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JM Financial downgrades three cable and wire stocks, triggering sharp selloff

Shares of Polycab India, KEI Industries, and RR Kabel fell sharply on Wednesday after JM Financial downgraded its ratings on the stocks, citing concerns over the growth outlook for India's cables and wires industry. The brokerage flagged slowing volume growth, rising competition, and rich valuations as key risks.

By Tertius News AI Desk 2 distinct · 2 mastheads · 2 articles Version 1 Coverage Sep 2, 2026 Published 6h ago

distinct = voices after wire copies and reprints of the same article collapse; mastheads = publisher names; articles = URLs

Shares of Polycab India, KEI Industries, and RR Kabel fell sharply on Wednesday after brokerage firm JM Financial downgraded its ratings on the three cable and wire (C&W) companies, citing concerns over the sector's growth outlook.

RR Kabel shares slumped 7.29% to hit a day's low of ₹2,658.80, while KEI Industries declined 3.02% to ₹5,174. Polycab India fell 2.08% to ₹8,732, as per Business Today. CNBC TV18 reported that the three stocks were trading with losses of between 1% and nearly 8% during Wednesday's session.

The downgrades come after JM Financial cut Polycab India and KEI Industries to 'add' from 'buy', while RR Kabel was lowered to 'reduce' from 'add'. The brokerage has set 12-month target prices of ₹9,550 for Polycab, ₹5,750 for KEI Industries, and ₹2,750 for RR Kabel, as per both Business Today and CNBC TV18.

In a note, JM Financial raised three key questions around the Indian C&W industry, including the absence of volume growth after a period of strong growth. The brokerage said that elevated copper prices from late Q3 FY27/Q4 FY27 could result in weaker revenue growth over the next 12 months.

The brokerage also highlighted the potential impact of new competition, estimating that Ultratech and Diamond Power could cumulatively generate around ₹17,000 crore in revenue by FY29, translating into an estimated 11-12% market share. JM Financial added that competition from players such as Crompton and Bajaj could also be a factor for the industry.

According to the brokerage, the Indian C&W industry could be worth ₹1.52 lakh crore by FY29, implying a 15% CAGR. Adjusting for new competition, the addressable domestic opportunity could be ₹1.35 lakh crore, resulting in a FY26-FY29 CAGR of 10.5%, or around 12-13% including exports.

JM Financial said valuations also warrant a closer look as investors assess the sector's growth outlook. According to it, select C&W stocks are currently trading at a 4-5% premium to their five-year and around 25% premium to their long-term average price-to-earnings multiples.

The brokerage said that with growth tapering and margins peaking, Polycab is the most susceptible among the three stocks, followed by RR Kabel and KEI Industries.

As of 08 pm, shares of Polycab were trading 8% lower at ₹8,825 apiece, KEI Industries were down 2% at ₹5,177.5, and RR Kabel were down 5% at ₹2,654 apiece, CNBC TV18 reported.

How each outlet told it

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Business Today

Framing: The headline emphasizes the stock price decline and the downgrade by JM Financial, highlighting the negative market reaction and the brokerage's action

as of Sep 2, 2026, 9:16 AM UTC

Facts Included:

Shares of RR Kabel Ltd, KEI Industries Ltd and Polycab India Ltd came under pressure in Wednesday's trading session
JM Financial downgraded its ratings on the three stocks, citing concerns over the growth outlook for the cables and wires (C&W) industry
The domestic brokerage cut Polycab India and KEI Industries to 'Add' from 'Buy', while RR Kabel was lowered to 'Reduce' from 'Add'
The brokerage has set 12-month target prices of Rs 9,550 for Polycab, Rs 5,750 for KEI Industries and Rs 2,750 for RR Kabel
JM Financial raised three key questions around the Indian C&W industry
The brokerage said that after a period of strong growth, the industry needs to be assessed for the absence of volume growth, while elevated copper prices from late Q3 FY27/Q4 FY27 could result in weaker revenue growth over the next 12 months
The brokerage also highlighted the potential impact of new competition. It estimates that Ultratech and Diamond Power could cumulatively generate around Rs 17,000 crore in revenue by FY29, translating into an estimated 11-12 per cent market share
JM Financial added that competition from players such as Crompton and Bajaj could also be a factor for the industry
JM Financial said valuations also warrant a closer look as investors assess the sector's growth outlook. According to it, select C&W stocks are currently trading at a 4-5 per cent premium to their five-year and around 25 per cent premium to their long-term average P/E multiples
The brokerage said that with growth tapering and margins peaking, Polycab is the most susceptible among the three stocks, followed by RR Kabel and KEI Industries

