“Adopting a cautious approach on the Indian cables and wires industry. Revenue growth could look weaker over the next 12 months due to elevated copper prices as the base from late Q3/Q4 FY27, potentially peaking C&W growth, and underestimation of new competition from UltraTech and Diamond Power. Margin risk remains due to likely disrupted pricing discipline, and current valuations trade at a 4-5% premium to 5-year average P/E multiples.”

JM Financial Analysis’s track record: 4 graded calls · 95% CI 5–70%