Inder Thakurdas Jaisinghani’s story is one of grit, determination, and vision. A journey that began with a 15-year-old boy managing his father’s small hardware shop has transformed into a business empire worth over ₹100,000 crore. This is the inspiring story of how Inder Jaisinghani, with the help of his brothers, built Polycab, a company that today dominates the wires and cables industry and has expanded into multiple product lines.
Humble Beginnings at 15
In 1968, Inder Jaisinghani was just 15 when his father passed away, leaving behind a four-year-old hardware store named Sindh Electric Stores in Lohar Chawl, Mumbai. Despite being a schoolboy, Inder had no choice but to step into his father’s shoes and run the shop to support his family. Dropping out of school was not an easy decision, but his mind was already racing with thoughts of how to grow the business beyond just retail hardware sales.
With a sharp entrepreneurial mindset, Inder quickly realized that the real growth potential lay in the manufacturing of wires and cables, a product line with increasing demand in the Indian market. Determined to make this vision a reality, he involved his elder brother and two younger siblings to explore opportunities in the manufacturing sector.
The Birth of Polycab
Inder’s first bold move was leaving the family hardware shop and starting a partnership firm with his brothers. They rented a modest 1,000 sq. ft. garage in Sewri, Mumbai, to begin manufacturing Polyvinyl Chloride (PVC) insulated wires and cables. In 1983, Polycab was born, a name that would go on to become synonymous with wires and electrical products in India.
Polycab entered the market at a critical time. The Brihanmumbai Electricity Supply and Transport (BEST) had recently made it mandatory for buildings in Mumbai to use certified cables. However, existing cable manufacturers were struggling to keep up with the growing demand. Sensing an opportunity, Inder and his brothers swiftly positioned Polycab as a reliable supplier, filling a significant gap in the market. This initial breakthrough enabled Polycab to establish a manufacturing plant in Gujarat, marking a pivotal moment in the company’s early growth.
Scaling Manufacturing Amidst Challenges
As demand for cables surged, Polycab expanded operations and moved to a larger, 10,000 sq. ft. factory in Halol, Gujarat. Here, the company began manufacturing a wider range of products, including aluminium and bare copper wires, which met international standards for power distribution, overhead conductors, and railway signals. While the business was growing, manufacturing came with its own set of challenges—especially in terms of capital and labor.
Operating with minimal resources, Inder was forced to make sacrifices. Instead of setting up a fancy office, he ran Polycab’s operations from the garage of his Wadala home. Despite growing revenues, Inder continued to live modestly, often traveling by second-class train to meet distributors. Every penny saved was reinvested into scaling the business, a frugality that would prove to be a game-changer when external challenges struck.
Weathering the 2008 Financial Crisis
The 2008 global financial crisis hit businesses around the world, and Polycab was no exception. Copper prices, a key raw material in wire manufacturing, plummeted by 65%, creating uncertainty across the industry. While many manufacturers opted to cut their losses, Inder Jaisinghani took a different path. He maintained his commitment to his suppliers, taking delivery of copper at higher prices. In a move that demonstrated immense loyalty and foresight, he also extended financial assistance to his channel partners, many of whom were suffering from heavy inventory losses.
This commitment to his partners and long-term business relationships paid off. While many businesses crumbled during the crisis, Polycab emerged stronger. By 2014, the company had touched revenues of ₹3,832.94 crore. Inder’s ability to steer the company through one of the toughest financial periods of the 21st century cemented Polycab’s reputation as a reliable and trusted player in the industry.
Expanding Beyond Wires: The Rise of a Diversified Business
With its core business in wires and cables thriving, Polycab looked to diversify its product offerings. The company ventured into the manufacturing of electric fans, LED lighting, switches, and solar products. This transition marked Polycab’s evolution into a Fast-Moving Electrical Goods (FMEG) company. The diversified portfolio allowed Polycab to tap into the growing demand for energy-efficient products across India and the world.
By 2019, Polycab’s revenues had soared to ₹7,956 crore, with a profit of ₹1,014.2 crore. The company’s impressive growth trajectory culminated in a major milestone—the launch of its Initial Public Offering (IPO).
Polycab Goes Public: A New Chapter of Growth
On 16th April 2019, Polycab made its stock market debut with an IPO worth ₹1,346 crore. The offering was oversubscribed 52 times, a testament to the company’s solid reputation and investor confidence. The listing on the stock exchange marked a new era for Polycab, propelling it into the limelight as one of India’s most prominent electrical companies.
Post-IPO, Polycab’s growth continued unabated. With a presence in over 100,000 retail outlets across India and exports to 40 countries, Polycab has become a household name. The company’s expansion into international markets has further solidified its position as a global leader in the electrical goods industry.
Polycab Today: A ₹100,000 Crore Empire
Fast forward to today, and Polycab’s numbers are nothing short of remarkable. The company now clocks annual revenues of ₹18,039.4 crore, with a profit of ₹1,802.9 crore. Polycab operates 28 manufacturing plants across India, boasts over 3,800 distributors, and serves a staggering 205,000 retail outlets. With a dominant 26% market share in the wires and cables segment, Polycab is valued at ₹101,300 crore.
Inder Jaisinghani, once the young boy running his father’s hardware store, is now one of India’s richest men. As of last year, he was ranked as India’s 32nd richest person, with a net worth of ₹53,298 crore. But for Inder, wealth isn’t just measured in financial terms. His true wealth lies in the impact Polycab has made on the lives of thousands of people. With a workforce of 77,930 employees, Polycab’s sustainable manufacturing practices and commitment to quality continue to shape the future of India’s electrical industry.
The Legacy of Inder Jaisinghani
From the garage in Sewri to a multi-crore empire, Inder Jaisinghani’s story is one of relentless perseverance. His journey exemplifies the power of vision, hard work, and the ability to take calculated risks. As Polycab continues to grow, Inder’s legacy as one of India’s most visionary entrepreneurs is secure. His story serves as an inspiration to countless aspiring entrepreneurs who dream of building something extraordinary from humble beginnings.
In a world where businesses rise and fall with market trends, Polycab’s consistent growth is a testament to the values that Inder Jaisinghani has instilled in the company: integrity, resilience, and a commitment to excellence. Polycab’s journey is far from over, and under Inder’s leadership, the company is poised to reach even greater heights in the future.