 4.7% | Jun 2022 3.2% | Sep 2022 4.6% | Dec 2022 8.0% | Mar 2023 7.0% | Jun 2023 7.0% | Sep 2023 8.0% | Dec 2023 7.0% | Mar 2024 7.0% | Jun 2024 5.0% | Sep 2024 5.0% | Dec 2024 6.0% | Mar 2025 9.0% | Jun 2025 7.0% | Sep 2025 8.0% | Dec 2025 8.0% | Mar 2026 9.0% | Jun 2026 —
- DIACABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -95% | Jun 2023 15% | Sep 2023 14% | Dec 2023 5.0% | Mar 2024 13% | Jun 2024 11% | Sep 2024 5.0% | Dec 2024 5.0% | Mar 2025 4.0% | Jun 2025 10% | Sep 2025 10% | Dec 2025 15% | Mar 2026 11% | Jun 2026 —
- UNIVCABLES: Sep 2021 3.5% | Dec 2021 6.2% | Mar 2022 8.0% | Jun 2022 8.6% | Sep 2022 9.0% | Dec 2022 7.0% | Mar 2023 9.0% | Jun 2023 8.0% | Sep 2023 5.0% | Dec 2023 9.0% | Mar 2024 11% | Jun 2024 6.0% | Sep 2024 7.0% | Dec 2024 6.0% | Mar 2025 9.0% | Jun 2025 10% | Sep 2025 9.0% | Dec 2025 8.0% | Mar 2026 8.0% | Jun 2026 —
- VMARCIND: Sep 2021 9.0% | Dec 2021 — | Mar 2022 8.0% | Jun 2022 — | Sep 2022 8.0% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 10% | Dec 2023 — | Mar 2024 12% | Jun 2024 — | Sep 2024 10% | Dec 2024 — | Mar 2025 11% | Jun 2025 — | Sep 2025 11% | Dec 2025 — | Mar 2026 11% | Jun 2026 —
- DYCL: Sep 2021 12% | Dec 2021 12% | Mar 2022 9.0% | Jun 2022 9.0% | Sep 2022 8.6% | Dec 2022 9.0% | Mar 2023 11% | Jun 2023 11% | Sep 2023 9.0% | Dec 2023 9.0% | Mar 2024 11% | Jun 2024 10% | Sep 2024 10% | Dec 2024 10% | Mar 2025 10% | Jun 2025 10% | Sep 2025 11% | Dec 2025 11% | Mar 2026 11% | Jun 2026 11%

### 20-quarter Margin change history
- 544524: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +2.0 pp | Dec 2025 — | Mar 2026 −1.0 pp | Jun 2026 —
- 544541: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- POLYCAB: Sep 2021 −5.0 pp | Dec 2021 −2.0 pp | Mar 2022 −1.7 pp | Jun 2022 +4.2 pp | Sep 2022 +3.1 pp | Dec 2022 +3.3 pp | Mar 2023 +2.0 pp | Jun 2023 +2.7 pp | Sep 2023 +1.2 pp | Dec 2023 −1.0 pp | Mar 2024 0.0 pp | Jun 2024 −2.0 pp | Sep 2024 −3.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 +3.0 pp | Sep 2025 +5.0 pp | Dec 2025 −1.0 pp | Mar 2026 −2.0 pp | Jun 2026 −1.0 pp
- APARINDS: Sep 2021 −2.2 pp | Dec 2021 −4.1 pp | Mar 2022 +0.3 pp | Jun 2022 +0.5 pp | Sep 2022 +1.4 pp | Dec 2022 +3.8 pp | Mar 2023 +4.2 pp | Jun 2023 +1.3 pp | Sep 2023 +2.0 pp | Dec 2023 +1.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 −1.0 pp | Dec 2024 −2.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp | Jun 2026 +2.0 pp
- KEI: Sep 2021 −0.6 pp | Dec 2021 −0.7 pp | Mar 2022 −1.4 pp | Jun 2022 −1.0 pp | Sep 2022 −0.8 pp | Dec 2022 −0.0 pp | Mar 2023 +0.4 pp | Jun 2023 −0.2 pp | Sep 2023 +0.0 pp | Dec 2023 0.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- RRKABEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +2.3 pp | Jun 2023 +3.8 pp | Sep 2023 +3.4 pp | Dec 2023 −1.0 pp | Mar 2024 0.0 pp | Jun 2024 −2.0 pp | Sep 2024 −3.0 pp | Dec 2024 −1.0 pp | Mar 2025 +2.0 pp | Jun 2025 +2.0 pp | Sep 2025 +3.0 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- DIACABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +1,138.7 pp | Mar 2024 +107.9 pp | Jun 2024 −4.0 pp | Sep 2024 −9.0 pp | Dec 2024 0.0 pp | Mar 2025 −9.0 pp | Jun 2025 −1.0 pp | Sep 2025 +5.0 pp | Dec 2025 +10.0 pp | Mar 2026 +7.0 pp | Jun 2026 —
- UNIVCABLES: Sep 2021 −2.0 pp | Dec 2021 −2.0 pp | Mar 2022 +0.5 pp | Jun 2022 −2.0 pp | Sep 2022 +5.5 pp | Dec 2022 +0.9 pp | Mar 2023 +1.0 pp | Jun 2023 −0.6 pp | Sep 2023 −4.0 pp | Dec 2023 +2.0 pp | Mar 2024 +2.0 pp | Jun 2024 −2.0 pp | Sep 2024 +2.0 pp | Dec 2024 −3.0 pp | Mar 2025 −2.0 pp | Jun 2025 +4.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- VMARCIND: Sep 2021 +1.0 pp | Dec 2021 — | Mar 2022 −1.0 pp | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 — | Mar 2023 +4.0 pp | Jun 2023 — | Sep 2023 +2.0 pp | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 — | Mar 2025 −1.0 pp | Jun 2025 — | Sep 2025 +1.0 pp | Dec 2025 — | Mar 2026 0.0 pp | Jun 2026 —
- DYCL: Sep 2021 +4.6 pp | Dec 2021 +5.2 pp | Mar 2022 +0.6 pp | Jun 2022 −1.5 pp | Sep 2022 −3.1 pp | Dec 2022 −2.7 pp | Mar 2023 +2.1 pp | Jun 2023 +2.0 pp | Sep 2023 +0.4 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 −1.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 +1.0 pp

## Profit Scale & Acceleration

What the numbers say: Polycab India Ltd leads with ₹2,906 crore of TTM profit, 146.1% above Apar Industries Ltd. Diamond Power Infrastructure Ltd shows ≥100% on the scoring scale (354.3% uncapped) growth from a ₹159 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Polycab India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Polycab India Ltd · ₹2,906 crore | 146.1% versus #2 · Apar Industries Ltd | 8/8 recent comparable periods | 8/10 companies · 141 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Polycab India Ltd (POLYCAB): ₹2.9K Cr
2. Apar Industries Ltd (APARINDS): ₹1.2K Cr
3. KEI Industries Ltd (KEI): ₹919 Cr
4. R R Kabel Ltd (RRKABEL): ₹492 Cr
5. Universal Cables Ltd (UNIVCABLES): ₹163 Cr

