Cables - Power — sector analysis & key numbers
Cables - Power is mid-way through a confirmed up-move: 8 of 10 constituents are in price uptrends, and aggregate profit grew 36% in the latest year.
Cables - Power groups 10 listed companies worth ₹3,08,270 Cr combined, and 8 of 10 are in confirmed price uptrends. Aggregate profit moved +16.7% year-on-year in the latest reported quarter. The sector trades at an aggregate P/E of 37.0×, at the 86th percentile of its own history.
Data as of 1 July 2026 · every number traces to its Screener source column · not investment advice.
- Companies
- 10
- Total market cap
- ₹3,08,270 Cr
- Relative strength
- 46.9
- RRG quadrant
- consolidation
- Weeks in streak
- 12
- In Stage-2 uptrend
- 8 of 10
- Above 200-DMA
- 10 of 10
- Beating NIFTY 500
- 8 of 10
- Latest-quarter revenue
- ₹25,147 Cr
- Latest-quarter profit
- ₹1,715 Cr
- Aggregate P/E
- 37.0×
- Valuation percentile
- 86th of its own history
- Sector wind
- strong tailwind
- Data as of
- 1 July 2026
The research read on Cables - Power: mid-way through a confirmed up-move.lifecycle_bucket
All three streams point the same way — a genuine, broadly-participated power/T&D capex supercycle. The curve is deterministically earnings-led: revenue ~5.5x to Rs81,549 Cr, PAT from a 2017 loss to Rs5,632 Cr (+104.6% in-window led the +32.6% multiple), and the deterministic verdict is fairly priced — trailing PE in the 14th percentile normalizing only to the 24th, OPM at the 83rd percentile but reading mid-cycle, NOT a peak-margin value trap. Qual is the batch's strongest — a strong tailwind, worth studying deeper on a Rs3.35 lakh crore transmission build with 4-8 quarter visibility and 40%+ volume leaders — tempered honestly by a mid-cycle read (volume moderating to ~10%, FY27 turning price-led) and a high-severity copper/aluminium margin-compression risk. Social is hot (87, +22 rising) and confirms the structural buildout, though it is a broad CapGoodsPower super-group signal. The RRG is leading (gate_rrg_score 90.8, rs_3m +36.58), breadth is broad (99% stage-2, 78% advancing, percent-above-200-DMA widening 64% to 94%), and capital-flows reads neutral — a committed-order-book capex buildout (gross-block +28.9%, CWIP +86.3%) rather than late-cycle institutional crowding. The earnings are doing the work and a multi-year order book underwrites visibility, so conviction is high despite mid-cycle positioning; the live disagreement is purely on growth-quality (volume vs price) and commodity margin risk, which qual surfaces and the bullish social tape underplays. This is NOT a fresh inflection — mid-cycle, multiple already re-rated — so it ranks below a fresh-turn winner but high on confirmed earnings plus order visibility plus leading RRG.synthesis
