3 Cable Stocks With a Strong Future Roadmap: Polycab India, KEI Industries and Finolex Cables

Cable stocks give investors exposure to the wiring behind housing, power transmission and industrial capacity. Their revenue follows real estate demand and infrastructure spending, which is why order books, copper prices and margins matter alongside volume.

This list covers three cable sector stocks: Polycab India for wires, cables and fast-moving electrical goods, KEI Industries for power cables, extra high voltage cables and exports and Finolex Cables for electrical cables, wires and consumer products. Every figure comes from the latest reported financials and the 5 October 2026 market close. Companies without complete current figures were left out.

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What Are Cable Stocks?

Cable stocks are shares of companies that make wires, power cables, communication cables and related electrical goods. Their results depend on real estate demand, utility and infrastructure spending, exports and the price of copper and aluminium, so capacity and pricing discipline separate the stronger names.

Cable Stocks at a Glance

The table compares size, valuation, return on equity and debt for the three cable stocks as of the 5 October 2026 close.

Among cable sector stocks, all three trade below their industry P/E multiples.

Why Do Cable Stocks Have a Strong Roadmap in India?

Cable stocks have a strong roadmap in India because power transmission, housing and industrial capacity all need more cabling, and makers are adding capacity and exports to serve that demand. Three drivers stand out.

• Infrastructure spending: Transmission, renewable energy and metro projects need power cables, which supports order books.
• Real estate demand: Housing construction drives demand for building wires and fast-moving electrical goods.
• Capacity expansion and exports: New plants and overseas sales widen the market beyond domestic demand.

Polycab India: Wires, Cables and Electrical Goods Anchor the Roadmap

Polycab's roadmap rests on its leadership in wires and cables, a growing fast-moving electrical goods range and added capacity to serve housing, utilities and exports.

Revenue grew from Rs 12,293.68 crore in FY22 to Rs 29,120.04 crore in FY26, a 136.9% rise, and FY26 revenue was 28.8% higher than FY25. FY26 net profit rose 32.4% to Rs 2,708.43 crore. Over four years, net profit rose from Rs 845.23 crore in FY22 to Rs 2,708.43 crore. In Q1 FY27, revenue grew 38.9% to Rs 8,314.65 crore, and net profit rose 32.8% to Rs 796.65 crore. Operating margin was 14.69% in FY26 and 15.12% in Q1 FY27 against 15.87% a year earlier.

Debt to equity is 0.02 and return on equity is 22.25%. FY26 operating cash flow was Rs 3,810.67 crore against capital expenditure of Rs 1,480.51 crore. Polycab paid a dividend of Rs 47 per share for FY26, a yield of 0.58%. At a P/E of 41.91 against an industry P/E of 47.78, the stock trades below its industry multiple.

What to watch: Operating margin of 15.12% in Q1 FY27 was below the 15.87% of Q1 FY26, and copper and aluminium price swings can move margins.

KEI Industries: Power Cables and Capacity Additions Drive the Pipeline

KEI Industries' roadmap rests on power and extra high voltage cables for utilities and infrastructure, a growing export business and large capacity additions.

Revenue grew from Rs 5,741.59 crore in FY22 to Rs 11,906.32 crore in FY26, a 107.4% rise, and FY26 revenue was 21.4% higher than FY25. FY26 net profit rose 31.9% to Rs 918.43 crore. Over four years, net profit rose from Rs 376.01 crore in FY22 to Rs 918.43 crore. In Q1 FY27, revenue grew 21.9% to Rs 3,204.91 crore, and net profit rose 40.0% to Rs 274.14 crore. Operating margin was 11.81% in FY26 and 13.04% in Q1 FY27 against 11.49% a year earlier.

Debt to equity is 0.04 and return on equity is 13.78%. FY26 operating cash flow was Rs 839.95 crore against capital expenditure of Rs 1,253.58 crore. KEI paid a dividend of Rs 4.5 per share for FY26, a yield of 0.10%. At a P/E of 44.36 against an industry P/E of 47.78, the stock trades below its industry multiple.

What to watch: FY26 capital expenditure of Rs 1,253.58 crore exceeded operating cash flow of Rs 839.95 crore as the company builds capacity.

Finolex Cables: Wires, Communication Cables and Consumer Products Build the Base

Finolex Cables' roadmap rests on its electrical wires, communication cables and consumer electrical products, with a debt-free balance sheet funding added capacity.

Revenue grew from Rs 3,839.56 crore in FY22 to Rs 6,486.64 crore in FY26, a 68.9% rise, and FY26 revenue was 17.6% higher than FY25. FY26 net profit rose 1.8% to Rs 713.72 crore. Over four years, net profit rose from Rs 599.14 crore in FY22 to Rs 713.72 crore. In Q1 FY27, revenue grew 42.4% to Rs 2,064.64 crore, and net profit rose 53.1% to Rs 249.04 crore. Operating margin was 15.66% in FY26 and 16.71% in Q1 FY27 against 15.53% a year earlier.

