R R Kabel Ltd (NSE: RRKABEL) Q1 2026 Earnings Call dated Aug. 01, 2025
Corporate Participants:
Unidentified Speaker
Darshni Desai — Investor Relations
Mahendrakumar Kabra — Managing Director
Rajesh Jain — Chief Financial Officer
Analysts:
Unidentified Participant
Vidit Trivedi — Analyst
Praveen Sahay — Analyst
Dhruv Jain — Analyst
Achal Lohade — Analyst
Natasha Jain — Analyst
Rahul Agarwal — Analyst
Raman K V — Analyst
Mehul Mehta — Analyst
Balasubramanian — Analyst
Nikhil Purohit — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to RR Cable Limited Q1FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during during this conference call, please signal an operator by pressing Star and zero on your touchstone phone. Please note that this conference is being recorded. I now hand over the conference to Ms. Darshani Desai from MUSG. In time, their investor relations. Thank you. And over to you Ma’. Am.
Darshni Desai — Investor Relations
Thank you. Good afternoon everyone and I extend a very warm welcome to all participants on Q1FY26 conference call of RR Karbon Limited today. On this call we have Mr. Mahendra Kumar Kabra, Managing Director and Mr. Rajesh Jain, Chief Financial Officer. Before we begin this call, Disclaimer this call may contain some forward looking statements which are completely based upon our beliefs, opinions and expectations. As of today, these statements are not guarantees of our future performance and involve unforeseen risks and uncertainty. With this, I hand over the call to Mahindra Kumar Kabraji. Over to you sir. Thank you.
Mahendrakumar Kabra — Managing Director
I, NRA Kumar Cabra on behalf of RR Kabel Limited I extend a warm welcome to all of you joining us for our Q1 FY26 financial results discussion call. I am pleased to be joined today by our CFO, Mr. Rajesh Jain. It is an honor to address you for the first time in my new role as Managing Director of Our Travel Limited. I would like to express my sincere gratitude to the Board of Directors and our leadership team for placing their trust in me. RR Kabal has built a strong legacy of innovation, resilience and performance and I am humbled to have the opportunity to lead the company into the next phase of growth.
We are pleased to report that Q1 has been a strong start to the new fiscal year marked by broad based growth and operational resilience. Our business continue to benefit from sustained demand across key sectors, especially driven by infrastructure expansion, housing construction and increased electrification effort nationwide. These developments created a robust environment for wires and cable and RR Cable has responded with agility and focus. The domestic market saw steady moment with deeper penetration in semi urban and rural regions. On the international front, our export business continues to scale steadily underlining our growing global relevance and competitiveness.
We have enhanced supply chain efficiency and maintained product reliability despite underlying commodity pressure, all while aligning with strategic pricing, procurement practices above all, what makes this quarter truly increasing is the consistency across metrics, not just in top line growth but across every element of our financial and strategic metrics. This reflects our continued investment in automation, optimized production planning, operational efficiency and execution. We approach the future with confidence and a clear roadmap for sustained growth and leadership in our industry. Thank you for your continued trust and support with this. I’d like to hand over the call to Mr.
Rajesh Jain to take this call suggest thank you everyone.
Rajesh Jain — Chief Financial Officer
Thanks Manji India continues to shine as one of the fastest growing major economies. The momentum is being driven by strong consumer demand, accelerating infrastructure development and supportive government policies. These factors have created a favorable environment in for industrial growth and RR Kabel is proud to be contributing to and growing alongside this progress. I am pleased to report that we have delivered a strong performance across all areas of our business in Q1. Our distribution network has expanded further in tier 2 and tier 3 cities which has helped us to increase our market presence and improve brand visibility in these regions.
International market continued to shine with our focused efforts in Europe and Middle east delivering encouraging results. Despite fluctuation in commodity prices, there has been marginal improvement in the margin on yoy basis supported by stronger purchase strategy, effective production planning, supply chain management and efficient operations. Revenue from operation stood at Rupees 2058.6 crore in Q1FY26, representing a solid 13.9% year on year growth from Rupees 1808.1 crore in Q1FY25. This growth reflects healthy demand across our core product categories and increased traction in both domestic and export markets. While there was a modest sequential Decline compared to Q4FY25, this is largely attributable to seasonal trends and inventory normalization across channels.
