Motilal Oswal Financial Services

Thematic | 26 September 2025

Cables and Wires

Steady demand outlook; pricing gains boost revenue growth



Our recent conference and subsequent discussions with participants in the

cables & wires (C&W) industry indicate a continued robust demand momentum.

This growth is driven by the power sector, infrastructure investments, emerging

segments such as EVs and data centers, and an improving real estate demand.

While investors have expressed concerns about the sustainability of this

momentum in recent quarters, we believe the inherent demand drivers remain

intact. Key factors supporting this momentum include: 1) infrastructure

development through investments in roads and railways; 2) expansion in the

power sector, particularly renewable energy and T&D capex; and 3) growth in

new avenues, such as data centers and electric vehicles, alongside ongoing

traction in real estate and individual housing.

Competitive intensity in the sector is unlikely to be as high as initially

anticipated, despite entry announcements by new players such as UTCEM and

the Adani Group. UTCEM has since clarified that it does not intend to accelerate

its planned INR18b investment beyond what was announced in Feb’25 for its

foray into the C&W sector. Similarly, no concrete plans have emerged from the

Adani Group following the establishment of Praneetha Ecocables, a JV by its

subsidiary Kutch Copper in Mar’25. As we highlighted in our note

(Link)

published on 12th Jun’25, the incremental supply is expected to be absorbed by

strong demand growth in the sector.

We believe that sustained raw material (RM) price increases, which are largely

passed through to consumers, have supported revenue growth for C&W

companies—a trend reflected in the sectoral performance over the past few

years. Last month, copper/aluminum prices increased ~3%, with average prices

in 2QFY26 (QTD) rising ~6%/9% QoQ and ~10%/14% YoY for copper/aluminum,

respectively. We expect this to translate into price increases of ~3% for wires

and ~4-5% for cables in the near term. The combination of rising RM prices and

healthy volume growth is expected to sustain robust revenue growth in 2QFY26.

Rating upgrade to BUY for KEII, maintain on POLYCAB (BUY) and RRKABEL

(Neutral)



Considering a robust 2QFY26, we upgrade our EPS estimates POLYCAB, KEII, and

RRKABEL by ~3-5% for FY26E and ~2-4% for FY27E/28E. Valuation seems

reasonable at 37x FY27E EPS and 31-32x FY28E for POLYCAB/ KEII. RRKABEL

trades at 30x/25x FY27/28E EPS.

Considering continued growth momentum, lower-than-initially anticipated

competitive intensity, reasonable valuations, and the stock’s underperformance

over the past year (triggered by concerns of increasing competition), we upgrade

KEII to BUY from Neutral. We reiterate our BUY rating on POLYCAB and Neutral

rating on RRKABEL. We continue to believe that the sector’s demand tailwinds

will persist for several more years.

Sanjeev Kumar Singh - Research analyst

(Sanjeev.Singh@MotilalOswal.com)

Research analyst: Mudit Agarwal

(Mudit.Agarwal@MotilalOswal.com)

| Abhishek Sheth

(Abhishek.Sheth@MotilalOswal.com)

Investors are advised to refer through important disclosures made at the last page of the Research Report.

MotilalOswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Cables and Wires | Thematic

Story in charts

Indian C&W industry estimated to experience sustained demand growth

Indian C&W Market (INR b)

13.9

10.8

8.7

10.3

11.2

14.0

YoY Growth (%)

13.8

14.1

14.2

Source: MOFSL, Industry, Orient Cables DRHP

Annual capex of C&W

Annual capex of C&W companies analyzed

98.3

113.3

79.8

64.3

YoY (%)

FY25

Market share of key players in value terms (FY25)

21%

POLYCAB

KEII

HAVL

RRKABEL

11%

Source: MOFSL, Industry

5% 6%

Finolex

Apar

Universal cables

Paramount comm.

Others

Source: MOFSL, Industry

39.9

-32.7

-49.2

38.6

30.0

-12.9 -18.7

37%

Leading players’ share in C&W

Share of cables

Share of wires

Organized and unorganized market share

Organized

29%

Unorganized

26%

24%

30%

32%

60%

70%

31%

30%

70%

68%

40%

30%

RRKABEL

69%

70%

71%

70%

74%

76%

POLYCAB

KEII

HAVL

FY19

FY20

FY21

FY22

FY23

FY24

FY25

Source: MOFSL, Industry

26 September 2025

Cables and Wires | Thematic

Industry growth drivers



The C&W industry in India is driven by several key growth drivers: 1) rising

infrastructure investments, including roads and railways; 2) a strong focus on the

power sector, especially renewable energy and transmission & distribution

network; 3) new growth engines like data centers, defense, and EVs; and 4) the

real estate growth cycle.

According to industry estimates, the sector is expected to grow at 1.5-2x of real

GDP in the near to mid-term. The Indian C&W market posted a ~9% CAGR over

FY14-25, reaching INR900b (from INR350b in FY14). This growth was primarily

driven by government-led infrastructure development and increased

investments in the power and real estate sectors. Key demand drivers included

the power sector, particularly the expansion of renewable energy, and a

booming real estate market supported by record home sales. Additionally,

steady private capital expenditure in sectors like cement, automobiles, and

electronics, along with emerging areas like data centers and electric vehicles

(EVs), has further contributed to the positive momentum

Organized players have steadily gained market share in recent years, and their

dominance is likely to expand further. The shift towards organized players is

driven by a focus on safety, GST implementation, increasing complexity of C&W

applications, and demand for higher voltage products.

Exports from India have also risen in recent years, supported by global

investments in renewables, data centers, infrastructure modernization, and the

China+1 strategy. Demand for high-quality, compliant, and sustainable cables is

growing across North America, Europe, the Middle East, and Asia Pacific.

Developed economies are upgrading legacy grids, while emerging markets are

building new infrastructure. The global clean energy transition is further

boosting demand in the solar, wind, oil & gas, and green hydrogen sectors.

Organized and unorganized market share

Organized

Unorganized

26%

24%

India’s C&W market to grow 1.5x-2.0x of GDP

Indian C&W market (INR b)

31%

30%

29%

30%

69%

350.0

FY14

964.0

FY25

1,859.0

FY30E

Source: MOFSL, Industry

FY19

70%

71%

70%

74%

76%

FY20

FY21

FY22

FY23

FY24

FY25

Source: MOFSL, Industry

Power sector investments



Increasing power demand: India’s per capita power consumption is set to rise

from 1,395 units in FY23-24 to 2,984 units by FY39-40E, moving closer to the

current global average of over 3,700 units.

26 September 2025

Cables and Wires | Thematic



Accelerated renewable energy expansion: India’s renewable energy capacity is

estimated to grow from 216 GW to ~500 GW by FY29-30, in line with its ambition of

sourcing 50% of cumulative power capacity from non-fossil fuel sources by 2030.

Strengthening power infrastructure: With rising demand for efficient power

transmission, India is expected to focus on inter-regional grid projects to facilitate

power transfer from surplus to deficit states, especially from RE power plants

concentrated in the West and South of India. The transition from overhead power

lines to underground cabling will continue, ensuring easier network expansion and

improved weather resilience. Additionally, the renovation and modernization of grid

and sub-transmission networks will support the shift towards higher capacity and

improved efficiency.

Expected addition in transmission line

Transmission line ('000 km)

Installed power capacity in India

Wind

Fossil Fuel + Nuclear

Solar

Other Renewable Energy

277

256

103

FY25

280

140

FY30E

Source: MOFSL, Industry

8.8

FY25

41.0

FY30E

Source: MOFSL, Industry

Public capex and high-growth sectors:



Investments in roads, railways, and metros: The national highway network is set

to grow from 146k km to 200k km by 2037. Since FY18, over 10,000 km of

highways have been added annually, enhancing connectivity and logistics

efficiency. Capital investment for railways is estimated at INR2.65t in FY26 (~95%

funded by the Central government).

According to industry estimates, India is expected to invest over INR7t over the

next decade to add 50,000km of new tracks and upgrade existing railway

infrastructure. ~1,000km of metro rail lines are currently under construction,

with an additional 1,000km planned, aimed at enhancing urban mobility across

key cities.

Investment in airports: Under the Gati Shakti initiative, 200 new airports,

heliports, and water aerodromes are planned. The AAI is expected to develop 50

new airports in tier II and tier III cities over the next five years to improve

regional connectivity.

Investments in data centers: India’s data center capacity is set to grow from ~1.3

MW to over 4.7-5.7GW by FY30, with Mumbai, Chennai, Noida, Hyderabad, and

Bengaluru emerging as key hubs for expansion.

Rising EV adoption: The Government of India aims for 30% electrification of

private cars and 70-80% of EV adoption in commercial vehicles, two-wheelers,

and three-wheelers by 2030. Over 2m EV charging stations are expected to be in

place by then, supporting this rapid transition.

