Polycab Evolving into a formidable FMEG player ............................................... 4 Story in charts ........................................................................................................ 5 FMEG Premium positioning with focus on large categories ................................ 6 FMEG CAGR of 28.8% over FY21-23 to improve B2C mix ............................... 6 FMEG margins to improve by 600bps over FY20-23E ................................... 8 Fans (40-45% of FMEG sales): Increasing premium offerings ......................... 10 Lighting (20-25% of FMEG sales): Innovation remains a key to success ......... 11 Switches & Switchgears (15% of FMEG sales): Immense growth potential ..... 12...