What would change this view: Sector aggregate PAT turns down while operating margin rolls off its 83rd-percentile high and volume growth stalls below the ~10% Crisil floor — that would convert this from a mid-cycle earnings-led supercycle into a late-cycle peak-margin name where the already re-rated multiple has nothing left to compound. The disproving print would show in the annual PAT curve reversing and the OPM percentile falling.would_change_my_mind
A confirmed multi-year power-T&D / renewable / grid-modernization capex supercycle is driving 28-30% sector revenue growth, but FY27 growth is increasingly price-led as volumes moderate and copper/aluminium squeeze margins.one_line_thesis
- ✓Aggregate revenue compounds ~5.5x from Rs14,957 Cr (2015) to Rs81,549 Cr (2026), accelerating in the last 3y (Rs44,432 Cr 2023 to Rs81,549 Cr 2026). · cables-power.json (curve.annual_fundamentals.revenue)
- ✓PAT climbs from a Rs220 Cr loss (2017) to Rs2,753 Cr (2023) to Rs5,632 Cr (2026). · cables-power.json (curve.annual_fundamentals.pat)
- ✓OPM rose from a 4.16% trough (2017) to 10.75% (2026), near the top of its 4.16-10.82% band. · cables-power.json (curve.annual_fundamentals.opm)
- ✓PE re-rated from 27.94x (2023-03) to 37.04x now, lens_metric_chg +32.6%, rerating_verdict re-rating. · cables-power.json (curve)
- ✓PE series shows the re-rating off the 2023-03 low of 27.94x to 37.04x latest. · cables-power.json (curve.valuation_series.pe)
- ✓PB sits at 6.85x off an ~11.3x peak (2024-12). · cables-power.json (curve.pb_now)
- ⚠Price index compounded +160.2% over the window. · cables-power.json (sector_cycle_deterministic.curve_move_driver)
- ⚠Deterministic ground labels the move earnings-led: aggregate earnings +104.6% led the multiple +32.6%. · cables-power.json (sector_cycle_deterministic.curve_move_driver)
Research view from 2026-06-27
Across the 5 largest constituents with research timelines, 4 carried trackable guidance: 7 beats, 2 met, 6 misses against what management said.guidance_pairs
R R Kabel Ltd: FY26 revenue ₹9,722 Cr (+27.6% YoY)claims
“FY26 revenue ₹9,722 Cr (+27.6% YoY)”
R R Kabel Ltd · 2026-06-27 · concall_transcripts
Research view from 2026-06-27
8 of 10 constituents are in Stage-2 price uptrends, 10 trade above their 200-day averages, and 8 are beating the NIFTY 500 on relative strength.stageabove_dma200rs_mansfield
Over the trailing ~20 weeks, the share of constituents above the 200-day line moved from 56% to 100% — participation is widening.breadth_series
Sector relative strength stands at 46.9, in the consolidation quadrant of the rotation map, with relative strength falling over a 12-week streak.current_rsquadrant
Recent stage changes: DYCL (stage 4→1).stage
Data: Breadth trend
| Period | % above 200-DMA (%) | % beating NIFTY (%) |
|---|---|---|
| Feb 26 | 55.6 | 75.0 |
| Feb 26 | 66.7 | 75.0 |
| Feb 26 | 66.7 | 87.5 |
| Mar 26 | 66.7 | 75.0 |
| Mar 26 | 22.2 | 75.0 |
| Mar 26 | 44.4 | 87.5 |
| Mar 26 | 22.2 | 87.5 |
| Mar 26 | 22.2 | 62.5 |
| Apr 26 | 80.0 | 87.5 |
| Apr 26 | 90.0 | 87.5 |
