UltraTech’s ₹1,800 Cr entry into the cable-wire business sparks competition fears. Analysts predict margin pressure, a possible price war, and industry derating. CLSA expects UltraTech to generate 4x-5x revenue growth with 11%-13% margins. The industry already faces ₹100 billion capex over 2-4 years, and UltraTech’s entry could further impact profitability. Can Polycab, KEI, Havells, and RR Kabel withstand the challenge?