Polycab India Ltd. share price target

The EPC segment's revenue grew 46.7% YoY to Rs. 603cr due to effective execution of the RDSS order book. EBITDA rose 34.1% YoY to Rs. 1,025cr and EBITDA margin expanded 100bps to 14.7% owing to profits in the FMEG sector and strong margin in the EPC segment....

Q4FY25 performance beat our estimates. Revenue growth of 25% was strongly backed by strong performance across segments. In C&W segment cables outpaced the growth of wires segment. Volume growth remained at 15-17% and the balance of growth came from an increase in realizations.

Polycab reported mid teen volume growth in its W&C segment. Domestic W&C business grew by 26.5% YoY, driven by mid-teen volume growth. Within this, domestic cables grew at a faster pace in the high teens, while wires registered...

UltraTech Cement has revealed plans to enter the cables & wires sector, backed by a capital expenditure of Rs 1800 crore. The company seeks to broaden its portfolio within the building construction value chain and capitalise on its existing distribution network.

Polycab India’s (POLYCAB) 3QFY25 revenue grew ~20% YoY to INR52.3b (in line), as lower-than-estimated revenue in the C&W segment was offset by higher-than-estimated revenue in the FMEG and EPC segments.

Healthy revenue growth at 20% YoY; EBITDAM expands on better W&C margins and reduced FMEG losses

Polycab has steadily grown its market share and now holds approximately 25-26% of the organised market. The company’s emphasis on power cables (LT/HT) and control cables, which are in high demand, positions it strongly for future growth.

Polycab reported strongest-ever Q2 with a stellar revenue growth of 30% y-o-y. Revenue growth was contributed by strong growth across segments C&W (24%), FMEG (21%) and Others (190%). Topline strongly beats our estimates.

Polycab India (POLYCAB)’s 2QFY25 earnings were in line with our estimates, as lower-than-estimated margins offset higher-than-estimated revenue growth.

Polycab reported robust broad-based revenue growth YoY led by favourable demand tailwinds. All segments reported strong double digit revenue growth YoY.

W&C on robust growth trajectory, fueled by government infrastructure investments & rising real estate demand; 2HFY25 to exceed 1HFY25

Quarterly Update Q1FY25

Revenue grew 21% y/y; margins hurt. Powered by 10% volume growth, Q1 revenue rose 21% y/y to Rs46.9bn. Cable and wire revenue rose 12% y/y to Rs39.4bn and FMEG revenue.

Q1FY2025 results were mixed with revenue better than estimate but a miss on the margins. Net
sales of Rs. 4,698 crore (+20.8% y-o-y) was 3% better than estimate.