### Profit growth — fastest growers
1. Diamond Power Infrastructure Ltd (DIACABS): 100%
2. V-Marc India Ltd (VMARCIND): 100%
3. Universal Cables Ltd (UNIVCABLES): 81%
4. R R Kabel Ltd (RRKABEL): 58%
5. Apar Industries Ltd (APARINDS): 34%

### 20-quarter Net profit history
- 544524: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹10 Cr | Dec 2024 — | Mar 2025 ₹12 Cr | Jun 2025 — | Sep 2025 ₹12 Cr | Dec 2025 — | Mar 2026 ₹20 Cr | Jun 2026 —
- 544541: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹7 Cr | Dec 2024 — | Mar 2025 ₹11 Cr | Jun 2025 — | Sep 2025 ₹9 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- POLYCAB: Sep 2021 ₹201 Cr | Dec 2021 ₹316 Cr | Mar 2022 ₹325 Cr | Jun 2022 ₹223 Cr | Sep 2022 ₹271 Cr | Dec 2022 ₹361 Cr | Mar 2023 ₹429 Cr | Jun 2023 ₹403 Cr | Sep 2023 ₹430 Cr | Dec 2023 ₹417 Cr | Mar 2024 ₹553 Cr | Jun 2024 ₹402 Cr | Sep 2024 ₹445 Cr | Dec 2024 ₹464 Cr | Mar 2025 ₹734 Cr | Jun 2025 ₹600 Cr | Sep 2025 ₹693 Cr | Dec 2025 ₹630 Cr | Mar 2026 ₹786 Cr | Jun 2026 ₹797 Cr
- APARINDS: Sep 2021 ₹57 Cr | Dec 2021 ₹55 Cr | Mar 2022 ₹83 Cr | Jun 2022 ₹122 Cr | Sep 2022 ₹103 Cr | Dec 2022 ₹170 Cr | Mar 2023 ₹243 Cr | Jun 2023 ₹197 Cr | Sep 2023 ₹174 Cr | Dec 2023 ₹218 Cr | Mar 2024 ₹236 Cr | Jun 2024 ₹203 Cr | Sep 2024 ₹194 Cr | Dec 2024 ₹175 Cr | Mar 2025 ₹250 Cr | Jun 2025 ₹263 Cr | Sep 2025 ₹252 Cr | Dec 2025 ₹209 Cr | Mar 2026 ₹253 Cr | Jun 2026 ₹467 Cr
- KEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹129 Cr | Mar 2023 ₹138 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹140 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹168 Cr | Jun 2024 ₹150 Cr | Sep 2024 ₹155 Cr | Dec 2024 ₹165 Cr | Mar 2025 ₹227 Cr | Jun 2025 ₹196 Cr | Sep 2025 ₹204 Cr | Dec 2025 ₹235 Cr | Mar 2026 ₹284 Cr | Jun 2026 —
- RRKABEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹58 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹64 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹116 Cr | Dec 2025 ₹118 Cr | Mar 2026 ₹168 Cr | Jun 2026 —
- DIACABS: Sep 2021 ₹0 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-23 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹-15 Cr | Mar 2023 ₹-14 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- UNIVCABLES: Sep 2021 ₹8 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹55 Cr | Jun 2026 —
- VMARCIND: Sep 2021 ₹1 Cr | Dec 2021 — | Mar 2022 ₹4 Cr | Jun 2022 — | Sep 2022 ₹2 Cr | Dec 2022 — | Mar 2023 ₹8 Cr | Jun 2023 — | Sep 2023 ₹6 Cr | Dec 2023 — | Mar 2024 ₹21 Cr | Jun 2024 — | Sep 2024 ₹11 Cr | Dec 2024 — | Mar 2025 ₹25 Cr | Jun 2025 — | Sep 2025 ₹36 Cr | Dec 2025 — | Mar 2026 ₹64 Cr | Jun 2026 —
- DYCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹24 Cr | Jun 2026 ₹25 Cr

### 20-quarter Profit growth history
- 544524: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 20% | Dec 2025 — | Mar 2026 67% | Jun 2026 —
- 544541: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 29% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- POLYCAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 35% | Dec 2022 14% | Mar 2023 32% | Jun 2023 81% | Sep 2023 59% | Dec 2023 16% | Mar 2024 29% | Jun 2024 -0.3% | Sep 2024 3.5% | Dec 2024 11% | Mar 2025 33% | Jun 2025 49% | Sep 2025 56% | Dec 2025 36% | Mar 2026 7.1% | Jun 2026 33%
- APARINDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 97% | Sep 2022 81% | Dec 2022 209% | Mar 2023 193% | Jun 2023 61% | Sep 2023 69% | Dec 2023 28% | Mar 2024 -2.9% | Jun 2024 3.1% | Sep 2024 11% | Dec 2024 -20% | Mar 2025 5.9% | Jun 2025 30% | Sep 2025 30% | Dec 2025 19% | Mar 2026 1.2% | Jun 2026 78%
- KEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 17% | Mar 2024 22% | Jun 2024 24% | Sep 2024 11% | Dec 2024 9.3% | Mar 2025 35% | Jun 2025 31% | Sep 2025 32% | Dec 2025 42% | Mar 2026 25% | Jun 2026 —
- RRKABEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 12% | Jun 2023 311% | Sep 2023 111% | Dec 2023 0.0% | Mar 2024 22% | Jun 2024 -14% | Sep 2024 -32% | Dec 2024 -2.8% | Mar 2025 63% | Jun 2025 41% | Sep 2025 132% | Dec 2025 71% | Mar 2026 30% | Jun 2026 —
- DIACABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 183% | Sep 2024 100% | Dec 2024 — | Mar 2025 -43% | Jun 2025 18% | Sep 2025 600% | Dec 2025 733% | Mar 2026 663% | Jun 2026 —
- UNIVCABLES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 225% | Dec 2022 71% | Mar 2023 32% | Jun 2023 -11% | Sep 2023 -54% | Dec 2023 0.0% | Mar 2024 20% | Jun 2024 -75% | Sep 2024 50% | Dec 2024 -33% | Mar 2025 2.0% | Jun 2025 450% | Sep 2025 167% | Dec 2025 69% | Mar 2026 10% | Jun 2026 —
- VMARCIND: Sep 2021 -50% | Dec 2021 — | Mar 2022 0.0% | Jun 2022 — | Sep 2022 100% | Dec 2022 — | Mar 2023 100% | Jun 2023 — | Sep 2023 200% | Dec 2023 — | Mar 2024 163% | Jun 2024 — | Sep 2024 83% | Dec 2024 — | Mar 2025 19% | Jun 2025 — | Sep 2025 227% | Dec 2025 — | Mar 2026 156% | Jun 2026 —
- DYCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 40% | Jun 2024 9.1% | Sep 2024 180% | Dec 2024 100% | Mar 2025 71% | Jun 2025 50% | Sep 2025 43% | Dec 2025 38% | Mar 2026 0.0% | Jun 2026 39%