| Apr 26 | 100.0 | 100.0 |
| Apr 26 | 100.0 | 100.0 |
| May 26 | 100.0 | 100.0 |
| May 26 | 88.9 | 87.5 |
| May 26 | 88.9 | 87.5 |
| May 26 | 88.9 | 87.5 |
| Jun 26 | 88.9 | 87.5 |
| Jun 26 | 88.9 | 87.5 |
| Jun 26 | 100.0 | 100.0 |
| Jun 26 | 100.0 | 87.5 |
Data as of 2026-07-01
Top performers by 1-year price return: V-Marc India Ltd (+394.8%), R R Kabel Ltd (+73.6%), Apar Industries Ltd (+69.3%), Universal Cables Ltd (+57.3%), Diamond Power Infrastructure Ltd (+49.6%).price
Data: Indexed price (base 100, ~52 weeks) — default top-5
| Period | VMARCIND (index) | RRKABEL (index) | APARINDS (index) | UNIVCABLES (index) | DIACABS (index) | Sector avg (index) |
|---|---|---|---|---|---|---|
| Jul 25 | 100 | 100 | 100 | 100 | 100 | 100 |
| Jul 25 | 112 | 111 | 103 | 98.2 | 102 | 104 |
| Jul 25 | 115 | 105 | 104 | 95.0 | 98.8 | 101 |
| Aug 25 | 118 | 100 | 101 | 91.6 | 103 | 100 |
| Aug 25 | 110 | 93.2 | 100 | 89.3 | 93.6 | 97.0 |
| Aug 25 | 123 | 91.0 | 98.8 | 93.3 | 89.2 | 98.1 |
| Aug 25 | 120 | 91.3 | 94.5 | 91.3 | 88.8 | 99.4 |
| Aug 25 | 119 | 87.6 | 89.2 | 90.7 | 83.6 | 96.0 |
| Sep 25 | 118 | 90.6 | 89.7 | 90.2 | 87.5 | 97.9 |
| Sep 25 | 113 | 93.4 | 99.5 | 91.6 | 91.3 | 100 |
| Sep 25 | 112 | 94.2 | 102 | 102 | 98.2 | 103 |
| Sep 25 | 110 | 91.5 | 96.4 | 91.5 | 91.5 | 98.0 |
| Oct 25 | 110 | 94.1 | 97.0 | 91.1 | 92.1 | 98.8 |
| Oct 25 | 138 | 95.5 | 96.7 | 89.5 | 86.1 | 103 |
| Oct 25 | 155 | 94.8 | 100 | 86.5 | 85.9 | 103 |
| Oct 25 | 145 | 93.5 | 101 | 89.8 | 86.4 | 104 |
| Oct 25 | 142 | 106 | 100 | 93.5 | 92.5 | 106 |
| Nov 25 | 158 | 103 | 95.5 | 91.8 | 92.2 | 104 |
| Nov 25 | 193 | 103 | 105 | 110 | 91.4 | 112 |
| Nov 25 | 188 | 101 | 106 | 122 | 87.9 | 112 |
| Nov 25 | 181 | 105 | 106 | 122 | 91.0 | 111 |
| Dec 25 | 162 | 103 | 103 | 116 | 87.5 | 106 |
| Dec 25 | 167 | 107 | 104 | 114 | 85.3 | 107 |
| Dec 25 | 176 | 112 | 101 | 109 | 85.4 | 108 |
| Dec 25 | 178 | 111 | 99.5 | 112 | 84.9 | 109 |
| Jan 26 | 170 | 113 | 95.3 | 122 | 83.1 | 110 |
| Jan 26 | 161 | 113 | 94.4 | 107 | 81.8 | 105 |
| Jan 26 | 166 | 111 | 85.5 | 94.1 | 79.1 | 102 |
| Jan 26 | 155 | 102 | 81.1 | 84.9 | 74.8 | 93.1 |
| Feb 26 | 150 | 103 | 93.0 | 90.8 | 72.6 | 95.6 |
| Feb 26 | 150 | 110 | 109 | 96.6 | 75.4 | 102 |
| Feb 26 | 154 | 105 | 110 | 88.0 | 80.0 | 102 |
| Feb 26 | 183 | 108 | 121 | 87.0 | 82.1 | 108 |
| Feb 26 | 178 | 117 | 129 | 88.6 | 83.1 | 111 |
| Mar 26 | 177 | 115 | 120 | 86.5 | 82.1 | 109 |
| Mar 26 | 175 | 101 | 104 | 76.9 | 78.2 | 98.7 |
| Mar 26 | 165 | 105 | 112 | 86.2 | 77.1 | 99.3 |
| Mar 26 | 152 | 98.7 | 122 | 81.9 | 74.6 | 96.1 |
| Apr 26 | 161 | 100 | 113 | 85.5 | 76.1 | 97.7 |
| Apr 26 | 202 | 105 | 131 | 97.9 | 83.1 | 110 |
| Apr 26 | 214 | 111 | 132 | 107 | 90.7 | 118 |
| Apr 26 | 226 | 108 | 133 | 104 | 98.1 | 119 |
| Apr 26 | 251 | 118 | 142 | 107 | 95.7 | 127 |
| May 26 | 258 | 146 | 148 | 145 | 105 | 142 |
| May 26 | 276 | 147 | 146 | 128 | 119 | 140 |
