# 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 2026-08-15. Not investment advice.

## Bottom line

Cables - Power has outperformed NIFTY 500 by 68.4% over 52 weeks and 12.8% over 13 weeks. 8 of 8 covered companies beat NIFTY on Mansfield relative strength, while 4 of 8 beat the sector itself. Polycab India Ltd leads with revenue of ₹31,187 crore, based on 8 of 10 comparable companies through Jun 2026.

## Sector relative strength

Cables - Power has outperformed NIFTY 500 by 68.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 12.8%. 8 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Diamond Power Infrastructure Ltd is the strongest against the sector itself at +51.7%.

13-week sector return versus NIFTY 500: 13%
52-week sector return versus NIFTY 500: 68%
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: ₹3.2 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): 69/100 — Favorable setup; evidence 100%
   - Growth & earnings 28.4/35 | Capital efficiency 14.1/25 | Valuation 8.6/20 | Relative strength 17.7/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 28.4 + 14.1 + 8.6 + 17.7 = 68.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Diamond Power Infrastructure Ltd (DIACABS): 68/100 — Favorable setup; evidence 79%
   - Growth & earnings 28.8/35 | Capital efficiency 10.2/25 | Valuation 8.5/20 | Relative strength 20.0/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 28.8 + 10.2 + 8.5 + 20 = 67.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. V-Marc India Ltd (VMARCIND): 60/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 23.5/35 | Capital efficiency 17.2/25 | Valuation 15.2/20 | Relative strength 4.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 23.5 + 17.2 + 15.2 + 4.5 = 60.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -63.8% and the one-year return is -32%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. Polycab India Ltd (POLYCAB): 53/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 18.5/35 | Capital efficiency 20.9/25 | Valuation 9.5/20 | Relative strength 4.4/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks
   - Exact sum: 18.5 + 20.9 + 9.5 + 4.4 = 53.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Universal Cables Ltd (UNIVCABLES): 53/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 22.0/35 | Capital efficiency 5.5/25 | Valuation 11.0/20 | Relative strength 14.7/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 22 + 5.5 + 11 + 14.7 = 53.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Apar Industries Ltd (APARINDS): 50/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 18.4/35 | Capital efficiency 16.2/25 | Valuation 0.5/20 | Relative strength 14.5/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 18.4 + 16.2 + 0.5 + 14.5 = 49.6
   - 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 97%
   - Growth & earnings 19.9/35 | Capital efficiency 12.3/25 | Valuation 6.8/20 | Relative strength 6.5/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 19.9 + 12.3 + 6.8 + 6.5 = 45.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Dynamic Cables Ltd (DYCL): 43/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 12.2/35 | Capital efficiency 13.6/25 | Valuation 12.1/20 | Relative strength 4.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 12.2 + 13.6 + 12.1 + 4.6 = 42.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. JD Cables Ltd (544524): 55/100 — Thin evidence · provisional; evidence 31%
   - Growth & earnings 14.5/35 | Capital efficiency 18.9/25 | Valuation 11.5/20 | Relative strength 10.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 5 weeks with a reading, within the last 12
   - Exact sum: 14.5 + 18.9 + 11.5 + 10 = 54.9
   - 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 22%
   - Growth & earnings 17.1/35 | Capital efficiency 11.4/25 | Valuation 10.5/20 | Relative strength 10.0/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks, ending 2026-05-03 (no longer priced)
   - Exact sum: 17.1 + 11.4 + 10.5 + 10 = 49
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Diamond Power Infrastructure Ltd has the strongest one-year price move in Cables - Power at +113.8%. It also leads on Mansfield relative strength against NIFTY at +115.5%. 8 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-07.

### Strongest one-year price performers
1. Diamond Power Infrastructure Ltd (DIACABS): 114%
2. R R Kabel Ltd (RRKABEL): 107%
3. Universal Cables Ltd (UNIVCABLES): 96%
4. Apar Industries Ltd (APARINDS): 89%
5. KEI Industries Ltd (KEI): 47%

### Strongest relative strength versus NIFTY 500
1. Diamond Power Infrastructure Ltd (DIACABS): 115%
2. V-Marc India Ltd (VMARCIND): 114%
3. R R Kabel Ltd (RRKABEL): 67%
4. Universal Cables Ltd (UNIVCABLES): 57%
5. Apar Industries Ltd (APARINDS): 54%

## Cables - Power — the story behind the numbers

This is the written read behind the Cables - Power figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 9 Aug 2026. 5 themes are live here, 1 of them rated high severity.