## Capacity Spending & Returns On It

What the numbers say: Polycab India Ltd reports ₹313 crore of CAPEX; V-Marc India Ltd has the highest covered intensity at 4.3%. Coverage is only 3 of 10 companies and 35 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Polycab India Ltd · ₹313 crore | 702.6% versus #2 · R R Kabel Ltd | 8/8 recent comparable periods | 3/10 companies · 35 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Polycab India Ltd (POLYCAB): ₹313 Cr
2. R R Kabel Ltd (RRKABEL): ₹39 Cr
3. V-Marc India Ltd (VMARCIND): ₹24 Cr

### CAPEX intensity — highest reinvestment intensity
1. V-Marc India Ltd (VMARCIND): 4.3%
2. Polycab India Ltd (POLYCAB): 3.8%
3. R R Kabel Ltd (RRKABEL): 2.4%

### 20-quarter CAPEX history
- POLYCAB: Sep 2021 ₹153 Cr | Dec 2021 ₹97 Cr | Mar 2022 ₹276 Cr | Jun 2022 ₹104 Cr | Sep 2022 ₹97 Cr | Dec 2022 ₹164 Cr | Mar 2023 ₹113 Cr | Jun 2023 ₹150 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹278 Cr | Mar 2024 ₹223 Cr | Jun 2024 ₹282 Cr | Sep 2024 ₹294 Cr | Dec 2024 ₹256 Cr | Mar 2025 ₹138 Cr | Jun 2025 ₹414 Cr | Sep 2025 ₹338 Cr | Dec 2025 ₹341 Cr | Mar 2026 ₹387 Cr | Jun 2026 ₹313 Cr
- RRKABEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹23 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹39 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VMARCIND: Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 — | Sep 2022 ₹17 Cr | Dec 2022 — | Mar 2023 ₹35 Cr | Jun 2023 — | Sep 2023 ₹32 Cr | Dec 2023 — | Mar 2024 ₹30 Cr | Jun 2024 — | Sep 2024 ₹34 Cr | Dec 2024 — | Mar 2025 ₹24 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- POLYCAB: Sep 2021 5.1% | Dec 2021 2.9% | Mar 2022 7.0% | Jun 2022 3.8% | Sep 2022 2.9% | Dec 2022 4.4% | Mar 2023 2.6% | Jun 2023 3.9% | Sep 2023 4.8% | Dec 2023 6.4% | Mar 2024 4.0% | Jun 2024 6.0% | Sep 2024 5.3% | Dec 2024 4.9% | Mar 2025 2.0% | Jun 2025 7.0% | Sep 2025 5.2% | Dec 2025 4.5% | Mar 2026 4.4% | Jun 2026 3.8%
- RRKABEL: Sep 2021 — | Dec 2021 — | Mar 2022 1.6% | Jun 2022 1.9% | Sep 2022 1.3% | Dec 2022 2.7% | Mar 2023 1.8% | Jun 2023 1.6% | Sep 2023 2.4% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VMARCIND: Sep 2021 0.0% | Dec 2021 — | Mar 2022 1.6% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 18% | Dec 2023 — | Mar 2024 7.7% | Jun 2024 — | Sep 2024 9.9% | Dec 2024 — | Mar 2025 4.3% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Polycab India Ltd has the clearest covered balance-sheet capacity with ₹3,815 crore net cash and gross debt of ₹213 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Dynamic Cables Ltd · ₹43 crore | 24.6% versus #2 · JD Cables Ltd | 2/8 recent comparable periods | 10/10 companies · 136 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Dynamic Cables Ltd (DYCL): ₹43 Cr
2. JD Cables Ltd (544524): ₹57 Cr
3. Systematic Industries Ltd (544541): ₹100 Cr — older report
4. Polycab India Ltd (POLYCAB): ₹213 Cr
5. V-Marc India Ltd (VMARCIND): ₹214 Cr

### Net debt — lowest net debt
1. Polycab India Ltd (POLYCAB): ₹-3.8K Cr
2. Dynamic Cables Ltd (DYCL): ₹1 Cr
3. Apar Industries Ltd (APARINDS): ₹180 Cr
4. R R Kabel Ltd (RRKABEL): ₹201 Cr
5. V-Marc India Ltd (VMARCIND): ₹205 Cr

### 20-quarter Gross debt history
- 544524: Sep 2021 — | Dec 2021 — | Mar 2022 ₹5 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹18 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹46 Cr | Jun 2025 — | Sep 2025 ₹43 Cr | Dec 2025 — | Mar 2026 ₹57 Cr | Jun 2026 —
- 544541: Sep 2021 — | Dec 2021 — | Mar 2022 ₹36 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹62 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹79 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹99 Cr | Jun 2025 — | Sep 2025 ₹100 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- POLYCAB: Sep 2021 ₹273 Cr | Dec 2021 ₹116 Cr | Mar 2022 ₹118 Cr | Jun 2022 ₹117 Cr | Sep 2022 ₹139 Cr | Dec 2022 ₹181 Cr | Mar 2023 ₹191 Cr | Jun 2023 ₹252 Cr | Sep 2023 ₹213 Cr | Dec 2023 ₹166 Cr | Mar 2024 ₹161 Cr | Jun 2024 ₹186 Cr | Sep 2024 ₹193 Cr | Dec 2024 ₹219 Cr | Mar 2025 ₹202 Cr | Jun 2025 ₹205 Cr | Sep 2025 ₹223 Cr | Dec 2025 ₹237 Cr | Mar 2026 ₹236 Cr | Jun 2026 ₹213 Cr
- APARINDS: Sep 2021 ₹407 Cr | Dec 2021 ₹407 Cr | Mar 2022 ₹359 Cr | Jun 2022 ₹320 Cr | Sep 2022 ₹403 Cr | Dec 2022 ₹403 Cr | Mar 2023 ₹376 Cr | Jun 2023 ₹376 Cr | Sep 2023 ₹416 Cr | Dec 2023 ₹416 Cr | Mar 2024 ₹476 Cr | Jun 2024 ₹476 Cr | Sep 2024 ₹543 Cr | Dec 2024 ₹543 Cr | Mar 2025 ₹585 Cr | Jun 2025 ₹585 Cr | Sep 2025 ₹704 Cr | Dec 2025 ₹704 Cr | Mar 2026 ₹956 Cr | Jun 2026 —
- KEI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹355 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹162 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹166 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹217 Cr | Jun 2025 — | Sep 2025 ₹235 Cr | Dec 2025 — | Mar 2026 ₹253 Cr | Jun 2026 —
- RRKABEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹533 Cr | Jun 2022 ₹533 Cr | Sep 2022 — | Dec 2022 ₹479 Cr | Mar 2023 ₹996 Cr | Jun 2023 ₹473 Cr | Sep 2023 ₹440 Cr | Dec 2023 ₹440 Cr | Mar 2024 ₹360 Cr | Jun 2024 ₹360 Cr | Sep 2024 ₹474 Cr | Dec 2024 ₹474 Cr | Mar 2025 ₹290 Cr | Jun 2025 ₹290 Cr | Sep 2025 ₹393 Cr | Dec 2025 ₹393 Cr | Mar 2026 ₹337 Cr | Jun 2026 —
- DIACABS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.0K Cr | Jun 2022 — | Sep 2022 ₹396 Cr | Dec 2022 ₹396 Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹367 Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹456 Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹463 Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹610 Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- UNIVCABLES: Sep 2021 ₹639 Cr | Dec 2021 ₹639 Cr | Mar 2022 ₹694 Cr | Jun 2022 ₹694 Cr | Sep 2022 ₹748 Cr | Dec 2022 ₹748 Cr | Mar 2023 ₹657 Cr | Jun 2023 ₹657 Cr | Sep 2023 ₹761 Cr | Dec 2023 ₹761 Cr | Mar 2024 ₹771 Cr | Jun 2024 ₹771 Cr | Sep 2024 ₹827 Cr | Dec 2024 ₹827 Cr | Mar 2025 ₹849 Cr | Jun 2025 ₹849 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- VMARCIND: Sep 2021 — | Dec 2021 — | Mar 2022 ₹57 Cr | Jun 2022 — | Sep 2022 ₹62 Cr | Dec 2022 — | Mar 2023 ₹76 Cr | Jun 2023 — | Sep 2023 ₹136 Cr | Dec 2023 — | Mar 2024 ₹140 Cr | Jun 2024 — | Sep 2024 ₹161 Cr | Dec 2024 — | Mar 2025 ₹175 Cr | Jun 2025 — | Sep 2025 ₹243 Cr | Dec 2025 — | Mar 2026 ₹214 Cr | Jun 2026 —
- DYCL: Sep 2021 ₹104 Cr | Dec 2021 ₹104 Cr | Mar 2022 ₹77 Cr | Jun 2022 ₹77 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹92 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹82 Cr | Sep 2023 ₹113 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹119 Cr | Jun 2024 ₹119 Cr | Sep 2024 ₹118 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹59 Cr | Sep 2025 ₹77 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹43 Cr | Jun 2026 ₹43 Cr