| May 26 | 284 | 146 | 147 | 129 | 117 | 142 |
| May 26 | 351 | 154 | 151 | 145 | 118 | 155 |
| Jun 26 | 383 | 167 | 160 | 156 | 124 | 162 |
| Jun 26 | 354 | 163 | 176 | 150 | 123 | 158 |
| Jun 26 | 405 | 174 | 188 | 162 | 127 | 173 |
| Jun 26 | 408 | 187 | 185 | 155 | 125 | 172 |
| Jul 26 | – | 179 | 168 | 158 | 127 | 140 |
Data: Quarterly revenue (8q) — default top-5
| Period | VMARCIND (₹ Cr) | RRKABEL (₹ Cr) | APARINDS (₹ Cr) | UNIVCABLES (₹ Cr) | DIACABS (₹ Cr) | Sector avg (₹ Cr) |
|---|---|---|---|---|---|---|
| Jun 24 | – | 1,808 | 4,011 | 489 | 224 | 1,929 |
| Sep 24 | 345 | 1,810 | 4,645 | 638 | 250 | 1,598 |
| Dec 24 | – | 1,782 | 4,716 | 608 | 307 | 2,195 |
| Mar 25 | 560 | 2,218 | 5,210 | 674 | 334 | 1,965 |
| Jun 25 | – | 2,059 | 5,104 | 600 | 302 | 2,403 |
| Sep 25 | 692 | 2,164 | 5,715 | 814 | 438 | 1,968 |
| Dec 25 | – | 2,536 | 5,480 | 768 | 474 | 2,878 |
| Mar 26 | 1,106 | 2,964 | 6,603 | 840 | 696 | 2,794 |
Data: Quarterly net profit (8q) — default top-5
| Period | VMARCIND (₹ Cr) | RRKABEL (₹ Cr) | APARINDS (₹ Cr) | UNIVCABLES (₹ Cr) | DIACABS (₹ Cr) | Sector avg (₹ Cr) |
|---|---|---|---|---|---|---|
| Jun 24 | – | 64.0 | 203 | 6.0 | 17.0 | 122 |
| Sep 24 | 11.0 | 50.0 | 194 | 18.0 | 4.0 | 90.8 |
| Dec 24 | – | 69.0 | 175 | 16.0 | 6.0 | 130 |
| Mar 25 | 25.0 | 129 | 250 | 50.0 | 8.0 | 147 |
| Jun 25 | – | 90.0 | 263 | 33.0 | 20.0 | 174 |
| Sep 25 | 36.0 | 116 | 252 | 48.0 | 28.0 | 142 |
| Dec 25 | – | 118 | 209 | 27.0 | 50.0 | 184 |
| Mar 26 | 64.0 | 168 | 253 | 55.0 | 61.0 | 191 |
Data: Operating margin % (8q) — default top-5
| Period | VMARCIND (%) | RRKABEL (%) | APARINDS (%) | UNIVCABLES (%) | DIACABS (%) | Sector avg (%) |
|---|---|---|---|---|---|---|
| Jun 24 | – | 5.0 | 9.0 | 6.0 | 11.0 | 9.1 |
| Sep 24 | 10.0 | 5.0 | 8.0 | 7.0 | 5.0 | 8.8 |
| Dec 24 | – | 6.0 | 8.0 | 6.0 | 5.0 | 8.4 |
| Mar 25 | 11.0 | 9.0 | 9.0 | 9.0 | 4.0 | 9.7 |
| Jun 25 | – | 7.0 | 9.0 | 10.0 | 10.0 | 10.1 |
| Sep 25 | 11.0 | 8.0 | 8.0 | 9.0 | 10.0 | 10.6 |
| Dec 25 | – | 8.0 | 8.0 | 8.0 | 15.0 | 10.6 |
| Mar 26 | 11.0 | 9.0 | 8.0 | 8.0 | 11.0 | 10.4 |
Data: Latest reported ROCE / ROE (single latest reading, not a trend) — default top-5
| Period | VMARCIND (%) | RRKABEL (%) | APARINDS (%) | UNIVCABLES (%) | DIACABS (%) | Sector avg (%) |
|---|---|---|---|---|---|---|
| ROCE % | 41.4 | 28.1 | 31.1 | 11.7 | 26.5 | 27.3 |
| ROE % | 41.8 | 21.3 | 20.2 | 8.9 | – | 23.5 |
Data: 10-year valuation percentile (latest) — default top-5
| Period | RRKABEL (percentile) | APARINDS (percentile) | UNIVCABLES (percentile) | DIACABS (percentile) | Sector avg (percentile) |
|---|---|---|---|---|---|
| 10y percentile | 62.0 | 98.0 | 95.0 | 11.0 | 73.4 |
Interactive charts default to the five strongest performers by 1-year price return; use the rail to add or remove any constituent, globally or per chart. Non-interactive readers see the same numbers in each chart’s data table.