26 September 2025

Cables and Wires | Thematic

Expected EV sales in India

EV Sales (in m)

Indian data center market by power capacity

Data Center Capacity (GW)

0.1

FY25

11.4

FY29E

Source: MOFSL, Industry, Orient Cables DRHP

0.3

FY19

1.3

FY25

5.7

FY30E

Source: MOFSL, Industry, Orient Cables DRHP

Other key growth drivers



China+1 strategy:

As global companies diversify their manufacturing bases

beyond China, India has emerged as a favored alternative destination. This

diversification is unlocking significant export potential for Indian cable

manufacturers in key markets, including North America, Europe, and Southeast

Asia, where demand for compliant, high specification cables continues to rise.

Electrification push: With global electricity consumption projected to double by

2050, governments are intensifying investments in the energy transmission

infrastructure. The European Union plans to allocate USD633b toward electricity

grid modernization by 2030, while the US’s Grid Resilience Investment Program

(GRIP) has earmarked USD10.5b for grid upgrades. Together, these initiatives are

driving substantial demand for high-voltage and specialty cables.

Clean energy investments: The accelerating shift towards renewable energy

sources is fueling extensive cabling requirements across the solar, wind, and

hydrogen sectors. The EU’s commitment of USD1.6t to clean energy and grid

projects underscores the scale of opportunity, with offshore wind capacity

anticipated to surge from 12 GW in 2024 to 300 GW by 2050.

Digital infrastructure and data centers: The rapid adoption of artificial

intelligence and cloud computing is catalyzing exponential growth in data

centers globally. Investments in this space are projected to reach USD49b by

2030, driving continuous demand for fiber optic cables, structured cabling

systems, and high-speed data transmission solutions.

EV and charging infrastructure expansion: The electric and hybrid vehicle market

is expected to comprise 55% of global vehicle sales by 2030. Correspondingly,

public EV charging stations are estimated to expand from 4m in 2023 to

approximately 15m by 2030, intensifying the need for robust, safe, and efficient

EV cabling infrastructure.

Smart cities and urbanization: Urban populations are set to reach 68% of the

global total by 2050, accelerating demand for smart city infrastructure.

Initiatives such as Saudi Arabia’s USD1t Vision 2030 and the projected USD1.1t

global smart cities market by 2028 are driving substantial demand for low-

voltage, fire-retardant, and control cables, which are essential for modern

buildings and infrastructure.

26 September 2025

Cables and Wires | Thematic

Export market



C&W exports jumped ~44% YoY to INR21.1b in Jun’25, followed by ~43% YoY

growth in Jul’25. Overall exports grew ~35% YoY during Apr-Jul’25, compared to

~5% YoY during Apr-Jul’24. Leading companies are expected to realize the most

benefit from this strong rebound.

Within key markets, the US witnessed the highest growth (~97%), followed by

the UAE (~45%). The UK and Australian markets grew ~35% and ~3%,

respectively, while exports to Saudi Arabia declined ~49%. India’s C&W exports

to the US recorded ~42% CAGR over FY17-25, reaching INR44.1b, with the US

accounting for ~27% of total exports in Apr-Jul’25 vs ~19% in Apr-Jul’24.

India has been a net exporter of C&W since FY20. Domestic companies are

enhancing production capacities and expanding into new markets, supported by

government strategies such as PLI schemes, component manufacturing

ecosystems, import substitution, and the China+1 plan.

The C&W export market posted ~19% CAGR over FY17-25. India’s C&W exports

are expanding steadily, offering a diverse range of products to global markets.

Strong production capabilities, compliance with international standards, cost

advantages, and competitive pricing have positioned India as a preferred

supplier worldwide.

Key global demand drivers include the expansion of renewable energy, growth

of data centers, the shift to electric vehicles, modernization of power grids,

rising energy consumption in emerging economies, and increased

telecommunication, digitization, urbanization, and infrastructure development.

Export and import of C&W (in INR b)

Export (INR b)

Import (INR b)

47.5

16.8

-6.2

-14.4

-18.3

26.9

6.4

55.4

Export surplus (%)

57.0

49.5

51.3

Source: MOFSL, Industry

C&W exports and growth

Export (INR b)

YoY (%)

43.9 42.7

36.5

28.6

21.0

13.5 13.6

31.0

C&W imports and growth

Import (INR b)

YoY (%)

37.1 36.8

17.0

12.7

24.7 22.9

49.0

31.3

36.1 33.4

24.5 9.9

0.5

10.9 11.1

42.9

15.3

23.7

25.6 9.8

0.5

22.8

3.4

3.8

16.1 17.5 14.2 18.6 17.5 17.6 21.8 16.5 18.7 21.1 21.8

10.7 11.0 10.7 11.5

12.3 12.7 12.6 13.2 13.1

Source: MOFSL, Industry

Source: MOFSL, Industry,

26 September 2025

Cables and Wires | Thematic

RM tailwinds support revenue growth



We believe that sustained RM price increases, which are largely passed through

to consumers, have supported revenue growth for C&W companies—a trend

reflected in sectoral performance over the past few years.

Over the last month, copper/aluminum prices rose ~3%, with average prices in

2QFY26 (QTD) rising ~6%/9% QoQ and ~10%/14% YoY for copper/aluminum,

respectively. We expect this to translate into price increases of ~3% for wires

and ~4-5% for cables in the near term. The combination of higher RM prices and

healthy volume growth is expected to continue driving robust revenue growth in

2QFY26.

Aluminum price trend MoM

Movement in Aluminum prices (MoM)

Copper price trend MoM

Movement in Copper prices (MoM)

Source: Bloomberg, MOFSL, Note: Sep’25 data to date

Source: Bloomberg, MOFSL; Note: Sep’25 data to date

Valuation and view



Considering a robust 2QFY26, we upgrade our EPS estimates POLYCAB, KEII, and

RRKABEL by ~3-5% for FY26E and ~2-4% for FY27E/28E. Valuation seems

reasonable at 37x FY27E EPS and 31-32x FY28E for POLYCAB/ KEII. RRKABEL

trades at 30x/25x FY27/28E EPS.

Considering continued growth momentum, lower-than-initially anticipated

competitive intensity, reasonable valuations, and the stock’s underperformance

over the past year (triggered by concerns of increasing competition),

upgrade KEII to BUY from Neutral. We reiterate our BUY rating on POLYCAB

and Neutral on RRKABEL.

We continue to believe that the sector’s demand

tailwinds will persist for several more years.

26 September 2025

Cables and Wires | Thematic

Stock and index performance over the past year (%)

Stock and Index perfromance in last one-year (%)

3.8

-3.6

-28.6

POLYCAB

KEII

RRKABEL

Nifty 50

BSE Sensex

Source: MOFSL, Industry

-6.0

-6.3

Valuation summary

Company

HAVL

POLYCAB

VOLT

KEII

RRKABEL

M-cap

(INR b)

985

1102

469

388

138

CMP

(INR)

1,507

7,313

1,340

4,050

1,216

(INR)

1,680

8,750

1,350

4,700

1,340

EPS (INR)

EPS CAGR

P/E (x)

RoE (%)

FY26E FY27E FY28E (FY25-28E) FY26E FY27E FY28E FY26E FY27E FY28E

Neutral 26

28%

17.1 18.8 19.7

BUY

171 199 238

33%

21.7 21.2 21.1

Neutral 23

23%

10.9 13.3 14.2

BUY

108 128

33%

14.2 14.6 15.0

Neutral 37

32%

18.0 17.2 17.6

Rating

RoIC (%)

FY26E FY27E FY28E

22.6 26.0 28.7

28.3 27.9 28.8

17.8 20.0 21.2

18.5 18.9 19.1

14.6 15.0 15.7

Source: MOFSL, Company

26 September 2025

Cables and Wires | Thematic

26 September 2025

Update | Sector: Cables and Wires

Polycab India

BSE SENSEX

80,426

S&P CNX

24,655

CMP: INR7,313

TP: INR8,750 (+20%)

Buy

Leading the charge in C&W; FMEG turnaround positive

Market leadership in the C&W segment

Stock Info

Bloomberg

Equity Shares (m)

M.Cap.(INRb)/(USDb)

52-Week Range (INR)

1, 6, 12 Rel. Per (%)

12M Avg Val (INR M)

Free float (%)

POLYCAB IN

151

1102.3 / 12.4

7714 / 4555

4/37/14

2911

37.0

Financials Snapshot (INR b)

Y/E March

FY26E FY27E FY28E

Sales

267.6 314.8 370.3

EBITDA

38.0 44.5 53.2

Adj. PAT

25.8 30.0 35.8

EBITDA Margin (%)

14.2 14.1 14.4

Adj. EPS (INR)

171

199

238

EPS Gr. (%)

27.5 16.5 19.4

BV/Sh. (INR)

789

939 1,127

Ratios

Net D:E

(0.1) (0.1) (0.2)

RoE (%)

21.7 21.2 21.1

RoCE (%)

22.7 22.2 22.1

Payout (%)

20.4 25.1 21.0

Valuations

P/E (x)

42.8 36.7 30.8

P/BV (x)

9.3

7.8

6.5

EV/EBITDA(x)

28.7 24.4 20.2

Div. Yield (%)

0.5

0.7

FCF Yield (%)

0.9

1.2

1.7

Shareholding pattern (%)

As On

Jun-25 Mar-25

Promoter

63.0

DII

11.6

11.0

FII

11.4

11.1

Others

13.9

14.9

FII Includes depository receipts

Stock Performance (1-year)

Polycab India’s (POLYCAB) market share in the domestic organized C&W segment

stood at ~26-27%, up from ~18-19% in FY20. The company gained significant

market share, backed by a diverse range of offerings (+9,600 SKUs), strong

product quality, supply chain agility, deep market penetration (over 4,300

authorized dealers and distributors and presence in over 200k retail outlets

across the country). Moreover, the company has consistently maintained a

healthy segment margin of ~13-15%, aligning with its guidance of ~11-13%.