### 20-quarter Net debt history
- POLYCAB: Sep 2021 ₹-631 Cr | Dec 2021 ₹-384 Cr | Mar 2022 ₹-1.1K Cr | Jun 2022 ₹-552 Cr | Sep 2022 ₹-1.6K Cr | Dec 2022 ₹-1.8K Cr | Mar 2023 ₹-1.9K Cr | Jun 2023 ₹-975 Cr | Sep 2023 ₹-1.5K Cr | Dec 2023 ₹-1.8K Cr | Mar 2024 ₹-2.0K Cr | Jun 2024 ₹-1.5K Cr | Sep 2024 ₹-2.3K Cr | Dec 2024 ₹-1.6K Cr | Mar 2025 ₹-2.2K Cr | Jun 2025 ₹-2.8K Cr | Sep 2025 ₹-2.6K Cr | Dec 2025 ₹-2.9K Cr | Mar 2026 ₹-3.6K Cr | Jun 2026 ₹-3.8K Cr
- APARINDS: Sep 2021 ₹134 Cr | Dec 2021 ₹134 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹73 Cr | Mar 2023 ₹-182 Cr | Jun 2023 ₹-182 Cr | Sep 2023 ₹-41 Cr | Dec 2023 ₹-41 Cr | Mar 2024 ₹-116 Cr | Jun 2024 ₹-173 Cr | Sep 2024 ₹-26 Cr | Dec 2024 ₹-26 Cr | Mar 2025 ₹-316 Cr | Jun 2025 ₹-316 Cr | Sep 2025 ₹320 Cr | Dec 2025 ₹320 Cr | Mar 2026 ₹180 Cr | Jun 2026 —
- RRKABEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹315 Cr | Jun 2022 ₹315 Cr | Sep 2022 — | Dec 2022 ₹206 Cr | Mar 2023 ₹214 Cr | Jun 2023 ₹179 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹197 Cr | Dec 2024 ₹197 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹366 Cr | Dec 2025 ₹366 Cr | Mar 2026 ₹201 Cr | Jun 2026 —
- DIACABS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.1K Cr | Jun 2022 — | Sep 2022 ₹372 Cr | Dec 2022 ₹372 Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹361 Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- UNIVCABLES: Sep 2021 ₹630 Cr | Dec 2021 ₹630 Cr | Mar 2022 ₹690 Cr | Jun 2022 ₹690 Cr | Sep 2022 ₹738 Cr | Dec 2022 ₹738 Cr | Mar 2023 ₹654 Cr | Jun 2023 ₹653 Cr | Sep 2023 ₹755 Cr | Dec 2023 ₹755 Cr | Mar 2024 ₹766 Cr | Jun 2024 ₹766 Cr | Sep 2024 ₹819 Cr | Dec 2024 ₹819 Cr | Mar 2025 ₹841 Cr | Jun 2025 ₹841 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- VMARCIND: Sep 2021 — | Dec 2021 — | Mar 2022 ₹57 Cr | Jun 2022 — | Sep 2022 ₹62 Cr | Dec 2022 — | Mar 2023 ₹76 Cr | Jun 2023 — | Sep 2023 ₹133 Cr | Dec 2023 — | Mar 2024 ₹141 Cr | Jun 2024 — | Sep 2024 ₹161 Cr | Dec 2024 — | Mar 2025 ₹173 Cr | Jun 2025 — | Sep 2025 ₹219 Cr | Dec 2025 — | Mar 2026 ₹205 Cr | Jun 2026 —
- DYCL: Sep 2021 ₹78 Cr | Dec 2021 ₹78 Cr | Mar 2022 ₹77 Cr | Jun 2022 ₹77 Cr | Sep 2022 ₹60 Cr | Dec 2022 ₹60 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹82 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹1 Cr | Jun 2026 ₹1 Cr

## Return On Capital Employed

What the numbers say: V-Marc India Ltd leads ROCE at 41.4%, 7.8 percentage points above JD Cables Ltd. V-Marc India Ltd has the strongest latest improvement at +13.8 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: V-Marc India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: V-Marc India Ltd · 41.4% | 23.2% versus #2 · JD Cables Ltd | 5/7 recent comparable periods | 10/10 companies · 112 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. V-Marc India Ltd (VMARCIND): 41%
2. JD Cables Ltd (544524): 34%
3. Polycab India Ltd (POLYCAB): 33%
4. Apar Industries Ltd (APARINDS): 31%
5. R R Kabel Ltd (RRKABEL): 28%

### ROCE change — fastest improvers
1. V-Marc India Ltd (VMARCIND): +13.8 pp
2. Diamond Power Infrastructure Ltd (DIACABS): +7.1 pp
3. R R Kabel Ltd (RRKABEL): +6.9 pp
4. Polycab India Ltd (POLYCAB): +4.6 pp
5. Universal Cables Ltd (UNIVCABLES): +2.1 pp

