Connecting People To A Brighter Future The Saga of Polycab

Polycab, India’s largest manufacturer of wires and cables and a growing leader in the fast-moving electrical goods (FMEG) sector, exemplifies a story of innovation, quality, and operational excellence. Established in 1996, the company has built a robust foundation, driving consistent growth in its core business of cables and wires while diversifying into energy-efficient FMEG products. With a global presence in over 70 countries, 28 state-of-the-art manufacturing facilities, and a commitment to sustainability and cutting-edge technology, Polycab continues to cater to residential, commercial, and industrial markets. Guided by its vision of connecting people to a brighter future, Polycab is at the forefront of India’s infrastructure and technological advancements. Excerpts from an exclusive interview with Bhushan Sawhney, Executive President and Chief Business Officer (B2B), Polycab India Ltd.

Q. Polycab is known for being India’s largest manufacturer of wires and cables and a leader in the FMEG sector. Can you share the journey that brought the company to this position?

Polycab has emerged as India’s largest manufacturer of wires and cables and a significant player in the FMEG sector by focusing on quality, innovation, and operational excellence. Incorporated in 1996, the company began by building a robust foundation in the wires and cables segment, which continues to contribute significantly to its revenue. In FY 2023-24, Polycab reported ₹ 180, 394 million in revenue, reflecting a 28% year-on-year growth.

Recognizing the evolving market dynamics, Polycab strategically expanded into the FMEG sector with products such as fans, switches, switchgear and lighting solutions, achieving an 8-year CAGR of 25%. This diversification aligned with urbanization and the rising demand for energy-efficient solutions.

Leveraging its strong foothold in the W&C sector, the company seamlessly integrated its FMEG offerings to deliver holistic solutions tailored to meet consumer needs. With 28 state-of-the-art manufacturing facilities, a global presence in over 70 countries, and a distribution network of 3800+ dealers and distributors, Polycab has consistently addressed customer needs across residential, commercial, and industrial markets. Sustainability backed by ISO certifications and ESG initiatives, further underscores its commitment to delivering trusted solutions. Polycab’s balanced growth strategy ensures its leadership in both traditional and emerging markets, positioning it for sustained success.

Its overarching goal is to attain market leadership across all product categories. This can be achieved by enhancing production capacities and diversifying its product range, with strategic emphasis on premium offerings.

 

Q. Your tagline, ‘Ideas. Connected.’, reflects a commitment to innovation and connection. How does this philosophy shape your product development and customer interactions?

Polycab’s tagline, ‘Ideas. Connected.’ serves as more than just a statement, it is a guiding philosophy that drives innovation, customer centricity and operational synergy. This vision has inspired the development of cutting-edge products like fire-retardant and low-smoke halogen-free cables, which adhere to stringent safety and environmental standards. Additionally, it has also driven the creation of advanced solutions such as smart lighting, and home automation systems, catering to the growing demand for energy-efficient and seamless technologies.

The philosophy extends beyond product innovation, shaping how Polycab integrates its operations and engages with stakeholders. By connecting ideas across its ecosystem—encompassing manufacturing, distribution, and customer interaction—Polycab ensures synergy at every level. Its robust distribution network and state-of-the-art manufacturing facilities enable the delivery of high-quality products, reinforcing its reputation for excellence and reliability.

Aligned with this philosophy, the company’s R&D mission focuses on creating value for stakeholders while prioritizing safety, sustainability and adherence to global standards. By combining market insights with research expertise, Polycab has built an integrated approach that aligns innovation with real-world needs. A stringent quality assurance protocol ensures excellence throughout the production lifecycle, from raw material selection to the final product.

This holistic approach has allowed Polycab to build trust and cultivate long-term partnerships, reinforcing its market leadership in core segments while paving the way for growth in emerging verticals. Through ‘Ideas. Connected.’ Polycab not only delivers exceptional products but also creates meaningful connections that shape a better future for all.

Q. Polycab has a significant global footprint, serving customers in over 70 countries. What strategies have driven your international growth, and what are your future plans for global expansion?

Polycab’s global strategy centres around its expertise in cables and wires, which are recognized for their safety, reliability, and compliance with international standards. Currently serving customers in over 70 countries, the organization’s exports accounted for 8% of its revenue in FY 2023-24. North America, Middle East and Australia are key markets where it has established a remarkable presence by addressing diverse customer needs.

Its international business has been a stellar performer, boasting a CAGR of over 40% over the last five years. The company is at a crucial juncture in its international endeavors as it transitions to a distribution model mirroring its successful operations in India. This strategic shift holds the promise of unlocking manifold benefits for Polycab.

The company has expanded its offerings in the US with a focus on UL cables and cable management systems to capitalize on the growing demand. Polycab has demonstrated significant growth in market penetration, especially within developed economies, with peak export order book driving sales. Its competitive pricing, high-quality products, and reliable delivery systems have been fundamental in securing and strengthening its market position.

Looking ahead, Polycab plans to strengthen its existing international presence while exploring opportunities in untapped markets. Internationally, its strategic focus centers on obtaining certifications and approvals across new geographies and securing partnerships with new end customers. . With a focus on sustainability and innovation, Polycab is well-positioned to remain competitive in the global market, particularly in infrastructure and renewable energy sectors.

