India’s electrical equipment and goods industry is one of the best-positioned sectors for the next decade, supported by government infrastructure spending, the renewable energy transition, the EV revolution, and rising consumer demand. India’s wires and cables market alone is at around USD 23.1 billion in 2026 and is expected to reach USD 35.6 billion by 2031, growing at a CAGR of 9.01 percent according to Mordor Intelligence. The Union Budget 2026-27 increased capital expenditure to Rs 12.2 lakh crore, up from Rs 11.2 lakh crore in the previous year, directly benefiting electrical equipment demand. Polycab leads the wires and cables segment with around 27 percent market share of India’s organised market and a market capitalisation of Rs 1,05,646.44 crore, while Havells, Siemens, ABB, and BHEL represent the broader quality picks across the electrical equipment theme. Let us have a look at the top 10 electrical companies in India for the year 2026.
1. Polycab India Limited
Polycab India, founded in the year 1996 and headquartered in Mumbai, has established itself as the leading manufacturer of wires and cables in the country, commanding a significant 25 to 27 percent share of the organised market with a market capitalisation of Rs 1,05,646.44 crore. The company attributes 84 to 88 percent of its revenue to its core cables business while actively expanding its Fast Moving Electrical Goods portfolio including fans, LED lighting, and household appliances, and operates 28 manufacturing units across six states with a combined production capacity of 6 million kilometres annually.
Polycab serves residential, industrial, and infrastructure construction markets across India with its comprehensive wires, cables, and FMEG product range, and its market leadership, strong distribution network, and exposure to infrastructure and housing demand make it the most closely watched electrical company in India.
2. Havells India Limited
Havells India, founded in the year 1958 and headquartered in Noida, manufactures a range of products for industrial and household use spanning household circuit protection devices, wire and cable, fans, switches, and home appliances, and owns several famous brands including Lloyd, Crabtree, and Standard. The company reported total revenue of INR 185.5 billion with cable revenue of INR 63.18 billion representing 34 percent of total revenue, and operates more than 12 production facilities serving consumer and industrial electrical needs across India.
Havells India serves residential consumers, industrial buyers, and commercial establishments with its comprehensive electrical and appliance portfolio, and is one of India’s most trusted electrical brands known for energy efficiency, safety, and innovation across its diverse product lines including its Lloyd air conditioning business.
3. Siemens Limited
Siemens Limited, representing a global powerhouse in electrical engineering and technology with a rich history spanning over 170 years since its founding in Berlin, Germany in 1847, is a significant player in India’s energy technology, smart infrastructure, and electrification segment. The company is recognised as a top contributor to the EV ecosystem, providing essential components and solutions for electric mobility infrastructure, and trades at premium valuations reflecting its global parent backing and advanced industrial automation technology.
Siemens India serves industrial automation, smart grid, railway automation, and digital infrastructure clients with its premium engineering and electrification solutions, and benefits from smart grid, railway automation, and industrial digitisation trends supported by its strong global parent backing.
4. ABB India Limited
ABB India Limited, the Indian subsidiary of Swiss-Swedish conglomerate ABB Group, is a global leader in industrial electrification, automation, and robotics with a strong presence in India’s manufacturing and industrial automation sector. The company serves companies upgrading factories to robotics, energy-efficient motors, and power control systems, and trades at premium valuations alongside Siemens, reflecting global parent backing and advanced product technology in industrial electrification.
ABB India serves industrial manufacturers, EV charging infrastructure developers, and power utilities with its electrification, automation, and robotics solutions, and is a direct beneficiary of India’s EV infrastructure rollout which requires substantial cables, switchgear, and transformers from companies with ABB’s technical depth.
5. Bharat Heavy Electricals Limited (BHEL)
Bharat Heavy Electricals Limited is India’s largest power equipment manufacturer producing steam turbines, generators, switchgear, and transformers for power plants, and is described as a turnaround play transitioning from a loss-making PSU to profitability with a massive order book providing three or more years of revenue visibility. The company’s transformation from losses to profit, supported by a substantial order book, has made it an attractive consideration for investors seeking exposure to India’s power sector capital expenditure cycle.
BHEL serves power generation companies, state electricity boards, and industrial clients with its heavy electrical equipment for power plants, and its turnaround from losses to sustained profitability represents one of the most closely watched PSU electrical company recovery stories in India’s stock market.
6. Schneider Electric India
Schneider Electric, a global leader with a strong foothold in the Indian market, offers energy management and automation solutions that are both smart and sustainable, and is known for integrating IoT technology into its electrical solutions to make power management more efficient and reliable. The company’s range of products for the electrical and automation segment includes circuit breakers, switches, meters, and load banks, alongside switchboards, sensors, substation automation systems, and digital security control systems, with the company also offering solar home systems in the renewable segment.
Schneider Electric India serves homes, industries, and infrastructure projects with its energy management and automation solutions, and its strong consumer trust, innovation focus, and energy efficiency positioning make it one of the most respected global electrical brands operating in the Indian market.