### 20-quarter ROCE history
- POLYCAB: Sep 2021 19% | Dec 2021 19% | Mar 2022 19% | Jun 2022 22% | Sep 2022 23% | Dec 2022 24% | Mar 2023 24% | Jun 2023 27% | Sep 2023 27% | Dec 2023 26% | Mar 2024 26% | Jun 2024 25% | Sep 2024 25% | Dec 2024 25% | Mar 2025 26% | Jun 2025 27% | Sep 2025 30% | Dec 2025 30% | Mar 2026 30% | Jun 2026 32%
- APARINDS: Sep 2021 23% | Dec 2021 — | Mar 2022 22% | Jun 2022 — | Sep 2022 33% | Dec 2022 — | Mar 2023 46% | Jun 2023 — | Sep 2023 49% | Dec 2023 61% | Mar 2024 33% | Jun 2024 45% | Sep 2024 32% | Dec 2024 41% | Mar 2025 29% | Jun 2025 35% | Sep 2025 31% | Dec 2025 35% | Mar 2026 28% | Jun 2026 —
- KEI: Sep 2021 23% | Dec 2021 — | Mar 2022 24% | Jun 2022 — | Sep 2022 25% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 24% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 17% | Dec 2024 — | Mar 2025 16% | Jun 2025 — | Sep 2025 16% | Dec 2025 — | Mar 2026 17% | Jun 2026 —
- RRKABEL: Sep 2021 — | Dec 2021 — | Mar 2022 4.9% | Jun 2022 — | Sep 2022 — | Dec 2022 16% | Mar 2023 17% | Jun 2023 20% | Sep 2023 21% | Dec 2023 27% | Mar 2024 21% | Jun 2024 25% | Sep 2024 16% | Dec 2024 20% | Mar 2025 18% | Jun 2025 24% | Sep 2025 22% | Dec 2025 29% | Mar 2026 25% | Jun 2026 —
- DIACABS: Sep 2021 — | Dec 2021 — | Mar 2022 3.5% | Jun 2022 — | Sep 2022 -2.2% | Dec 2022 — | Mar 2023 -3.1% | Jun 2023 — | Sep 2023 -1.2% | Dec 2023 — | Mar 2024 1.8% | Jun 2024 2.7% | Sep 2024 2.6% | Dec 2024 3.8% | Mar 2025 3.5% | Jun 2025 3.9% | Sep 2025 4.6% | Dec 2025 8.3% | Mar 2026 11% | Jun 2026 —
- UNIVCABLES: Sep 2021 5.5% | Dec 2021 — | Mar 2022 5.8% | Jun 2022 — | Sep 2022 8.5% | Dec 2022 — | Mar 2023 8.3% | Jun 2023 — | Sep 2023 6.1% | Dec 2023 11% | Mar 2024 6.2% | Jun 2024 9.9% | Sep 2024 6.6% | Dec 2024 9.4% | Mar 2025 6.3% | Jun 2025 11% | Sep 2025 7.8% | Dec 2025 12% | Mar 2026 8.4% | Jun 2026 —
- VMARCIND: Sep 2021 — | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 24% | Dec 2023 — | Mar 2024 34% | Jun 2024 — | Sep 2024 38% | Dec 2024 — | Mar 2025 30% | Jun 2025 — | Sep 2025 35% | Dec 2025 — | Mar 2026 44% | Jun 2026 —
- DYCL: Sep 2021 23% | Dec 2021 — | Mar 2022 30% | Jun 2022 — | Sep 2022 29% | Dec 2022 — | Mar 2023 29% | Jun 2023 — | Sep 2023 30% | Dec 2023 34% | Mar 2024 31% | Jun 2024 35% | Sep 2024 23% | Dec 2024 34% | Mar 2025 25% | Jun 2025 36% | Sep 2025 26% | Dec 2025 32% | Mar 2026 25% | Jun 2026 31%

### 20-quarter ROCE change history
- POLYCAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.8 pp | Dec 2022 +5.3 pp | Mar 2023 +5.3 pp | Jun 2023 +5.3 pp | Sep 2023 +4.2 pp | Dec 2023 +2.5 pp | Mar 2024 +2.3 pp | Jun 2024 −1.9 pp | Sep 2024 −2.2 pp | Dec 2024 −1.1 pp | Mar 2025 −0.4 pp | Jun 2025 +1.7 pp | Sep 2025 +4.5 pp | Dec 2025 +4.7 pp | Mar 2026 +3.7 pp | Jun 2026 +4.6 pp
- APARINDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.4 pp | Dec 2022 — | Mar 2023 +23.7 pp | Jun 2023 — | Sep 2023 +16.2 pp | Dec 2023 — | Mar 2024 −12.8 pp | Jun 2024 — | Sep 2024 −17.0 pp | Dec 2024 −20.7 pp | Mar 2025 −3.9 pp | Jun 2025 −10.2 pp | Sep 2025 −1.3 pp | Dec 2025 −5.5 pp | Mar 2026 −1.0 pp | Jun 2026 —
- KEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 — | Mar 2023 +0.1 pp | Jun 2023 — | Sep 2023 −0.6 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −7.5 pp | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −0.9 pp | Dec 2025 — | Mar 2026 +0.9 pp | Jun 2026 —
- RRKABEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +12.2 pp | Jun 2023 — | Sep 2023 — | Dec 2023 +10.4 pp | Mar 2024 +3.5 pp | Jun 2024 +4.5 pp | Sep 2024 −5.1 pp | Dec 2024 −6.5 pp | Mar 2025 −2.2 pp | Jun 2025 −0.7 pp | Sep 2025 +6.0 pp | Dec 2025 +9.1 pp | Mar 2026 +6.9 pp | Jun 2026 —
- DIACABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −6.6 pp | Jun 2023 — | Sep 2023 +1.0 pp | Dec 2023 — | Mar 2024 +4.9 pp | Jun 2024 — | Sep 2024 +3.8 pp | Dec 2024 — | Mar 2025 +1.7 pp | Jun 2025 +1.2 pp | Sep 2025 +2.0 pp | Dec 2025 +4.5 pp | Mar 2026 +7.1 pp | Jun 2026 —
- UNIVCABLES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.0 pp | Dec 2022 — | Mar 2023 +2.5 pp | Jun 2023 — | Sep 2023 −2.4 pp | Dec 2023 — | Mar 2024 −2.1 pp | Jun 2024 — | Sep 2024 +0.5 pp | Dec 2024 −1.9 pp | Mar 2025 +0.1 pp | Jun 2025 +0.7 pp | Sep 2025 +1.2 pp | Dec 2025 +2.9 pp | Mar 2026 +2.1 pp | Jun 2026 —
- VMARCIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +8.5 pp | Jun 2023 — | Sep 2023 +3.4 pp | Dec 2023 — | Mar 2024 +10.0 pp | Jun 2024 — | Sep 2024 +14.3 pp | Dec 2024 — | Mar 2025 −4.5 pp | Jun 2025 — | Sep 2025 −2.9 pp | Dec 2025 — | Mar 2026 +13.8 pp | Jun 2026 —
- DYCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.6 pp | Dec 2022 — | Mar 2023 −1.1 pp | Jun 2023 — | Sep 2023 +0.5 pp | Dec 2023 — | Mar 2024 +1.6 pp | Jun 2024 — | Sep 2024 −6.4 pp | Dec 2024 +0.3 pp | Mar 2025 −5.9 pp | Jun 2025 +0.8 pp | Sep 2025 +2.3 pp | Dec 2025 −1.7 pp | Mar 2026 +0.4 pp | Jun 2026 −4.4 pp

