UltraTech's Ultravolt launches, sparking share declines for India's top cable makers

UltraTech Cement has rolled out Ultravolt, an Rs 1,800-crore initiative aimed at the Indian wires and cables market, and the launch on 3 September triggered a 7.5%-15.5% drop in the shares of Polycab India, KEI Industries and RR Kabel. Brokerage reports acknowledge the heightened competition but remain upbeat about the sector’s long-term growth, driven by power transmission, renewable energy, data centres and electric-vehicle infrastructure.

Ultravolt is focusing first on household wires and light-duty cables, offering attractive pricing, dealer incentives and retailer support programmes to quickly capture market share. Analysts project the newcomer could secure up to 15% of the residential wire market by 2030-31, potentially squeezing margins for existing players, especially as copper prices stay volatile. Companies with stronger exposure to medium-voltage and extra-high-voltage cables may feel less immediate impact, giving them a buffer while the market expands from an estimated Rs 1.1 lakh crore in 2025-26 to nearly Rs 1.6 lakh crore by 2028-29. Investors are advised to assess individual fundamentals rather than treating the cable sector as a uniform industry.