BOFA SECURITIES ON WIRES & CABLES SECTOR ; PREFERS POLYCAB & KEI OVER HAVELLS

• BofA Securities retains its 14% industry CAGR forecast over FY26–29 despite recent stock price corrections. • Expects the wires and cables industry to grow from ₹1.27 trillion in FY26 to ₹1.9 trillion by FY29. • Stress-case analysis suggests 12–13% industry growth even under weaker demand assumptions. • Global electrification, power infrastructure investments and exports expected to drive long-term industry growth. • BofA Securities prefers Polycab and KEI Industries over Havells India. • Cuts target prices by 14–24% across covered companies, reflecting a valuation reset despite strong industry growth prospects.

D P WIRES LIMITED

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