Under its Project Spring, the company aims to grow its C&W business at 1.5x the

industry growth rate, continue gaining market share, and maintain healthy

margins of 11-13%.

FMEG delivers turnaround; aims for sustained outperformance

After a muted performance in recent years, the FMEG segment delivered a sharp

turnaround with ~29% revenue growth in FY25 and achieved break-even in

4QFY25. This turnaround was driven by its strategic initiatives towards

distribution expansion, portfolio enhancement, and brand building over the past

four years. The company’s strong performance highlights the growing

momentum of its consumer franchise and its ability to adapt swiftly to evolving

market dynamics. Under Project Spring, it targets to grow its FMEG revenue at

1.5x-2.0x the industry growth rate, while targeting an EBITDA margin of ~8-10%.

Future-ready with 2x capex commitment

POLYCAB has committed a capex of INR60-80b over the next five years (vs.

INR30b over FY21-25) to support its long-term growth objectives and build a

stronger, future-ready business. These investments are estimated to generate an

asset turnover of 4x-5x and will be funded through internal accruals. The focus

areas include capacity expansion across all major product lines within the C&W

segment, selective expansion in FMEG, and strategic backward integration to

enhance operational efficiencies.

Jun-24

65.0

6.9

13.6

14.4

Valuation and view: Structurally positive, built for the long term

We estimate a CAGR of 18%/22%/21% in Revenue/EBITDA/EPS over FY25-28.

POLYCAB has benefited from continuous capacity expansions and sustained a

healthy margin (~13-15%) in the C&W segment. We project a stable margin of

~14% over FY26-28, given the company’s operational strength, an increase in

contribution from the EHV capacity (expected from FY27), and export growth.

Cumulative FCF is expected to stand at INR42.4b over FY26-28, despite increased

capex intensity. Net cash is likely to increase to INR47.3b by FY28 vs. INR31.0b as

of Jun’25. We remain structurally positive on POLYCAB, given its leadership

position in the C&W segment, positive sector outlook, robust balance sheet, and

strong return ratios. We reiterate our BUY rating on POLYCAB with a TP of

INR8,750 (based on 40x Sep’27E EPS).

26 September 2025

Cables and Wires | Thematic

Story in charts

Estimate revenue CAGR of ~18% over FY25-28

Total revenue (INR b)

39.6

25.9

16.8

10.4

(1.5)

165

182

179

250

294

370

461

550

647

760

17.4

24.6

19.5 17.6 17.6

11.5

YoY (%)

C&W to clock ~19% CAGR over FY25-28

Cables and wires (INR b)

42.2

18.4

27.4

18.2

YoY (%)

22.0 18.0 18.0

7.4

0.0

108

128

163

192

235

277

327

Source: MOFSL, Company

Revenue CAGR across segments

FY22-25

FY25-28E

73.1

Estimate EBITDA CAGR of ~22% over FY25-28

EBITDA (INR b)

12.9

11.9

13.3

10.6

13.1

13.8

EBITDA (%)

14.2 14.1 14.4

13.2

21.2 19.3

10.4

Cables

15.7

22.6

7.9

EPC

18.2

9.5

11.4 11.8 13.0 18.5 24.9 29.6 38.0 44.5 53.2

FMEG

Total revenue

Source: MOFSL, Company

FMEG revenue CAGR at ~16% over FY25-28

FMEG (INR b)

32.2 30.2

23.7 21.0

0.8

3.0

YoY (%)

29.5

17.0 15.0 15.0

1.2

FMEG to turn positive by FY27E

EBIT margin (%)

5.5

2.0

1.6

(0.4)

(0.5)

2.0

3.5

(2.3)

(7.3)

6.4

8.4

10.3 12.5 12.6 13.0 16.8 19.7 22.6 26.0

Source: MOFSL, Company

26 September 2025

Cables and Wires | Thematic

OCF and FCF expected to improve

OCF (INR b)

FCF (INR b)

31.8

14.3 13.0

5.1

(0.2)

9.5

4.4

18.1

22.2

26.4

Capex raised for FY26-28 vs. historical

Capex (INR b)

12.0

8.6

5.3

4.8

9.7

13.0 13.0

12.3

9.6 2.4

12.5

10.5

8.4

10.2 13.4 18.8

2.8

2.9

1.9

(0.2)

Source: MOFSL, Company

Estimate stable working capital days

Working capital

117

106

Working capital without acceptances

103

101

101 101

Sustaining higher return ratios

RoE (%)

RoCE (%)

Source: MOFSL, Company

One-year forward P/E chart

56.0

44.0

32.0

20.0

10.8

8.0

P/E (x)

Min (x)

Avg (x)

+1SD

48.1

38.7

Max (x)

-1SD

40.8

11.0

8.5

6.0

17.6

3.5

1.0

One-year forward P/B chart

P/B (x)

Min (x)

Avg (x)

+1SD

10.0

8.0

5.6

Max (x)

-1SD

8.6

28.2

3.1

2.0

Source: MOFSL, Company

26 September 2025

Cables and Wires | Thematic

Financials and valuations (Consolidated)

Income Statement

Y/E March

Net Sales

Change (%)

Raw Materials

Staff Cost

Other Expenses

EBITDA

% of Net Sales

Depreciation

Interest

Other Income

Profit of share of

associates

/JVs

PBT

Tax

Rate (%)

Extra-ordinary Inc.(net)

Reported PAT

Change (%)

Adjusted PAT

Change (%)

Balance Sheet (Consolidated)

Y/E March

Share Capital

Reserves

Net Worth

Loans

Deffered Tax Liability

Minority Interest

Capital Employed

Gross Fixed Assets

Less: Depreciation

Net Fixed Assets

Capital WIP

Investments

Curr. Assets

Inventory

Debtors

Cash & Bank Balance

Loans & Advances

Other Current Assets

Current Liab. & Prov.

Creditors

Other Liabilities

Provisions

Net Current Assets

Application of Funds

2021

88,585

0.3

65,171

3,537

8,102

11,774

13.3

1,762

427

1,193

10,784

2,703

25.1

(1,000)

7,042

(7.2)

8,042

5.9

2022

1,22,398

38.2

94,657

4,066

10,663

13,012

10.6

2,015

352

899

(26)

11,519

2,706

23.5

8,725

23.9

8,725

8.5

2023

1,41,078

15.3

1,05,109

4,568

12,880

18,521

13.1

2,092

598

1,333

(93)

17,073

4,242

24.8

123

12,708

45.6

12,708

45.6

2024

1,80,394

27.9

1,32,803

6,095

16,578

24,918

13.8

2,450

1,083

2,209

23,593

5,564

23.6

189

17,841

40.4

17,841

40.4

2025

2,24,083

24.2

1,68,300

7,367

18,813

29,602

13.2

2,981

1,689

2,076

27,008

6,553

24.3

255

20,200

13.2

20,200

13.2

2026E

2,67,623

19.4

1,96,970

8,841

23,818

37,993

14.2

3,694

2,170

2,492

34,621

8,586

24.8

276

25,759

27.5

25,759

27.5

2027E

3,14,807

17.6

2,31,698

10,609

28,018

44,482

14.1

4,563

2,364

2,741

40,296

9,994

24.8

298

30,005

16.5

30,005

16.5

(INR M)

2028E

3,70,335

17.6

2,71,456

12,731

32,960

53,189

14.4

5,466

2,761

3,097

48,059

11,919

24.8

322

35,819

19.4

35,819

19.4

(INR M)