Data as of 2026-07-01
In the latest reported quarter (2026-03), constituents together booked ₹25,147 Cr of revenue (+28% year-on-year) and ₹1,715 Cr of profit (+16.7%).revenuepat
Reporting honesty note: 9 of the constituents have reported this quarter versus 10 a year ago, so part of the year-on-year change is composition, not like-for-like growth.reporters
On the annual arc, aggregate profit grew 36% to ₹5,632 Cr in 2026.pat
Data: Aggregate quarterly revenue
| Period | Revenue (₹ Cr) | Reporters |
|---|---|---|
| Jun 23 | 11,770 | 7 |
| Sep 23 | 12,596 | 8 |
| Dec 23 | 12,761 | 7 |
| Mar 24 | 15,476 | 8 |
| Jun 24 | 13,504 | 7 |
| Sep 24 | 15,976 | 10 |
| Dec 24 | 15,363 | 7 |
| Mar 25 | 19,653 | 10 |
| Jun 25 | 16,823 | 7 |
| Sep 25 | 19,683 | 10 |
| Dec 25 | 20,148 | 7 |
| Mar 26 | 25,147 | 9 |
Data: Aggregate quarterly profit
| Period | Profit after tax (₹ Cr) |
|---|---|
| Jun 23 | 836 |
| Sep 23 | 843 |
| Dec 23 | 884 |
| Mar 24 | 1,134 |
| Jun 24 | 854 |
| Sep 24 | 908 |
| Dec 24 | 911 |
| Mar 25 | 1,470 |
| Jun 25 | 1,220 |
| Sep 25 | 1,418 |
| Dec 25 | 1,291 |
| Mar 26 | 1,715 |
Data: Aggregate operating margin
| Period | OPM (%) |
|---|---|
| Jun 23 | 10.7 |
| Sep 23 | 10.7 |
| Dec 23 | 10.7 |
| Mar 24 | 11.1 |
| Jun 24 | 10.0 |
| Sep 24 | 9.1 |
| Dec 24 | 9.9 |
| Mar 25 | 11.1 |
| Jun 25 | 10.9 |
| Sep 25 | 11.2 |
| Dec 25 | 10.5 |
| Mar 26 | 10.5 |
Data: Aggregate profit by year
| Period | Profit after tax (₹ Cr) |
|---|---|
| 2015 | 68 |
| 2016 | 106 |
| 2017 | -220 |
| 2018 | 739 |
| 2019 | 974 |
| 2020 | 1,396 |
| 2021 | 1,540 |
| 2022 | 1,879 |
| 2023 | 2,753 |
| 2024 | 3,714 |
| 2025 | 4,139 |
| 2026 | 5,632 |
Data: Operating margin by year
| Period | OPM (%) |
|---|---|
| 2015 | 6.5 |
| 2016 | 7.4 |
| 2017 | 4.2 |
| 2018 | 9.2 |
| 2019 | 9.5 |
| 2020 | 9.9 |
| 2021 | 9.9 |
| 2022 | 8.5 |
| 2023 | 10.0 |
| 2024 | 10.8 |
| 2025 | 10.1 |
| 2026 | 10.8 |
Data as of 2026-06-27
Sector profit moved from ₹4,139 Cr to ₹5,632 Cr (+36.1% year-on-year) — the decomposition attributes the larger share to the revenue side (demand and volumes).pat
Sector revenue moved from ₹64,493 Cr to ₹81,549 Cr (+26.4% year-on-year).revenue
The aggregate P/E moved from 27.9× to 37× (+32.6%) while sector profits moved +104.6% — earnings led the multiple — the durable pattern.pe
Participation check: the share of constituents above their 200-day average moved 64%→95% across the trailing weeks — the move is broadening.pct_above_200dma
Sector ΣPAT +36.1% YoY — dominant leg: revenue (volume/demand-led — the durable kind).
patSector Σrevenue +26.4% YoY — confirm it is demand/volume-led across constituents, not price/base.
revenueSector PE moved +32.6% but aggregate ΣPAT rose +104.6% over ~3y — EARNINGS led the multiple (the durable pattern). The re-rating is backed by real aggregate earnings.
peprice_idxpatSector breadth WIDENING — % above 200-DMA 64→94% over the trailing weeks: broad participation corroborates a genuine sector-wide turn rather than a few-name move.
