India's Polycab, KEI Industries, R R Kabel fall after JM downgrade

KEI Industries

02/09/2026 08:20

** Cable and wire makers Polycab India POLC.NS falls 1.3%, KEI Industries KEIN.NS and R R Kabel RRKA.NS drop 3.1% and 6.6%
** Drop after JM Financial downgrades POLC and KEIN to "add" from "buy"; downgrades RRKA to "reduce" from "add"    
** After a strong growth-led stock rally, JM Financial says volume growth could be muted while revenue growth may look weaker over the next 12 months due to elevated copper prices
** Says valuations of cable and wire stocks are trading at 5% to 25% premium to their 5-year long-term average P/E multiple, leaving little scope for upside
** POLC, KEIN and RRKA up 15.3%, 16.3% and 83.9% in 2026 so far, exchange data shows

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))