The company that Sind Electric Stores blossomed into under Mr. Inder Jaisinghani’s leadership today has over 3,800-plus dealers and distributors; 205,000-plus retailers and 30 warehouses in India. Polycab is a stalwart in cable and wire manufacturing and one of the fastest growing Fast-Moving Electrical Goods (FMEG) brands.
In 1968, at the age of 15, Mr. Inder Jaisinghani had to drop out of school to join his elder brother Mr. Girdhari to run the family business after the death of their father Mr. Thakurdas Jaisinghani. Their late father, born in undivided India and moved to Mumbai from Pakistan, had founded Sind Electric Stores. At first, the brothers decided to sell only wires and cables. It was the time BEST (Brihanmumbai Electricity Supply and Transport) had made cables compulsory for buildings. The company noticed an increase in demand for cables. However, on several occasions, it was left at the mercy of manufacturers to ensure it had the right and required inventory. This encouraged the brothers to set up a factory. It started off from a garage-type arrangement in Mumbai’s Sewri measuring about 1,000 Sq. Ft. Then the elder brothers were joined by their younger brothers Ramesh and Ajay. As it was a small team, the brothers would have to wear multiple hats.
Today, the company is a stalwart in cable and wire manufacturing and one of the fastest growing Fast-Moving Electrical Goods (FMEG) brands. In 2021 Mr. Inder, the Chairman and Managing Director (CMD) made his debut on the Forbes India Rich List, ranking No. 57 with a net worth of USD 3.6 billion. The company that Sind Electric Stores blossomed into under his leadership today has over 3,800-plus dealers and distributors, 205,000-plus retailers and 30 warehouses in India. Catering to diverse customers in 79 countries, it also has 28 manufacturing facilities, including joint venture Techno Electromech, located across Gujarat, Maharashtra, Uttarakhand and the union territory of Daman and Diu.
Evolved Brand
In a media interaction, the CMD recounted that it was when setting up a factory in Daman, he encountered a man at a petrol pump with a ‘Polyfab’ branding on his two-wheeler. On being asked, the man explained: ‘poly’ stands for ‘many’ and ‘fab’ means fabric. Mr. Inder was motivated to derive a similar brand analogy for the company, and the name Polycab came into existence with the tagline ‘Connection Zindagi Ka’, literally translated as ‘A Lifetime Connection’. The company didn’t see it as a mere slogan; but it was exhibited in true spirit.
Brands must adapt to the evolving landscape is what Polycab India understands it needs and it knows it too well. In September 2023, it unveiled its renewed brand identity and philosophy that reflects its future business roadmap. It also announced that it was undergoing a remarkable transformation under Project LEAP. Under the ‘project’ it has set a five-year roadmap to achieve INR 20,000 crore in sales by 2025-26. The rebranding is not just a shift in visual identity or brand architecture, it is a guiding philosophy that underscores its commitment to innovation, technology, safety and sustainability leading to its brand purpose of ‘Connecting all to a brighter future’. The new visual identity reflects the colours of dawn, symbolising its commitment to reaching new heights, mirroring the rising sun, and encapsulates the vision of uniting all towards a brighter future by ingeniously incorporating the letter ‘O,’ a prominent sound in the Polycab name, into its innovative visual emblem. The three colours red, blue and purple signify leadership in wires and cables, the connection with customers, through the FMEG category and its future readiness respectively. This representation aims to make the brand more modern, contemporary, and relatable to the customers whilst retaining the organisation’s core values. With it, ‘Connection Zindagi Ka.’ was replaced by ‘Ideas. Connected.’ “You don’t play with logos and taglines. But over the years we have grown and evolved significantly, and we thought it right to rebrand ourselves, because Polycab is no longer an entirely wire and cable company. We have expanded into lighting, switches, fans, and more,” Mr. Bhushan Sawhney, its Executive President and Chief Business Officer (Cables) explains.
Market Positioning
FY24 was a remarkable period for the company. Its revenues soared past INR 180 billion and profitability surpassed INR 24 billion, marking all-time highs in history. The success can be attributed to its strategic foresight and robust operational capabilities enabling it to anticipate and meet the burgeoning demand for its products. Looking ahead, the company’s strategic focus is on expanding its B2B and B2C businesses, as it believes that the initiatives will enable them to capitalize on the growing opportunities in both the Indian and global markets. Mr. Bhushan attributes this to the leadership of Mr. Inder, “He is someone who clearly understands the diverse requirements of our growing consumer base. With daily fluctuations in the commodity market and the sheer size, we are always on our toes. So you need a leader like our CMD. Today, wire and cable make up between 80-85% of our business, and our market share stands at 30%,” he elaborates. “Our strength is backward integration, and it means we are manufacturing everything in-house. We are not dependent on somebody's certification to certify that this product is good. That's our legacy. And being a market leader, we have to do something good for the nation. Making money is easy. But to do so with consistent emphasis on value of service is a different game altogether. So innovation, legacy, quality, volume, customer centricity, and trust are the pillars on which our brand stands, he adds. One pillar can shake everything.
