Polycab India

Corporate brand

An Indian electrical-equipment company best known for wires and cables, with additional businesses in consumer electrical goods, solar products, and power-infrastructure services.

Last updated October 16, 2026

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Overview

Polycab India is an Indian electrical-equipment company headquartered in Mumbai and principally associated with the manufacture and sale of wires and cables. Its portfolio also includes electric fans, LED lighting and luminaires, switches and switchgear, solar products, conduits, and related electrical accessories. Through its engineering, procurement, and construction business, the company has also undertaken power-distribution and rural-electrification work. The company traces its commercial origins to Sind Electric Stores, an electrical-products shop established in Mumbai in 1964 by Thakurdas Jaisinghani. The business initially dealt in products such as fans, lighting fixtures, switches, and wires. A manufacturing orientation developed during the 1970s, when the wider Jaisinghani enterprise established Thakur Industries and acquired industrial land in Andheri for a cable and wire facility. In 1983, Inder T. Jaisinghani and his brothers formally established Polycab Industries, beginning production at Halol in Gujarat with PVC-insulated wires and cables, copper and aluminium conductors, and bare copper wire. Polycab expanded beyond its original manufacturing base through partnerships, vertical integration, and diversification. It entered a joint venture with French cable maker Nexans in 2008, focusing on rubber cables for applications including shipbuilding, railways, and wind power. The company entered the EPC sector in 2009, providing design, engineering, supply, execution, and commissioning services for power-distribution and electrification projects. In 2013, it created a further Nexans joint venture to develop production capacity in Gujarat. From 2014, Polycab broadened its consumer and building-electrical portfolio to include fans, LED lighting, luminaires, switches, switchgear, solar products, conduits, and accessories. Copper supply and manufacturing integration became another strategic theme. In 2016, Polycab established the Ryker Base joint venture with Trafigura to support copper-related backward integration. Polycab later acquired full ownership of the venture in 2020; Ryker Base was subsequently sold to Hindalco Industries in 2021. These transactions reflected the importance of raw-material access and supply-chain control in the cable business. Polycab became a public company in April 2019 after filing its draft prospectus in 2018. Its shares were listed on the National Stock Exchange of India and the Bombay Stock Exchange. The initial public offering was heavily oversubscribed and raised funds for the listed company. The wires-and-cables business remains the core of the group, while fast-moving electrical goods and EPC activities provide additional sources of revenue and broaden the brand's presence among distributors, contractors, infrastructure customers, and consumers. By March 2023, the company was reported to operate 28 manufacturing units in several Indian states and the Union Territory of Daman, supported by more than 29 warehouses across India. It has been described as India's largest wire and cable manufacturer, with an estimated domestic wires-and-cables market share of approximately 25% to 26% in the referenced period. Polycab has also appeared in the Fortune India 500 and in Indian market indices including the MSCI Standard Index, Nifty Midcap 100, and BSE 200. Its current strategic identity is therefore that of a broad electrical-products platform anchored by a large domestic wires-and-cables franchise, rather than a narrowly focused cable maker.

History

Polycab India's roots lie in a retail electrical-products business rather than in a company founded initially as a large industrial manufacturer. In 1964, Thakurdas Jaisinghani established Sind Electric Stores in Mumbai's Lohar Chawl after moving from Pakistan following the Partition of India. The store sold a variety of electrical goods, including fans, lighting fixtures, switches, and wires. This trading experience gave the Jaisinghani family familiarity with electrical distribution and consumer demand. During the 1970s, the enterprise began moving toward manufacturing. In 1975, Thakur Industries was established, and land was acquired from the Maharashtra Industrial Development Corporation in Andheri, Mumbai, for a wire and cable facility. The decisive corporate step came in 1983, when Inder T. Jaisinghani and his brothers founded Polycab Industries. A factory at Halol in Gujarat produced PVC-insulated wires and cables, copper and aluminium conductors, and bare copper wire. Gujarat subsequently became an important base for the company's manufacturing expansion. Polycab developed its industrial and infrastructure capabilities during the 2000s. In 2008, it formed a joint venture with Nexans, a French cable manufacturer, to produce rubber cables for demanding sectors such as shipbuilding, railways, and wind power. The same period also saw an investment by the International Finance Corporation in Polycab Wires. In 2009, the company entered engineering, procurement, and construction, adding design, engineering, supply, execution, and commissioning capabilities for power-distribution and rural-electrification projects. The relationship with Nexans continued through a 2013 joint venture in which Polycab held a 49% stake and which was intended to establish production facilities in Gujarat. In 2014, Polycab India widened its product range beyond conventional wires and cables. Fans, LED lighting and luminaires, switches and switchgear, solar products, conduits, and accessories became part of the company's broader electrical-products offering. This diversification enabled the brand to serve both infrastructure customers and household or commercial electrical markets. Supply-chain integration was another important development. In 2016, Polycab and Trafigura established the 50:50 Ryker Base joint venture to strengthen copper-related backward integration. Polycab acquired complete ownership in May 2020. In November 2021, Ryker Base was acquired by Hindalco Industries, a company of the Aditya Birla Group, in a transaction reported at ₹323 crore. The divestment altered Polycab's copper-integration structure while leaving wires and cables as its central business. Polycab prepared for public-market ownership in October 2018 by filing a draft red herring prospectus with the Securities and Exchange Board of India. The company completed its initial public offering in April 2019, listing on both the National Stock Exchange of India and the Bombay Stock Exchange. The issue was reported as oversubscribed more than 52 times and raised ₹1,346 crore. Public listing increased the company's visibility among Indian institutional and retail investors and provided a new framework for reporting, governance, and capital allocation. In the period covered by the reference material, wires and cables accounted for the dominant share of sales, while fast-moving electrical goods and EPC represented smaller portions. By March 2023, Polycab had 28 manufacturing units across Gujarat, Maharashtra, Karnataka, Uttarakhand, Tamil Nadu, and Daman, along with more than 29 warehouses across India. It was described as India's largest wire and cable manufacturer, with roughly 25% to 26% domestic market share in that segment. The company also appeared in the Fortune India 500 and in several Indian equity indices. The company faced scrutiny in late 2023 after Income Tax Department searches reportedly uncovered alleged unaccounted transactions and expenses. In March 2024, it also reported a ransomware attack attributed to LockBit, while stating that core operations were not significantly disrupted. These events form part of the company's recent public record, alongside its continuing expansion as a diversified Indian electrical-equipment business.

