UltraTech Cement’s modest ₹1,800 crore investment in wires and cables marks a significant step in its broader push into the construction value chain, potentially unlocking a new growth avenue with substantial revenue prospects by FY30.
UltraTech Cement’s move into wires and cables is a relatively small bet in balance-sheet terms, but brokers see it as a meaningful extension of the group’s push deeper into the construction value chain. In a note on Wednesday, the firm said the ₹1,800 crore investment amounts to only about 2 per cent of UltraTech’s current capital employed, yet it could still open up a new growth stream in a fast-growing adjacent market.
The company has said it wants to reach a 6-7 per cent share of India’s domestic wires and cables market by FY30. According to its plans, production will be centred in Gujarat, giving UltraTech another manufacturing base linked to its wider building-materials strategy. The entry is being framed less as a diversification gamble than as a careful first step into a category where scale, distribution and brand recognition matter.
UltraTech began commercial production earlier than previously indicated, with reporting from Sahi.com and other outlets saying output started at its Gujarat facility on September 1, 2026, ahead of the December 2026 target first outlined in February. The company has launched the brand “Ultravolt” and is expected to use its existing network to compete with established players in a market that has long been dominated by specialists.
Brokerage estimates suggest the new business could become sizeable if execution stays on track. At full utilisation, which the note expects around FY30-31, annual revenue could approach ₹9,000 crore, with margins broadly in line with peers. The brokerage said that would imply strong returns on capital and could make the project value-accretive, although its current valuation does not yet include any upside from the wires and cables foray. It has set a 12-month target price of ₹15,210 for the stock, above the current market price of ₹11,223.45.
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