Debt to equity is 0.00 and return on equity is 11.73%. FY26 operating cash flow was Rs 49.08 crore against capital expenditure of Rs 154.28 crore. Finolex Cables paid a dividend of Rs 9 per share for FY26, a yield of 0.61%. At a P/E of 28.03 against an industry P/E of 47.78, the stock trades below its industry multiple.

What to watch: FY26 operating cash flow was only Rs 49.08 crore against net profit of Rs 713.72 crore, so cash conversion is worth tracking.

Best Cable Stocks in India: Polycab vs KEI vs Finolex Cables on Key Financials

Among the best cable stocks in India, Finolex Cables leads on FY26 operating margin and Q1 FY27 revenue growth; Polycab leads on five-year revenue growth and return on equity. The table puts the numbers side by side.

Cable revenue follows copper prices as well as volumes, so growth rates in rupees can run ahead of unit growth.

How to Evaluate Wires and Cables Stocks to Buy Before You Invest

A short checklist keeps the research consistent when you screen cable stocks and shortlist wires and cables stocks to buy.

1. Compare each stock's P/E with its industry P/E, which is 47.78 for all three here.
2. Track operating margin across several quarters, because input costs can move faster than prices.
3. Check whether revenue growth is turning into profit growth, not only sales.
4. Read operating cash flow against capital expenditure to see how growth is funded.
5. Watch debt to equity and interest cover before sizing a position.
6. Spread exposure across companies and business lines instead of one demand cycle.

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Risks to Consider Before Investing in Cable Stocks

• Metal prices: Copper and aluminium price swings change working capital needs and can squeeze margins.
• Valuation: The three stocks trade at 28.03 to 44.36 times earnings, and a slowdown in construction can compress those multiples.
• Competition: Organised and unorganised makers compete on price, which can limit margin gains in wires.
• Capacity risk: New plants raise fixed costs, so utilisation matters when demand softens.

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Final Take: Which Stock Has the Strongest Roadmap?

These three wires and cables stocks cover wires and electrical goods, power cables with exports, and debt-free wires and communication cables. Finolex Cables leads on FY26 operating margin and Q1 FY27 revenue growth; Polycab leads on five-year revenue growth and return on equity.

Across cable sector stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the wires and cables stocks to buy discussed here.

FAQs on Cable Stocks

Which are the best cable stocks in India with a strong roadmap?

Ans. Polycab India, KEI Industries and Finolex Cables stand out for their roadmaps in power cables, wires and electrical goods. FY26 revenue growth was 28.8% at Polycab, 21.4% at KEI and 17.6% at Finolex Cables, and return on equity ranges from 11.73% to 22.25%.

Is Polycab India a good stock to buy now?

Ans. Polycab India has a debt to equity ratio of 0.02, a return on equity of 22.25% and a P/E of 41.91 against an industry P/E of 47.78. Metal prices and construction demand move margins, even though the stock trades below its industry multiple. This article is not investment advice, so consult a SEBI-registered advisor before deciding.

What is the P/E ratio of Polycab, KEI and Finolex Cables?

Ans. The P/E ratio is 41.91 for Polycab (industry 47.78), 44.36 for KEI (industry 47.78) and 28.03 for Finolex Cables (industry 47.78). All three trade below the industry multiple.

Which of these cable stocks has the highest return on equity?

Ans. Polycab India has the highest return on equity at 22.25%, followed by KEI Industries at 13.78% and Finolex Cables at 11.73%.

What are the risks of investing in cable stocks?

Ans. The main risks are copper and aluminium price swings, slower construction or utility spending, price competition and the cost of new capacity. KEI Industries spent Rs 1,253.58 crore on capital expenditure in FY26 against operating cash flow of Rs 839.95 crore.

How did Polycab, KEI and Finolex Cables perform in Q1 FY27?

Ans. Polycab India reported revenue of Rs 8,314.65 crore, up 38.9% year on year, and net profit rose 32.8% to Rs 796.65 crore. KEI Industries reported revenue of Rs 3,204.91 crore, up 21.9% year on year, and net profit rose 40.0% to Rs 274.14 crore. Finolex Cables reported revenue of Rs 2,064.64 crore, up 42.4% year on year, and net profit rose 53.1% to Rs 249.04 crore.

Do cable stocks pay dividends?

Ans. Yes, all three companies pay dividends. The dividend yield is 0.58% for Polycab, 0.10% for KEI and 0.61% for Finolex Cables, based on dividends declared for FY26.

How can I invest in cable stocks in India?

Ans. You can buy cable stocks through a demat and trading account on NSE or BSE after checking each company's financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.