Our EBITDA for the quarter rose sharply to rupees 143.1 crore, up 50% from 95.4 crore in the same quarter last year, reflecting improved operating leverage and better cost absorption. The EBITDA margin also expanded to 7% compared to 5.3% in Q1 FY25, driven by efficiency gains and prudent cost controls. On the bottom line. Profit after tax stood at rupees 89.8 crore, registering a significant 39.4% growth from rupees 64.4 crore in the corresponding quarter of the previous fiscal. This strong past performance underscores our continued focus on profitability and disciplined capital allocation in terms of business segment. The wire and cable segment posted revenue of Rupees 1833.5 crore in Q1FY26, up 16.2% from Rupees 1578.1 crore in Q1FY25.
The segment profit also rose to Rs. 139.1 crore compared to Rs. 113 crore in the same period last year. This performance was supported by modest volume growth and better realization. Geographically, domestic revenue grew mainly due to wire business while cable remained subdued due to spillover impact. The FMNG segment narrowed its Segment loss to Rupees 7.1 crore from 20.7 crore in Q1FY25 even though the revenue declined marginally to Rs. 225.1 crore from Rs. 230 crore on YoY basis showing signs of recovery despite QOQ softness. Fan segment has underflaked due to early monsoon having a tad impact on overall revenue.
We remain optimistic about this segment. As distribution channels, standard and product mix improves, we remain focused on building a responsible and future ready business. The market outlook for the wire and cable sector is highly positive with projected industry growth expected to outpace gdp. We believe RR Cabel is well positioned to capitalize on this opportunity. Structural reforms and government initiatives around electrification, smart cities and renewable energy are providing strong long term demand drivers. Looking ahead, our focus remains on strengthening our brand and making it a household name across the country. We aim to expand our product offering to better serve industrial, residential and commercial clients while continuing to grow our international presence and deliver on key projects.
Thank you for your continued support and we remain confident in our ability to deliver sustained value and leadership across the industry in the quarters to come with this, I would request to open the floor for questions and answers.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchtone phone. Please note that you may Press Star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembled. The first question is from the line of Vidit Trivadi from Asian Market Securities. Please go ahead.
Vidit Trivedi
Yeah. Hi sir. Thank you for the opportunity and congratulations on great set of numbers. First of all Mahindra Ji, congratulations on the elevation and all the best to you. Sir, my first question is on the volume front. Could you please give me a breakup of the volumes growth between wires and cables and given the margin expansion that we’ve seen in the EBITDA Front despite a moderate volume growth was it because of the shift in the pricing strategy or the product mix?
Rajesh Jain
So our overall volume growth is around 6.5% where if we see breakup then wires grew by approximately 10% while cable grew by 2%. And in margin is as our we are trying to improve our product mix towards higher product higher profit products. So it’s like in trend with our planning and budgeted figure.
Vidit Trivedi
Got it. Got it. So second on the CapEx front you have already guided us that you know close to 1,200 odd crores will be spent a course of three years. My question is that you know how how long does it usually takes to reach the optimal level.
Rajesh Jain
So first of all this our capex of 1200 crore over next three years so it is like sequential addition on yearly basis it is like not overnight we will get all capacity at one go. So it is like we have planned in such a way that as we keep getting capacity and we keep keep improving in our demand and sales scenario so it will match expert demand and it will be like gradually in line with our overall expansion plan and growth plan.
Vidit Trivedi
Got it. So that’s helpful. Thank you.
Rajesh Jain
Thank you.
operator
Thank you. The next question is from the line of Praveen Sahai from PL Capital. Please go ahead.
Praveen Sahay
Thank you for opportunity and congress for a good set of numbers. First question is related to your guidance of 18% of a volume growth for FY26 and also the margin improvement EBIT margin improvement of around 100 basis points for this year this lead to an off rate for the next nine months is quite higher. So would you continue with such guidance or there is any reason and if then how you are expected to report such a high volume growth.
Rajesh Jain
So Praveen our 18% like volume growth guidance and this improvement in our margins is intact and we are hopeful to achieve the same figures because the growth like already we have seen 40 weeks improvement in margins and even volume front like as we are expanding our capacities and it is like we are quite confident to get the guided figures overall already as you have seen also the S2 of year remains very strong in this industry and it is as per our budgeted and the plan figure only.
