Polycab’s Key Role in India’s Electrical Evolution
17 Jul 2024
As India gears up to become a $5 trillion economy in the next few years, the nation is witnessing an infrastructure boom, with ambitious projects taking shape across the country. From state-of-the-art transportation networks to smart cities and renewable energy initiatives, India is undergoing a dramatic transformation. As infrastructure expands, industries modernize, and urbanization gathers pace, the need for high-quality wires, cables, and electrical goods has become paramount. Polycab, a leading manufacturer of wires, cables, and fast-moving electrical goods (FMEG), with a revenue of Rs 180 billion during FY24 is at the forefront of meeting this rising demand, contributing significantly to India’s electrifying growth.
Powering India’s Infrastructure Boom
India’s infrastructure sector is witnessing an unprecedented boom, driven by government initiatives, private investments, and rapid urbanization among others. From ambitious projects such as the Bullet Train and Smart Cities to the expansion of metro rail networks and the development of renewable energy sources, the demand for high-quality electrical products is soaring.
As India embarks on these ambitious missions, Polycab has emerged as a trusted partner, contributing its expertise and high-quality products to some of the country’s most iconic developments. The company’s cables have been used in marquee projects such as the Kolkata Underwater Metro Station, the Atal Tunnel, the INS Vikrant aircraft carrier, the Surat International Airport, the world's largest commercial complex – the Surat Diamond Bourse, the Samruddhi Maha Marg (Mumbai-Nagpur Expressway), and the iconic Shri Ram Mandir in Ayodhya.
Pioneering Innovation and Quality
The company’s success can be attributed to its unwavering focus on innovation and quality. Polycab boasts a state-of-the-art NABL ISO 17025-certified R&D center, that supports its manufacturing processes and develops cutting-edge products and solutions while maintaining rigorous quality standards.
Polycab has also introduced intelligently designed MCBs (Miniature Circuit Breakers) with instant tripping technology, ensuring reliability, safety, and an uninterrupted power supply to consumers. Additionally, the company has launched a range of star-rated ceiling fans, including designer, celebration, and tech series, catering to diverse consumer preferences.
Another innovative offering is line of smart home automation products – Hohm. This product line caters to the rapidly growing market for smart homes, valued at $4.43 billion, and empowers modern-day consumers with an enriched and smarter lifestyle.
The company’s effort to stay ahead of the curve is also linked to its recently renewed brand identity that reflects Polycab’s commitment to innovation, technology, safety, and sustainability, leading to its brand purpose of “Connecting all to a brighter future.”
Next in line, its “Winning with new products” strategy involves identifying gaps and opportunities in the market and developing a comprehensive portfolio roadmap of new offerings for key B2C businesses. To spearhead this innovative approach, Polycab has established a dedicated New Product Development (NPD) Council, tasked with driving product innovation across all its businesses. This strategic initiative ensures that the company remains at the forefront of customer requirements and technological advancements, consistently delivering solutions that meet and exceed market expectations.
Project Leap Transforming Operations
Project Leap is a pivotal initiative of Polycab, that significantly enhances its contribution to India’s electrifying growth. By setting an ambitious target of achieving a top line of Rs 200 billion by FY26, the project underscores Polycab’s commitment to scaling its operations and impact. Key themes under this project are customer centricity, go to market excellence, winning with new products, and setup of right organizational enablers. This strategic overhaul is aimed at streamlining operations across both B2B and B2C segments, ensuring that the company can meet the burgeoning demand for electrical products and solutions in India with greater agility and precision. It is imperative to note that Polycab has made tremendous progress in each of these key areas over the past three years, thereby enhancing operational efficiency and strategic alignment.
Fueling India’s Energy Transition
As India embraces a greener future, Polycab has emerged as a key enabler of the country’s renewable energy transition. With Polycab Renewable, the Company has forayed into the renewable energy sector with the goal of leveraging its expertise in electrical industry to make renewable energy accessible as well as affordable for residential and commercial consumers. The company’s specialized solar cables have been instrumental in numerous solar power projects across the nation, contributing to India’s ambitious goal of achieving 50% of its energy requirements from non-fossil fuel sources by 2030.