Read the source article →

CNBC TV18

Framing: Headline emphasizes downgrades by JM Financial and the resulting stock price drop of up to 8%. — Measured and analytical, focusing on market reactions and brokerage views.

as of Sep 2, 2026, 10:46 AM UTC

Facts Included:

JM Financial downgraded Polycab and KEI Industries to "add" from their previous "buy" recommendations and it now has a "reduce" rating on RR Kabel from its previous "add" recommendation.
Polycab India, KEI Industries and RR Kabel were trading with losses between 1% to nearly 8% on Wednesday, September 2, after brokerage firm JM Financial downgraded their ratings.
JM Financial has a target price of ₹9,550 on Polycab, indicating an upside of 4%.
Target of ₹5,750 on KEI industries, indicating an upside of 5%.
₹2,750 price target on RR Kabel, indicating a downside of 2% from its previous close.
JM Financial said that after a strong growth rally, it is time to question the absence of volume growth.
Revenue growth could also look weaker over the next 12 months, according to the note.
JM Financial said the key question is whether the street is underestimating new competition?
It estimates Ultratech and Diamond Power to cumulatively command ₹17,000 crore revenue by the financial year 2029, and have 11%-12% of the total market share in this space.
JM Financial said that at present, the cables and wire stocks are trading at a 4-5% premium from their five-year and a 25% premium to their long-term average price-to-earnings multiple.
On tapering growth and peaking margin, Polycab is most susceptible to this risk, followed by RR Kabel and lastly KEI Industries, it added.
Shares of Polycab were trading 8% lower at ₹8,825 apiece, KEI Industries were down 2% at 5 and RR Kabel were down 5% at ₹2,654 apiece at 08 pm.

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What was claimed, and who backed it

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Each row is one claim, attributed to the outlet whose wording states it most clearly. Confidence rates how directly the source text states the claim — explicit and unhedged rates high; hedged, pieced-together, or internally inconsistent statements rate lower. It does not measure whether the claim is true. Status is Contested when two claims on this page negate each other; otherwise it counts the mastheads we found asserting that specific claim — so a single-source claim can still show high confidence, and a multi-source claim can show medium. Every one of those outlets is named beside the status, so you can check the count against the list. For claims extracted before we began storing that list, the row says so: it names the outlet the claim is quoted from and states that we have not recorded which outlets backed it. Outlets wrote at different times, so a figure that evolves — a casualty count, for example — can legitimately differ between rows; check the "as of" time next to each claim's source.