The sector view is positive based on available data. RRKABEL demonstrates margin expansion and volume growth. However, commodity volatility remains a key monitorable. Investors should track copper pricing and EU trade deal finalization. The single constituent data limits broader sector conclusions but sets a high benchmark for performance.

The Cables - Power sector shows improving demand based on single constituent data. RRKABEL reported revenue surging 33.7% YoY to ₹2,964 crore in Q4 FY26. Full-year FY26 revenue reached ₹9,722 crore, up 28% YoY. PAT growth outpaced revenue, hitting ₹492 crore (+58% YoY). This indicates operating efficiency gains alongside volume growth.

How old this read is: This read comes from our Cables - Power sector brief dated 9 Aug 2026, so the words here and the numbers above them cover the same few weeks.

### Live themes, worst first
- HIGH | Copper price volatility impacts 60-65% of W&C cost. | Pricing adjustments absorb spikes. | quoted: "EBITDA grew by 86.0% YoY and 80.0% YTD after considering exceptional item of ~₹19 crore during Q3 FY26 due to new labour code — copper price spike absorbed through pricing" | named for RRKABEL
- MEDIUM | Export share growth increases logistics exposure. | EU trade deal reduces tariff barriers. | quoted: "Export volumes grew 25% this quarter, and the upcoming EU trade deal (eliminating a 3.7% tariff) is expected to further boost competitiveness in a market that already accounts for 40% of the company's exports" | named for RRKABEL
- LOW | Export share stable but growing. | Currency risk manageable at current levels. | quoted: "Q3 FY26 revenue mix: 74% domestic, 26% export, consistent with Q3 FY25 (73%/27%)" | named for RRKABEL
- LOW | Labour code compliance costs incurred. | Fully provisioned liability. | quoted: "The company recognized an exceptional liability of ₹1,901.05 lakhs following the notification of new government labour codes. Despite this charge, the company maintained a debt-to-equity ratio of 0.1x" | named for RRKABEL
- LOW | New labour codes created exceptional liability. | Compliance likely complete by Q4 FY26. | quoted: "The company recognized an exceptional liability of ₹1,901.05 lakhs following the notification of new government labour codes. Despite this charge, the company maintained a debt-to-equity ratio of 0.1x" | named for RRKABEL

Sources: our Cables - Power sector brief, 9 Aug 2026 · company earnings-call transcripts.

## 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 · 139 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): ₹12.3K Cr
4. R R Kabel Ltd (RRKABEL): ₹10.8K Cr
5. Universal Cables Ltd (UNIVCABLES): ₹3.4K Cr

### Revenue growth — fastest growers
1. V-Marc India Ltd (VMARCIND): 100%
2. Diamond Power Infrastructure Ltd (DIACABS): 71%
3. R R Kabel Ltd (RRKABEL): 38%
4. Universal Cables Ltd (UNIVCABLES): 34%
5. Polycab India Ltd (POLYCAB): 32%

### 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 ₹3.2K Cr
- 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 ₹3.2K Cr
- 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 ₹945 Cr
- 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 23%
- 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 54%
- 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 58%
- 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 +6.9 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 · 148 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. KEI Industries Ltd (KEI): 12%
4. Apar Industries Ltd (APARINDS): 11%
5. Diamond Power Infrastructure Ltd (DIACABS): 11%

### Margin change — fastest expanders
1. Diamond Power Infrastructure Ltd (DIACABS): +6.9 pp
2. Apar Industries Ltd (APARINDS): +2.0 pp
3. KEI Industries Ltd (KEI): +2.0 pp
4. R R Kabel Ltd (RRKABEL): +2.0 pp
5. Dynamic Cables Ltd (DYCL): +1.0 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 12%
- 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 4.7% | 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 9.0%
- 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 4.1% | 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 4.7% | 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 10%
- 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 +2.0 pp
- 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 −3.3 pp | Dec 2024 −1.0 pp | Mar 2025 +2.0 pp | Jun 2025 +2.0 pp | Sep 2025 +3.3 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp | Jun 2026 +2.0 pp
- 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 −8.9 pp | Jun 2025 −1.0 pp | Sep 2025 +5.0 pp | Dec 2025 +10.0 pp | Mar 2026 +6.9 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 −4.3 pp | Dec 2023 +2.0 pp | Mar 2024 +2.0 pp | Jun 2024 −2.0 pp | Sep 2024 +2.3 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 0.0 pp
- 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 · 144 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): ₹997 Cr
4. R R Kabel Ltd (RRKABEL): ₹607 Cr
5. Universal Cables Ltd (UNIVCABLES): ₹200 Cr