7. KEI Industries Limited
KEI Industries has established itself as a formidable player in India’s wires and cables market through aggressive expansion and international market penetration, holding the number two position in the organised market with revenue of INR 97.36 billion in FY25 and 19.89 percent revenue growth. The company holds a 9 percent market share through project verticals in EHV turnkey contracts, and has set ambitious growth targets including reaching INR 10,000 crores by FY26 and INR 20,000 crores by 2030.
KEI Industries serves industrial, infrastructure, and project-based cable buyers with its house wires, control cables, high-voltage cables, and rubber cables, and is particularly recognised for its strong capacity expansions and aggressive growth targets that position it as India’s fastest-scaling cable manufacturer.
8. CG Power and Industrial Solutions (Crompton Greaves)
CG Power and Industrial Solutions, formerly known as Crompton Greaves, has a long-standing history in the Indian electrical industry specialising in manufacturing transformers, switchgear, and other power systems. The company has been instrumental in building India’s power infrastructure, particularly in the transmission and distribution sectors, and represents one of India’s most historically significant power equipment manufacturers with decades of experience in critical electrical infrastructure.
CG Power serves power utilities, transmission companies, and industrial clients with its transformers, switchgear, and power systems, and its decades-long legacy in building India’s power transmission and distribution infrastructure gives it deep technical credibility in the country’s critical electrical grid equipment market.
9. V-Guard Industries Limited
V-Guard Industries, started in the year 1977 to make a difference in the electrical goods industry in India, became a household name in South India because of its voltage stabilisers, with total sales of Rs 2,566 crore and a market capitalisation of Rs 7,186 crore. The company has extended its reputation into wires and cables with products like triple-layer insulated house wires under the Superio and Classo Plus brands, emphasising high-purity copper conductors and layered insulation, and also makes inverters, batteries, water heaters, domestic pumps, switches, and home appliances.
V-Guard serves homeowners across South India and increasingly pan-India markets with its voltage stabilisers, wires, and home appliances, and is a market leader in voltage stabiliser production while expanding into safety-focused branded house wires that build on its decades of consumer electrical trust.
10. Apar Industries Limited
Apar Industries, founded in the year 1958, makes conductors, cables, and transformer oils, exporting to over 140 countries and supplying major power utilities, playing an important role in India’s renewable and transmission infrastructure growth. The company’s specialised focus on power transmission components including conductors and transformer oils positions it as a critical but less consumer-visible participant in India’s electrical infrastructure supply chain, with significant international export reach.
Apar Industries serves power utilities, transmission companies, and international markets across 140 plus countries with its conductors, cables, and transformer oils, and its specialised focus on power transmission infrastructure components makes it a strategically important supplier for India’s expanding electricity grid and renewable energy transmission needs.
Frequently Asked Questions (FAQs)
Q: Which is the largest electrical company in India in 2026?
A: Polycab India is India’s largest wires and cables manufacturer commanding approximately 25 to 27 percent of the organised market with a market capitalisation of Rs 1,05,646.44 crore. Havells India is the largest diversified electrical goods company by overall product range including appliances. BHEL is the largest power equipment manufacturer for power plant infrastructure.
Q: What is the size of India’s wires and cables market in 2026?
A: India’s wires and cables market is at around USD 23.1 billion in 2026 and is expected to reach USD 35.6 billion by 2031, registering a CAGR of 9.01 percent according to Mordor Intelligence. Growth is driven by power transmission network expansion, renewable energy projects, data centres, 5G infrastructure, and the government’s increased capital expenditure of Rs 12.2 lakh crore in the Union Budget 2026-27.
Q: How is the EV revolution affecting electrical companies in India?
A: EV charging infrastructure requires substantial cables, switchgear, and transformers, directly benefiting companies like ABB India, Polycab, and KEI Industries. As EV adoption accelerates in India, demand for specialised EV-grade cables, charging station components, and grid infrastructure to support EV charging networks is expected to be one of the fastest-growing demand segments for India’s electrical equipment industry over the next decade.
Q: Which electrical company stocks are considered the best investments in 2026?
A: Polycab is considered the quality large-cap pick as the market leader in cables and wires with consistent 15 percent plus revenue growth. Havells is seen as a consumption play through its growing Lloyd AC business. BHEL is viewed as an attractive turnaround story moving from losses to profitability with a massive order book. ABB and Siemens are seen as premium quality picks backed by their global parent companies, though they trade at premium valuations of 60 to 80 times earnings.
Q: What government policies are supporting India’s electrical industry?
A: The PLI scheme for white goods benefits companies like Havells through its Lloyd AC manufacturing business. The government’s renewable energy target of 500 GW of non-fossil fuel capacity by 2030 is driving investments in transmission and distribution infrastructure. The increased Union Budget 2026-27 capital expenditure of Rs 12.2 lakh crore directly supports demand for electrical equipment across power, infrastructure, and construction sectors.
