Johnsoncab Electricals Ltd. IPO

The Indian cables and wires industry remains fragmented, though the organized segment has been steadily gaining share from unorganized players — from roughly 70% in FY22 to an estimated 74–80% of the market by FY26, aided by tightening BIS quality-control enforcement (see Regulatory ... Framework below) and rising quality consciousness among institutional buyers. Within the organized segment, no single player currently holds more than roughly a quarter of the market, reflecting continued headroom for scaled and regional players alike. Illustrative organized-market shares as of 2025–26 include: * Polycab India — the largest listed player, with an organised-market share estimated in the range of ~25–27%, built on an extensive dealer/distribution network and continued capex-led capacity additions; * KEI Industries — the second-largest listed player, with an estimated ~9% share of the overall market (~13% of the organised segment), with a particular strength in EHV/turnkey project cables; * Havells India, RR Kabel and Finolex Cables — each holding high-single-digit to low-double-digit shares of the organised market, competing on brand, distribution reach and specific product-segment strength (e.g., house wires, FMEG cross-sell). Competitive intensity is rising from new, well-capitalised entrants outside the traditional peer set: Adani Enterprises (through its Kutch Copper subsidiary) has formed a joint venture, Praneetha Ecocables, to enter cable manufacturing, while UltraTech Cement (Aditya Birla Group) has announced a ?1,800 crore investment in a greenfield wires-and-cables plant at Bharuch, Gujarat, targeted for commissioning by December 2026. These entries reflect the sector's attractive growth and margin profile but are a relevant competitive risk factor for existing and prospective issuers in the space. Read more