Buy

Strong quarter with the core cable and wire business performing well on revenue and margins, beside maintaining market leadership

We recommend a Buy the stock for a target price of Rs 2,640 implying an upside of 11% from CMP.

Polycab is the market leader in the wire & cable business with organised market share of 23%. In the FMEG segment, it is growing through new product launches and dealer addition across India. The company has...

Polycab witnessed another quarter of strong recovery in demand across segments resulting in a topline growth of c.12% and 22% sequentially and yoy respectively. The company continued reporting higher quarterly revenues for the second consecutive quarter with topline of 3,372 crs where wires & cables (w&c) contributed around 88% followed by FMEG c.10%. In this quarter,...

Strong revenue growth; input inflation drags margin company also entered the fast moving electrical goods (FMEG) space in 2014 and has recorded strong segment revenue CAGR of 43% in the last five years....

Polycab witnessed a strong recovery in demand across segments resulting in a topline growth of c.66% and 48% sequentially and YOY respectively. The company reported one of the highest quarterly revenues of 3,129 crs with wires & cables (w&c;) contributing around 84% followed by FMEG c.11%. The growth was on the back of increasing market share across segments and...

We increase our FY22 / FY23 / FY24 earnings by 5.1% / 4.3% / 2.5% and reiterate our positive stance on KEI given 1) growing demand for cables and wires arising from Infra, Industrial, Railways, Solar & housing construction...

KEI Fastest growing brand with EHV capabilities......................................................4 Story in Charts ....................................................................................................................5 KEI Growth drivers in place for Wires & Cables ........................................................6 KEI gained 260bps market share over FY16-20 .......................................................7 Established relationships and strong pre-qualification credentials.........................8 47% CAGR in exports over FY16-20 ..........................................................................8 Amongst few Indian players with 220kV+ EHV capabilities ....................................9 NIIP led capex to drive demand for wires and cables ............................................... 10...