Larsen & Toubro Ltd.
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Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
RR Kabel Ltd.
NSE: RRKABELIndustrialsElectrical Equipment & Parts
- Last close
- ₹2,140.00
- Day change
- −₹123.10 (−5.44%)vs
- Market cap
- ₹29,452 crIndian rupees
- Research updated
- 1 report
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About RR Kabel
RR Kabel Ltd. is a prominent player in the electrical wire and cables manufacturing sector, delivering essential components for both residential and industrial electricity distribution. Established with a focus on innovation and quality, RR Kabel manufactures a diverse range of products, including power cables, control cables, and instrumentation cables, serving a wide array of applications within the electrical infrastructure sphere. The company's product portfolio supports key industries such as construction, telecommunications, and energy, reinforcing vital systems with reliable and safe cable solutions. RR Kabel's dedication to sustainability and technology advancement is reflected in its investment in eco-friendly manufacturing processes and state-of-the-art facilities. Positioned as a leader in the electrical industry, RR Kabel's impact is evident in both domestic and international markets, where its products are crucial for powering homes, factories, and cities. By ensuring stringent quality standards and compliance with international certifications, RR Kabel continues to play a critical role in driving industrial growth and technological development.
- Sector
- Industrials
- Industry
- Electrical Equipment & Parts
- Listing
- NSE: RRKABEL
- Next results
- Chief executive
- Mr. Shreegopal Rameshwarlal Kabra
- Employees
- 4,040
- Headquarters
- Mumbai, India
- ISIN
- INE777K01022
- Website
- rrkabel.com
Public research · Report of
Business model & financial foundation
RR Kabel (NSE: RRKABEL), Wires and cables; fast moving electrical goods: revenue of ₹9,722 crore in FY26 (+27.6% on FY25), an EBITDA margin of 8.1%, net profit of ₹492.2 crore and net debt of ₹91.5 crore.
- Revenue, FY26 (₹ crore)
- 9,722
- consolidated
- Revenue growth, FY26
- +27.6%
- on FY25
- EBITDA margin, FY26
- 8.1%
- EBITDA per requested cost-stack formula (excluding JV) / revenue
- Net profit, FY26 (₹ crore)
- 492.2
- to owners
- Return on equity, FY26
- 20.8%
- on average equity
- Net debt, FY26 (₹ crore)
- 91.5
- Borrowings less cash and bank balances less current investments
- Market capitalisation (₹ crore)
- 27,116
- at the close of 16 Oct 2026
Company profile
RR Kabel manufactures wires/cables and FMEG (fans, lights, switches and appliances), with plants at Waghodia, Silvassa, Roorkee, Bengaluru and Gagret. Historical FMEG expansion includes Ram Ratna Electricals merger (2020 NCLT approvals), Arraystorm LED business (2019/2020 dates unresolved) and Luminous HEB acquired May2022, FY23. Equirus IPO note11 Sep2023 (S40) reports Luminous consideration INR104.6 cr and brand licence dated1 May2022; primary acquisition amount/exact closing date not retrieved. RR-Imperial is a35% Bangladesh JV, not subsidiary; Dubai is a branch. Proposed U M Cables undertaking acquisition would add optical fibre cables, not shares in Usha Martin subsidiary. Former name Ram Ratna Agro-Plast Limited; incorporated6 Feb1995 and renamed8 Nov2000 per RHP (S103).
| Item | Value |
|---|---|
| Legal name | R R Kabel Limited (formerly Ram Ratna Agro-Plast Limited) |
| Exchange and ticker | NSE: RRKABEL; BSE: 543981 |
| ISIN | INE777K01022 |
| CIN | L28997MH1995PLC085294 |
| Sector | Industrials |
| Industry | Wires and cables; fast moving electrical goods |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹27,116 crore (16 Oct 2026) |
| Shares outstanding | 11.31 crore shares (FY26) |
| Price | ₹2,604 (close, 16 Oct 2026) |
| 52-week range | ₹1,219 - ₹2,984 (to 16 Oct 2026) |
| Website | https://www.rrkabel.com |
Corporate structure and shareholding
No subsidiary is recorded.