pct_above_200dmapct_outperformingResearch view from 2026-06-27
Ownership: institutional (FII+DII) holdings moved +1.12 percentage points over four quarters; promoter stakes moved -0.02 points over two.fii_dii_delta_4qpromoter_delta_2q
Constituents spent ₹4,587 Cr on capex in the trailing twelve months (+14.9% year-on-year), with gross block growing +28.9%.capex_ttm_sum_crcapex_yoy_pct
On the deterministic capital-flow read, money is neither decisively entering nor leaving this industry.read
Research view from 2026-06-27
The sector trades at an aggregate P/E of 37.04× against a range of 27.94–127.34× over its 40-quarter history.pe
The median constituent sits at the 86th percentile of its own 10-year valuation range.percentile
Aggregate operating margin (10.8%) sits at the 92nd percentile of its own annual history — a cheap-looking multiple on near-peak margins is only cheap if the margins hold.opm
Data: Aggregate P/E and price index
| Period | P/E (×) | Price index |
|---|---|---|
| Jun 16 | – | 100 |
| Sep 16 | – | 99 |
| Dec 16 | – | 103 |
| Mar 17 | – | 141 |
| Jun 17 | – | 152 |
| Sep 17 | – | 178 |
| Dec 17 | – | 201 |
| Mar 18 | – | 188 |
| Jun 18 | – | 188 |
| Sep 18 | – | 171 |
| Dec 18 | – | 184 |
| Mar 19 | 102.4 | 198 |
| Jun 19 | 101.1 | 196 |
| Sep 19 | 110.6 | 214 |
| Dec 19 | 127.3 | 247 |
| Mar 20 | 33.6 | 177 |
| Jun 20 | 39.0 | 206 |
| Sep 20 | 37.7 | 199 |
| Dec 20 | 48.2 | 254 |
| Mar 21 | 48.0 | 327 |
| Jun 21 | 67.1 | 457 |
| Sep 21 | 80.4 | 548 |
| Dec 21 | 87.7 | 598 |
| Mar 22 | 61.0 | 596 |
| Jun 22 | 57.2 | 559 |
| Sep 22 | 68.7 | 671 |
| Dec 22 | 71.9 | 702 |
| Mar 23 | 27.9 | 815 |
| Jun 23 | 36.0 | 1,050 |
| Sep 23 | 57.4 | 1,494 |
| Dec 23 | 59.6 | 1,626 |
| Mar 24 | 43.4 | 1,631 |
| Jun 24 | 56.1 | 2,121 |
| Sep 24 | 57.4 | 2,193 |
| Dec 24 | 59.4 | 2,285 |
| Mar 25 | 35.7 | 1,490 |
| Jun 25 | 43.7 | 1,988 |
| Sep 25 | 42.5 | 2,150 |
| Dec 25 | 42.0 | 2,288 |
| Mar 26 | 37.0 | 2,122 |
Aggregate operating margin (10.8%) sits at the 92nd percentile of its own annual history — a cheap-looking multiple on near-peak margins is only cheap if the margins hold.
Data as of 2026-06-27
10 companies make up this sector, led by Polycab India Ltd at ₹1,43,570 Cr of market value.constituents
| Company | Price | 1y | Stage | RS | 10y val % |
|---|---|---|---|---|---|
| Polycab India Ltd | ₹9,714 | +44.6% | 2 | 24.7 | 93 |
| Apar Industries Ltd | ₹14,598 | +69.3% | 2 | 45.6 | 98 |
| KEI Industries Ltd | ₹5,248 | +38.8% | 2 | 19.0 | 86 |
| R R Kabel Ltd | ₹2,382 | +73.6% | 2 | 57.6 | 62 |
| Diamond Power Infrastructure Ltd | ₹209 | +49.6% | 2 | 36.0 | 11 |
| Universal Cables Ltd | ₹1,238 | +57.3% | 2 | 49.1 | 95 |
| V-Marc India Ltd | ₹1,615 | +394.8% | 2 | 123.3 | – |
| Dynamic Cables Ltd | ₹365 | −25.9% | 1 | 2.7 | 69 |
| Systematic Industries Ltd | ₹246 | – | 4 | – | – |
| JD Cables Ltd | ₹238 | – | 2 | – | – |
Data as of 2026-07-01
Tailwind chain: A Rs9.15Tn India T&D + RDSS + renewable-grid buildout with 5-7y order visibility, cited verbatim across the entire CapGoodsPower complex; Also touches: Electrical Equipments/HVDC, Infra - Construction & Contracting, Capital Goods - Transformers, Engineering - Turnkey Services.triggermechanism
Headwind chain: Rising copper/aluminium input costs flagged as a high-severity margin-compression risk in Cables - Power (Q3/Q4, plus US tariff drag) and feeding the FY27 'price-led not volume-led' margin worry across the wire/cable… Also touches: Aluminium, Metals, Electrical Equipments/HVDC.triggermechanism
Tailwind chain: Surge in AI-driven data center capacity and renewable integration requiring massive grid upgrades. Also touches: Data Centre, Capital Goods - Transformers, Electrical Equipments/HVDC.triggermechanism
A Rs9.15Tn India T&D + RDSS + renewable-grid buildout with 5-7y order visibility, cited verbatim across the entire CapGoodsPower complex; the same wind shows in Cables - Power qual, Electrical Equipments/HVDC (Q1/Q4 order-to-billing inflection), Capital Goods - Transformers (Q1 order book) and Engineering - Turnkey Services (record Rs4,849 Cr quarter, Q2).