Claim	Confidence	Status
ClaimJM Financial downgraded Polycab India and KEI Industries to 'Add' from 'Buy', and lowered RR Kabel to 'Reduce' from 'Add'.	ConfidenceHigh	StatusMulti-source (2 outlets · 2 distinct) via CNBC TV18 as of Sep 2, 2026, 10:46 AM UTC, Business Today as of Sep 2, 2026, 9:16 AM UTC
ClaimShares of Polycab India, KEI Industries, and RR Kabel traded lower on Wednesday after JM Financial downgraded their ratings.	ConfidenceHigh	StatusMulti-source (2 outlets · 2 distinct) via CNBC TV18 as of Sep 2, 2026, 10:46 AM UTC, Business Today as of Sep 2, 2026, 9:16 AM UTC
ClaimJM Financial set a 12-month target price of ₹9,550 for Polycab India.	ConfidenceHigh	StatusMulti-source (2 outlets · 2 distinct) via CNBC TV18 as of Sep 2, 2026, 10:46 AM UTC, Business Today as of Sep 2, 2026, 9:16 AM UTC
ClaimJM Financial set a 12-month target price of ₹5,750 for KEI Industries.	ConfidenceHigh	StatusMulti-source (2 outlets · 2 distinct) via CNBC TV18 as of Sep 2, 2026, 10:46 AM UTC, Business Today as of Sep 2, 2026, 9:16 AM UTC
ClaimJM Financial set a 12-month target price of ₹2,750 for RR Kabel.	ConfidenceHigh	StatusMulti-source (2 outlets · 2 distinct) via CNBC TV18 as of Sep 2, 2026, 10:46 AM UTC, Business Today as of Sep 2, 2026, 9:16 AM UTC
ClaimJM Financial stated that after a period of strong growth, the cables and wires industry should be assessed for the absence of volume growth.	ConfidenceHigh	StatusMulti-source (2 outlets · 2 distinct) via CNBC TV18 as of Sep 2, 2026, 10:46 AM UTC, Business Today as of Sep 2, 2026, 9:16 AM UTC
ClaimJM Financial saidreed revenue growth over the next 12 months could be weaker due to elevated copper prices.	ConfidenceMedium	StatusMulti-source (2 outlets · 2 distinct) via CNBC TV18 as of Sep 2, 2026, 10:46 AM UTC, Business Today as of Sep 2, 2026, 9:16 AM UTC
ClaimJM Financial raised three key questions around the Indian cables and wires industry.	ConfidenceHigh	StatusSingle-source via Business Today as of Sep 2, 2026, 9:16 AM UTC
ClaimJM Financial estimated that Ultratech and Diamond Power could cumulatively generate around ₹17,000 crore in revenue by the financial year 2029, with an estimated market share of 11-12 per cent.	ConfidenceMedium	StatusMulti-source (2 outlets · 2 distinct) via CNBC TV18 as of Sep 2, 2026, 10:46 AM UTC, Business Today as of Sep 2, 2026, 9:16 AM UTC
ClaimJM Financial said adding competition from players such as Crompton and Bajaj could also be a factor for the industry.	ConfidenceHigh	StatusSingle-source via Business Today as of Sep 2, 2026, 9:16 AM UTC
ClaimJM Financial said the Indian cables and wires industry could be worth ₹1.52 lakh crore by FY29, with a CAGR of 15 per cent.	ConfidenceMedium	StatusMulti-source (2 outlets · 2 distinct) via CNBC TV18 as of Sep 2, 2026, 10:46 AM UTC, Business Today as of Sep 2, 2026, 9:16 AM UTC
ClaimJM Financial said select cables and wire stocks are trading at a 4-5 per cent premium to their five-year average and around 25 per cent premium to their long-term average price-to-earnings multiple.	ConfidenceHigh	StatusMulti-source (2 outlets · 2 distinct) via CNBC TV18 as of Sep 2, 2026, 10:46 AM UTC, Business Today as of Sep 2, 2026, 9:16 AM UTC
ClaimJM Financial said Polycab is the most susceptible to the risks of tapering growth and peaking margins, followed by RR Kabel and KEI Industries.	ConfidenceHigh	StatusMulti-source (2 outlets · 2 distinct) via CNBC TV18 as of Sep 2, 2026, 10:46 AM UTC, Business Today as of Sep 2, 2026, 9:16 AM UTC
ClaimOn Wednesday, shares of Polycab India were trading 0.8% lower at ₹8,825 apiece.	ConfidenceMedium	StatusSingle-source via CNBC TV18 as of Sep 2, 2026, 10:46 AM UTC
ClaimOn Wednesday, shares of KEI Industries were trading 3.2% lower at ₹5,177.5 apiece.	ConfidenceMedium	StatusSingle-source via CNBC TV18 as of Sep 2, 2026, 10:46 AM UTC
ClaimOn Wednesday, shares of RR Kabel were trading 7.5% lower at ₹2,654 apiece.	ConfidenceMedium	StatusSingle-source via CNBC TV18 as of Sep 2, 2026, 10:46 AM UTC
ClaimShares of RR Kabel slumped 7.29 per cent to hit a day's low of Rs 2,658.80.	ConfidenceHigh	StatusSingle-source via Business Today as of Sep 2, 2026, 9:16 AM UTC
ClaimShares of KEI Industries declined 3.02 per cent to Rs 5,174.	ConfidenceHigh	StatusSingle-source via Business Today as of Sep 2, 2026, 9:16 AM UTC
ClaimShares of Polycab India fell 2.08 per cent to Rs 8,732.	ConfidenceHigh	StatusSingle-source via Business Today as of Sep 2, 2026, 9:16 AM UTC

Transparency & Audit Trail

2 distinct · 2 mastheads · 2 articles consulted: Business Today, CNBC TV18 19 claims extracted Version 1 Written 2026-09-02