2023
National manufacturing and distribution scale
[1]Polycab Indiaen.wikipedia.org
The company was reported to operate 28 manufacturing units and more than 29 warehouses across India as of March 2023.
2021
Ryker Base sold to Hindalco
[1]Polycab Indiaen.wikipedia.org
Hindalco Industries acquired Ryker Base from Polycab in a transaction reported at ₹323 crore.
2020
Full ownership of Ryker Base
[1]Polycab Indiaen.wikipedia.org
Polycab acquired full ownership of the Ryker Base venture.
2019
Public listing
[1]Polycab Indiaen.wikipedia.org
Following its 2018 prospectus filing, Polycab completed its IPO and listed on India's NSE and BSE.
2017
LED lighting joint venture
2016
Ryker Base established
[1]Polycab Indiaen.wikipedia.org
Polycab and Trafigura formed a 50:50 joint venture to support copper-related backward integration.
2016
Copper-rod joint venture and ceiling-fan manufacturing
2014
Portfolio diversification
[1]Polycab Indiaen.wikipedia.org
Polycab expanded into fans, LED lighting, luminaires, switches, switchgear, solar products, conduits, and accessories.
2014
Expansion into fans and LED lighting
2013
Expanded Nexans manufacturing partnership
[1]Polycab Indiaen.wikipedia.org
Polycab formed a Gujarat-focused joint venture with Nexans in which it held a 49% interest.
2013
Entry into switches
2009
Entry into EPC
[1]Polycab Indiaen.wikipedia.org
The company entered engineering, procurement, and construction, focusing on power-distribution and rural-electrification projects.
2008
Nexans joint venture
[1]Polycab Indiaen.wikipedia.org
Polycab entered a joint venture with Nexans to produce rubber cables for shipbuilding, railway, and wind-power applications.
1998
Daman cable manufacturing facility established
1996
Polycab Wires Private Limited incorporated
1983
Polycab Industries founded
[1]Polycab Indiaen.wikipedia.org
Inder T. Jaisinghani and his brothers formally established Polycab Industries and began manufacturing wires and cables at Halol, Gujarat.
1975
Manufacturing preparations begin
[1]Polycab Indiaen.wikipedia.org
Thakur Industries was established and industrial land was acquired in Andheri for a wire and cable manufacturing facility.
1975
Thakur Industries formed
1968
The next generation began managing the business
1964
Sind Electric Stores established
[1]Polycab Indiaen.wikipedia.org
Thakurdas Jaisinghani established an electrical-products store in Mumbai, creating the commercial roots of the later Polycab business.

Products and positioning

A large Indian electrical-products manufacturer positioned around scale, distribution reach, product breadth, and a strong wires-and-cables franchise. An Indian electrical-products brand anchored in wires and cables, extending into consumer and industrial electrical goods. Its stated brand ideas emphasize connection, innovation, and a brighter future.