2028E

1,504

1,68,021

1,69,526

790

785

1,713

1,72,814

85,153

31,554

53,598

7,872

17,490

1,54,694

60,509

47,856

30,583

183

15,562

60,841

45,658

13,460

1,722

93,853

1,72,814

2021

1,491

46,048

47,539

2,487

418

188

50,633

26,989

8,293

18,696

991

6,349

44,111

19,879

15,641

5,313

123

3,155

19,514

13,480

5,547

487

24,597

50,633

2022

1,494

53,943

55,437

831

272

251

56,791

27,059

10,308

16,751

3,755

7,733

45,880

21,996

13,763

4,071

127

5,922

17,328

12,175

4,634

518

28,552

56,791

2023

1,498

64,874

66,372

730

409

374

67,885

33,069

12,400

20,669

2,508

13,505

57,559

29,514

12,992

6,952

103

7,997

26,356

20,326

5,312

717

31,203

67,885

2024

1,502

80,369

81,871

898

415

562

83,746

37,462

14,850

22,612

6,547

18,224

73,276

36,751

21,662

4,024

106

10,733

36,914

28,633

7,365

916

36,362

83,746

2025

1,504

96,746

98,250

1,090

785

818

1,00,943

47,153

17,831

29,321

7,872

17,490

82,804

36,613

28,957

7,706

111

9,416

36,544

27,358

8,145

1,042

46,259

1,00,943

2026E

1,504

1,17,240

1,18,745

990

785

1,094

1,21,613

59,153

21,525

37,627

7,872

17,490

1,02,590

43,727

34,583

12,901

133

11,246

43,966

32,995

9,727

1,245

58,624

1,21,613

2027E

1,504

1,39,724

1,41,228

890

785

1,392

1,44,294

72,153

26,088

46,064

7,872

17,490

1,24,586

51,436

40,681

19,084

156

13,228

51,718

38,812

11,442

1,464

72,868

1,44,294

26 September 2025

Cables and Wires | Thematic

Financials and valuations (Consolidated)

Ratios

Y/E March

Basic (INR)

Adjusted EPS

Growth (%)

Cash EPS

Book Value

DPS

Payout (incl. Div. Tax.)

Valuation (x)

P/Sales

P/E

Cash P/E

EV/EBITDA

EV/Sales

Price/Book Value

Dividend Yield (%)

Profitability Ratios (%)

RoE

RoCE

RoIC

Turnover Ratios

Debtors (Days)

Inventory (Days)

Creditors. (Days)

Asset Turnover (x)

Leverage Ratio

Debt/Equity (x)

Cash Flow Statement

Y/E March

PBT before EO Items

Add : Depreciation

Interest

Less : Direct Taxes Paid

(Inc)/Dec in WC

Others

CF from Operations

(Inc)/Dec in FA

Free Cash Flow

(Pur)/Sale of Investments

Others

CF from Investments

(Inc)/Dec in Net Worth

(Inc)/Dec in Debt

Less : Interest Paid

Dividend Paid

Others

CF from Fin. Activity

Inc/Dec of Cash

Add: Beginning Balance

Closing Balance

2021

53.9

5.8

65.7

318.8

10.0

18.5

12.3

135.8

111.4

92.5

12.3

23.0

0.1

16.9

16.6

19.3

1.7

(0.1)

2022

58.4

8.3

71.9

371.0

14.0

24.0

8.9

125.4

101.9

83.9

8.9

19.7

0.2

15.7

16.0

18.7

2.2

(0.1)

2023

84.9

45.3

98.8

443.2

20.0

23.6

7.8

86.3

74.1

58.9

7.7

16.5

0.3

19.1

19.7

26.0

2.1

(0.1)

2024

118.8

40.0

135.1

545.0

30.0

16.8

6.1

61.7

54.2

44.0

6.1

13.4

0.4

21.8

22.5

27.9

2.2

(0.0)

2025

134.3

13.1

154.1

653.1

35.0

22.3

4.9

54.5

47.5

37.0

4.9

11.2

0.5

20.6

21.5

26.6

2.2

(0.1)

2026E

171.2

27.5

195.8

789.4

40.0

20.4

4.1

42.8

37.4

28.7

4.1

9.3

0.5

21.7

22.7

28.3

2.2

(0.1)

2027E

199.5

16.5

229.8

938.9

50.0

25.1

3.5

36.7

31.9

24.4

3.4

7.8

0.7

21.2

22.2

27.9

2.2

(0.1)

2028E

238.1

19.4

274.5

1,127.0

50.0

21.0

3.0

30.8

26.7

20.2

2.9

6.5

0.7

21.1

22.1

28.8

2.1

(0.2)

(INR M)

2028E

48,059

5,466

2,761

11,919

9,487

(3,097)

31,784

(13,000)

18,784

3,097

(9,903)

(100)

2,761

7,521

(10,382)

11,499

19,084

30,583

2021

10,122

1,866

531

2,409

(2,600)

(325)

12,385

(1,935)

10,450

(5,664)

(7,599)

(1,217)

463

(68)

(1,748)

3,038

4,658

7,696

2022

11,519

2,088

352

3,340

4,974

(529)

5,116

(5,267)

(151)

997

(4,270)

(168)

309

1,492

(38)

(2,007)

(1,160)

5,231

4,071

2023

17,073

2,092

598

3,704

1,058

(725)

14,275

(4,795)

9,481

(7,232)

(12,026)

332

476

2,094

(32)

(2,271)

(22)

6,974

6,952

2024

23,593

2,450

1,083

5,743

8,090

(331)

12,962

(8,585)

4,377

1,066

(7,519)

194

1,017

2,997

(54)

(3,874)

1,570

2,454

4,024

2025

27,008

2,981

1,689

6,331

6,099

(1,162)

18,085

(9,706)

8,379

(2,687)

(12,393)

498

1,685

4,511

(585)

(6,283)

(591)

8,297

7,706

2026E

34,621

3,694

2,170

8,586

7,169

(2,492)

22,238

(12,000)

10,238

2,492

(9,508)

(100)

2,170

5,265

(7,534)

5,195

7,706

12,901

2027E

40,296

4,563

2,364

9,994

8,061

(2,741)

26,428

(13,000)

13,428

2,741

(10,259)

(100)

2,364

7,521

(9,985)

6,183

12,901

19,084

26 September 2025

Cables and Wires | Thematic

26 September 2025

Company Update | Sector: Cables and Wires

KEI Industries

BSE SENSEX

80,426

S&P CNX

24,655

CMP: INR4,060 TP: INR4,700 (+16%) Upgrade to Buy

Strong growth positioning; capex well-funded

Capacity boost sets stage for sustained growth

KEI Industries (KEII) has embarked on a robust expansion trajectory to

consolidate its position in both domestic and export markets. The company is

setting up a greenfield facility at Sanand, Gujarat, with a total investment of

~INR17b. Phase-I is likely to be commissioned in Sep’25, with full expansion

scheduled for completion by 1QFY27. Once operational, the Sanand plant is

expected to add a capacity of INR55-60b, driving incremental revenue of

~INR6.0b in FY26 and INR20-25b in FY27, with growth of ~20% thereafter.

Following the completion of the Sanand Project, the company is committed to

an annual capex of INR7.0-8.0b for the next phase of expansion in low and

medium-voltage cables, which will be funded through internal accruals. The

company has acquired 18 acres of land at Salarpur, Rajasthan, for these

expansions and is in the process of acquiring a sizeable land at Kheda, Nadiad,

Gujarat. With these investments, the company targets ~19-20% revenue CAGR

over the next five years.

Bloomberg

Equity Shares (m)

M.Cap.(INRb)/(USDb)

52-Week Range (INR)

1, 6, 12 Rel. Per (%)

12M Avg Val (INR M)

Free Float (%)

KEII IN

387.9 / 4.4

4725 / 2424

5/39/3

1729

65.0

Financials & Valuations (INR b)

Y/E MARCH

FY26E FY27E FY28E

Sales

116.3 136.2 159.7

EBITDA

12.1 14.8 17.7

Adj. PAT

8.8 10.4 12.3

EBITDA Margin (%)

10.4 10.9 11.1

Cons. Adj. EPS (INR) 91.9 108.5 128.4

EPS Gr. (%)

26.2 18.0 18.4

BV/Sh. (INR)

691

794

916

Ratios

Net D:E

(0.3) (0.3) (0.2)

RoE (%)

14.2 14.6 15.0

RoCE (%)

14.5 15.1 15.6

Payout (%)

6.5

5.5

4.7

Valuations

P/E (x)

44.2 37.4 31.6

P/BV (x)

5.9

5.1

4.4

EV/EBITDA (x)

30.5 24.9 20.7

Div Yield (%)

0.1

FCF Yield (%)

0.2

0.5

Retail mix increases; expansion helps to scale exports

KEII has strengthened its retail division through promotional campaigns,

outdoor marketing, and sponsorships, boosting brand visibility. The share of

B2C sales in overall revenue grew from ~29% in FY20 to ~52% in FY25,

improving cash flow and reducing receivable periods. With a PAN-India retail

presence, its network includes 26 depots, 38 marketing offices across the

country and four overseas offices in the UAE, South Africa, Nepal, and Gambia,

and over 2,090 active dealers/distributors as of Jun’25. Its advertising and

promotion spending increased 18% YoY to INR478m in FY25, and the company

spent 0.5% of its revenues on ads in FY25. We estimate ad spending to be at

0.5% of revenues over FY25-28 (19% CAGR over FY25-28E). Additionally,

exports are a key focus area for driving diversification and growth. The

company is strengthening its capabilities to cater to high-value international

markets through direct sales, enhanced capacities, and globally recognized

product certifications. Its Sanand facility will play a critical role in meeting

long-length export demand, particularly for EHV cables. In FY25, exports grew

15% YoY to INR12.7b, driven by a sharp 40% rise in cable exports. The

company’s export order book stood at INR7.0b as of Jun’25. Exports accounted

for 13% of sales in FY25, and the company targets to increase this share to

~15-18% over the next three years.