Praveen Sahay
Okay sir. And next is as in the last two years we had to build up cable capacities as well but so far we have not seen your mix wire and cable mix has changed any bit. So do you see in this financial year there would be any shift towards a cable in the mix.
Rajesh Jain
So our like high growth will come from cable segment only and as already in past also we said that Divin Vyan Cable cable is export expected to grow at industry level also and for us particularly more because earlier we were having limited capacity and now as we have built the capacity also we see a good demand also in domestic as well as export market. So like you will see higher contribution from cable segment in coming quarters.
Praveen Sahay
You are still at 7030 mix, right sir?
Rajesh Jain
Yeah, so it will gradually change looking to our very high base in wire. So still I think after three, maybe after three years it may until towards 60, 40 or maybe 58. 60 58, 42 type of movement.
Praveen Sahay
Sir. Next question related to FMEC when you are expecting a breakeven in that and how, how much is the growth expectation for this year?
Rajesh Jain
So if you see in this quarter itself like our losses have reduced by almost 600 basis, 552,600 basis points. And though we were targeting early like the Becky one. But as you have seen this quarter was not that much good. So now we are expecting that within this year we will be at on a yearly basis we will be at a bit positive in smg.
Praveen Sahay
Okay. And growth sir, how would be the. Growth
Rajesh Jain
Seems like around anything between 20 to 25% growth we are expecting in in our FMG business.
Praveen Sahay
Okay. And last question related to your creditor days which has reached one of 40 days. So is there any arrangement anything changed in that which has a gradual increase from quarter on quarter we are seeing there.
Rajesh Jain
So like in our cases the major raw materials are copper, aluminum and then we have like some important material also where we are using LC facility in effective way. So our creditor days are having increased.
Praveen Sahay
And will maintain at this level.
Rajesh Jain
Yeah, almost this level will be maintained. So as of now we have already improved and got a very good working capital base and we’ll try to maintain those days.
Praveen Sahay
Thank you sir and all the best.
Rajesh Jain
Thank you.
operator
Thank you. The next question is from the line of Dhruv Jain from Ambit Capital. Please go ahead.
Dhruv Jain
Hi Dhruv, thank you for the opportunity. My first question is on cables. So in this quarter you saw about just 2% volume growth in cables. But you also said that there was some spillover impact. So if you could just quantify what was that impact in numbers too.
Rajesh Jain
So two things happened in this quarter Dhruv. Like first upfill was not that much great in terms of cable and later on a few big projects which are going to delivered in second quarter. So we could not achieve that kind of volume growth in Q1 itself. But as a growing Business. And looking to my overall order book current quarter, we are on track with our overall growth plants in cable.
Dhruv Jain
Basically 16 to 18% largely will be driven by cables. And you have the visibility in terms of order book in that sense.
Rajesh Jain
Yeah. So looking to the this cable business segment, even if I can give you further backup, like we are expecting around 10 to 12% growth in wire and 25% growth in our cable business.
Dhruv Jain
Okay, get it. And so incrementally over the next three. Years as cables capacities ramp up. Just wanted to understand on, you know. If you can just give some color on the approvals. So given the fact that cables is. A very approval driven system, do you have the approvals or say on a scale of 100, you know where you are in terms of the approvals in the cables business. So because next three years incremental growth will come through cables.
Rajesh Jain
Like since we are already in this business, though our scale is not that much yet and we have received meaningful approvals also. And this is like continuous process as I will keep adding my capacities. At the same time my approval process is also continuous. And good thing is that since like already we have got approval from few of the utilities now it is like just keep that pace going and we will keep adding approvals quarter on quarter basis.
Dhruv Jain
Okay, get the point, sir. And you know, you’ve spoken about 100 basis point margin improvement. We’ve seen margin improvement in this quarter. But given the fact that the growth incrementally will be driven by cables in this year as well, would the mix. Not be adverse for RR Carbon in this year?
Rajesh Jain
No, it will not be adverse because the overall since our margins are in lower side and now we are expecting even with cable, once I get the scale, once I improve my availability, then cable margin itself will improve and it will like higher than my average margin from this. So it is not dragging my margin and it will help me to improve.
