5 Under the Radar Cable Stocks in India

Under the radar cable stocks benefit from one of India's most visible infrastructure themes: the build-out of power transmission networks, the 5G rollout, and the rural broadband expansion. Polycab and Havells dominate the wiring harness and consumer cable narrative, but the industrial cable ecosystem is far broader and includes several companies with strong fundamentals that most investors have never considered.

India's power sector alone requires hundreds of billions of rupees in new transmission cable capacity over this decade. The five under the radar cable stocks below each serve a distinct part of this demand, from high-voltage conductors to fibre optic backbone, with data .

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What Are Cable Stocks in India?

Under the radar cable stocks are smallcap and midcap companies in India manufacturing industrial power cables, conductors, specialty wires, telecom cables, or fibre optic infrastructure that receive limited mainstream coverage compared to the sector's consumer wire brands. These cable stocks are the focus of this article.

5 Cable Stocks Flying Under the Radar in India

The table below lists 5 cable stocks . Data from NSE filings. Sector average PE: 39.78x. Verify on nseindia.com before investing in any of these cable stocks.

Company	NSE Symbol	MCap	PE	ROE	D/E	EPS (TTM)	Div Yield
Apar Industries	NSE: APARINDS	Rs 72,044 Cr	60.98x	18.11%	0.18	Rs 282.17	0.33%
RR Kabel	NSE: RRKABEL	Rs 31,520 Cr	51.88x	19.12%	0.13	Rs 53.72	0.34%
Paramount Communications	NSE: PARACABLES	Rs 2,078 Cr	34.14x	7.68%	0.16	Rs 1.86	0.0%
Universal Cables	NSE: UNIVCABLES	Rs 6,059 Cr	30.29x	8.71%	0.62	Rs 57.65	0.26%
Sterlite Technologies	NSE: STRTECH	Rs 33,150 Cr	136.37x	2.1%	0.86	Rs 4.73	0.0%

1. Apar Industries (APARINDS): One of the Top cable stocks to Watch

Apar Industries is a Vadodara-based company making high-tension conductors, specialty transformer oils, and power cables for India's electricity grid. It is one of the world's largest conductor manufacturers and exports to over 90 countries. CMP is approximately Rs 17,204 with a market cap of Rs 72,044 crore.

Apar is the largest market cap on this list of under the radar cable stocks and arguably the most structurally positioned for India's power grid expansion. ROE is 18.11%, D/E is 0.18, and PE is 60.98, above the sector average of 39.78. EPS (TTM) is Rs 282.17. Its conductor business serves the backbone of India's grid upgrades, and export revenue provides currency diversification and volume stability beyond domestic order cycles. As tracked on Nifty India Infrastructure, the Cables sector PE stands at 39.78x.

At PE 60.98, Apar carries a meaningful valuation premium. The conductor business is commodity-like in some segments, where aluminium prices directly affect realisation per tonne. Any correction in global aluminium prices or slowdown in Indian grid upgrade spending can compress earnings.

2. RR Kabel (RRKABEL): One of the Top cable stocks to Watch

RR Kabel is a recently listed company (IPO in 2023) from the Radiant Cable Group making wiring cables, flexible cables, and industrial cables for residential, commercial, and infrastructure applications. It is directly competing in Polycab's core market with a growing distribution network. CMP is approximately Rs 2,787 with a market cap of Rs 31,520 crore.

RR Kabel has the best ROE on this list at 19.12% and the lowest D/E at 0.13, making it the most financially attractive of these hidden cable stocks on a combined quality basis. PE is 51.88, near the sector average. EPS (TTM) is Rs 53.72. As a newly listed company, institutional coverage is still catching up to its actual business quality and market position. The Cables sector PE stands at 39.78x.

RR Kabel faces intense competition from Polycab, Havells, Finolex, and KEI in its core wiring segment. Building brand recognition and expanding dealer distribution takes years and sustained advertising spend. The wiring cable market is increasingly competitive, which limits pricing power.

