India’s second-largest wire & cable manufacturer with a growing presence in FMEG (fans, switches, appliances). FY25 revenue of ₹7,618 Cr, PAT ₹312 Cr. Stock trading at 51x earnings and a juicy capex pipeline of ₹1,450 Cr to scale by FY28.
2. Introduction with Hook
If Polycab is the captain of India’s cable ship, RR Kabel is the rogue pirate with a private equity compass, boardroom mutinies, and revenue currents that have doubled since FY21.
Market Share: 40% in Indian cable space
PAT Growth: 64% YoY in Q4 FY25
3-Year Sales CAGR: 20%
But with a recent CEO firing, tax raids, and litigation, this wire is anything but low resistance.
3. Business Model (WTF Do They Even Do?)
Two segments:
A) Wires & Cables (Main Dish):
House wires, industrial & solar cables
80%+ of revenue
Core manufacturing; high-volume, low-margin
B) FMEG (Fancy Dessert):
Fans, lights, heaters, modular switches
Still a sidekick, but growing
High brand push (T20 tie-ups, influencer campaigns)
USP: Diverse SKUs, R&D investments, backward integration. Plus, global footprints in ~70 countries.