Shareholding Pattern (%)

As On

Jun-25 Mar-25

Promoter

35.0

DII

25.6

23.5

FII

26.6

25.8

Others

12.8

15.6

FII includes depository receipts.

Stock Performance (1-year)

Jun-24

37.1

16.6

30.8

15.6

Strong growth ahead; capex well-funded through healthy cash flows

We estimate revenue CAGR at ~18% over FY25-28, led by ~19% growth in the

C&W segment and ~5% growth in the SSW segment. However, EPC revenue is

likely to decline ~12% p.a. during the same period, as the company is selective

and has recalibrated its EPC business. EBITDA is estimated to clock ~21%

CAGR, with margins expanding ~90-100bp to ~11% by FY28. PAT is estimated

26 September 2025

Cables and Wires | Thematic

to post a 21% CAGR over FY25-28. We estimate a cumulative OCF of INR22.1b over

FY26-28 vs. INR10.9b over FY23-25, backed by robust revenue growth and efficient

working capital management, which also support its annual capex requirement of

INR6-7b. Cumulative FCF is estimated at INR3.4b over FY26-28E vs a net cash

outflow of INR1.0b over FY23-25. We estimate the company’s net cash to improve to

INR20.9b by FY28 vs. INR15.0b as of Jun’25.

Valuation and view

KEII delivered strong performance in 1HCY25, with over 25% growth and stable

margins supported by a robust demand environment, a diversified customer base,

and a significant presence across domestic and international markets. Its growing

focus on the retail segment and capacity expansion would continue to drive growth

for the company. We value KEII at 40x Sep’27E EPS to arrive at a revised TP of

INR4,700 and upgrade the rating to BUY.

Story in charts

Estimate revenue CAGR of ~18% over FY25-28

Revenue (INR b)

(14)

YoY (%)

11.0

Estimate EBITDA CAGR of ~21% over FY25-28

EBITDA (INR b)

Margin (%)

10.4

10.9

11.1

10.2

10.3

10.2

10.3

10.2

116

136

160

5.0

4.6

5.9

7.0

8.4

9.9

12.1

14.8

17.7

Source: MOFSL, Company

C&W revenue CAGR of ~19% over FY25-28E

Cables and wires (INR b)

(10)

39.9

51.2

62.5

73.2

91.8 111.4 131.5 155.2

4.4

YoY (%)

Estimate C&W EBIT CAGR of ~21% over FY25-28

Cables and Wires EBIT

11.6

11.1

10.3

9.5

9.1

10.6

10.9

11.1

35.7

4.2

4.9

5.7

7.6

9.7

12.1

14.6

17.2

Source: MOFSL, Company

26 September 2025

Cables and Wires | Thematic

Revenue from the retail segment and growth

Retail sales (INR b)

YoY (%)

Retail segment’s share in sales increasing YoY

Retail sales as % of total sales

7.7

10.9

13.9

14.2

14.1

23.2

31.7

37.7

50.9

Source: MOFSL, Company

Adv. expenses as a percentage of sales

Ad-spends as % of retail sales

1.8

1.4

0.9

0.7

0.4

0.3

0.5

0.3

0.5

0.3

0.5

Ad-spends as % of sales

Ad spends increased 18% YoY

Ad-spends (INR m)

YoY (%)

113

(50)

1.2

1.1

0.9

(22)

1.0

149

194

260

130

277

215

405

478

Source: MOFSL, Company

Growth in the dealer/distributor network

Dealers and distributors

27.4

11.8

23.9

11.9 12.9 13.8

0.3

9.1

5.8

4.2

4.6

YoY change (%)

Geographical split of dealer/distributor

15%

North

40%

18%

East

West

27%

South

Source: MOFSL, Company

One-year forward P/E chart

P/E (x)

Min (x)

60.0

45.0

30.0

15.0

0.0

57.5

35.7

22.0

8.2

42.3

Avg (x)

+1SD

Max (x)

-1SD

8.0

6.0

4.0

2.0

0.0

One-year forward P/B chart

P/B (x)

Min (x)

Avg (x)

+1SD

7.2

5.1

3.6

2.0

1.4

Max (x)

-1SD

5.6

7.4

Source: MOFSL, Company

26 September 2025

Cables and Wires | Thematic

Financials and valuations (Consolidated)

Income Statement

Y/E March

Net Sales

Change (%)

EBITDA

% of Net Sales

Depreciation

Interest

Other Income

PBT

Tax

Rate (%)

Extra-ordinary Inc.(net)

Reported PAT

Change (%)

Adjusted PAT

Change (%)

Balance Sheet

Y/E March

Share Capital

Reserves

Net Worth

Loans

Deffered Tax Liability

Capital Employed

Gross Fixed Assets

Less: Depreciation

Net Fixed Assets

Capital WIP

Investments

Curr. Assets

Inventory

Debtors

Cash & Bank Balance

Loans & Advances

Other Current Assets

Current Liab. & Prov.

Creditors

Other Liabilities

Provisions

Net Current Assets

Application of Funds

FY21

41,815

(14.4)

4,605

11.0

578

573

201

3,655

921

25.2

2,734

5.7

2,734

5.7

FY22

57,270

37.0

5,887

10.3

555

404

146

5,075

1,315

25.9

3,760

37.5

3,760

37.5

FY23

69,082

20.6

7,020

10.2

571

347

318

6,420

1,647

25.7

4,773

26.9

4,773

26.9

FY24

81,041

17.3

8,375

10.3

614

439

490

7,813

2,002

25.6

2.1

5,813

21.8

5,811

21.7

FY25

97,359

20.1

9,910

10.2

701

556

718

9,370

2,406

25.7

6,964

19.8

6,964

19.9

FY26E

1,16,264

19.4

12,141

10.4

1,047

603

1,330

11,821

3,035

25.7

8,786

26.2

8,786

26.2

FY27E

1,36,153

17.1

14,802

10.9

1,425

814

1,384

13,947

3,581

25.7

10,367

18.0

10,367

18.0

(INR M)

FY28E

1,59,708

17.3

17,727

11.1

1,789

871

1,440

16,507

4,238

25.7

12,269

18.4

12,269

18.4

(INR M)

FY28E

191

87,368

87,559

883

304

88,746

32,816

8,570

24,246

4,000

85,401

27,128

29,754

21,770

6,706

24,918

17,502

6,782

634

60,483

88,746

FY21

180

17,597

17,776

2,850

296

20,922

6,631

1,869

4,761

25,295

7,682

13,496

2,212

220

1,685

9,214

7,414

1,658

142

16,081

20,922

FY22

180

21,175

21,355

3,314

294

24,963

7,733

2,424

5,309

165

29,776

10,794

13,955

3,600

1,410

10,307

7,626

2,538

143

19,469

24,963

FY23

180

25,711

25,892

1,353

266

27,511

8,668

2,995

5,673

146

31,870

11,023

13,878

5,372

1,573

10,191

7,482

2,469

240

21,679

27,511

FY24

180

31,302

31,483

1,342

273

33,098

11,312

3,608

7,703

1,224

37,636

13,427

15,179

7,004

2,000

13,482

10,079

3,106

296

24,155

33,098

FY25

191

57,666

57,858

1,783

304

59,945

14,240

4,310

9,931

3,855

58,543

17,303

17,972

19,153

4,088

12,401

7,792

4,223

387

46,142

59,945

FY26E

191

65,879

66,070

1,483

304

67,857

20,671

5,357

15,314

4,000

66,029

19,749

21,660

19,706

4,882

17,503

12,104

4,937

462

48,526

67,857

FY27E

191

75,672

75,863

1,183

304

77,350

26,816

6,782

20,035

4,000

74,542

23,127

25,366

20,295

5,717

21,243

14,921

5,782

541

53,299

77,350

26 September 2025

Cables and Wires | Thematic

Financials and valuations (Consolidated)

Ratios

Y/E March

Basic (INR)

Adjusted EPS

Growth (%)

Cash EPS

Book Value

DPS

Payout (incl. Div. Tax.)

