India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Finolex Cables is transitioning into a diversified electrical platform, driven by strong volume growth across Cables, Solar and Auto Segments</li>
<li>
Q3 FY26 Revenue of Rs. 1,599 crore up 35% YoY  with Electrical Cable Volume surging 20%+ YoY and Solar Cables emerging as High Utilization Segment. </li>
<li>Finolex’s backward integration into Optical Fiber Preform will shift it from Price-Taker to Margin-Defender in OFC. </li>
</ul>


Finolex Cables is transitioning into a diversified electrical platform, driven by strong volume growth across Cables, Solar and Auto Segments

Q3 FY26 Revenue of Rs. 1,599 crore up 35% YoY  with Electrical Cable Volume surging 20%+ YoY and Solar Cables emerging as High Utilization Segment. 
Finolex’s backward integration into Optical Fiber Preform will shift it from Price-Taker to Margin-Defender in OFC. 


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>Global fiber optic cable demand is entering a structural upcycle driven by 5G densification, AI data center buildouts, and national broadband mandates. </li>
<li>Three domestic manufacturers, <a href="https://www.smartkarma.com/entities/sterlite-technologies-ltd" target="_blank" data-smartkarma-citation="entities:10121:1" rel="noopener">Sterlite Technologies (SOTL IN)</a>, <a href="https://www.smartkarma.com/entities/hfcl-ltd" target="_blank" data-smartkarma-citation="entities:1386:1" rel="noopener">HFCL Ltd (HMFC IN)</a>, and <a href="https://www.smartkarma.com/entities/finolex-cables-ltd" target="_blank" data-smartkarma-citation="entities:11606:1" rel="noopener">Finolex Cables (FNXC IN)</a>, are positioned directly in the path of this demand surge.</li>
<li>The India OFC story is early-cycle, policy-backed, and supply-constrained. With BharatNet Phase III, 5G backhaul demand, AI-driven data center, the next 36-months could be defining for Indian fiber cable manufacturers.</li>
</ul>


Global fiber optic cable demand is entering a structural upcycle driven by 5G densification, AI data center buildouts, and national broadband mandates. 
Three domestic manufacturers, Sterlite Technologies (SOTL IN), HFCL Ltd (HMFC IN), and Finolex Cables (FNXC IN), are positioned directly in the path of this demand surge.
The India OFC story is early-cycle, policy-backed, and supply-constrained. With BharatNet Phase III, 5G backhaul demand, AI-driven data center, the next 36-months could be defining for Indian fiber cable manufacturers.


Optical Fiber Cable, 5G, and AI: The 3-Wave Demand Surge for India's Cable Manufacturers

<ul>
<li>The rapid growth of AI and data centers is driving the demand for specialized wires and cables to support high-performance hardware, ultra-low latency, and massive data transmission.</li>
<li>India’s data center capacity is projected to grow fivefold by 2030, creating a Rs.3,000 billion market for wires and cables, significantly impacting the cable industry’s growth.</li>
<li>Indian companies like <a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India (POLYCAB IN), </a><a href="https://www.smartkarma.com/entities/finolex-cables-ltd" target="_blank" data-smartkarma-citation="entities:11606:1" rel="noopener">Finolex Cables (FNXC IN)</a>, <a href="https://www.smartkarma.com/entities/r-r-kabel-limited" target="_blank" data-smartkarma-citation="entities:39810:1" rel="noopener">R R Kabel (RRKABEL IN)</a> etc. will benefits the most from this rising demand.</li>
</ul>


The rapid growth of AI and data centers is driving the demand for specialized wires and cables to support high-performance hardware, ultra-low latency, and massive data transmission.
India’s data center capacity is projected to grow fivefold by 2030, creating a Rs.3,000 billion market for wires and cables, significantly impacting the cable industry’s growth.
Indian companies like Polycab India (POLYCAB IN), Finolex Cables (FNXC IN), R R Kabel (RRKABEL IN) etc. will benefits the most from this rising demand.


Understanding the Surge in Wire and Cable Needs Amidst AI Growth

Value investor- India mid & small caps

Bhaskar Chakraborty

Organized sector makes smooth transitionAfter stopping dispatches for up to two weeks in the run up to GST, several organized players across major sectors have started sending fresh stocks with GST compliant invoices into their respective trade channels. Some companies are yet to start channel refilling and would do so by the end of this week. High value discretionary sectors like auto and home electronics have announced new retail prices based on the change in tax incidence on their portfolio…

Organized sector makes smooth transitionAfter stopping dispatches for up to two weeks in the run up to GST, several organized players across major sectors have started sending fresh stocks with GST compliant invoices into their respective trade channels. Some companies are yet to start channel refilling and would do so by the end of this week. High value discretionary sectors like auto and home electronics have announced new retail prices based on the change in tax incidence on their portfolio…

Asia-Focused Industry Research, Speeda Research

Speeda

Asia-Focused Industry Research

Speeda Research

Speeda Research analysts cover China, Japan, India and SEA on the latest trends and topics. We have analysts of diverse nationalities who are able to access information in their respective local languages to provide customers with comprehensive reports. With access to private company data in these regions, Speeda Research is also able to provide insights into niche sectors which are not usually covered by other parties. We are also able to undertake ad hoc company and industry research reports.

