of KEI's sales come from house and winding wires
UltraTech’s wires push lands harder on KEI than Polycab
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
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
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 and Polycab filings and calls; UltraTech FY26 · FY26 and Q1 FY27
Sources
- UltraTech Cement, press release on the Ultravolt launch, 3 September 2026
- UltraTech Cement, press release on entering wires and cables, 25 February 2025
- KEI Industries, Q1 FY27 earnings presentation (BSE)
- KEI Industries, Q1 FY27 earnings call transcript
- Polycab India, Integrated Annual Report 2025-26, cables and wires
- Business Standard, wire and cable stocks plunge on UltraTech's entry, 27 February 2025