Valuation (x)

P/Sales

P/E

Cash P/E

EV/EBITDA

EV/Sales

Price/Book Value

Dividend Yield (%)

Profitability Ratios (%)

RoE

RoCE

RoIC

Turnover Ratios

Debtors (Days)

Inventory (Days)

Creditors. (Days)

Asset Turnover (x)

Leverage Ratio

Net Debt/Equity (x)

Cash Flow Statement

Y/E March

PBT before EO Items

Add : Depreciation

Interest

Less : Direct Taxes Paid

(Inc)/Dec in WC

Others

CF from Operations

(Inc)/Dec in FA

Free Cash Flow

(Pur)/Sale of Investments

Others

CF from Investments

(Inc)/Dec in Net Worth

(Inc)/Dec in Debt

Less : Interest Paid

Dividend Paid

Others

CF from Fin. Activity

Inc/Dec of Cash

Add: Beginning Balance+FD

Closing Balance

FY21

30.4

5.3

36.9

197.8

2.0

6.6

8.7

133.5

110.2

79.4

8.7

20.5

0.0

16.6

16.0

17.2

118

2.0

0.0

FY22

41.7

37.2

47.9

237.0

2.5

6.0

6.4

97.3

84.8

62.1

6.4

17.1

0.1

19.2

17.7

19.7

2.3

(0.0)

FY23

52.9

26.8

59.3

287.1

3.0

5.7

5.3

76.7

68.5

51.6

5.2

14.1

0.1

20.2

19.2

22.1

2.5

(0.2)

FY24

64.4

21.7

71.2

348.9

3.5

4.8

4.5

63.1

57.0

43.1

4.5

11.6

0.1

20.3

24.0

2.4

(0.2)

FY25

72.9

13.2

80.2

605.5

3.6

6.0

4.0

55.7

50.6

37.4

3.8

6.7

0.1

15.6

15.9

20.5

1.6

(0.3)

FY26E

91.9

26.2

102.9

691.4

5.0

6.5

3.3

44.2

39.5

30.5

3.2

5.9

0.1

14.2

14.5

18.5

1.7

(0.3)

FY27E

108.5

18.0

123.4

793.9

5.0

5.5

2.8

37.4

32.9

24.9

2.7

5.1

0.1

14.6

15.1

18.9

1.8

(0.3)

FY28E

128.4

18.4

147.1

916.3

5.0

4.7

2.4

31.6

27.6

20.7

2.3

4.4

0.1

15.0

15.6

19.1

1.8

(0.2)

(INR M)

FY28E

16,507

1,789

871

4,238

5,710

(1,440)

7,779

(6,000)

1,779

1,440

(4,560)

(300)

871

573

(1,744)

1,475

20,295

21,770

FY21

3,654

578

554

903

2,420

1,539

(240)

1,299

952

763

(714)

471

180

(1,286)

1,016

1,196

2,212

FY22

5,075

555

404

1,247

2,505

2,286

(597)

1,688

(8)

(583)

666

404

224

(408)

(314)

1,389

2,211

3,600

FY23

6,420

571

347

1,776

349

(74)

5,139

(979)

4,160

(547)

158

(1,368)

(1,961)

347

271

(2,559)

1,211

4,160

5,372

FY24

7,811

614

439

2,045

689

(24)

6,105

(4,005)

2,100

265

214

(3,526)

(9)

439

281

(225)

(942)

1,637

5,368

7,004

FY25

9,370

701

556

2,261

8,227

(461)

(322)

(6,977)

(7,299)

(8,329)

298

(15,007)

20,011

441

556

418

(292)

19,185

3,856

15,297

19,153

FY26E

11,821

1,047

603

3,035

1,831

(1,330)

7,275

(6,576)

700

1,330

(5,245)

(300)

603

573

(1,477)

553

19,153

19,707

FY27E

13,947

1,425

814

3,581

4,184

(1,384)

7,037

(6,145)

892

1,384

(4,762)

(300)

814

573

(1,687)

588

19,707

20,295

26 September 2025

Cables and Wires | Thematic

26 September 2025

Update | Sector: Cables and Wires

R R Kabel

BSE SENSEX

80,426

S&P CNX

24,655

CMP: INR1,216

TP: INR1,340 (+10%)

Neutral

Capex-led growth; channel expansion fuels market reach

Strong growth planned over FY25-28E

R R Kabel (RRKABEL) has embarked on a focused three-year growth journey under

its strategic initiative, Project RRISE. During this period, it aims to increase capacity

by 1.7x, supporting domestic business growth of 1.6x and export business growth

of 1.8x. Overall, the company targets an 18% CAGR in its C&W business and a 25%

CAGR in FMEG revenue. Moreover, management aims to grow EBITDA by 2.5x,

and has earmarked a capex of INR12b for FY26-28E, focusing on expansions at its

existing facilities in Silvassa and Waghodia. 80% of this capex will be allocated to

increasing cable production capacity. INR10.5b will be invested in capacity

expansion at the Waghodia plant in Gujarat, which is expected to be completed in

phases by Mar’28. This will lead to an installed capacity increase of ~55% at this

plant. Capex is pegged at INR1.5b for capacity expansion at the Silvassa, Dadra,

and Nagar Haveli plant, which is expected to be commissioned by Dec’26. An

earlier planned capex of INR2.5b at this plant is expected to become operational

by Mar’26.

Bloomberg

Equity Shares (m)

M.Cap.(INRb)/(USDb)

52-Week Range (INR)

1, 6, 12 Rel. Per (%)

12M Avg Val (INR M)

Free float (%)

RRKABEL IN

113

137.8 / 1.6

1815 / 751

2/30/-23

355

38.2

Financials & Valuations (INR b)

Y/E MARCH

FY26E FY27E FY28E

Sales

88.5 102.0 117.5

EBITDA

6.5

7.6

9.1

Adj. PAT

4.2

4.6

5.4

EBITDA Margin (%)

7.3

7.5

7.7

Cons. Adj. EPS (INR)

37.0

40.9

48.2

EPS Gr. (%)

34.1

10.7

17.7

BV/Sh. (INR)

220.3 254.2 294.4

Ratios

Net D:E

0.2

0.1

RoE (%)

18.0

17.2

17.6

RoCE (%)

16.7

15.9

16.3

Payout (%)

18.9

17.1

16.6

Valuations

P/E (x)

33.0

29.8

25.3

P/BV (x)

5.5

4.8

4.1

EV/EBITDA (x)

21.8

18.6

15.7

Div Yield (%)

0.6

0.7

FCF Yield (%)

(2.6)

0.5

1.2

Product innovation and new product offerings to support growth

RRKABEL is focused on product innovation and high-margin product offerings,

such as FireX LS0H-EBXL (halogen-free, low-smoke wire for public and commercial

buildings) that comply with the latest safety regulations. The company is also

introducing new product categories, such as medium voltage cables up to 66 kV,

and enhancing its premium and mid-premium range of FMEG products (premium

decorative fans, downlight panels, and switchgears). In the FMEG segment, the

company is prioritizing premiumization, improving channel efficiency

(optimization of logistics and promotional costs), expanding presence across

multiple price points with a balanced product portfolio, and targeting profitability

by FY26. It has significantly increased its distribution network over the past few

years, currently backed by a pan-India distribution network including ~4,400

distributors and 4,500 dealers. Over FY20-25, its distributor and dealer counts

recorded a CAGR of 32% and 12%, respectively. The company’s products are

available at ~191k retail touchpoints, with a network connecting ~583k

electricians. Its advertising and promotion spending increased 25% YoY to INR1.3b

in FY25, and the company spent 1.6% of its revenue on ads during the year. We

estimate ad spending to stand at 1.6% of revenue over FY25-28 (13% CAGR over

FY25-28). Sponsorships of cricket teams such as the Kolkata Knight Riders and the

UP Warriorz have contributed to enhancing the company’s brand presence.

Supported by a strong R&D team, the company develops first-of-its-kind products

and secures export certifications from various countries. The company exports

C&W to 74 countries and has over 57 international certifications.

Shareholding pattern (%)

As On

Jun-25 Mar-25

Promoter

61.8

DII

13.6

14.7

FII

8.6

7.2

Others

16.0

16.3

FII Includes depository receipts

Stock Performance (1-year)

Jun-24

61.9

13.5

6.5

18.1

Capex fueled for future growth

We estimate RRKABEL’s revenue/EBITDA/PAT CAGR at ~16%/23%/20% over FY25-

28. Further, we estimate OPM to expand to ~8% over FY27-28E vs ~6% in FY25,

aided by an increase in cable contribution to overall revenue. The C&W segment’s

26 September 2025

Cables and Wires | Thematic

revenue posted a CAGR of ~24% over FY19-25. Going forward, we expect ~15%

revenue CAGR for the C&W segment over FY25-28. In the FMEG segment, the

company’s revenue posted a CAGR of ~44% over FY19-25. We estimate ~14%

revenue CAGR in this segment over FY25-28. Its cumulative OCF is projected at

INR12.7b over FY26-28 vs. INR12.9b over FY23-25. Cumulative net cash outflow is

estimated to be INR1.2b over FY26-28 vs FCF of INR6.2b over FY23-25, driven by

higher capex.

