Metal products, pipes, wires & cables.

Fabricated metal products (NIC 25) plus steel pipes and insulated wires and cables form a ₹1.6 lakh crore value-added industry in FY26 — 0.51% of national GVA and 3.4% of manufacturing — employing close to five million people, more than any manufacturing industry other than textiles and food. Most of it is informal (structural fabrication, doors and grills, utensils, hand tools, job-work machining in unincorporated workshops, ~70% informal by employment), but two organised, listed and fast-consolidating corners — structural steel tubes (APL Apollo ~50% share) and wires & cables (top-5 ~52% of the market by FY30E) — have compounded revenue at 15–20% a year, drawing new entrants such as UltraTech and Adani into cables in 2025. Industry GVA has compounded at about 9% a year since FY10, roughly in line with manufacturing, but its share of manufacturing GVA has fallen from 5.5% in FY05 to 3.4% in FY26 as the slow-growing informal core dragged on the fast-growing organised segments. The base case projects ~9.7% nominal CAGR to ₹2.45 lakh crore by FY30 and ₹4.05 lakh crore by FY35, driven by construction and real estate (~45% of demand), power transmission & renewables (~20%), and industrial/auto OEMs (~20%), with formalisation (GST, e-way bills, BIS standards) continuing to shift share from unorganised to organised producers.

Estimated industry GVA

1.6 ₹ lakh crore · FY26

% of national GVA

0.51 % · FY26

% of manufacturing GVA

3.4 % · FY26

Revenue pool (gross output)

6.5 ₹ lakh crore · FY26

Employment

~4.8 million · FY26

Exports

13 US$ bn · FY26

Imports

8.5 US$ bn · FY26

Listed market cap

~3.3 ₹ lakh crore · Jul-2026