## Valuation Against Growth & Quality

What the numbers say: V-Marc India Ltd has the lowest comparable Guarded PEG at 0.68×, 46% below Universal Cables Ltd. Only 6 of 10 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: V-Marc India Ltd · 0.68× | 46% versus #2 · Universal Cables Ltd | 0/8 recent comparable periods | 6/10 companies · 50 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. V-Marc India Ltd (VMARCIND): 0.7
2. Universal Cables Ltd (UNIVCABLES): 1.3
3. KEI Industries Ltd (KEI): 1.6
4. Polycab India Ltd (POLYCAB): 1.9
5. R R Kabel Ltd (RRKABEL): 2.5

### P/E — lowest P/E
1. JD Cables Ltd (544524): 15.0
2. Dynamic Cables Ltd (DYCL): 21.4
3. Universal Cables Ltd (UNIVCABLES): 26.3
4. Systematic Industries Ltd (544541): 26.8 — older report
5. V-Marc India Ltd (VMARCIND): 41.0

### 20-quarter Guarded PEG history
- POLYCAB: Sep 2021 3.0 | Dec 2021 2.3 | Mar 2022 3.2 | Jun 2022 — | Sep 2022 2.3 | Dec 2022 2.7 | Mar 2023 — | Jun 2023 — | Sep 2023 1.2 | Dec 2023 1.0 | Mar 2024 1.1 | Jun 2024 — | Sep 2024 2.7 | Dec 2024 5.3 | Mar 2025 4.1 | Jun 2025 4.1 | Sep 2025 2.1 | Dec 2025 1.3 | Mar 2026 5.1 | Jun 2026 1.9
- APARINDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.5 | Dec 2022 0.4 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.6 | Sep 2024 1.8 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 7.5 | Dec 2025 3.5 | Mar 2026 1.9 | Jun 2026 2.9
- KEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.9 | Mar 2023 1.1 | Jun 2023 1.6 | Sep 2023 2.4 | Dec 2023 2.4 | Mar 2024 2.7 | Jun 2024 3.2 | Sep 2024 2.7 | Dec 2024 3.5 | Mar 2025 2.9 | Jun 2025 3.2 | Sep 2025 3.2 | Dec 2025 2.7 | Mar 2026 1.6 | Jun 2026 —
- RRKABEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.2 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DIACABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 13.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIVCABLES: Sep 2021 0.1 | Dec 2021 — | Mar 2022 — | Jun 2022 0.6 | Sep 2022 — | Dec 2022 0.6 | Mar 2023 0.4 | Jun 2023 0.2 | Sep 2023 0.3 | Dec 2023 — | Mar 2024 0.9 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.3 | Jun 2026 —
- VMARCIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 544524: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 | Dec 2025 — | Mar 2026 0.1 | Jun 2026 —
- POLYCAB: Sep 2021 42.9 | Dec 2021 45.2 | Mar 2022 45.8 | Jun 2022 37.2 | Sep 2022 38.9 | Dec 2022 36.3 | Mar 2023 36.9 | Jun 2023 43.8 | Sep 2023 55.2 | Dec 2023 51.1 | Mar 2024 45.7 | Jun 2024 59.0 | Sep 2024 59.5 | Dec 2024 59.9 | Mar 2025 42.1 | Jun 2025 50.5 | Sep 2025 49.7 | Dec 2025 46.2 | Mar 2026 40.5 | Jun 2026 57.0
- APARINDS: Sep 2021 10.1 | Dec 2021 12.0 | Mar 2022 11.1 | Jun 2022 14.5 | Sep 2022 15.7 | Dec 2022 18.9 | Mar 2023 20.1 | Jun 2023 20.8 | Sep 2023 29.4 | Dec 2023 29.6 | Mar 2024 32.5 | Jun 2024 40.4 | Sep 2024 45.5 | Dec 2024 47.5 | Mar 2025 27.6 | Jun 2025 41.3 | Sep 2025 38.1 | Dec 2025 36.9 | Mar 2026 43.0 | Jun 2026 64.3
- KEI: Sep 2021 29.7 | Dec 2021 32.8 | Mar 2022 31.0 | Jun 2022 28.2 | Sep 2022 31.6 | Dec 2022 30.9 | Mar 2023 33.6 | Jun 2023 43.7 | Sep 2023 48.4 | Dec 2023 55.5 | Mar 2024 56.7 | Jun 2024 68.6 | Sep 2024 62.1 | Dec 2024 62.8 | Mar 2025 41.5 | Jun 2025 50.6 | Sep 2025 51.5 | Dec 2025 52.8 | Mar 2026 45.8 | Jun 2026 —
- RRKABEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 71.6 | Dec 2023 30.8 | Mar 2024 56.1 | Jun 2024 63.1 | Sep 2024 66.8 | Dec 2024 59.2 | Mar 2025 41.0 | Jun 2025 49.2 | Sep 2025 40.9 | Dec 2025 41.3 | Mar 2026 31.8 | Jun 2026 —
- DIACABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -316.1 | Sep 2023 -8.1 | Dec 2023 — | Mar 2024 155.6 | Jun 2024 242.4 | Sep 2024 251.5 | Dec 2024 277.2 | Mar 2025 121.0 | Jun 2025 196.1 | Sep 2025 209.4 | Dec 2025 119.6 | Mar 2026 61.5 | Jun 2026 —
- UNIVCABLES: Sep 2021 6.5 | Dec 2021 7.2 | Mar 2022 6.3 | Jun 2022 6.3 | Sep 2022 9.3 | Dec 2022 10.6 | Mar 2023 11.5 | Jun 2023 11.4 | Sep 2023 14.5 | Dec 2023 17.8 | Mar 2024 15.7 | Jun 2024 22.4 | Sep 2024 26.3 | Dec 2024 28.6 | Mar 2025 19.5 | Jun 2025 28.9 | Sep 2025 21.3 | Dec 2025 20.9 | Mar 2026 14.2 | Jun 2026 —
- VMARCIND: Sep 2021 134.6 | Dec 2021 — | Mar 2022 17.2 | Jun 2022 — | Sep 2022 12.0 | Dec 2022 — | Mar 2023 8.7 | Jun 2023 — | Sep 2023 19.1 | Dec 2023 — | Mar 2024 7.8 | Jun 2024 — | Sep 2024 28.8 | Dec 2024 — | Mar 2025 13.3 | Jun 2025 — | Sep 2025 17.1 | Dec 2025 — | Mar 2026 14.2 | Jun 2026 —
- DYCL: Sep 2021 15.9 | Dec 2021 10.1 | Mar 2022 10.1 | Jun 2022 7.2 | Sep 2022 9.9 | Dec 2022 13.0 | Mar 2023 12.5 | Jun 2023 25.4 | Sep 2023 28.3 | Dec 2023 28.8 | Mar 2024 24.0 | Jun 2024 33.7 | Sep 2024 32.2 | Dec 2024 48.3 | Mar 2025 24.3 | Jun 2025 34.7 | Sep 2025 27.0 | Dec 2025 21.2 | Mar 2026 14.6 | Jun 2026 22.1

