Indian Wire and Cable Companies Soar on Copper Price Surge
In an unusual turn of events, all major wire and cable companies in India reported strong Q1 FY27 results.
The common thread behind this success is copper prices, which rose sharply from under $11,000 per tonne at the end of November 2025 to over $14,100 per tonne in early August 2026 on the London Metal Exchange. This increase translates directly into higher revenue for wire and cable companies that sell on a cost-plus basis.
Among these companies, Polycab India stood out with its highest-ever first quarter results. Its revenue grew by 39% to Rs 82.1 billion, while profit rose by 33% to Rs 7.97 billion. The wires and cables segment contributed significantly to this growth, with domestic sales increasing by 43%. However, the company's management revealed that volume growth was only in the low to mid-single digits, suggesting that copper prices played a major role in driving revenue.
Other notable performers include KEI Industries, whose EBITDA margin expanded by 247 basis points year-on-year to 12.4%, and Finolex Cables, which saw its consolidated profit rise by 53% to Rs 2.49 billion.