Dhruv Jain
Got it. Thank you so much and all the best.
operator
Yeah, thank you. The next question is from the line of Achal Lohade from Nuvana Institutional Equities. Please go ahead.
Achal Lohade
Yes, good afternoon, sir. Thank you for the opportunity. Sir, if you could talk a little bit on the export part, you know what has been the volume growth and were there any deferment of the orders in terms of the shipment? Could that also be a reason for the slightly lower growth compared to the peers?
Rajesh Jain
No. So we have seen a very good growth in our export business in this quarter. And if I bisected between domestic and export, then we have seen like Higher growth in terms of volume in export business. At the same time like till now we have not seen any impact. We have good order book from our all customers. Our majority of the export is still in Europe and Middle East. And though like we are exporting, exporting few quantities through us also. But still things are not clear at their end and it will be like too early to comment anything on that.
But as of now it does not have very big impact or any impact. What we have seen till now in our export business.
Achal Lohade
And in your guidance are we budgeting the exports will also export mix will remain similar or could there be a higher delta in terms of the export mix.
Rajesh Jain
Also we are targeting both the markets to be it domestic or exports. But in exports the biggest change is that now we have got few approvals for our cable segment also. And as my cable capacity is expanding, so my export will have also higher share of cable exports. At the same time like there may be 1 or 2% year on year but both we will try to have growth in both domestic as well as export market.
Achal Lohade
Got it? And this last question if I may sir, just a ballpark number in terms of the EBITDA margin or EBIT margin for the export cables, export wires, domestic cable, domestic wires. Is this a ballpark number? If you could sir.
Rajesh Jain
It is in line with our earlier quarters only. Like as we have told in wire domestic wires we have higher margins while in domestic cable we have less margin. Because I have like very low base and my delivery cycle and still waiting time is a little bit higher. But once I improve the scale and then it will help me to improve the margins. On export it is like other way around wire is considered little bit simpler product. So we have a lesser margin while in cables we have higher margins. And here we are improving our cable exports.
So again this will help me to improve my overall margins.
Achal Lohade
But if I were to just ask. Sorry, I’m. I’m asking bit more nuanced question here. Like in terms of the margins, both domestic wires be the highest margin segment within these four or it will be the export cable margin will be the highest. If you could give some.
Rajesh Jain
Like in domestic wire and export cables margins are in the range of 12%.
Achal Lohade
Okay. And how about the other two sir.
Rajesh Jain
Other two is like as of now like in export wires we have margins of around 5% while in cable still we are in the range of 6 to 7% only the domestic cable.
Achal Lohade
Understood, Understood. And this last question with respect to you know the cables expansion, can you, can you help me understand the cable growth appear to be fairly low 2% while we are adding capacity. So is is capacity a constraint? Was a constraint for the last quarter or how do we see this? You know when you are guiding for a, you know, 25% kind of a volume growth in cables.
Rajesh Jain
So as I explained particularly in this quarter, like in April month it was starting of the year and like demand was little bit slower. But later on we have very good demand and only thing few of the big orders which were supposed to be delivered in the month of June could not be delivered and they are like executed in this quarter. So we will see the impact of that growth in this quarter.
Achal Lohade
Understood. Could you quantify how large would that be sir?
Rajesh Jain
Like that will that will be in that answer will remain in that indicate now as we are targeting 25% growth in each. So by on quarterly basis there may be some variation but overall we see this growth.
Achal Lohade
Understood.
Rajesh Jain
Next three quarters will make up this.
Achal Lohade
Understood. That helps. Thank you so much. Wish you all the best.
operator
Thank you. The next question is from the line of Natasha Jain from Philip Capital. Please go ahead.
Natasha Jain
Thank you for the opportunity and congratulations on a good set of numbers. My question is more export based and more macro based. Rather the tariff that’s there on copper. So can you just help us understand is it like a blanket tariff both on wires and cables or does this supersede the existing country tariffs? So first question is that.
Rajesh Jain
So Natasha, still things are not very clear and what we could understand and even we have not could achieve any, we could not receive any feedback from our customers also. So like though by planting it, since the TEDX is like very high platform version, general tariff of 25% it seems they imposed a custom duty of around 50% on copper products which includes wires and tables.