## Enterprise Value & Book Value

What the numbers say: V-Marc India Ltd leads ev/ebitda at 8.15×; Universal Cables Ltd leads p/bv at 2.27×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: V-Marc India Ltd · 8.15× | 5.2% versus #2 · JD Cables Ltd | 0/8 recent comparable periods | 9/10 companies · 128 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. V-Marc India Ltd (VMARCIND): 8.2
2. JD Cables Ltd (544524): 8.6
3. Universal Cables Ltd (UNIVCABLES): 9.3
4. Dynamic Cables Ltd (DYCL): 13.8
5. R R Kabel Ltd (RRKABEL): 19.6

### P/BV — lowest P/BV
1. Universal Cables Ltd (UNIVCABLES): 2.3
2. JD Cables Ltd (544524): 3.3
3. Dynamic Cables Ltd (DYCL): 4.3
4. KEI Industries Ltd (KEI): 7.0
5. Apar Industries Ltd (APARINDS): 10.3

### 20-quarter EV/EBITDA history
- 544524: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 10.4 | Dec 2025 — | Mar 2026 8.6 | Jun 2026 —
- POLYCAB: Sep 2021 26.6 | Dec 2021 27.9 | Mar 2022 28.1 | Jun 2022 24.8 | Sep 2022 24.5 | Dec 2022 23.0 | Mar 2023 23.6 | Jun 2023 27.8 | Sep 2023 35.7 | Dec 2023 33.5 | Mar 2024 29.7 | Jun 2024 38.5 | Sep 2024 38.6 | Dec 2024 38.3 | Mar 2025 26.6 | Jun 2025 31.8 | Sep 2025 31.6 | Dec 2025 29.5 | Mar 2026 25.8 | Jun 2026 34.7
- APARINDS: Sep 2021 4.8 | Dec 2021 5.8 | Mar 2022 5.3 | Jun 2022 6.6 | Sep 2022 7.4 | Dec 2022 8.8 | Mar 2023 9.6 | Jun 2023 10.6 | Sep 2023 15.1 | Dec 2023 16.1 | Mar 2024 17.6 | Jun 2024 21.1 | Sep 2024 23.2 | Dec 2024 24.4 | Mar 2025 13.8 | Jun 2025 20.5 | Sep 2025 19.3 | Dec 2025 19.1 | Mar 2026 22.6 | Jun 2026 33.3
- KEI: Sep 2021 17.6 | Dec 2021 20.2 | Mar 2022 19.5 | Jun 2022 17.7 | Sep 2022 19.7 | Dec 2022 19.4 | Mar 2023 21.7 | Jun 2023 28.5 | Sep 2023 31.1 | Dec 2023 36.2 | Mar 2024 37.0 | Jun 2024 44.5 | Sep 2024 40.1 | Dec 2024 43.4 | Mar 2025 28.2 | Jun 2025 33.5 | Sep 2025 32.8 | Dec 2025 33.6 | Mar 2026 29.3 | Jun 2026 —
- RRKABEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 45.8 | Dec 2023 35.8 | Mar 2024 35.0 | Jun 2024 38.3 | Sep 2024 38.4 | Dec 2024 34.4 | Mar 2025 23.9 | Jun 2025 29.0 | Sep 2025 23.9 | Dec 2025 25.0 | Mar 2026 19.6 | Jun 2026 —
- DIACABS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 167.8 | Dec 2024 148.0 | Mar 2025 106.5 | Jun 2025 137.6 | Sep 2025 99.2 | Dec 2025 63.3 | Mar 2026 39.0 | Jun 2026 —
- UNIVCABLES: Sep 2021 5.7 | Dec 2021 6.1 | Mar 2022 5.7 | Jun 2022 5.4 | Sep 2022 7.0 | Dec 2022 7.4 | Mar 2023 7.6 | Jun 2023 7.5 | Sep 2023 8.7 | Dec 2023 10.3 | Mar 2024 9.3 | Jun 2024 11.8 | Sep 2024 12.9 | Dec 2024 14.0 | Mar 2025 10.3 | Jun 2025 13.5 | Sep 2025 11.7 | Dec 2025 12.4 | Mar 2026 9.3 | Jun 2026 —
- VMARCIND: Sep 2021 24.1 | Dec 2021 — | Mar 2022 8.6 | Jun 2022 — | Sep 2022 7.1 | Dec 2022 — | Mar 2023 5.4 | Jun 2023 — | Sep 2023 9.1 | Dec 2023 — | Mar 2024 5.2 | Jun 2024 — | Sep 2024 13.0 | Dec 2024 — | Mar 2025 6.6 | Jun 2025 — | Sep 2025 8.7 | Dec 2025 — | Mar 2026 8.2 | Jun 2026 —
- DYCL: Sep 2021 7.5 | Dec 2021 5.7 | Mar 2022 6.1 | Jun 2022 5.1 | Sep 2022 5.9 | Dec 2022 7.4 | Mar 2023 6.8 | Jun 2023 12.7 | Sep 2023 14.4 | Dec 2023 14.6 | Mar 2024 12.0 | Jun 2024 18.0 | Sep 2024 17.0 | Dec 2024 26.1 | Mar 2025 14.2 | Jun 2025 20.2 | Sep 2025 16.5 | Dec 2025 13.4 | Mar 2026 9.5 | Jun 2026 13.8

