India’s cable and wire industry is projected to expand to about ₹1.7 lakh crore by FY30 from ₹1.1 lakh crore in FY26, growing at nearly 12% annually as simultaneous investments in power transmission, renewable energy, data centres, electric vehicles and real estate create the sector’s broadest demand cycle yet.
The industry grew at around 11% CAGR during FY20-26 despite the pandemic-led disruption. Unlike earlier cycles driven by one or two sectors, the current upturn is spread across multiple end-users, reducing the impact of a slowdown in any single segment, the InCred Equities report said.
Power Grid Expansion
Power transmission and distribution will remain the largest driver. The National Electricity Plan 2022-32 mandates 191,474 circuit kilometres of new transmission lines and doubling of substation capacity by FY32, backed by planned T&D investment of about ₹9.15 lakh crore. With cables accounting for 14-15% of project expenditure, the segment alone could generate cumulative demand of ₹1.28-1.37 lakh crore.
India’s planned infrastructure investment of about ₹143 lakh crore through FY30 will add another large, multi-year demand pipeline for cable manufacturers.
The demand pool will widen further with India’s 500-GW renewable-energy target, an 8,327-MW data-centre pipeline backed by hyperscaler commitments, and the emerging EV charging network. Cables, which account for roughly two-thirds of the market, are better placed than wires due to longer order visibility, higher entry barriers and greater exposure to government-led infrastructure spending.
High-Voltage Segment
Extra-high-voltage cables of 66 kV and above are expected to benefit from grid expansion and underground cabling. The segment has few qualified domestic manufacturers because utility-grade projects require extensive certification, capital and execution credentials. Higher-voltage products also offer better margins than low-voltage cables.
The shift towards formal suppliers is expected to continue, with organised companies’ market share projected to rise to 84% by FY30, from 76% in FY25 and 67% in FY19. The industry is also moving towards exports, backward integration and application-specific products, supporting revenue growth and margins.
Buildings accounted for 38% of demand in FY25, conventional power T&D 26%, renewable generation 14%, industry 13% and transportation 9%, respectively.
“India’s cable and wire industry is at a compelling inflection point. Power, renewables, EVs, real estate and data centres are all contributing simultaneously, creating a diversified demand base that the industry has not witnessed consistently in the past,” Pranav Bansal, Managing Director and CEO of Bansal Wire Industries, said.
Bansal said the company’s FY26 revenue increased 19%, supported by 33% volume growth, and it is targeting 20% growth in FY27. Capacity expansion, technology adoption and higher-value products are strengthening the industry’s long-term prospects, he added.
The report flagged transmission execution delays, competition from new entrants, raw-material price volatility and bottlenecks in large infrastructure projects as key risks.