Natasha Jain
Got it. So maybe I’ll. I’ll ask this the other way around. So even if I just assume that it’s a 50% flat tariff irrespective of the country tariff because if I see country tariffs we are at a disadvantageous position now because I think South Korea, Vietnam, Japan, Germany, all of them have lower tariffs than us and they are bigger exporters to the US but if I just consider 50% tariff, do you think is it possible for any company in the Indian states to pass on that kind of tariff? If not then do you think eventually this will become a very volume driven market for us? And whatever we said that US is a high margin market, does that then slowly taper off? Because then you will have to probably eat up your margins a Little and just play on volume.
Do you see that happening in the future?
Rajesh Jain
There are two three parts in your question. First part if I consider like if it is commodity based tariff then it will make things like equal on equal ground for India as well as with other countries. Secondly, if India specific duty is higher other than other countries then there may not be that much viability in that market. But at the same time see when we are not only in copper, copper export but since we have aluminum cables also which what we are exploring now. Right now we are doing only copper but now we are exporting table made of aluminum also.
So that is maybe that can make more competitive. And at the same time here I would also like to give explanation that since the Overall we have 30% export and out of that around 8 to 10% is at USA. So overall like I have around 2.5% exposure to US market. At the same time we have like huge opportunity in other countries. Good part with us that since we are largest exporters I have so many countries presence in so many countries so I’m not dependable on only one or two countries. And this gives me a good opportunity to cover either by new geographies or same geography with additional business business and new products.
Also like now when we are expanding our cable capacities this will help me to grow my export business.
Natasha Jain
Got it. So just one follow up on that. So do you. Do you also see a possibility of dumping happening in other geographies and that probably eroding anybody’s competitive advantage in other geographies barring us?
Rajesh Jain
No, I don’t think so though it is pure pure right now it is like guesswork only since we are still not very clear how US will behave. So it will be too early to comment anything on that.
Natasha Jain
Fair enough sir. So just one last question. On fmeg your numbers have at least your degree growth was comparatively lesser to your peers given the fact that you are still indexed very highly to SANS and your growth guidance is also strong here you’ve had good margin at least your losses have compressed. I want to understand what product category within FMEG helped you kind of contract your top line growth to just 2% versus peers at double digit T growth. What parts move there?
Rajesh Jain
So yeah two things are important. Like fan is contributing almost 50% in my FMG business while lighting is around 30% franchise is around 10% and they are still here within FEND. Like since now we are not only in economy range but we have introduced premium mid premium category. We are getting good market share in that like in my overall sales we are getting 20% revenues from premium products. So this is like improving my visibility and also improving our margins. And we are doing better than our peers.
Natasha Jain
Understood sir. Thank you so much and all the very best.
operator
Thank you. The next question is from the line of Rahul Agarwal from Ikigai Asset. Please go ahead.
Rahul Agarwal
Good afternoon. Two questions. Firstly, on the domestic side on the wires, right. How would the markets behaved if you could share some color on the entire quarter? I understand April was weak clearly because of copper volatility. But overall for the quarter between your core markets, you know, weaker states, new markets where you’re entry could give some color on how the demand shaping up. What are the new product launches happening on the wire side? Is there also the mix is improving on the value added side. And you also mentioned distribution in Tier 2, Tier 3. If you could cover that as well in terms of overall domestic market for wire, that will be helpful sir.
Rajesh Jain
So Rahul, as rightly pointed out by you we have done better better in this quarter in domestic wire segment. And as we are already very strong in our north and western part of the country. So though we are opening up new markets also and they are doing very well in south and eastern part of country also. But still since debt is very small. So overall it seems like reasonable growth only. But as per our plan we are slowly and steadily we are expanding our distribution base all over the India. And just now it is a matter of time how I improve the depth of my overall market.
Rahul Agarwal
Sir, is it possible you mentioned overall volume growth for the business was 6.5, 6.5 wires was 10 and cable was 2. Is it possible to know domestic wire volume growth and domestic cable volume growth? If it’s possible.
Rajesh Jain
So in domestic cable like we were on like little bit on negative side. So whatever growth we got in domestic was majorly driven by our wire growth only. So exact numbers I do not have readily available like majorly driven by wire and cable was only growing to some extent in this quarter.
Rahul Agarwal
Got it. Got it. So sir, when I’m benchmarking it to other peer sets, right. I mean I understand there is some spillover on cables. I don’t know whether that’s domestic or export but I’m assuming that’s export. If you would clarify that. And overall.
