India cable sector seen rising 30%

Crisil Ratings said on June 2 that India’s cable and wire industry could post revenue growth of 28%-30% in fiscal 2027, with higher metal prices and demand from power, renewable energy, real estate and data centre projects lifting sales. The forecast, cited by Indian business media on Tuesday, aligns with investor commentary that has tied the sector’s next leg of growth to grid spending and energy infrastructure. The call comes as Adani Group disclosed record capital expenditure for fiscal 2026 and as India’s equity market lost ground in global rankings after continued foreign outflows. Those three data points sit in the same chain: more infrastructure spending, more demand for cables, and a weaker backdrop for Indian equities overall. ### Where does the 30% growth figure come from? Crisil Ratings said the estimate comes from a review of 17 cable and wire manufacturers that account for about 70% of the organised sector’s revenue base of roughly ₹1 lakh crore. The agency said fiscal 2027 growth would be driven primarily by companies passing through elevated raw-material costs, alongside sustained demand from power, renewable energy, real estate and data centre projects. (manufacturing.economictimes.indiatimes.com) The Financial Express reported that copper and aluminium prices had risen by as much as 27%, adding to the pricing tailwind for manufacturers. That matters because cable and wire makers typically move metal costs through to customers with a lag, which can lift reported revenue even when volume growth is lower than headline sales growth. (manufacturing.economictimes.indiatimes.com) ### Why are renewables, data centres and grids central to the story? Power and transmission spending has become a larger source of demand because cables account for a bigger share of transmission and distribution projects than they do in ordinary construction work. Industry reports and market commentary have also pointed to data centres as an expanding end-market, with wire and cable forming a meaningful part of project capex. (financialexpress.com) India’s clean-energy buildout has also accelerated. The International Energy Agency said India’s clean energy investment reached $68 billion in 2023, up nearly 40% from the 2016-2020 average, adding to the pipeline for power equipment and grid-linked suppliers. ### How does Adani’s spending fit into the cable-sector thesis? Adani Group companies reported record capital expenditure of ₹1.53 lakh crore, or about $16.1 billion, in fiscal 2026, according to company disclosures reported on June 2. (news.abplive.com) The group said nearly 80% of that investment went into energy, utilities, transport and logistics, sectors that are heavy users of cable, transmission and balance-of-system equipment. (iea.org) That spending figure does not by itself define the entire sector pipeline, but it gives investors a current example of the scale at which Indian infrastructure groups are deploying capital. Saurabh Tyagi’s reference to a broader ₹9-12 lakh crore power and grid pipeline is consistent with the sector’s dependence on large, multi-year utility and transmission programs, though that specific pipeline figure was not independently confirmed in the sources reviewed for this article. (economictimes.indiatimes.com) ### Why is this being discussed alongside India’s stock-market slide? Reuters reported on June 2 that India slipped to seventh in global equity market capitalisation as South Korea moved ahead, after heavy foreign selling, weak earnings growth and limited exposure to AI-linked stocks. Social-media posts cited $26.4 billion of foreign institutional investor outflows in 2026; Reuters separately reported sustained foreign selling as a central factor in the ranking decline. (economictimes.indiatimes.com) The contrast is that sector-level industrial demand can remain firm even as the broader market loses relative position. For cable and wire stocks, the next formal checkpoint is company commentary and results through fiscal 2027, while Crisil’s June 2 sector estimate and Adani Group’s fiscal 2026 capex disclosure remain the clearest current markers. (manufacturing.economictimes.indiatimes.com) (msn.com)