Inder Thakurdas Jaisinghani, the driving force behind Polycab, transformed a small hardware shop into a billion-dollar empire.
His journey from humble beginnings to becoming one of India’s most successful businessmen is marked by hard work, resilience, and a commitment to excellence.
Today, he leads Polycab, a company with a market value of ₹101,300 crore, dominating the wires and cables industry in India and beyond.
Early Life and Education
Born into a Sindhi business family, Inder Jaisinghani’s life took a dramatic turn when he was just 15.
In 1968, after his father passed away, he was forced to drop out of school and take over the family’s four-year-old hardware shop, Sindh Electric Stores, located in Mumbai’s Lohar Chawl.
His father’s death became a defining moment for Inder, pushing him to step into the world of business at an early age.
Despite his lack of formal higher education, Inder’s keen business acumen and hands-on experience would later help him build one of India’s largest wire and cable manufacturing companies.
The Birth of Polycab
Determined to grow the business, Inder, along with his elder and younger brothers, saw an opportunity in manufacturing wires and cables.
In 1983, they founded Polycab in a small 1,000 sq. ft. rented garage in Sewri, Mumbai. Their initial focus was on producing Polyvinyl Chloride (PVC) insulated wires and cables, which were in high demand at the time.
The timing was perfect—Mumbai’s Brihanmumbai Electricity Supply and Transport (BEST) had mandated the use of cables in buildings, creating a gap in the market that Polycab filled.
Overcoming Challenges and Scaling Up
As Polycab grew, the company shifted operations to a larger 10,000 sq. ft. factory in Halol, Gujarat.
Here, they expanded production to include aluminium and bare copper wires for power, overhead conductors, and railway signals, all built to international standards.
Despite facing challenges with capital and labour, Inder kept the business afloat by saving rigorously.
He operated out of his garage and traveled in second-class trains to meet distributors, ensuring costs remained low.
During the 2008 global financial crisis, copper prices dropped by 65%, but Inder’s integrity shone through.
Instead of abandoning his suppliers, he honored his contracts at higher prices and offered extended credit facilities to channel partners hit by inventory losses.
This loyalty helped Polycab navigate the crisis and emerge stronger, achieving ₹3,832.94 crore in revenue by 2014.
Polycab’s Expansion and Diversification
Polycab’s growth didn’t stop at wires and cables. Under Inder’s leadership, the company diversified into electric fans, LED lights, switches, and solar products, transforming into a Fast Moving Electrical Goods (FMEG) company.
By 2019, Polycab’s revenues had soared to ₹7,956 crore, with a profit of ₹1,014.2 crore.
The company’s big moment came on April 16, 2019, when it was listed on the stock market.
Polycab’s ₹1,346 crore Initial Public Offering (IPO) was oversubscribed 52 times, solidifying its place as a household name in India and expanding its reach to over 100,000 retail outlets across the country, with exports to 40 countries worldwide.
Inder Jaisinghani’s Net Worth
Inder Jaisinghani, the Chairman and Managing Director of Polycab India, has an estimated net worth of $6.4 billion (approximately ₹53,298 crore) as of 2023.
This marks a significant increase from his previous net worth of $3.35 billion in 2022, reflecting a remarkable 91% rise in wealth over the year.
As of June 30, 2024, his public shareholdings were valued at over ₹14,105.9 crore, up from ₹9,748.3 crore at the end of December 2023.
Jaisinghani’s wealth primarily stems from his successful management and expansion of Polycab India, a leading manufacturer of electrical wires and cables, which he co-founded in 1983.
Also Read: Meet the man whose 18-month startup was bought by Microsoft for ₹3,358 crore.
Personal Life and Values
Inder Jaisinghani, despite his immense success, remains grounded. His commitment to sustainable manufacturing and ethical business practices has impacted the lives of nearly 78,000 people.
His personal values are reflected in his business approach—focused on trust, quality, and long-term relationships.
Inder is a family man, and much of Polycab’s success can be attributed to the involvement of his brothers.
Together, they have built a legacy that continues to grow. His simple yet powerful philosophy of perseverance, hard work, and integrity has inspired many young entrepreneurs.
A Billion-Dollar Empire
Today, Polycab clocks revenue of ₹18,039.4 crore, with a profit of ₹1,802.9 crore. The company operates 28 manufacturing plants, works with over 3,800 distributors, and supplies 205,000 retail outlets.
With a commanding 26% market share in the wires and cables sector, Polycab has become a global powerhouse.
Inder Jaisinghani was ranked as India’s 32nd richest man last year, with a net worth of ₹53,298 crore.
However, his true wealth lies in his enduring legacy, the countless lives he has impacted, and the sustainable future he envisions for his company and the industry.
