Waya initiates coverage on R R Kabel Ltd. with a BUY recommendation. Waya expects an upside of 43% in 1 year and sets a target price of ₹2,020.

R R Kabel is one of India’s leading wires & cables companies and a fast-growing FMEG player. It is also the largest exporter of Indian wires & cables, with 25–30% of revenue coming from 50+ countries. The company is expanding rapidly with a clear plan to increase its cable capacity and grow its higher-margin product mix.

RR Kabel has strong financials with revenue rising to ₹7,618 crore in FY25 and PAT growing to ₹312 crore. Cash flows are healthy, the balance sheet is comfortable, and the company is investing ₹1,200–1,450 crore to scale capacity and improve margins. Exports, premiumisation and a fast-scaling FMEG business support long-term profitability.

Waya believes RR Kabel is well-placed for multi-year growth, with revenue expected to increase from ₹7,618 crore in FY25 to ₹12,500+ crore by FY28E, driven by capacity expansion, strong export demand and improving margins.