MOTILAL OSWAL ON CABLES & WIRES SECTOR Retain Buy on Polycab, target price ₹7,250 Buy on Voltamp, target price ₹1,600 Neutral on Havells, target price ₹1,700 Neutral on KEI Industries, target price ₹3,500 Neutral on RR Kabel, target price 1,230 Capex-driven supply to be absorbed by strong demand growth At ~13% demand CAGR (FY25-30), incremental demand (1738.3b) expected to exceed incremental supply (561.0b) Export tailwinds strong with 19% CAGR in FY20-25, led by US, EU, and Middle East demand Global grid capex projected to double by 2030; India well-positioned with certifications and cost edge