Government + utility grid spend converts to multi-year backlog → revenue/PAT inflection across transformers, cables, HVDC equipment and turnkey EPC. But the same capex wave is now showing up as a sector-wide supply flood on the balance sheet (Electrical Equipments/HVDC capex +232.8% YoY / CWIP +39.9%; Capital Goods - Transformers capex +154%; Engineering - Turnkey Services capex +69% with a late-cycle capex flood), which compresses the order premium and margins as utilization is chased late-cycle.
Rising copper/aluminium input costs flagged as a high-severity margin-compression risk in Cables - Power (Q3/Q4, plus US tariff drag) and feeding the FY27 'price-led not volume-led' margin worry across the wire/cable complex, against Aluminium reading capital entering (FII/DII +5.003/4q, capex +11.59%).
Base-metal price strength flows straight to upstream metal producers' realizations (a tailwind) while it lands as a cost-of-goods squeeze on the downstream conductor/cable converters whose order books are priced on older metal assumptions — the classic upstream-vs-downstream inverse split.
Surge in AI-driven data center capacity and renewable integration requiring massive grid upgrades.
Data centers demand disproportionate power and cooling, which flows down to transformers, HVDC, power cables, and EMS players for server racks.
Research view from 2026-06-27
Institutional money is NOT yet crowding in: FII+DII holdings moved just +0.08 percentage points across constituents over the last two quarters — the capital-flow read is neutral.fii_dii_delta_2qread
- Institutional money is NOT yet crowding in: FII+DII holdings moved just +0.08 percentage points across constituents over the last two quarters — the capital-flow read is neutral.
Data as of 2026-07-01
Straight answers from the data
What is the Cables - Power sector?
The Cables - Power sector groups 10 listed companies with a combined market value of ₹3,08,270 Cr, led by Polycab India Ltd, Apar Industries Ltd, KEI Industries Ltd. 8 of 10 constituents are currently in confirmed price uptrends.
Which stocks are in the Cables - Power sector?
The largest Cables - Power companies by market value are Polycab India Ltd (₹1,43,570 Cr), Apar Industries Ltd (₹64,367 Cr), KEI Industries Ltd (₹50,362 Cr), R R Kabel Ltd (₹28,144 Cr), Diamond Power Infrastructure Ltd (₹10,870 Cr), Universal Cables Ltd (₹4,219 Cr), V-Marc India Ltd (₹3,943 Cr), Dynamic Cables Ltd (₹1,713 Cr).
What are the best-performing Cables - Power stocks?
By 1-year price return as of 1 July 2026, the strongest Cables - Power stocks are V-Marc India Ltd (+395%), R R Kabel Ltd (+74%), Apar Industries Ltd (+69%), Universal Cables Ltd (+57%), Diamond Power Infrastructure Ltd (+50%). These are descriptive price moves measured from weekly Screener closes, not recommendations.
Is the Cables - Power sector in an uptrend?
8 of 10 Cables - Power constituents are in Stage-2 price uptrends, 10 trade above their 200-day average, and 8 are beating the NIFTY 500 on relative strength. Sector relative strength reads 46.9, in the consolidation quadrant of the rotation map, falling over a 12-week streak.
How many Cables - Power stocks trade above their 200-day average?