Rajesh Jain
That is on just. I would like to clarify that that is on domestic side only. Where few of our my orders could not be executed in those quarters. And that is the reason on prima facility it seems on degrowing side. But overall like Looking to my production and overall demand facilities, we are on like positive and planned figures on this.
Rahul Agarwal
Yeah. Okay, got it. So like you’ve already, you know, July is already finished. Is that entire spillover already taken care of or is going to be more spread over?
Rajesh Jain
So I could not comment on current quarter but as already told we are quite confident to get that 25% kind of holding growth in next three quarters. So it self extends to the situation.
Rahul Agarwal
Got it, got it. And just to come back on the previous question, on the domestic side, you know it looks like peer bench, you know peers have done much better. Is there any comments on market share or is it more to do with just seasonality and some bit of up and down on the volatility? What is this? Why is this number so low for I cable.
Rajesh Jain
Like overall in the beginning also I said that we are planning to grow from 12% in wire and 25% in cable. So we are in that line only since we are wire heavy company. And more growth is coming coming from cable. So the major growth will be seen in the coming quarter.
Rahul Agarwal
Got it. Thank you so much and Mahindraji, best wishes for the role. Look forward to interact with you very soon. Thank you and all the best.
operator
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Raman KV from Sequent Investments. Please go ahead.
Raman K V
Hello sir, can you hear me?
Rajesh Jain
Yeah, please go ahead.
Raman K V
So my first question is with respect to copper prices. So with current copper prices increasing. During. This particular quarter, can we expect margin measures in the coming quarters?
Rajesh Jain
No. So see copper volatility is part of our business. And as you are aware this is like there is a mechanism where we keep passing on the prices to our consumers based on the whatever there is upward or downward trend. So it is a continuous cycle.
Raman K V
Okay, so I just wanted to clarify this particular part. So it’s easy to pass on the prices to the customer.
Rajesh Jain
Yes. So like whenever there is like say plus or minus 2 or 3% variation in our copper prices when we change our selling prices also. So it could not be done on daily basis since we are in B2C category. So what happens at the industry level? Like we see and observe the price Trend of last 1520 days and change our prices selling prices also.
Raman K V
So basically the price relocation happens every 2020 days like every month.
Rajesh Jain
Sorry, your voice is not clear. Can you repeat please?
Raman K V
It’s clear now. Hello?
Rajesh Jain
Sorry.
operator
Yes, now it’s clear.
Raman K V
Hello, Is it clear now?
Rajesh Jain
Yeah, yeah. Please.
Raman K V
So I just wanted to clarify that you basically do the price re readjustments every month based on the copper prices.
Rajesh Jain
It’s not every month, it is depends on the fluctuation in copper prices or raw material prices. So sometimes it may remain same for two months also and sometimes if there may be two price revision in the same month also. So as I inform that it is there’s depends on the fluctuation in your raw material prices.
Raman K V
Okay sir, and my so second question is with respect to you giving us a guidance of 25 growth in terms of cable volume mainly because there will be a cable capacity coming online in the coming quarter. I just wanted to understand what is the current manufacturing capacity of cables and what will be the manufacturing capacity of cables by the end of this year.
Rajesh Jain
So as of now my Cable is contributing 30% in my overall revenue while Wire is contributing 70% and as we are telling I grow by 25% in several segment then this ratio may go in 32 or 35% by year end.
Raman K V
No, no, I just want to understand the manufacturing capacity, what’s the current manufacturing capacity of cables versus how much manufacturing capacity of cables will be coming by the end of this year? Only with respect to cable.
Rajesh Jain
So like right now within cable also we have industrial cables, LT cables, ST cables so and capacity is quite fungible also BY like whatever CapEx plan we have done like whatever capacity we are having at the end of 23 now we are almost doubling our that capacity.
Raman K V
And doubling the capacity.
Rajesh Jain
Yeah, doubling the capacity out of which few have already been added, few are in the process and at the same time new capex again we are doubling whatever capacity we have.
Raman K V
So my.
Rajesh Jain
I cannot give figures exactly Internet.
Raman K V
I understood, I just wanted to clarify, you are basically saying whatever was the cable capacity at the end of 2030, 2023 you are doing 2x by the end of this year and then within the next three years you will do 2x of that.
