MOTILAL OSWAL ON CABLES & WIRES SECTOR Cables & wires exports expected to post 14% CAGR over FY25-30 Competitive intensity rising amid large capex by Incumbents and new entrants Valuations have de-rated, but Polycab stands out with ~20% market share and industry-best margins Cables & wires industry to post ~13% CAGR over FY25-30, reaching ₹1.6t, driven by infra, renewable energy, data centers, EV, and real estate Higher capex may weigh on ROCE and limit margin expansion near term Copper and aluminum volatility and price cuts to weigh on near-term margins