10 of 10 Cables - Power constituents currently trade above their 200-day moving average. Over the trailing ~20 weeks, that share moved from 56% to 100% — participation is widening.
Is the Cables - Power sector expensive versus its own history?
The Cables - Power sector trades at an aggregate P/E of 37.0× against a 27.9–127× band over its own history. The median constituent sits at the 86th percentile of its own 10-year P/E range, near the top of its own historical range. Aggregate operating margin (10.8%) sits at the 92nd percentile of its own annual history — a cheap-looking multiple on near-peak margins is only cheap if the margins hold.
Is money entering or leaving the Cables - Power sector?
On Sector Alpha's deterministic capital-flow read, money is neither clearly entering nor leaving the Cables - Power sector. Institutional (FII+DII) holdings moved +1.12 percentage points across constituents over the last four quarters, and constituents grew capex +14.9% year-on-year.
How fast is the Cables - Power sector growing?
In the latest reported quarter (March 2026), Cables - Power constituents together booked ₹25,147 Cr of revenue, +28.0% year-on-year, with aggregate profit +16.7% year-on-year. Figures aggregate Screener-scraped quarterly filings across the sector.
How are Cables - Power operating margins trending?
Aggregate Cables - Power operating margin was 10.5% in the latest reported quarter (March 2026), versus 11.1% a year earlier — margins are softening.
Which sectors is the Cables - Power sector connected to?
The Cables - Power sector sits in 3 cross-sector chains: as a beneficiary it connects to Electrical Equipments/HVDC, Infra - Construction & Contracting, Capital Goods - Transformers, Engineering - Turnkey Services — A Rs9.15Tn India T&D + RDSS + renewable-grid buildout with 5-7y order visibility, cited verbatim across the entire CapGoodsPower complex;; as a potential casualty it connects to Aluminium, Metals, Electrical Equipments/HVDC — Rising copper/aluminium input costs flagged as a high-severity margin-compression risk in Cables - Power (Q3/Q4, plus US tariff drag) and feeding the FY27 'price-led….
What is the bull case for the Cables - Power sector?
A confirmed multi-year power-T&D / renewable / grid-modernization capex supercycle is driving 28-30% sector revenue growth, but FY27 growth is increasingly price-led as volumes moderate and copper/aluminium squeeze margins. Aggregate revenue compounds ~5.5x from Rs14,957 Cr (2015) to Rs81,549 Cr (2026), accelerating in the last 3y (Rs44,432 Cr 2023 to Rs81,549 Cr 2026).
What could change the view on the Cables - Power sector?
Sector aggregate PAT turns down while operating margin rolls off its 83rd-percentile high and volume growth stalls below the ~10% Crisil floor — that would convert this from a mid-cycle earnings-led supercycle into a late-cycle peak-margin name where the already re-rated multiple has nothing left to compound. The disproving print would show in the annual PAT curve reversing and the OPM percentile falling. Also worth noting: institutional money is NOT yet crowding in: FII+DII holdings moved just +0.08 percentage points across constituents over the last two quarters — the capital-flow read is neutral.
What is the research view on the Cables - Power sector?
Sector Alpha does not publish trading recommendations or price calls — this is a research read, not advice. What the data says: broken out mid · aligned. All three streams point the same way — a genuine, broadly-participated power/T&D capex supercycle. The curve is deterministically earnings-led: revenue ~5.5x to Rs81,549 Cr, PAT from a 2017 loss to Rs5,632 Cr (+104.6% in-window led the +32.6% multiple), and the deterministic verdict is fairly priced — trailing PE in…. Every number on this page traces to its source column; it is machine-written research, not investment advice.
Should I invest in the Cables - Power sector?
Sector Alpha does not publish sector allocations or trading calls — for Cables - Power or any sector. What this page provides is a data-first read: how many constituents are in confirmed uptrends, how the sector's valuation compares with its own history, where earnings sit in their cycle, and whether capital is entering or leaving. Use it to study the sector on the evidence, then do your own diligence.
What is the Cables - Power sector's relative-strength position?
Cables - Power relative strength reads 46.9 on Sector Alpha's rotation map, placing it in the consolidation quadrant. Relative strength is falling and has held for 12 weeks. A positive, rising relative-strength trend means the sector has been outperforming the broad market week after week.