Valuation and view

RRKABEL’s volume growth in 1Q was below the industry average due to the spillover

of domestic orders and cable capacity operating at optimum levels. The ongoing

expansion at the Waghodia plant is estimated to boost cable volumes over the next

three years. Management remains confident of achieving its fullyear volume growth

guidance of ~18%, supported by a robust 25% growth in cables during 9MFY25.

Additionally, the company projects to achieve break-even in the FMEG business in

FY26. We value RRKABEL at 30x Sep’27E EPS to arrive at a TP of INR1,340. Reiterate

Neutral.

Story in charts

Estimate revenue CAGR of ~16% over FY25-28

Revenue (INR b)

61.0

27.7

3.8

9.9

YoY (%)

8.3

Estimate EBITDA CAGR of ~23% over FY25-28

EBITDA (INR b)

7.4

8.4

6.9

7.0

5.8

6.4

EBITDA Margin (%)

7.3

7.5

7.7

20.6

17.8

15.5 16.2 15.2

15.2

102

118

1.8

2.0

2.3

3.0

3.2

4.6

4.9

6.5

7.6

9.1

Source: MOFSL, Company

C&W revenue CAGR of ~15% over FY25-28E

Cables and wires (INR b)

63.1

YoY (%)

FMEG EBITDA CAGR of ~14% over FY25-28E

FMEG (INR b)

135.5

YoY (%)

12.1

(0.4)

20.6

17.6

14.7

15.5

15.2

31.0

5.1

1.9

2.0

34.9

2.7

6.5

19.9

7.8

19.7

9.3

11.9

10.4

15.5

12.0

15.5

13.9

102

Source: MOFSL, Company

26 September 2025

Cables and Wires | Thematic

Revenue mix

Cables and wires

FMEG

3.6

PAT margin to remain stable over FY26-28

PAT (INR b)

4.9

5.0

4.9

3.4

4.5

PAT Margin (%)

4.7

4.1

4.5

4.6

0.9

1.2

1.4

2.1 1.9

3.0

3.1

4.2

4.6

5.4

Source: MOFSL, Company

Higher OCF to fund capex plans

9.0

6.0

3.0

0.0

-3.0

OFC (INR b)

Capex (INR b)

RoE/RoCE to remain stable

4.0

2.0

0.0

-2.0

-4.0

10.8

11.9

10.8

13.3

14.1 13.9

13.7

11.9

14.2

16.6

15.7

15.8

ROE (%)

18.6

18.4

ROCE (%)

18.0

17.2 17.6

16.7

15.9 16.3

FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26E FY27E FY28E

Source: MOFSL, Company

Project RRise

Source: MOFSL, Company

26 September 2025

Cables and Wires | Thematic

One-year forward P/E chart

P/E (x)

Min (x)

60.1

46.6

25.9

57.8

34.2

Avg (x)

+1SD

Max (x)

-1SD

One-year forward P/B chart

P/B (x)

Min (x)

Avg (x)

+1SD

9.0

7.1

5.6

5.4

4.1

8.6

Max (x)

-1SD

35.3

Source: MOFSL, Company

26 September 2025

Cables and Wires | Thematic

Financials and valuations (Consolidated)

Income Statement (INR m)

Y/E March

Net Sales

Change (%)

EBITDA

Change (%)

Margin (%)

Depreciation

Int. and Fin. Charges

Other Income

Profit before Taxes

Change (%)

Margin (%)

Tax

Tax Rate (%)

Profit before JV/Associates/Minority Interest

Share of JV/Associates

Adjusted PAT

Change (%)

Margin (%)

Reported PAT

Balance Sheet (INR m)

Y/E March

Share Capital

Reserves

Net Worth

Loans

Deferred Tax Liability

Capital Employed

Gross Fixed Assets

Less: Depreciation

Net Fixed Assets

Capital WIP

Investments

Curr. Assets

Inventory

Investments

Debtors

Cash & Bank Balance

Loans & Advances

Other Current Assets

Current Liab. & Prov.

Creditors

Other Liabilities

Provisions

Net Current Assets

Application of Funds

FY21

27,239

9.9

2,301

12.4

8.4

448

271

220

1,803

14.3

6.6

460

25.5

1,343

1,354

5.0

1,354

FY22

43,859

61.0

3,032

31.8

6.9

461

233

463

2,802

55.4

6.4

704

25.1

2,097

2,139

4.9

2,139

FY23

55,992

27.7

3,223

6.3

5.8

596

421

344

2,550

(9.0)

4.6

661

25.9

1,889

1,899

(11)

3.4

1,899

FY24

65,946

17.8

4,617

43.2

7.0

655

539

626

4,050

58.8

6.1

1,080

26.7

2,970

2,981

4.5

2,981

FY25

76,182

15.5

4,856

5.2

6.4

705

589

511

4,074

0.6

5.3

978

24.0

3,095

3,116

4.1

3,116

FY26E

88,517

16.2

6,488

33.6

7.3

766

679

526

5,569

36.7

6.3

1,426

25.6

4,143

4,178

4.7

4,178

FY27E

1,02,006

15.2

7,638

17.7

7.5

839

1,170

537

6,165

10.7

6.0

1,578

25.6

4,587

4,627

4.5

4,627

FY28E

1,17,517

15.2

9,068

18.7

7.7

991

1,362

548

7,262

17.8

6.2

1,859

25.6

5,403

5,448

4.6

5,448

FY21

239

10,227

10,466

4,987

15,532

5,526

1,527

3,999

406

12,679

5,341

1,960

4,204

1,032

1,619

1,135

369

115

11,061

15,532

FY22

239

12,264

12,503

5,211

131

17,845

5,914

1,923

3,991

423

622

15,471

7,096

2,055

5,171

123

143

882

2,661

1,679

771

212

12,809

17,845

FY23

478

13,718

14,197

5,158

149

19,504

7,574

2,403

5,172

436

777

19,951

8,602

2,849

5,919

811

129

1,642

6,832

4,401

1,982

448

13,119

19,504

FY24

564

17,721

18,285

2,890

247

21,422

8,222

2,876

5,346

1,636

1,065

20,646

8,978

2,350

6,412

988

326

1,592

7,271

4,292

2,582

397

13,375

21,422

FY25

565

20,961

21,526

2,220

302

24,049

11,098

3,409

7,690

2,347

1,868

23,264

10,109

524

8,232

2,269

367

1,764

11,120

7,623

3,052

445

12,144

24,049

FY26E

565

24,348

24,913

7,020

302

32,236

16,759

4,175

12,584

3,313

1,868

25,524

11,799

524

8,003

2,542

438

2,219

11,053

7,326

3,303

424

14,471

32,236

FY27E

565

28,183

28,749

8,120

302

37,171

20,413

5,014

15,399

3,313

1,868

29,340

13,597

524

9,222

2,953

505

2,539

12,748

8,453

3,807

488

16,591

37,171

FY28E

565

32,726

33,292

8,620

302

42,214

24,091

6,006

18,085

3,313

1,868

33,636

15,664

524

10,625

3,335

581

2,907

14,687

9,739

4,386

562

18,948

42,214

26 September 2025

Cables and Wires | Thematic

Financials and valuations (Consolidated)

Ratios

Y/E March

Basic (INR)

EPS

Cash EPS

BV/Share

DPS

Payout %

Valuation (x)

P/E

Cash P/E

EV/Sales

EV/EBITDA

P/BV

Dividend Yield (%)

Return Ratios (%)

RoE

RoCE

RoIC

Working Capital Ratios

Debtor (Days)

Creditor (Days)

Inventory (Days)

Asset Turnover (x)

Leverage Ratio

Debt/Equity (x)

Cash Flow Statement

Y/E March

Profit before tax

Depreciation

Exceptional Income

Interest Paid

Others

Direct Taxes Paid

(Incr)/Decr in WC

CF from Operations

Incr in FA

Pur of Investments

Interest/MF/Div Income

Others

CF from Invest.