Q. With 28 state-of-the-art manufacturing facilities and two strategic joint ventures, how does Polycab maintain quality and innovation across such a diverse and expansive network?

Polycab has established itself as a leader in the industry through its manufacturing expertise and innovative vision. By seamlessly integrating state-of-the-art technology with extensive industry experience, it delivers quality products that are known to set industry benchmarks. Polycab’s cables and wires segment exemplifies its commitment to quality and innovation. The organization operates 28 manufacturing facilities that adhere to global certifications such as ISO 9001:2015 (QMS), ISO 14001:2015 (EMS) and ISO 45001:2018 (OH&S), ensuring consistent quality across all products.

The company has crafted a connected, agile, and intelligent production environment by integrating Industrial Automation and the Internet of Things (IoT). The company has further adopted digitalisation and smart manufacturing to ensure that quality and innovation flow uniformly across all facilities. It has undertaken Edge and MES Integration, enhancing maintenance with predictive analytics, virtual optimization with Digital Twins, augmented and virtual reality for workforce environment to facilitate innovation and quality control.

Furthermore, its strategic IT initiatives has been pivotal in steering Polycab towards a future where manual processes are eliminated with automation, and complex decisions are made with the support of advanced algorithms. These transformations have led to improved efficiency, enhanced inventory visibility, and significant cost reductions.

By combining robust quality control processes with ongoing investments in R&D, Polycab ensures leadership in delivering reliable solutions that cater to both traditional and emerging markets.

Q. Your products cater to diverse sectors, from residential to industrial applications, including solar panels. Which product categories are driving growth, and why?

Cables and wires remain the cornerstone of Polycab’s business, driven by consistent demand from residential, industrial, and infrastructure projects. In FY 2023-24, this segment recorded significant growth, supported by innovative products like fire-retardant and low-smoke halogen-free cables. These products cater to the increasing need for safety and environmental sustainability in critical applications.

The RE sector’s growth has led to an increased demand for specialised cables that can handle the unique requirements of solar power plants and wind farms. These projects often involve long-distance transmission lines and complex grid connections, necessitating reliable and high-quality cable solutions. Its solar products are designed and manufactured to essentially adapt to the strenuous operating conditions thereby registering a robust growth in the solar product categories.

Advancements in telecommunications and the emergence of data centers have driven significant demand for LT cables, Communication Cables, flexible unarmored cables reinforced with low-smoke halogen free properties. The robust growth with the remarkable uptick in the real estate sector has driven the growth of building wires and cables segments. For example, IGNIS Fire Survival Cable that is specially designed for use in both indoor and outdoor environments, has seen a significant growth in demand.

Polycab’s FMEG business, which commenced in FY 2013-14, is a high-growth segment. It features a growing product mix across different price points that caters to a wide spectrum of customers. With an 8-year CAGR of 25%, the segment includes products such as advanced BLDC fans and lighting solutions, which address evolving consumer preferences for energy-efficient and smart technologies.

Polycab’s strategic focus on maintaining its leadership in cables and wires, while expanding its presence in FMEG, ensures balanced growth and diversification across its product portfolio.

Q. Polycab emphasizes sustainability and eco-friendliness. Could you elaborate on the initiatives you’ve undertaken to align with your environmental goals?

Polycab prioritises sustainable practices that focus on environmental, social, and governance principles, putting consistent effort in areas ranging from climate change and energy to data security and privacy. The company has also set internal targets across various areas, including climate resilience, employee safety, and more. Its ESG strategy is aimed at creating long-term value for our stakeholders while contributing positively to the world around us.

Sustainability is deeply ingrained in its robust research and development capabilities and empowers to provide environmentally conscious solutions across its product spectrum. Through Polycab’s cutting-edge research facilities, it drives innovation in various fields, including the development of sustainable power cables, rubber cables, electron-beam irradiated cables, and energy-efficient BLDC fans, among other breakthroughs.

Looking ahead, the company remains dedicated to enhancing its ESG compliance by identifying innovative approaches and implementing them rigorously. The Company is committed to continuous improvement and proactive measures to ensure its ESG initiatives align with its long-term sustainability goals.

Building on the ISO 50001 Energy Management System framework, Polycab has intensified our energy optimization strategies with stricter management protocols and monitoring across our operations. In FY 2023-24, Polycab expanded its solar energy usage in manufacturing facilities, significantly reducing its carbon footprint. The company also adheres to ISO 14001 standards and participates in community programs such as check dam construction in Panchmahal district and waste management initiatives in Baska village.

Q. You’ve been recognized with prestigious certifications like ISO 9001, ISO 14001, and OHSAS 18001, and your lab is NABL accredited. How do these accolades impact customer trust and business performance?

Polycab’s certifications, including ISO 9001:2015 (QMS), ISO 14001:2015 (EMS), and OHSAS 18001, validate its focus on quality, safety, and environmental sustainability. These certifications are especially critical in the cables and wires segment, where compliance with global standards ensures reliability in infrastructure and industrial applications.