### 20-quarter P/BV history
- 544524: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.9 | Jun 2026 —
- POLYCAB: Sep 2021 7.6 | Dec 2021 7.5 | Mar 2022 7.5 | Jun 2022 6.0 | Sep 2022 6.6 | Dec 2022 6.6 | Mar 2023 7.8 | Jun 2023 7.9 | Sep 2023 11.9 | Dec 2023 11.4 | Mar 2024 10.6 | Jun 2024 12.4 | Sep 2024 12.9 | Dec 2024 12.5 | Mar 2025 9.0 | Jun 2025 9.9 | Sep 2025 11.2 | Dec 2025 10.7 | Mar 2026 10.0 | Jun 2026 11.9
- APARINDS: Sep 2021 1.8 | Dec 2021 2.0 | Mar 2022 1.6 | Jun 2022 2.7 | Sep 2022 2.8 | Dec 2022 3.9 | Mar 2023 5.6 | Jun 2023 7.7 | Sep 2023 9.4 | Dec 2023 9.4 | Mar 2024 11.4 | Jun 2024 14.5 | Sep 2024 9.8 | Dec 2024 9.8 | Mar 2025 5.4 | Jun 2025 8.7 | Sep 2025 7.5 | Dec 2025 7.1 | Mar 2026 8.8 | Jun 2026 11.9
- KEI: Sep 2021 5.0 | Dec 2021 5.4 | Mar 2022 5.5 | Jun 2022 6.0 | Sep 2022 5.6 | Dec 2022 5.6 | Mar 2023 7.2 | Jun 2023 9.8 | Sep 2023 9.2 | Dec 2023 10.3 | Mar 2024 10.9 | Jun 2024 15.4 | Sep 2024 12.0 | Dec 2024 11.3 | Mar 2025 8.0 | Jun 2025 10.8 | Sep 2025 6.7 | Dec 2025 6.8 | Mar 2026 6.4 | Jun 2026 —
- RRKABEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 9.2 | Dec 2023 10.3 | Mar 2024 10.1 | Jun 2024 10.7 | Sep 2024 10.5 | Dec 2024 7.8 | Mar 2025 5.3 | Jun 2025 8.4 | Sep 2025 6.4 | Dec 2025 7.1 | Mar 2026 6.3 | Jun 2026 —
- DIACABS: Sep 2021 0.1 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 -6.5 | Mar 2023 -6.3 | Jun 2023 -10.4 | Sep 2023 0.3 | Dec 2023 5.0 | Mar 2024 -2.7 | Jun 2024 -7.0 | Sep 2024 -8.0 | Dec 2024 -8.8 | Mar 2025 -5.4 | Jun 2025 -8.3 | Sep 2025 -11.0 | Dec 2025 -10.2 | Mar 2026 -10.4 | Jun 2026 —
- UNIVCABLES: Sep 2021 0.5 | Dec 2021 0.5 | Mar 2022 0.4 | Jun 2022 0.4 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 1.0 | Jun 2023 1.0 | Sep 2023 1.1 | Dec 2023 1.1 | Mar 2024 0.9 | Jun 2024 1.6 | Sep 2024 1.3 | Dec 2024 1.5 | Mar 2025 0.9 | Jun 2025 1.4 | Sep 2025 1.4 | Dec 2025 1.6 | Mar 2026 1.2 | Jun 2026 —
- VMARCIND: Sep 2021 — | Dec 2021 — | Mar 2022 1.2 | Jun 2022 — | Sep 2022 1.2 | Dec 2022 — | Mar 2023 1.1 | Jun 2023 — | Sep 2023 3.0 | Dec 2023 — | Mar 2024 2.0 | Jun 2024 — | Sep 2024 8.0 | Dec 2024 — | Mar 2025 2.5 | Jun 2025 — | Sep 2025 4.6 | Dec 2025 — | Mar 2026 4.9 | Jun 2026 —
- DYCL: Sep 2021 1.3 | Dec 2021 1.5 | Mar 2022 2.1 | Jun 2022 1.9 | Sep 2022 2.0 | Dec 2022 2.6 | Mar 2023 2.5 | Jun 2023 5.3 | Sep 2023 5.6 | Dec 2023 5.0 | Mar 2024 4.2 | Jun 2024 7.2 | Sep 2024 5.6 | Dec 2024 7.1 | Mar 2025 4.1 | Jun 2025 5.8 | Sep 2025 5.2 | Dec 2025 4.0 | Mar 2026 3.0 | Jun 2026 4.0

## Market action

R R Kabel Ltd has the strongest one-year price move in Cables - Power at +55.8%. V-Marc India Ltd leads on Mansfield relative strength against NIFTY at +108.1%. 8 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. R R Kabel Ltd (RRKABEL): 56%
2. Apar Industries Ltd (APARINDS): 55%
3. Universal Cables Ltd (UNIVCABLES): 51%
4. Diamond Power Infrastructure Ltd (DIACABS): 32%
5. Polycab India Ltd (POLYCAB): 28%

### Strongest relative strength versus NIFTY 500
1. V-Marc India Ltd (VMARCIND): 108%
2. R R Kabel Ltd (RRKABEL): 47%
3. Diamond Power Infrastructure Ltd (DIACABS): 42%
4. Universal Cables Ltd (UNIVCABLES): 37%
5. Apar Industries Ltd (APARINDS): 34%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.

## Every company
- Polycab India Ltd (POLYCAB) — market value ₹1.3 L Cr; latest fundamentals Jun 2026
- Apar Industries Ltd (APARINDS) — market value ₹55.8K Cr; latest fundamentals Jun 2026
- KEI Industries Ltd (KEI) — market value ₹46.5K Cr; latest fundamentals Mar 2026
- R R Kabel Ltd (RRKABEL) — market value ₹28.2K Cr; latest fundamentals Mar 2026
- Diamond Power Infrastructure Ltd (DIACABS) — market value ₹15.6K Cr; latest fundamentals Mar 2026
- Universal Cables Ltd (UNIVCABLES) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- V-Marc India Ltd (VMARCIND) — market value ₹4.1K Cr; latest fundamentals Mar 2026
- Dynamic Cables Ltd (DYCL) — market value ₹2.0K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Systematic Industries Ltd (544541) — market value ₹550 Cr; latest fundamentals Sep 2025
- JD Cables Ltd (544524) — market value ₹476 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 7. Unverified: 3. Withheld: 0. Graded companies: 10.

1 of 10 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | DYCL | Dynamic Cables Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Cables - Power index?

The Nifty Cables - Power index tracks India's listed Cables - Power companies as a single basket. This page follows the same 10 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Cables - Power sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Cables - Power stocks in India?

Ranked by this page's four-factor score, R R Kabel Ltd places first among 10 listed Cables - Power companies, followed by Diamond Power Infrastructure Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Cables - Power stocks are listed in India?

This comparison covers 10 listed Cables - Power companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Cables - Power company is the biggest?

Polycab India Ltd is the largest, with trailing-twelve-month revenue of ₹31,187 crore, ahead of Apar Industries Ltd at ₹24,389 crore. That covers 8 of 10 companies with comparable reporting through Jun 2026.

### Which Cables - Power company is growing fastest?

V-Marc India Ltd has the fastest revenue growth at 100% year on year, across 8 of 10 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Cables - Power company has the best profit margins?

Polycab India Ltd has the highest operating margin at 14%, from 10 of 10 comparable companies. Diamond Power Infrastructure Ltd shows the biggest recent improvement, at +7 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Cables - Power company makes the most profit?

Polycab India Ltd earns the most, at ₹2,906 crore of trailing-twelve-month net profit, from 8 of 10 comparable companies. Diamond Power Infrastructure Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Cables - Power company earns the highest return on capital?

V-Marc India Ltd leads on return on capital employed at 41.4%, across 10 of 10 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Cables - Power stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — V-Marc India Ltd screens cheapest at 0.68×. Only 6 of 10 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Cables - Power company has the strongest balance sheet?

Dynamic Cables Ltd carries the lowest comparable gross debt at ₹43 crore, from 10 of 10 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Cables - Power stock has the strongest price momentum?

V-Marc India Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Cables - Power company scores highest for research priority?

R R Kabel Ltd scores 65.3 out of 100 with 95.6% evidence confidence, from 23.8 points on growth and earnings, 14.2 on capital efficiency, 7.8 on valuation and 19.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Cables - Power companies does this comparison cover, and over what period?

It compares 10 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Cables - Power sector?

The 10 Cables - Power companies on this page carry ₹2,91,650 crore of combined market value. Polycab India Ltd is the largest at ₹1,34,193 crore, about 46% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Cables - Power sector's P/E ratio?

The median price-to-earnings ratio across the 10 Cables - Power companies on this page is 46.3×, measured on the 10 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Cables - Power sector performing?

8 of the 8 covered Cables - Power companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/cables-power