Polycab India, KEI Cables And Havells India Shares Decline After Adani Group Announces Foray Into Cables And Wires Space

Polycab India Share Price: Shares of domestic cable manufacturing companies declined in early trade on March 20 on the NSE. Finolex Cables Ltd, R R Kabel Ltd, Havells India Ltd, Polycab India Ltd and KEI Industries Ltd stocks declined up to 14 per cent after the Adani group announced its plans to foray into the wires and cables business.

Shares of Polycab India Ltd declined the most in early trade as they fell 14.65 per cent to hit an intraday low of Rs 2,802.2 apiece. Havells India Ltd shares fell over 5 per cent and Polycab India shares declined over 9 per cent. RR Kabel shares and Finolex shares also declined over 4 per cent.

Adani Enterprises Ltd informed the exchanges on March 19 that its wholly owned subsidiary Kutch Copper Ltd has completed the incorporation of Praneetha Ecocables Ltd. The company will be set up as a joint venture between KCL and Praneetha Ventures Pvt Ltd. Notably the Adani group subsidiary will hold a 50 per cent stake in the company.

“We would like to inform that Kutch Copper Ltd (“KCL”), a wholly owned subsidiary of the Company has completed the incorporation process of a joint venture company namely “PRANEETHA ECOCABLES Ltd” (“PEL”) on 19th March 2025 (confirmation of the same has been received by the Company on 19th March 2025 at 2:34 pm IST) with Praneetha Ventures Private Ltd, KCL shall hold 50 per cent Equity Share Capital of PEL,” the company said.

Adani Enterprises said in the release that the company will be engaged in the manufacturing, marketing, distribution, buying and selling of metal products, cables and wires. With the entry of the Adani Group company, competition is set to intensify in the cables and wires space.

Earlier in February, the Birla Group also announced its foray into the cables and wires space via UltraTech Cement. Notably, shares of incumbent companies in the wires and cables space declined after Ultratech announced its entry into the sector. The domestic wires and cables market in India has an estimated value of $9.32 billion as of 2024, according to a report by the Economic Times.

The report also stated that Polycab India leads in terms of market share with a 26 per cent hold on the organized market and an 18 per cent share in the overall market. KEI Industries is the second largest player in the cables & wires segment in terms of market share and has a market share of 13 per cent in the organized cables and wires industry and a 9 per cent share in the overall market.

Polycab Share Price History

Shares of Polycab India have traded higher by more than 6 per cent in a year on the NSE. On a Year-to-Date (YTD) basis have declined nearly 31 per cent. In six months the stock has fallen over 23 per cent and in a month the stock has fallen over 7 per cent.

At the time of writing Polycab India shares traded at Rs 4,936.65 apiece on the NSE, down by 9.23 per cent. KEI Industries shares traded at Rs 2,810.4 apiece on the NSE down by 14.4 per cent. Havells I

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