Electrical conductors and cables · 1983
Wires and cables
Polycab's core product family includes PVC-insulated wires, power cables, copper and aluminium conductors, bare copper wire, and specialty cable products. The range serves residential, commercial, industrial, infrastructure, transport, and energy applications. Wires and cables are the company's principal business and are distributed through a broad Indian network of warehouses, dealers, contractors, and project customers. The company’s core category, serving residential, commercial, and industrial applications.
Consumer electrical goods · 2014
Electric fans
Electric fans form part of Polycab's expansion into fast-moving electrical goods. The category extends the company beyond building-wire and infrastructure supply into household and commercial appliances, using the brand's established electrical distribution network.
Lighting · 2014
LED lighting and luminaires
Polycab's lighting portfolio includes LED products and luminaires for residential, commercial, and other built-environment applications. The range supports the company's strategy of offering complementary electrical products alongside wires, cables, and distribution hardware. Includes LED lighting products and luminaires.
Electrical distribution equipment · 2014
Switches and switchgear
Switches and switchgear broaden Polycab's presence in electrical-control and distribution systems. These products complement wiring and cable installations and allow the company to address more of the equipment requirements of homes, buildings, commercial sites, and infrastructure projects.
Renewable-energy equipment · 2014
Solar products
Solar products are part of Polycab's wider electrical and energy portfolio. The category gives the company a presence in renewable-energy applications and complements its cable, conduit, and power-distribution capabilities.
Electrical installation products · 2014
Conduits and accessories
Conduits and electrical accessories are installation products designed to be used alongside wires, cables, and other electrical systems. Their inclusion supports Polycab's one-stop positioning for electrical contractors, distributors, building projects, and infrastructure customers.
Engineering, procurement, and construction · 2009
EPC services
Polycab's EPC business provides services spanning design, engineering, supply, execution, and commissioning. It has focused on power-distribution and rural-electrification projects, adding project-delivery capabilities to the company's product-manufacturing operations.
Fans
A consumer electrical product category that includes ceiling fans.
Electrical and home products
The company lists switches, water heaters, switchgear, solar panels, conduits and accessories, and home-automation solutions.

Controversies

2023
Income Tax Department investigation
In December 2023, the Income Tax Department reportedly searched around 50 Polycab offices and identified alleged unaccounted cash sales of ₹1,000 crore, alleged cash payments of ₹400 crore made on the company's behalf by a distributor, and ₹100 crore in expenses described as non-genuine. These were reported allegations and created regulatory and reputational scrutiny for Polycab.
Source

2021
Divestment of Ryker BaseM&A
Background
After obtaining full ownership of Ryker Base in 2020, Polycab reassessed its copper-integration structure.
Action taken
Ryker Base was sold to Hindalco Industries, an Aditya Birla Group company.
Aftermath
The reported transaction value was ₹323 crore, and Polycab exited direct ownership of the venture.
Reported transaction value. ₹323 crore (November 2021)
Source
2019
Initial public offering and stock-market listingM&A
Background
After filing a draft red herring prospectus in 2018, Polycab pursued public-market access and a formal listed-company structure.
Action taken
The company completed its IPO in April 2019 and listed on the National Stock Exchange of India and the Bombay Stock Exchange.
Aftermath
The issue was reported to have been oversubscribed more than 52 times and raised ₹1,346 crore.
IPO proceeds. ₹1,346 crore raised (April 2019 IPO)
Source
2016
Copper backward integration through Ryker BaseStrategy
Background
Copper is a major input for wire and cable manufacturing, making supply security and raw-material integration strategically important.
Action taken
Polycab formed a 50:50 joint venture with Trafigura named Ryker Base.
Aftermath
Polycab later acquired full ownership in 2020 before Ryker Base was sold to Hindalco Industries in 2021.
Source
2014
Expansion into consumer and building electrical goodsStrategy
Background
The company aimed to diversify its product base and use its electrical distribution capabilities across more categories.
Action taken
Polycab added fans, LED lighting and luminaires, switches and switchgear, solar products, conduits, and accessories.
Aftermath
The company developed a broader electrical-products platform, although wires and cables remained its principal business.
Source
2009
Entry into engineering, procurement, and constructionStrategy
Background
Polycab sought to extend its role beyond manufacturing electrical products into the delivery of power-distribution and rural-electrification projects.
Action taken
The company established an EPC business covering design, engineering, supply, execution, and commissioning.
Aftermath
EPC became a complementary business alongside the company's much larger wires-and-cables operations.
Source
Diversification beyond cablesOther
Manufacturing partnerships and capability expansionOther

Recent events

2024
Polycab reports ransomware incident attributed to LockBit[1]Polycab Indiaen.wikipedia.org
Other
In March 2024, Polycab disclosed that its information-technology infrastructure had been targeted in a ransomware incident attributed to the LockBit group. The company stated that the event did not materially affect its core systems or operations.
2023
Polycab joins Fortune India 500 ranking[1]Polycab Indiaen.wikipedia.org
Other
Polycab was listed in the Fortune India 500 ranking for the fifth consecutive year through 2023, reflecting its scale within India's electrical-equipment sector.

Sources8 sources

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