The NABL-accredited lab enhances Polycab’s credibility by enabling rigorous testing for fire resistance, durability, and performance. These certifications also enable Polycab to access highly regulated international markets, supporting its leadership and global expansion. Furthermore, they reassure customers of Polycab’s commitment to delivering reliable and safe products.

From a business perspective, these certifications provide a competitive edge, enabling the company to access new markets. They enhance operational efficiency, reduce costs, and align Polycab’s practices with global standards, improving stakeholder confidence. By showcasing the company’s adherence to internationally recognized benchmarks, these achievements position Polycab  as a trusted and reliable partner, driving customer satisfaction, market expansion, and sustainable growth.

Q. Polycab’s vision statement highlights connecting people to a brighter future. How do you see the company’s role in contributing to India’s infrastructure and technological advancements?

At Polycab, nation-building means more than infrastructure development; it extends to empowering communities, enabling progress, and enhancing the lives of millions across India. The company has contributed to critical development projects across the nation, furthering the goals of connectivity, sustainability, and growth.

Polycab’s robust portfolio has facilitated successful projects in infrastructure development, energy generation, commercial and urban development,
and digital communication networks, among others. These projects play an important role in advancing India’s socio-economic growth and integration into the digital age.

Polycab is a key enabler of India’s infrastructure growth, providing high-quality cables and wires essential for residential, commercial, and industrial projects. Its products play a critical role in powering large-scale initiatives, ensuring reliability and safety in critical installations.The company also supports renewable energy adoption with solar cables that align with India’s sustainability goals.

India’s vision of ViksitBharat@2047 is set to provide a boost to the nation’s infrastructure, with a strong emphasis on key sectors such as energy, roads, urban development, and railways, among others. With 70% of the urban infrastructure required by 2047 yet to be developed, as per World Bank estimates, the focus will be on robust government-led initiatives alongside growing private sector involvement. Polycab believes that it has a significant role in facilitating this ambitious vision that will necessitate extensive electrical infrastructure, thereby driving a substantial increase in the demand for cables and wires.

By delivering reliable and innovative solutions, Polycab continues to contribute to India’s modernization, helping build connected, resilient, and technologically advanced infrastructure.

Q. The company is actively involved in Smart City and Safe City projects. What unique challenges and opportunities have you encountered in these domains?

Smart City and Safe City projects demand advanced cables solutions that ensure safety, efficiency, and durability while integrating seamlessly with IoT-enabled systems, smart lighting, and automated networks. For manufacturers like Polycab, this means designing cables that meet stringent regulatory standards, while also being adaptable to diverse climatic and urban conditions. A significant challenge lies in retrofitting existing, often outdated, infrastructure to support these modern systems, all while maintaining cost efficiency and adhering to tight project timelines.

However, the opportunities in this domain are immense. The growing focus on urbanization and smart infrastructure under government initiatives like Smart Cities Mission and AMRUT has significantly boosted the demand for high-quality, innovative cables. The emphasis on sustainability has further opened avenues for solar-compatible and energy-efficient cable solutions. These projects not only offer a robust domestic market but also enhance the global competitiveness of Indian manufacturers, paving the way for exports to markets undertaking similar urban transformations. To succeed, Polycab must focus on R&D, invest in sustainable technologies, and collaborate with system integrators and stakeholders to deliver tailored solutions.

Polycab’s expertise in advanced cables and wires makes it a key player in India’s Smart City and Safe City initiatives. These projects demand reliability, safety, and energy efficiency, all which Polycab delivers through its high-quality, specialized cables with fire retardant properties and IoT-enabled solutions. Polycab ensures seamless execution of these projects by integrating innovative technologies with its manufacturing excellence. These contributions not only enhance urban safety but also position Polycab as a leader in modernizing India’s infrastructure.

Q. Looking ahead, what are the key trends and challenges in the electrical goods and infrastructure industry, and how is Polycab preparing to address them?

The electrical goods industry is undergoing transformation, driven by smart technologies, renewable energy, and sustainability goals. Polycab’s cables and wires segment is well-positioned to meet these demands with products like low-smoke halogen-free and solar cables, catering to infrastructure and renewable energy needs.

The government’s investment plan for infrastructure, construction, and power will continue to feed into the demand momentum for wires and cables, which has direct linkages with the growth of these industries.

The typical real estate cycle in India historically has spanned for 6 to 8 years. As of now, India is in the third year of this cycle, indicating headroom for growth. This translates into healthy demand for wires and cables.

To cater to the opportunities and accompanying challenges, The company is continuously learning and upgrading its enhanced Key Account Management (KAM) strategy that involves selling our complete portfolio to key customer accounts, ensuring it receives comprehensive solutions tailored to its needs. To further streamline operations and enhance competitiveness, Polycab has developed an AI/ML-powered pricing engine that increases win rates and minimises human errors in price generation, improving reliability and effectiveness.

In the FMEG segment, Polycab focuses on energy-efficient products to align with consumer trends. By investing in R&D, adhering to ESG principles, and leveraging its robust distribution network, Polycab ensures it remains a leader in this evolving industry.

For more information,
polycab.com