Sustainability
Mr. Bhushan maintains that the company’s sustainability target is in line with the nation’s target of renewable energy installation capacity of 500 GW by 2030. Sharing the company’s approach, he says, for us, net zero is not a buzzword. “You have to be clear about it, and, most importantly, there should be a conviction in your approach. Today, we have plants run completely on renewable energy. That means no carbon emission.” The company asserts its belief in conducting ethical, safe, fair and environmentally responsible business. Its products are RoHS- and REACH-compliant, thus reducing and eliminating use of restricted raw materials. It aims to partner with responsible suppliers to improve the sustainability performance across its value chain. “Our Supplier Code of Conduct (SCoC) has been developed in line with national and international standards and global best practices on safety, health, environment, labour, human rights, ethics, and fair business. Therefore, we expect our suppliers to adhere to the standards mentioned in the SCoC and fully comply with applicable national and international laws, rules, and regulations. This ensures responsible sourcing and implementation of sustainable business practices throughout our value chain. In FY 2022-23, 70% of purchased inputs by value were sourced sustainably,” Mr. Bhushan elaborates.
On efficient water management, Polycab aims for increased efficiency and quality in its manufacturing practices. Despite not being a water-intensive industry, we understand the water stress in India and emphasize responsible water usage, its sustainability reports says. Its manufacturing units are equipped with effluent treatment plants (ETPs) and sewage treatment plants (STPs) facilities. The STP treated water is utilized within the premises for flushing and gardening activities, ensuring no discharge of water outside of the premises. Additionally, in line with CSR initiatives focused on environmental concerns, the company has taken proactive measures to address severe water scarcity in Gujarat’s communities by constructing four new check dams and renovated four existing ones in villages like Rayankhand, Vavdi, and Pandol.
Growth
Globally, India has emerged as an attractive destination for companies seeking to diversify their supply chains, presenting export opportunities for Indian wire and cable companies. To better serve dealers’ needs and gain improved visibility on secondary and tertiary sales, the company has initiated direct engagement with select larger dealers. This direct engagement enables it to gather real-time data and insights on consumer behaviour and retail performance. Utilising this data, it says has implemented personalised trade schemes based on the historical performance of individual dealers and retailers, designed to incentivise optimal stocking and sales practices, thus improving overall sales effectiveness.
In product development, its New Product Development (NPD) efforts have delivered outcomes, as evidenced by the introduction and market acceptance of its latest wire ranges – Etira, Primma and Maxima+ – over the past two years. Catering to diverse market segments, the products enhance its reach and competitiveness across semi-urban, rural, and premium markets. The Etira range targets the price-sensitive customers in rural, semi-urban areas and has received an enthusiastic reception. The Primma range, known for its superior durability and efficiency, is displaying robust performance. The Maxima+ range caters to environmentally conscious consumers in the premium segment and has also been well-received, further broadening our market appeal.
For the company, all measures and initiatives point to Project LEAP set to fundamentally transform its approach and strengthen its position. So it aims to focus on several strategic priorities in the coming years, unlocking micro-market opportunities through robust data analytics backed by Gen AI. This approach, it says, will enable it to tailor strategies to meet the specific needs of different market segments, enhancing responsiveness and agility, transforming the company into a demand-led organization to ensure that it is proactive rather than reactive in market approach.
Central to the project is enhancing the digital customer experience. By leveraging AI and digitally-driven insights, it plans to empower customers through a refined demand sensing process that anticipates their needs and preferences, thus personalising their journey and interaction with the brand. Lastly, to develop strategy evolving from offering products to providing holistic solutions- this shift involves redefining value propositions and designing customised solutions that cater specifically to the evolving needs of customers, thereby adding more value and enhancing customer loyalty, it adds.
However, to support these strategic shifts, building a robust leadership pipeline is essential. This, it has already ensured, with the induction of next generation leaders.
*Written for Wire & Cable India
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