In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September 2016, the government was 7 million short of its goal with the odds of achieving it in less than a year seeming very low. Increasing PNG and CNG (compressed natural gas) connections are part of the government’s wider plan to more than double the share of natural gas in India’s energy mix to 20% by 2025. To achieve this goal, the government needs to ramp up transmission infrastructure and increase capacity of import infrastructure to cater to the expected surge in natural gas imports, apart from introducing key policies with regards to pricing, taxation and regulation. Based on past evidence and the information provided within this report, we think the government will fall short of its energy mix targets, just like it did in the PNG segment.

In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September 2016, the government was 7 million short of its goal with the odds of achieving it in less than a year seeming very low. Increasing PNG and CNG (compressed natural gas) connections are part of the government’s wider plan to more than double the share of natural gas in India’s energy mix to 20% by 2025. To achieve this goal, the government needs to ramp up transmission infrastructure and increase capacity of import infrastructure to cater to the expected surge in natural gas imports, apart from introducing key policies with regards to pricing, taxation and regulation. Based on past evidence and the information provided within this report, we think the government will fall short of its energy mix targets, just like it did in the PNG segment.

Falling Natural Gas Production and Poor Import Infra Make PNG a Distant Dream for Most Indians

India

Finolex Cables specializes in the manufacture and sale of electrical and communication cables, along with other electrical appliances. The company offers a wide range of products including power cables, control cables, optic fiber cables, and various electrical accessories like switches, fans, and lighting solutions. Headquartered in Pune, India, the company was founded in 1958.

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Finolex Cables (FNXC IN)

Finolex Cables: Expanding Beyond Wires

Finolex Cables sees strong Q3 FY26 revenue growth, with electrical cable volume surging and focus on optical fiber preform integration for margin...

Sudarshan Bhandari

Optical Fiber Cable, 5G, and AI: The 3-Wave Demand Surge for India's Cable Manufacturers

Global fiber optic cable demand is on the rise due to 5G, AI data centers, and national broadband mandates, benefiting Indian manufacturers like...

Nimish Maheshwari

Understanding the Surge in Wire and Cable Needs Amidst AI Growth

The surge in AI and data centers is fueling the need for specialized wires and cables, with India's data center capacity set to grow fivefold by...

Nimish Maheshwari

India Discretionary: GST Roll Out Update

Organized sector makes smooth transitionAfter stopping dispatches for up to two weeks in the run up to GST, several organized players across major...

Bhaskar Chakraborty

Falling Natural Gas Production and Poor Import Infra Make PNG a Distant Dream for Most Indians

In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September...

Speeda Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Finolex Cables: Expanding Beyond Wires

​Finolex Cables sees strong Q3 FY26 revenue growth, with electrical cable volume surging and focus on optical fiber preform integration for margin...

Sudarshan Bhandari

Optical Fiber Cable, 5G, and AI: The 3-Wave Demand Surge for India's Cable Manufacturers

​Global fiber optic cable demand is on the rise due to 5G, AI data centers, and national broadband mandates, benefiting Indian manufacturers like...

Nimish Maheshwari

Understanding the Surge in Wire and Cable Needs Amidst AI Growth

​The surge in AI and data centers is fueling the need for specialized wires and cables, with India's data center capacity set to grow fivefold by...

Nimish Maheshwari

India Discretionary: GST Roll Out Update

Organized sector makes smooth transitionAfter stopping dispatches for up to two weeks in the run up to GST, several organized players across major...

Bhaskar Chakraborty

Falling Natural Gas Production and Poor Import Infra Make PNG a Distant Dream for Most Indians

In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September...

Speeda Research

Finolex Cables sees strong Q3 FY26 revenue growth, with electrical cable volume surging and focus on optical fiber preform integration for margin...

Global fiber optic cable demand is on the rise due to 5G, AI data centers, and national broadband mandates, benefiting Indian manufacturers like...

The surge in AI and data centers is fueling the need for specialized wires and cables, with India's data center capacity set to grow fivefold by...