India’s leading wires and cables companies – Polycab Ltd., Havells India Ltd., and KEI Industries Ltd., reported their September quarter results over the last few days, post which, their respective share prices have seen volatility on the street.

Here are some of the key factors that highlighted their quarter gone by:

Margin Miss By All Three Companies

All three companies reported a miss on the margin front mainly due to the high volatility in comodity prices and the companies could not pass on the cost increases to customers due to the movement in Copper LME prices.

A shift in the festive season also led to an advancement of Advertising & Promotion spends to the September quarter.

However, the companies have mentioned that the margins will normalise in the upcoming quarters as commodity prices soften.

Revenue Growth Intact

All three companies reported double-digit revenue growth during the quarter.

KEI Industries reported a revenue growth of 17% from last year, which was in-line with expectations.

Havells India also reported a revenue growth of 16%, which was also in-line with expectations.

Polycab was an outperformer among the three companies, seeing its topline grow by 30% from last year, which was higher than street expectations.

Revenue growth for all three companies was led by the Cables & Wire segment, which is their core business.

Festive Demand Commentary

The companies, in their interactions with CNBC-TV18 have highlighted that the demand scenario continues to remain healthy and that the festive season has started on a good note.

They also highlighted that demand is evenly distributed across regions and rural demand starting to see an uptick is an added benefit.

All the three companies expect the demand momentum to continue beyond the festive season as well.

The Valuation Picture

Shares of KEI, Polycab and Havells have all corrected from their recent peaks in the lead up to their earnings.

While shares of KEI are down 17% from their peak, those of Havells are down 13% from their recent top. Polycab shares too have corrected 9% from their recent highs.

Despite the correction, shares of KEI and Polycab are still trading above their five-year average price-to-earnings multiple.

KEI Industries is trading at a financial year 2026 price-to-earnings multiple of 42.2 times, which is higher than its five-year average price-to-earnings multiple of 28 times. Havells is trading at a valuation of 43 times price-to-earnings for the next financial year, which is also higher than the five-year average of 61 times.

Polycab, which is the most expensive of the three, is currently trading at a multiple of 57.1 times, which is well above its five-year average of 31.5 times.