distributors and over 0.1mn retail touch points 3) strong manufacturing base 4) diversification into premium FMEG segment with presence in fans, lighting, switchgears & switches and 5) likely reduction in working capital due to channel financing. Although FMEG is just 8% of sales, strong brand would enable faster scale up in the coming years. Recent export order of USD137mn for an upcoming refinery is a testimony of quality and growth potential in wires and cable business. Over FY16-18 Polycab has reported Revenue/EBITDA/PAT CAGR of 14%/24%/42% respectively with reported EPS...