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Motilal Oswal Report
Domestic brokerage firm Motilal Oswal Financial Services has maintained a constructive outlook on the cables and wires (C&W) sector, citing strong structural demand drivers and multi-year growth visibility led by infrastructure expansion, electrification, real estate, and renewable energy investments.
Within its coverage universe, the brokerage expects strong earnings growth backed by capacity expansion, market share gains, and margin improvement. It has raised EPS estimates for Polycab and RR Kabel, while largely maintaining estimates for KEI Industries and Havells.
On stock calls, Motilal Oswal has reiterated ‘Buy' on Polycab and KEI Industries, while upgrading RR Kabel to ‘Buy' from Neutral, citing improved growth visibility and margin expansion.
Polycab India: Buy with a target price of Rs 11,950, implying around 20% upside, driven by industry-leading growth and strong execution.
KEI Industries: Buy with a target price of Rs 6,640, supported by capacity expansion, improving retail mix, and export growth.
RR Kabel: Upgraded to Buy with a target price of Rs 2,600, implying a potential upside of 18%, aided by capex-led growth and improving profitability. [Motilal Os...Update.pdf | PDF]
The brokerage expects ~21% revenue CAGR and ~22% Ebit CAGR for its coverage companies over FY26–28, with margin expansion driven by operating leverage, premium product mix, and higher exports.
Overall, Motilal OswalL believes the C&W sector is entering a stronger and more profitable growth phase, with favorable demand tailwinds, rising organized penetration, and sustained capex likely to support long-term earnings growth.
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