Changes in Net worth

Incr in Debt

Dividend Paid

Interest paid

Others

CF from Fin. Activity

Incr/Decr of Cash

Add: Opening Balance

Closing Balance (inc. bank balance)

FY21

12.0

15.9

218.7

0.0

101.7

76.4

5.2

61.1

5.6

0.0

13.9

10.8

10.2

56.3

15.2

71.6

1.9

0.5

FY22

18.9

23.0

261.3

0.0

64.4

53.0

3.2

46.4

4.7

0.0

18.6

13.7

12.3

43.0

14.0

59.1

2.6

0.4

FY23

16.8

22.1

148.4

0.0

72.5

55.2

2.5

43.2

8.2

0.0

14.2

11.9

12.3

38.6

28.7

56.1

3.0

0.4

FY24

26.4

32.2

162.1

3.0

11.4

46.2

37.9

2.1

29.7

7.5

0.2

18.4

16.6

16.1

35.5

23.8

49.7

3.2

0.2

FY25

27.6

33.8

190.4

6.0

21.8

44.2

36.0

1.8

28.2

6.4

0.5

15.7

15.8

14.8

39.4

36.5

48.4

3.4

0.1

FY26E

37.0

43.7

220.3

7.0

18.9

33.0

27.9

1.6

21.8

5.5

0.6

18.0

16.7

14.6

35.0

30.2

48.7

3.1

0.3

FY27E

40.9

48.3

254.2

7.0

17.1

29.8

25.2

1.4

18.6

4.8

0.6

17.2

15.9

15.0

35.0

30.2

48.7

2.9

0.3

FY28E

48.2

56.9

294.4

8.0

16.6

25.3

21.4

1.2

15.7

4.1

0.7

17.6

16.3

15.7

35.0

30.3

48.7

3.0

0.3

FY21

1,803

448

271

(419)

(2,837)

(711)

(474)

367

(59)

1,029

(287)

(33)

708

(61)

113

FY22

2,844

461

233

(69)

(733)

(1,754)

982

(682)

(2)

(627)

184

(278)

(222)

(40)

(356)

(1)

123

FY23

2,560

596

421

(582)

1,534

4,537

(1,083)

(1,188)

(1,090)

(3,335)

(160)

(500)

(355)

(1,015)

187

623

811

FY24

4,061

655

539

(259)

(965)

(641)

3,390

(1,897)

982

(835)

1,800

(2,408)

(838)

(506)

(98)

(2,050)

505

483

988

FY25

4,095

705

589

(136)

(965)

656

4,944

(3,671)

1,937

(1,690)

(836)

(621)

(538)

(1,912)

1,342

927

2,381

FY26E

5,604

766

679

(526)

(1,426)

(2,054)

3,044

(6,627)

526

(6,100)

4,800

(792)

(679)

3,329

273

2,381

2,654

FY27E

6,205

839

1,170

(537)

(1,578)

(1,709)

4,390

(3,654)

537

(3,117)

1,100

(792)

(1,170)

(861)

412

2,654

3,066

FY28E

7,307

991

1,362

(548)

(1,859)

(1,975)

5,278

(3,678)

548

(3,130)

500

(905)

(1,362)

(1,767)

381

3,066

3,447

Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

26 September 2025

Cables and Wires | Thematic

Explanation of Investment Rating

Investment Rating

BUY

SELL

NEUTRAL

UNDER REVIEW

NOT RATED

Expected return (over 12-month)

>=15%

< - 10%

< - 10 % to 15%

Rating may undergo a change

We have forward looking estimates for the stock but we refrain from assigning recommendation

*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall be within following

30 days take appropriate measures to make the recommendation consistent with the investment rating legend.

Disclosures

The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).

Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations,

is engaged in the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect

of which are available on

www.motilaloswal.com.

MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a registered

Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity &

Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited

(NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India

(IRDA) as Corporate Agent for insurance products.

Details of associate entities of Motilal Oswal Financial Services Limited are available on the website at

http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf

MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and buy or sell the

securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market

maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with

respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as

the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the

stocks mentioned in the research report.

MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware

that MOFSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment

banking or brokerage service transactions. Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at

https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx

A graph of daily closing prices of securities is available at

www.nseindia.com, www.bseindia.com.

Research Analyst views on Subject Company may vary based on Fundamental research and

Technical Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity

and therefore it can have an independent view with regards to Subject Company for which Research Team have expressed their views.

Regional Disclosures (outside India)

This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would

be contrary to law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.

For Hong Kong:

This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities

and Futures Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal

Oswal Securities (SEBI Reg. No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report

is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to

professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or

sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.

For U.S.

Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws

in the United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act,

the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOFSL,

including the products and services described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by

Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons

who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with

major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and

interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning

agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within

the provisions of this chaperoning agreement.

The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered

broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading

securities held by a research analyst account.

For Singapore

In Singapore, this report is being distributed by Motilal Oswal Capital Markets (Singapore) Pte. Ltd. (“MOCMSPL”) (UEN 201129401Z), which is a holder of a capital markets services license and

an exempt financial adviser in Singapore.This report is distributed solely to persons who (a) qualify as “institutional investors” as defined in section 4A(1)(c) of the Securities and Futures Act of

Singapore (“SFA”) or (b) are considered "accredited investors" as defined in section 2(1) of the Financial Advisers Regulations of Singapore read with section 4A(1)(a) of the SFA. Accordingly, if

a recipient is neither an “institutional investor” nor an “accredited investor”, they must immediately discontinue any use of this Report and inform MOCMSPL .

In respect of any matter arising from or in connection with the research you could contact the following representatives of MOCMSPL. In case of grievances for any of the services rendered by

MOCMSPL write to

grievances@motilaloswal.com.

Nainesh Rajani

Email:

nainesh.rajani@motilaloswal.com

Contact: (+65) 8328 0276

Specific Disclosures

1. Research Analyst and/or his/her relatives do not have a financial interest in the subject company(ies), as they do not have equity holdings in the subject company(ies).

MOFSL has financial interest in the subject company(ies) at the end of the week immediately preceding the date of publication of the Research Report: Yes.

Nature of Financial interest is holding equity shares or derivatives of the subject company

2. Research Analyst and/or his/her relatives do not have actual/beneficial ownership of 1% or more securities in the subject company(ies) at the end of the month immediately

preceding the date of publication of Research Report.

MOFSL has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research

Report:No

3. Research Analyst and/or his/her relatives have not received compensation/other benefits from the subject company(ies) in the past 12 months.

MOFSL may have received compensation from the subject company(ies) in the past 12 months.

4. Research Analyst and/or his/her relatives do not have material conflict of interest in the subject company at the time of publication of research report.

MOFSL does not have material conflict of interest in the subject company at the time of publication of research report.

5. Research Analyst has not served as an officer, director or employee of subject company(ies).

6. MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months.

7. MOFSL has not received compensation for investment banking /merchant banking/brokerage services from the subject company(ies) in the past 12 months.

26 September 2025

Cables and Wires | Thematic

MOFSL may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies)

in the past 12 months.

9. MOFSL may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report.

10. MOFSL has not engaged in market making activity for the subject company.

********************************************************************************************************************************

The associates of MOFSL may have:

financial interest in the subject company

actual/beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the

public appearance.

received compensation/other benefits from the subject company in the past 12 months

any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the

specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even though

there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.

acted as a manager or co-manager of public offering of securities of the subject company in past 12 months

be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies)

discussed herein or act as an advisor or lender/borrower to such company(ies)

received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.

Served subject company as its clients during twelve months preceding the date of distribution of the research report.

The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report

Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider

demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not

considered in above disclosures.

Analyst Certification

The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s)

was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.

Terms & Conditions:

This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be

altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOFSL. The report is

based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from

publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made

as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not

constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously,

not all customers may receive this report at the same time. MOFSL will not treat recipients as customers by virtue of their receiving this report.

Disclaimer:

The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in

whole, to any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or

considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and

tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be

suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in

substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent

evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and

risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative

products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy,

completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the

transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to

make modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from time to

time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment

banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a separate, distinct and independent

of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already available in publicly accessible

media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is

being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any

purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where

such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The

securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform

themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special

or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.

The person accessing this information specifically agrees to exempt

MOFSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for

any such misuse and further agrees to hold MOFSL or any of its affiliates or employees free and harmless from all losses, costs, damages,

expenses that may be suffered by the person accessing

this information due to any errors and delays.

This report is meant for the clients of Motilal Oswal only.

Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263;

www.motilaloswal.com. Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 71881000. Details of

Compliance Officer: Neeraj Agarwal, Email Id: na@motilaloswal.com, Contact No.:022-40548085.

Grievance Redressal Cell:

Contact Person

Contact No.

Email ID

Ms. Hemangi Date

022 40548000 / 022 67490600

query@motilaloswal.com

Ms. Kumud Upadhyay

022 40548082

servicehead@motilaloswal.com

Mr. Ajay Menon

022 40548083

am@motilaloswal.com

Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:

INH000000412 . AMFI: ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs

and IPO products.

Customer having any query/feedback/ clarification may write to query@motilaloswal.com. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited

(MOFSL) write to grievances@motilaloswal.com, for DP to dpgrievances@motilaloswal.com.

26 September 2025