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33%

of KEI's sales come from house and winding wires

UltraTech’s wires push lands harder on KEI than Polycab

Companies No. 8 14 September 2026 · 1 min read

UltraTech's wires threat lands harder on KEI than on Polycab. UltraTech has bought a distribution moat, not a cables moat, so the fight is in shop-sold house wires, where KEI has more to lose than it admits.

UltraTech launched Ultravolt about 18 months after announcing it, backed by 41,000+ dealers, 1,15,000+ retailers and 5,568 UltraTech stores. KEI and Polycab shares fell about 20% on the announcement, and KEI fell another 9% on the launch.

It is just half the story. Money buys a factory, shelf space and dealer credit, not utility approvals. To bid for large orders, a company must pass government safety lab tests, and that takes time for a new plant. So the fight is in house wires, ~30% of a ~₹90,000 crore market.

The overall market is big enough to absorb Ultravolt, but this one plant could supply about a third of the house-wire demand the industry is expected to add over 4 years.

Polycab has less at stake: 70% of that business is cables. KEI is relatively more exposed. House and winding wires are 33% of its sales, retail is 59%, and its house wire lines run at 61% utilisation. It even stopped disclosing product-wise sales!

Each time UltraTech moved on wires, KEI fell harder than Polycab

Change in the share price at the NSE close. UltraTech took about 18 months from announcing a ₹1,800 crore plant near Bharuch to launching Ultravolt.

% CHANGE IN SHARE PRICE, AT THE CLOSE

KEI IndustriesPolycab India

UltraTech announces wires, 27 Feb 2025−21.0%−18.8%
Ultravolt launches, 4 Sep 2026−9.0%−5.8%
Launch week, to 11 Sep 2026−14.1%−6.4%
Each time UltraTech moved on wires, KEI Industries fell harder than Polycab: 21.0% against 18.8% on the announcement, 9.0% against 5.8% on the launch.

Down 21% in a day, against the previous close

27 Feb 2025 is measured against the 25 Feb close; 26 Feb was a market holiday. Both stocks had already fallen on 1 Sep 2026, before the launch.

NSE daily closing prices · Feb 2025 and Sep 2026

One UltraTech plant could supply a third of the house-wire demand India adds in 4 years

The ₹90,000 crore wires and cables market is big enough to absorb Ultravolt. The fight is in shop-sold house wires, about 30% of it, where the new plant lands hardest.

₹ CRORE OF YEARLY SALES

Industry adds in 4 years46,626
House wires’ part of that13,988
Ultravolt plant at full use9,000
Its wires5,400
One UltraTech plant could supply about a third of the house-wire demand India adds in four years.

39% of the new house-wire demand

Industry growth at the low end of Polycab’s 11-13% a year. Plant potential of ₹9,000 crore at full use and a 60% wires mix are press estimates. House wires’ 30% share is from a broker note.

Polycab FY26 annual report; Business Standard · FY25 to FY29

KEI has more riding on house wires, and is saying less about them

UltraTech has bought a distribution moat, not a cables moat: 41,000+ dealers, 1,15,000+ retailers and 5,568 of its own stores. That matters most in shop-sold house wires.

KEI Industries against Polycab India on house wire share of sales, dealer sales, capacity use, dealer network and disclosure.

KEI and Polycab filings and calls; UltraTech FY26 · FY26 and Q1 FY27

Sources