No subsidiary or associate disclosed FY26. 35% Bangladesh JV RR-Imperial Electricals Limited; consolidated equity method (S25). One Dubai UAE branch, not subsidiary. RR Global is promoter-group umbrella, not established legal holding parent. TMG Global FZCO and Ram Ratna Wires not established subsidiaries. Auditor first appointment not retrieved; second term14 Sep2023 through AGM2028.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 61.76% | 61.66% | 61.65% | 61.38% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 8.18% | 8.40% | 9.11% | 10.67% |
| Domestic institutions | 13.87% | 13.94% | 13.33% | 11.87% |
| of which mutual funds | 11.21% | 11.78% | 11.43% | 11.30% |
| Retail | 7.05% | 6.94% | 6.86% | 6.94% |
| Other | 9.14% | 9.06% | 9.05% | 9.14% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
- Two segments. Wires & Cables (W&C) brought in FY26 revenue of 8763.7 and a segment result of 775.6. FMEG (fans, lighting, switches, switchgear, appliances) brought in 958.6 with a segment result of -33.0. Segment result is an EBIT-type measure, not EBITDA. Consolidated FY26 revenue was 9722.4, up from 7618.2 in FY25 and 6594.6 in FY24. PAT was 492.2, 311.6 and 298.1 respectively, and FY26 diluted EPS was INR43.52.
- Q1FY27: revenue 3168.2, cost-stack EBITDA excluding JV 283.2 (8.94%), company operating EBITDA including JV 285.3, PAT 205.2, diluted EPS INR18.14. W&C revenue was 2880 with volume up 17% YoY and a segment margin of 9.9%. FMEG revenue was 288.2 (+28%) with a result of about breakeven, shown as 0 in rounded millions (GP33).
- Revenue is driven by volume times copper- and aluminium-linked realisation. Prices are revised at roughly 2–3% metal moves, or above 3% with three to four price lists. Export contracts are back-to-back. Exports were 29% of company revenue in Q1FY27. FY26 mix was 73:27 wires:cables (KPI wire_share/cable_share).
- Channel is distributor/dealer/retailer/electrician led. Current counts are only partial: more than 6000 combined dealers/distributors at Q3FY26 and more than 150000 retail points at Q1FY27. Older 4000/3900/144000/454000 counts are as of Mar 2024 and were not rolled forward (GP43–GP46).
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | capital employed, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Wires & Cables | 8,764 | 90.1% | 775.6 | 104.4% | 2,270 | 94.5% |
| Fast-Moving Electrical Goods | 958.6 | 9.9% | -33.0 | -4.4% | 133.3 | 5.5% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Polycab India (POLYCAB) | Largest domestic branded wires/cables and FMEG; scale and margin benchmark |
| KEI Industries (KEI) | Cable exports, retail expansion and capacity investment |
| Havells India (HAVELLS) | Branded wires and consumer electrical distribution |
| Finolex Cables (FINCABLES) | Wires/cables franchise; slower growth and treasury complicate earnings comparison |
| Universal Cables (UNIVCABLES) | High-voltage cable capacity and institutional mix; secondary operational comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,319 | 5,537 | 6,595 | 7,618 | 9,722 |
