India Cables Thoughts post results and the recent rally, stay OW

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India Cables Thoughts post results and the recent rally, stay OW

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

14 May 2026

India Cables

Thoughts post results and the recent rally, stay OW

Cable stocks have surged recently - Polycab/ KEI are up 35%/28% since March 30 India Industrials, Electric Utilities,

(vs NIFTY 500 up 10%), driven by a combination of substantial metal price pass- and Infrastructure Sectors

through in 4Q (see our latest price tracker below) and expectations of an Rishabh Gupta AC

accelerating global 'electrification’ cycle which will improve export optionality. (91-22) 6157-3429

While the near-term absolute upside could be capped (with a potential positive rishabh.x.gupta@jpmorgan.com

catalyst being DD volume growth trends re-emerging in 1Q), we remain OW on Atul Tiwari

both Polycab and KEI for the following reasons. (91-22) 6157-3582

atul.tiwari@jpmorgan.com

• Estimates: Upgrades more likely than downgrades, even if NT volume Muskan Agarwal

growth remains muted: Polycab’s ~27% pricing increase yoy in the Mar-Q (91-22) 6157-3226

confirms that 'metal price pass through’ is largely holding up, and with Copper/ muskan.x3.agarwal@jpmchase.com

J.P. Morgan India Private Limited, J.P. Morgan

Aluminum prices expected to rise 30%+ yoy for FY27, we see minimal Tower, Santacruz(E), Mumbai - 400098, SEBI

downside risk to earnings estimates, despite export disruptions/ execution Registration: INH000001873, (91-22) 6157-3000.

challenges potentially impacting near-term volume growth. Consensus FY27

C&W segment revenue growth estimates for Polycab/KEI of 17%/22% (vs

Spot Copper/Aluminum tracking up 30%+yoy) have upside if spot metal

prices hold, potentially driving further EPS upgrades, even if GMs compress

due to a staggered pass-through from here (see Figure 4).