India Cables: NT risk-reward balanced, but structural story intact; NT monitorables: export rebound, domestic outlook, metal prices, UTCEM entry

Research evidence excerpt

India Cables: NT risk-reward balanced, but structural story intact; NT monitorables: export rebound, domestic outlook, metal prices, UTCEM entry

J P M O R G A N Asia Pacific Equity Research

02 July 2026

India Cables

NT risk-reward balanced, but structural story intact; NT

monitorables: export rebound, domestic outlook, metal

prices, UTCEM entry

Cable cos should deliver a steady 1Q, however with Polycab/KEI up 27%/16% India Industrials, Electric Utilities,

CYTD (vs Nifty down 8%), valuations at 38-39x FY28E P/E (bracketing last 3- and Infrastructure Sectors

year avg of 37x, our valuation multiple of 40x) – volume growth acceleration Rishabh Gupta AC

starting 2Q would be required for EPS upgrades/material upside from here (4% (91-22) 6157-3429

potential upside to our TP). While there are arguments for further re-rating rishabh.x.gupta@jpmorgan.com

(significant volume growth acceleration/pre-Ultratech announcement, Polycab/ Atul Tiwari

KEI traded at 45x 1-year forward P/E), the market is likely to first digest Ultratech’s (91-22) 6157-3582

entry (in 2H) and look for volume growth/export acceleration, in our view. Our atul.tiwari@jpmorgan.com

structural thesis remains intact: cable cos offer 'picks and shovels’ exposure to Muskan Agarwal

(91-22) 6157-3226

electrification trends/export optionality with a steady margin profile; we view muskan.x3.agarwal@jpmchase.com

Polycab (largest+superior margin profile) and KEI (EHV+export strength) as well J.P. Morgan India Private Limited, J.P. Morgan

positioned. Stay OW on both. Key items to watch: commentary on export enquiries Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

and potential sales ramp-up from here, domestic execution outlook/commentary