Polycab India firms up ₹600 crore capex plan; aims ₹2,000 cr worth exports.

Wires and cables manufacturer Polycab India is eyeing ₹2,000 crore of exports by FY26, as it targets greater presence in European Union nations, the US and Australia.

The company has already firmed up a ₹600 crore capex on an annualised basis, for both brownfield and greenfield expansion, as it looks to cater to increased demand from overseas markets.

According to Gandharv Tongia, Executive Director and CFO, Polycab India, expansion will happen across existing facilities at Gujarat and Daman; including setting up of new manufacturing lines that will cater to new products for which the Polycab is entering into a tie-up with an international player.

Capex plans are to be funded from internal resources.

“Our cash position as on December 31, 2022 is around ₹1,800–1,900 crore. So the ₹600 crore capex, on an annualised basis can be done through our own resources. Moreover, we are also looking at possible acquisitions to shore up our export options,” he told businessline.

According to Tongia, the export shore-up plan is a part of the company’s target to achieve ₹20,000 crore worth of sales across its two prime verticals, namely cables and wires and fast moving electric goods. And 10 per cent of the consolidated turnover will be coming in from exports.

HBL