### Profit growth — fastest growers
1. Diamond Power Infrastructure Ltd (DIACABS): 100%
2. V-Marc India Ltd (VMARCIND): 100%
3. R R Kabel Ltd (RRKABEL): 80%
4. Universal Cables Ltd (UNIVCABLES): 70%
5. KEI Industries Ltd (KEI): 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 ₹274 Cr
- 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 ₹205 Cr
- 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 ₹34 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹55 Cr | Jun 2026 ₹70 Cr
- 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 40%
- 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 128%
- 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 467% | Sep 2025 167% | Dec 2025 69% | Mar 2026 10% | Jun 2026 106%
- 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%

## 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 PEG at 0.68×, 45.6% below Universal Cables Ltd. Only 6 of 10 companies have earnings and growth steady enough for the ratio to mean anything, 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× | 45.6% versus #2 · Universal Cables Ltd | 0/8 recent comparable periods | 6/10 companies · 46 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

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

### P/E — lowest P/E
1. JD Cables Ltd (544524): 14.8
2. Dynamic Cables Ltd (DYCL): 21.4
3. Universal Cables Ltd (UNIVCABLES): 24.5
4. Systematic Industries Ltd (544541): 26.8 — older report
5. V-Marc India Ltd (VMARCIND): 46.3

### 20-quarter PEG history
- POLYCAB: Sep 2021 3.0 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.3 | Dec 2022 — | 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 — | Mar 2026 — | 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 1.9
- 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 54.8
- 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 55.8
- 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 21.2 | Dec 2025 20.8 | Mar 2026 14.1 | Jun 2026 25.8
- 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


## 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 ₹1.4 L Cr; latest fundamentals Jun 2026
- Apar Industries Ltd (APARINDS) — market value ₹66.8K Cr; latest fundamentals Jun 2026
- KEI Industries Ltd (KEI) — market value ₹53.5K Cr; latest fundamentals Jun 2026
- R R Kabel Ltd (RRKABEL) — market value ₹31.2K Cr; latest fundamentals Jun 2026
- Diamond Power Infrastructure Ltd (DIACABS) — market value ₹21.8K Cr; latest fundamentals Mar 2026
- Universal Cables Ltd (UNIVCABLES) — market value ₹4.9K Cr; latest fundamentals Jun 2026
- V-Marc India Ltd (VMARCIND) — market value ₹4.6K Cr; latest fundamentals Mar 2026
- Dynamic Cables Ltd (DYCL) — market value ₹1.9K 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 ₹470 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 2026-08-07.
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

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

Cables - Power has outperformed NIFTY 500 by 68.4% over 52 weeks and 12.8% over 13 weeks. 8 of 8 covered companies beat NIFTY on Mansfield relative strength, while 4 of 8 beat the sector itself.

### 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 68.8/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

V-Marc India Ltd has the lowest comparable PEG at 0.68, among 6 of 10 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

### Is there a Nifty Cables - Power index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Cables - Power, this page builds its own equal-weight basket of 10 listed Cables - Power companies — one company, one vote, regardless of market value — so no single large company dominates the reading. 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 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 +6.9 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 the ≥100% scoring cap, 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 PEG — where a LOWER number is cheaper — V-Marc India Ltd screens cheapest at 0.68×. Only 6 of 10 companies have earnings and growth steady enough for the ratio to mean anything, 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.

### Is the Cables - Power sector beating the market?

Cables - Power has outperformed NIFTY 500 by 68.4% over the last 52 weeks and 12.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 8 of 8 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

Diamond Power Infrastructure 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 68.8 out of 100 with 100% evidence confidence, from 28.4 points on growth and earnings, 14.1 on capital efficiency, 8.6 on valuation and 17.7 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, 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 ₹3,24,715 crore of combined market value. Polycab India Ltd is the largest at ₹1,38,871 crore, about 43% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-15.

### 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 48.5×, 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 2026-08-15.

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

8 of the 8 covered Cables - Power companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 68.4% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-15.

### 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.