Rajesh Jain
Yeah, yeah, exactly.
Raman K V
Sorry, come again? You said something.
Rajesh Jain
That’s what we have planned to expand our business.
Raman K V
Answer. Currently the exports are contributing about 30% of your total overall revenue going forward because we are seeing a huge demand from you know, Australia and Europe in terms because they are doing various grid upgradation, various grid upgradation. So do you expect this percentage of. Exports to improve further?
Rajesh Jain
Yeah, so this ratio may vary by 1 or 2% on quarter to quarter basis but at max it can go up to 35% because we have equal focus on our domestic market as well.
Raman K V
Okay, thank you sir. I Will rejoin the queue if I have any questions.
Rajesh Jain
Thank you so much.
operator
Thank you. The next question is from the line of Mehul Mehta from Choice Institutional Equity. Please go ahead.
Mehul Mehta
Good afternoon team. My question is related to capacity utilization at the end of quarter one. What would have been capacity utilization for cable and wire separately?
Rajesh Jain
So in wire we are at around 70% while sables are already at 90% 95%.
Mehul Mehta
So that is similar to what we are having at quarter four end, is it?
Rajesh Jain
Yes. So if you see our growth is like on similar trends only. And planning is also to grow in like that way only.
Mehul Mehta
Okay. And is it like an in terms of cables like you know whatever capacity expansion, whatever capex we have incurred of about 5 billion in the past two years. So that will be commencing in quarter two. Is it correct?
Rajesh Jain
No, already few part of that was operational in last year. Few part is operational in this from up there. So it is like continuous process. As I told in beginning also whenever we do it is not like Whitefield project where all capacity will be added on one night. It is like modular expansion where we keep adding few capacities and on like quarterly or half daily basis. So this is continuous process.
Mehul Mehta
Understood. And in terms of capex during the quarter one, what would have been capex incurred by us so far?
Rajesh Jain
It may be around in the range of 50 to 75 crore.
Mehul Mehta
50 to 75 crore. Okay. And I believe like you know some about 150 crores you were to incur for like you know expanding capacity and like you know post that like in 10, what you call 10 and a half crores. So what has been so far incurred on one 150 crores.
Rajesh Jain
I’m not sure which 150 crore you are referring.
Mehul Mehta
You said now like you know 12, 1200 crores is total capex like you know which will be incurred going forward. So out of that 150 crores separately and like in 1050 crores like you know at I think Vagodia. So at Silvata I think 150 crores. So out of this what would have been incurred like in terms of 70, 75 crores it will be on Silvasa part or like you know both put.
Rajesh Jain
Together that was measured. So when you are referring that 150 and 1200 crore, sorry 1050 crore. That is based on location which is Silvasa? In Wagoria. In Silvasa. Now currently expansion is going up on Silvasa where we are completing the project which was part of my last expansion. And even at Wago also the like cable expansion on what is going on continuously and few of the capacity will be added in this quarter. So it is mix of both the projects.
Mehul Mehta
Thank you and all the best.
operator
Thank you. The next question is from the line of Bala Subramaniam from Arihant Capital. Please go ahead.
Balasubramanian
Thank you so much for taking my question. Sir, regarding smeg like right now we are doing improvement by doing cost reduction initiatives. So what are the key hurdles in terms of distribution, brand recognition, pricing pressures. So which are the where we are lagging and what are the strategic initiatives we are taking to be profitable by end of the year. And secondly I think whatever around 20 percentage of revenue comes from premium products. We go to a broader mix of premium from mid range and standard products. In that SMEG segment.
Rajesh Jain
We have done in previous two years or even in this quarter also it is like if you see one was like a better product mix. Again if you see we have done better than industry in terms of growth also and in terms of profit improvement rather in our case it was like reduction in losses. And like in last year also we reduced our on a yearly basis we reduced our losses by almost 400 bits. And in this quarter when I compare it quarter on quarter then our improvement is around 550 bits. These are driven by one is like scale.
As we are getting more and more scale in my FMIG business the cost is being like absorbed by on higher basis. Second and product mix is changing and if you have to make profit in FMIG then the revenue must come from premium and mid premium category and fairly we are doing good. When our 20% of revenue is coming from premium products. And at the same time like we are improving our sales sizes, we are improving on cost front and this is resulting in higher growth and reduction in losses.