| Cost of revenue (vendor classification) * | 3,611 | 4,584 | 5,357 | 6,264 | 7,943 |
| Other operating costs (vendor classification) * | 277.1 | 423.8 | 451.2 | 512.1 | 585.2 |
| EBITDA (vendor classification) * | 342.4 | 345.1 | 507.9 | 525.3 | 836.4 |
| EBIT * | 306.8 | 296.4 | 457.6 | 463.6 | 725.8 |
| Finance costs | 22.4 | 40.4 | 53.9 | 58.9 | 75.3 |
| Profit before tax including JV | 284.4 | 256.0 | 406.1 | 409.5 | 659.0 |
| Tax expense | 70.4 | 66.1 | 108.0 | 97.8 | 166.8 |
| Profit for the year | 213.9 | 189.9 | 298.1 | 311.6 | 492.2 |
| Diluted EPS (₹) | 18.96 | 16.83 | 26.57 | 27.57 | 43.52 |
| Materials + purchases + inventory change | 5,349 | 6,255 | 7,932 | ||
| Employee benefits expense | 316.9 | 348.5 | 400.3 | ||
| Other expenses | 467.1 | 529.2 | 605.9 | ||
| EBITDA per requested cost-stack formula (excluding JV) | 461.7 | 485.6 | 783.8 | ||
| Other income | 62.6 | 51.1 | 56.4 | ||
| Depreciation and amortisation | 65.5 | 70.5 | 92.3 | ||
| Exceptional items (negative = charge) | 0.00 | 0.00 | -19.0 | ||
| Share of profit of JV (net of tax) | 1.11 | 2.09 | 5.32 | ||
| PAT to owners (parent and equity-accounted JV only) | 298.1 | 311.6 | 492.2 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,250 | 1,420 | 1,828 | 2,153 | 2,574 |
| Current and non-current borrowings (excluding leases) | 532.6 | 580.4 | 289.0 | 222.0 | 232.3 |
| Cash and cash equivalents + other bank balances | 12.3 | 31.0 | 98.8 | 226.9 | 90.7 |
| Trade receivables | 517.2 | 591.9 | 641.2 | 823.2 | 998.0 |
| Inventories | 709.6 | 860.2 | 897.8 | 1,011 | 1,771 |
| Trade payables (MSME + other) | 172.3 | 443.1 | 429.2 | 762.3 | 1,364 |
| Net property, plant and equipment * | 42.0 | 104.8 | 122.7 | 140.4 | 208.2 |
| Capital work in progress * | 42.3 | 43.6 | 163.6 | 234.7 | 72.2 |
| Total assets * | 2,051 | 2,634 | 2,869 | 3,517 | 4,621 |
| Current investments | 235.0 | 52.4 | 50.1 | ||
| Borrowings less cash and bank balances less current investments | -44.9 | -57.3 | 91.5 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 77.9 | 206.9 | 339.0 | 494.4 | 295.3 |
| Free cash flow (vendor definition) * | 30.0 | 345.4 | 149.3 | 127.3 | 4.26 |
| Dividends paid (the provider's sign: an outflow is negative) * | -27.8 | -50.0 | -83.8 | -62.1 | -84.8 |
| Purchase of property, plant and equipment | -63.5 | -107.8 | -189.7 | -367.1 | -291.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Weighted average diluted equity shares (EPS denominator) | 11.28 | 11.28 | 11.22 | 11.30 | 11.31 |
| Company Operating EBITDA (including JV share) | 462.8 | 487.7 | 789.1 | ||
| Issued fully paid equity shares at year end (not weighted) | 11.28 | 11.31 | 11.31 | ||
| Weighted average basic equity shares | 11.20 | 11.30 | 11.31 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,810 | 1,782 | 2,218 | 2,059 | 2,164 | 2,536 | 2,964 | 3,168 |
| Cost of revenue (vendor classification) * | 1,522 | 1,455 | 1,783 | 1,684 | 2,080 | 2,412 | 2,581 | |
| Other operating costs (vendor classification) * | 112.8 | 125.4 | 160.6 | 139.2 | 152.3 | 183.1 | 175.1 | |