3. Paramount Communications (PARACABLES): One of the Top cable stocks to Watch

Paramount Communications is a Delhi-based telecom cable and power cable manufacturer supplying optical fibre cables, quad cables, and power cables for telecom and utilities. It has been a direct beneficiary of India's BharatNet rural broadband rollout and telecom infrastructure expansion. CMP is approximately Rs 63 with a market cap of Rs 2,078 crore.

Paramount is the most clearly under the radar of these cable stocks at a Rs 2,078 crore market cap. PE is 34.14, just below the sector average of 39.78. ROE is 7.68% and D/E is 0.16. EPS (TTM) is Rs 1.86. The telecom cable segment is growing rapidly as India deploys fibre deeper into its rural network, creating a sustained multi-year order pipeline for manufacturers like Paramount. The Cables sector PE stands at 39.78x.

The ROE at 7.68% is the main weakness, suggesting capital employed in the business is not being used as efficiently as peers. Telecom cable is a tender-driven business with lumpy revenue recognition, making quarterly earnings volatile even when the annual trend is positive.

4. Universal Cables (UNIVCABLES): One of the Top cable stocks to Watch

Universal Cables is a Satna, Madhya Pradesh-based specialty power cable company supplying high-voltage cables, extra-high voltage cables, and elastomeric cables for power utilities, industrial plants, and railways. It is part of the Birla Group and has decades of manufacturing heritage in this segment. CMP is approximately Rs 1,747 with a market cap of Rs 6,059 crore.

Universal Cables trades at PE 30.29, below the sector average of 39.78, making it one of the more attractively valued of these under the radar cable stocks. ROE is 8.71% and D/E is 0.62. EPS (TTM) is Rs 57.65. The specialty power cable segment serves utilities and large industrial customers whose order books are tied to multi-year infrastructure expansion programmes, providing reasonable revenue visibility. The Cables sector PE stands at 39.78x.

The D/E of 0.62 is the balance sheet risk to monitor. Specialty cable manufacturing requires substantial capital for tooling, testing, and certifications. Any cost overrun on a large contract or delay in receivables from utility customers can pressure working capital. The ROE of 8.71% also suggests the business earns below its cost of capital if that cost is above 10%.

5. Sterlite Technologies (STRTECH): One of the Top cable stocks to Watch

Sterlite Technologies is India's largest fibre optic cable manufacturer and one of the world's leading optical connectivity solution providers. It makes optical fibre, fibre optic cables, and integrated connectivity solutions for telecom operators globally. CMP is approximately Rs 645 with a market cap of Rs 33,150 crore. The company is in a transition phase following significant debt accumulation and margin pressure.

Sterlite Technologies is a watchlist stock among these under the radar cable names rather than a straightforward buy. PE is 136.37 and ROE is 2.10% due to compressed earnings from the fibre optic market pricing environment. D/E is 0.86, the highest on this list. However, Sterlite is the world-class infrastructure asset in the Indian fibre optic space, and a recovery in global fibre cable pricing could meaningfully re-rate the stock. The Cables sector PE stands at 39.78x.

Sterlite's D/E of 0.86 and very low ROE are the key risks. The company needs both a fibre pricing recovery and successful debt reduction to deliver meaningful earnings improvement. Until those two things happen simultaneously, the elevated PE is a consequence of depressed earnings rather than premium business quality.

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Why Do These Cable Stocks Stay Under the Radar?

Cable companies stay under the institutional radar because the sector is perceived as commodity-like, where differentiation is hard to identify and copper or aluminium prices drive short-term earnings more than business quality. Polycab and Havells get institutional attention because of their consumer brand stories. Industrial cable and conductor companies serving utilities and telecom operators lack that consumer-facing narrative.

