Polycab India Launches New Unit to Bolster EPC Infrastructure Business

Polycab India Limited has established a new, wholly-owned subsidiary named Polycon Infra Projects Private Limited (PIPPL). The new unit has an authorized capital of ₹1 Crore and a paid-up capital of ₹10 Lakh.

New Subsidiary Formed

Polycab India officially incorporated its new wholly-owned subsidiary, Polycon Infra Projects Private Limited (PIPPL), on April 24, 2026. PIPPL will operate as an extension of Polycab's business, focusing on Engineering, Procurement, and Construction (EPC) projects. Its primary activities will target key sectors such as power distribution, transmission, and telecommunications.

Strategic Expansion into EPC

This strategic move aims to bolster Polycab's presence and capabilities in the Engineering, Procurement, and Construction (EPC) sector, opening doors to new revenue streams and project opportunities. The creation of a dedicated entity is intended to improve project execution efficiency and meet the increasing demand for infrastructure development.

Polycab's EPC Background

Polycab India is a leading manufacturer in India's wires and cables market. The company already operates an established EPC division, handling turn-key projects for power distribution and transmission. Historically, Polycab has utilized subsidiaries to support its expansion, including units for manufacturing components and electrical goods trading. Its capacity for EPC execution has been demonstrated through participation in government projects such as BharatNet.

Impact of the New Unit

The establishment of PIPPL provides Polycab with a dedicated entity for focused EPC project execution. This allows the company to pursue larger and more specialized projects within the power and telecom infrastructure sectors. It also opens up potential for diversified revenue streams beyond its core wires, cables, and FMEG businesses, while enhancing its ability to integrate its product portfolio into EPC contracts.

Potential Challenges

Executing EPC projects involves inherent risks, including challenges with project timelines, cost management, and securing regulatory approvals. Investors will also note past scrutiny regarding tax and governance issues, though recent filings suggest ongoing compliance.

Competitive Landscape

In the broader electrical and infrastructure market, Polycab competes with companies like Havells India, KEI Industries, Finolex Cables, and R R Kabel. KEI Industries is a notable direct competitor, also possessing a strong footprint in EPC projects.

Key Financials and Order Book

For the fiscal year 2024-25, Polycab India reported significant growth, with revenue reaching ₹224,083 million, a 24% year-on-year increase. EBITDA grew by 19% year-on-year to ₹29,602 million. The company also holds a robust open order book of approximately ₹70 billion for its EPC business, slated for execution over the next three years.

Investor Watchlist

Investors will be watching the pace and scale of projects undertaken by the new subsidiary, PIPPL. Key metrics to track include PIPPL's revenue contribution and its overall impact on Polycab's financial performance. The company's ability to secure and successfully execute new EPC contracts will also be closely monitored, alongside any further strategic initiatives in infrastructure development.