| EBITDA (vendor classification) * | 92.8 | 124.4 | 207.7 | 155.4 | 220.6 | 276.5 | 318.2 | |
| EBIT * | 75.3 | 106.6 | 188.7 | 135.1 | 177.7 | 250.3 | 302.3 | |
| Finance costs | 15.6 | 16.2 | 15.5 | 15.1 | 16.2 | 18.9 | 25.0 | 26.3 |
| Profit before tax including JV | 59.7 | 90.5 | 173.2 | 120.0 | 154.9 | 158.8 | 225.3 | 276.0 |
| Tax expense | 10.1 | 21.9 | 44.1 | 30.3 | 38.6 | 40.5 | 57.4 | 70.8 |
| Profit for the period | 49.5 | 68.6 | 129.1 | 89.8 | 116.3 | 118.2 | 168.0 | 205.2 |
| Diluted EPS (₹) | 4.38 | 6.07 | 11.42 | 7.94 | 10.27 | 10.45 | 14.85 | 18.14 |
| Materials + purchases + inventory change | 1,522 | 1,455 | 1,783 | 1,684 | 1,755 | 2,080 | 2,412 | 2,581 |
| Employee benefits expense | 89.4 | 90.8 | 79.6 | 93.1 | 101.2 | 98.9 | 107.1 | 128.9 |
| Other expenses | 112.8 | 125.4 | 160.6 | 139.2 | 131.4 | 152.3 | 183.1 | 175.1 |
| EBITDA per requested cost-stack formula (excluding JV) | 85.8 | 110.5 | 194.4 | 142.1 | 175.8 | 204.3 | 261.7 | 283.2 |
| Other income | 7.22 | 13.4 | 11.9 | 12.4 | 16.9 | 14.2 | 12.9 | 32.9 |
| Depreciation and amortisation | 17.5 | 17.8 | 19.0 | 20.3 | 21.9 | 23.9 | 26.2 | 29.7 |
| Share of profit/(loss) of JV net of tax | -0.22 | 0.44 | 1.39 | 1.01 | 0.30 | 2.12 | 1.88 | 2.10 |
| Exceptional items (negative = charge) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -19.0 | 0.00 | 13.8 |
| PAT to owners (parent and equity-accounted JV only) | 49.5 | 68.6 | 129.1 | 89.8 | 116.3 | 118.2 | 168.0 | 205.2 |
| PAT attributable to non-controlling interests | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 61.6% | 28.2% | 19.1% | 15.5% | 27.6% |
| EBITDA margin | 7.0% | 6.4% | 8.1% | ||
| Net margin | 4.5% | 4.1% | 5.1% | ||
| Return on equity | 18.4% | 15.7% | 20.8% | ||
| Return on capital employed | 18.4% | 15.7% | 22.2% | 20.6% | 28.0% |
| Return on assets | 10.8% | 9.8% | 12.1% | ||
| Net debt (₹ crore) | -44.9 | -57.3 | 91.5 | ||
| Net debt / EBITDA | -0.10x | -0.12x | 0.12x | ||
| Interest cover | 13.7x | 7.33x | 8.50x | 7.87x | 9.64x |
| Asset turnover | 2.29x | 2.36x | 2.40x | 2.39x | 2.39x |
| Receivable days | 44 | 39 | 35 | 39 | 37 |
| Inventory days (on revenue) | 60 | 57 | 50 | 48 | 66 |
| Payable days (on revenue) | 15 | 29 | 24 | 37 | 51 |
| Cash conversion | 1.14x | 1.59x | 0.60x | ||
| Capex intensity | 1.5% | 1.9% | 2.9% | 4.8% | 3.0% |
| Free cash flow (₹ crore) | 14.4 | 99.1 | 149.3 | 127.3 | 4.26 |
| Dividend payout | 28.1% | 19.9% | 17.2% | ||
| EPS, diluted (₹) | 18.96 | 16.83 | 26.57 | 27.57 | 43.52 |
| Book value per share (₹) | 110.8 | 125.8 | 163.0 | 190.4 | 227.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA per requested cost-stack formula (excluding JV) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less cash and bank balances less current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA per requested cost-stack formula (excluding JV).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on RR Kabel
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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