The diversity of sub-segments (power cables, conductors, telecom cables, fibre optic) also means no single sector definition captures all five stocks cleanly, which makes them fall through the cracks of sector-specific investment mandates. Historically, the best returns in the cable sector have come from niche operators whose addressable markets expanded rapidly due to policy-driven infrastructure spending.

Key Factors to Evaluate These Cable Stocks

Before investing in any of these cable stocks, review these five parameters:

• Order book and infrastructure theme alignment: All five under the radar cable stocks here are direct beneficiaries of India's power grid upgrade and telecom broadband rollout. Companies with long-duration utility orders carry better earnings visibility than those dependent on spot market prices.
• Debt management: Cable manufacturing requires working capital and capex. Sterlite at D/E 0.86 is the most leveraged here and the most financially fragile. Apar at 0.18 and RR Kabel at 0.13 are the most conservative.
• ROE above 15%: A good cable company should earn ROE above 15% consistently, given the capital intensity. Only RR Kabel (19.12%) and Apar Industries (18.11%) clear this bar. The others are at various stages of improving their return profiles.
• PE vs sector PE: The sector PE is 39.78. Three stocks trade below: Universal Cables (30.29), Paramount (34.14), and Apar (60.98 is above). RR Kabel (51.88) and Sterlite (136.37 due to depressed earnings) are at premium valuations.
• Export exposure: Apar Industries exports to 90+ countries and RR Kabel is expanding its international presence. Export revenue reduces dependence on domestic capex cycles and provides natural rupee hedging.

Risks in Under the Radar Cable Stocks

Every investment in cable stocks carries risk. The four primary risks are:

• Commodity price risk: Copper and aluminium are the primary input costs for most cable companies. A sharp rise in commodity prices that cannot be passed through to customers compresses margins quickly.
• Working capital cycles: Utility and telecom customers take 90-180 days to pay large orders, creating long working capital cycles. High D/E companies like Sterlite are most exposed to working capital financing risk.
• Tendering competition: Government-linked cable orders are won through competitive tendering, where price is the primary selection criterion. Margin pressure is endemic in the government-utility segment.
• Fibre optic pricing: Global oversupply of fibre optic cable has kept Sterlite's realisations under pressure. A recovery in fibre prices is necessary for the stock's earnings story to improve meaningfully.

How to Invest in Overlooked Cable Stocks in India

Monitor India's power transmission capex announcements from Power Grid Corporation and state DISCOMs. Every new transmission corridor project creates multi-year conductor and cable demand, directly benefiting Apar Industries and Universal Cables among these under the radar cable stocks.

Track the BharatNet programme rollout pace. Quarterly government press releases on BharatNet optical fibre connectivity milestones provide forward visibility on Paramount Communications' order pipeline in the telecom cable segment.

Watch Sterlite Technologies' debt reduction announcements. The key trigger for a re-rating of Sterlite among these hidden cable stocks is a material reduction in its D/E ratio combined with an uptick in global fibre optic pricing. Both need to occur together.

Verify all data on NSE (nseindia.com) or BSE (bseindia.com) before investing. Working capital-heavy businesses like cable companies can show misleading trailing PE multiples due to revenue timing differences. Always check the cash flow statement alongside the income statement.

Conclusion: Top Cable Stocks Under the Radar in India

India's cable sector is directly tied to the country's most visible and well-funded infrastructure themes: power grid modernisation and broadband expansion. Apar Industries, RR Kabel, Paramount Communications, Universal Cables, and Sterlite Technologies are five companies positioned across different segments of this structural demand, without the consumer brand premiums of Polycab or Havells. These under the radar cable stocks are shared for research and educational purposes only. Please consult a SEBI-registered advisor before investing.

The five cable stocks discussed in this article are Apar Industries, RR Kabel, Paramount Communications, Universal Cables, Sterlite Technologies. Each of these cable stocks carries unique risks and opportunities. Always verify current data on NSE (nseindia.com) or BSE (bseindia.com) before making any investment decision in these or any other cable stocks.