These cables are designed to meet the highest industry standards, ensuring optimal performance and durability in even the harshest environmental conditions. High-quality solar DC cables also play a vital role in maximizing the efficiency of solar plants by minimizing energy losses during transmission. This not only boosts the overall performance of the system but is also essential for achieving optimal energy output from solar installations.
Overall, with a deep understanding of the unique challenges and opportunities posed by renewable energy projects, the company has developed tailored solutions that cater to the specific needs of this rapidly growing sector.
Empowering India’s FMEG Growth
Polycab’s contribution to India’s growth extends beyond its core wires and cables business. The company has established a strong presence in the FMEG (Fast-Moving Electrical Goods) segment, offering a diverse range of products such as fans, lighting, switches, switchgears, water heaters, pipes, conduits, and solar products.
With India’s favorable demographics, rising disposable incomes, rapid urbanization and shift towards branded players, the demand for FMEG products is witnessing a remarkable surge. Polycab is well-positioned to capitalize on this growth, leveraging its strong brand recognition, extensive distribution network, and innovative product portfolio. Recently, it has also implemented targeted initiatives to unlock potential in untapped markets, fostering inclusive growth and market diversification.
In the FMEG sector, the company’s key focus has been on the premiumization of offerings, as the sector deals with products having short product life cycles and is prone to stiff competition. Therefore, to maintain their market share and sustain product lines, it is important for organizations to understand the market momentum and innovate continuously.
Driving Sustainable and Responsible Growth
Polycab’s commitment to sustainability and responsible growth is exemplified by its comprehensive Environmental, Social, and Governance (ESG) framework. The company has implemented initiatives to minimize its operational impact on the environment, accelerate the transition to a low-carbon future, and support value chain partners in adopting sustainable practices.
The company’s eco-friendly initiatives include the development of green wires, BLDC (Brushless Direct Current) fans, and other energy-efficient products. The company is also exploring opportunities in waste and water recycling, renewable energy, and inclusive growth initiatives through its corporate social responsibility (CSR) programs.
Embracing Digital Transformation
Embracing digital transformation in the wires and cables industry can significantly contribute to India’s rapid expansion by enhancing efficiency, quality, and scalability. Advanced digital technologies such as IoT, AI, and data analytics can revolutionize manufacturing processes, enabling real-time monitoring and predictive maintenance, which reduces downtime and improves production efficiency. These technologies facilitate the creation of smart cables that can communicate operational data, aiding in the quick identification of issues and minimizing energy losses. By integrating digital solutions, wires and cables companies can ensure higher standards of product quality, greater operational transparency, and faster response times, all of which are critical to supporting India’s rapid urbanization and infrastructure development.
Recognizing the importance of digital transformation in today’s rapidly evolving business landscape, Polycab has embarked on a comprehensive digital journey. The company’s digital vertical aims to drive business objectives through the complete digitalization of sales processes, improving customer experience, and leveraging data analytics to gain a better understanding of customer demand. The company believes in establishing a lasting connection with end-consumers for generations, and technology is a powerful enabler in realizing this vision.
Looking Ahead: Powering India’s Future
As India continues its path of electrifying growth, Polycab remains committed to being a catalyst for this transformation. The company’s strategic initiatives, under the umbrella of “Project LEAP”, aims to position Polycab as a future-ready organization, capable of meeting the ever-evolving demands of the Indian market.
Polycab’s goal is to become the premier provider for all consumer electrical needs by offering a comprehensive suite of products to its customers. Building on remarkable success as a customer-centric organization, Polycab is now poised to expand its reach, aiming to deliver uniform and exceptional customer satisfaction across all industry segments and sub-segments we serve. By specializing in diverse areas, Polycab intends to set new standards of excellence and innovation in the marketplace.
With its strong manufacturing capabilities, extensive distribution network, and unwavering commitment to innovation and quality, the company is poised to play a pivotal role in powering India’s electrifying growth, contributing to the nation’s economic success and sustainable development.
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