Shares of major cable manufacturers like Polycab and KEI Industries fell by up to 9% following UltraTech Cement's launch of its 'Ultravolt' business.
Analysts project the new division could capture significant market share, with revenue targets estimated at ₹1,000 crore by the end of FY28.
JPMorgan has advised investors to remain cautious, noting that while the entry poses a long-term threat, incumbents maintain strong distribution networks.