Balasubramanian
Sir, secondly around as per my as per industry report around 40 percentage of revenue, 40% of demand majorly comes from the real estate side. And like how our products are majorly into whether it’s a residential or commercial focused. And secondly how these renewables and data centers are growing as per our business and what kind of contributions we can expect in these segments.
Rajesh Jain
So when we talk about I think you are referring to our wire and cable business. So in wire and cable business like major in wire majority of the growth comes from construction be it residential or commercial properties. So growth is coming from all the segments and but now we are more hopeful and we are confident that more growth will come from infrastructure, data center, export business. So like our cable segment is expected to do better even at industry Level also the same thing is expected that even if wire may go at 10 10% and cable may go at 15% at industry level so that this industry can go at 14 to 14%.
Balasubramanian
Got it sir. Thank. You.
operator
Thank you. The next question is from the line of Nikhil Purohit from Sident Asset Management. Please go ahead.
Nikhil Purohit
Yeah hi. Thanks for the opportunity. So my first question is can you tell me the current capacity across Lagodia, Simbasa and Roorkee and their current utilization levels.
Rajesh Jain
So we have two plants of wire and cable. One is at Silvasa and other is at Wagorea While Roorkee the Great and Bangalore are our FMEG plants where we are producing fence and light. As I told in wire and cable like already in wire we are at around 70 to 75% while in cable we are at 90 to 95%. Most of the wires are got produced at silver work only. While that we have both wire and cable at F. Yeah. It is seasonal, seasonal products. So capacity difference from season to season it is sometimes it is at 100% also more than 100%.
Nikhil Purohit
Understood, understood. And could you just update me with the current capacities at Magoria and Silvasa? Particularly not the utilization the current capacity.
Rajesh Jain
Capacity. See sometimes like it may be very tough to because it depends on product to product Also we have like quite sensible capacity where wire capacity can be used for industrial cables also and something like this. So it may not be that much particularly I can give the figure but yeah more or less I can say almost 30 to 35% capacity that silver travel is. We have around 65% capacity.
Nikhil Purohit
Got it, got it. And sir, just wanted to confirm what is our full year guidance for Capex this year it may be in the.
Rajesh Jain
Range of around 300 crores.
Nikhil Purohit
300 crores. Okay, thanks.
operator
Thank you. The next question is from the line of Natasha Jain from Philip Capital. Please go ahead.
Natasha Jain
Thank you for the follow up. Sir, just wanted to understand are we completely into distribution cables or do we also supply a little bit of transmission cables as well?
Rajesh Jain
It’s a combination of both distribution and transmission. So we are not in conductor business. We are purely, purely in HT and LTE power cable only which range up to 66k.
Natasha Jain
Got it. Sir, just a broader question here in terms of industry understanding. So for transmission the cabling which is underground would be would be very high voltage, right? It would be classified as EHV or would it still come as high tension?
Rajesh Jain
It will be a combination of both. Now EHV will be for at a higher level it will be at ehv but then when it will be further distributed it will convert to H.
Natasha Jain
Got it. Thank you so much. So we are in present in both HV on the transmission as well as the distribution power cables.
Rajesh Jain
Yes.
Natasha Jain
Gotcha. Thank you.
operator
Thank you. The next question is from the line of Raman KV from Sequent Investments. Please go ahead.
Raman K V
Hello sir. Thank you for this opportunity. I just wanted to understand this. Rupees 1200 Crores Capex what will be the asset on?
Rajesh Jain
So with this we are expecting top line of around 4,500 crores at full operational level.
Raman K V
4,500 crores?
Rajesh Jain
Yeah. Because this is combination of wire and stable both.
Raman K V
Okay sir. Thank you sir.
operator
Thank you. In the interest of time. That was the last question. I would now like to hand the conference over to management for closing comments. Thank you. And over to you sir.
Rajesh Jain
Thank you everyone for taking some time out to participate in this call. In case of any queries, reach out to our investor relationship agency MUFG Investor Relations. We wish you all the best and hope to interact with you soon. Thank you so much.
operator
On behalf of RR Cable limited that concludes this conference. Thank you for joining us and you may now disconnect your lines.