Polycab India Ltd. share price target

The company delivered a strong double-digit growth driven by robust domestic demand, expanding distribution reach, continued market-share gains and solid execution across Cables & Wires and FMEG segments. Going forward, extra heavy voltage (EHV) capacity commissioning, re-establishment of the U.S. distribution network, deepening export footprint, FMEG premiumisation and sustained investments under Project Spring are expected to support long-term growth. However, geopolitical uncertainties from the Middle East conflict, elevated input prices, inflationary pressure...

Revenue/EBITDA grew 27%/13% YoY; W&C drove the top line, but margin contracted 160bps YoY to 13.1%, on an adverse mix

The Wires & Cables (W&C) segment delivered moderate growth in Q4FY26, with domestic W&C revenue growing 30.3% YoY and exports grew by 17.8% driven by strong cable demand and execution despite softer trade sentiment and Middle East disruptions. Cables outperformed wires during the quarter, while institutional sales grew faster than channel sales. Volume growth remained in low single digits due to temporary construction halts in North & West India, geopolitical disruptions and softer secondary sales, although cumulative price hikes of 18-19% from Jan-Mar'26 supported realizations. The international business contributed 4.4% to consolidated revenue. EBIT...

Polycab’s (POLYCAB) 4QFY26 revenue/EBITDA grew ~27%/13% YoY to INR88.6b/INR11.6b (~5%/8% beat). Cable & wire (C&W) revenue increased ~29% YoY to INR77.6b (~5% beat) and FMEG revenue grew ~39% YoY to INR6.6b. (~22% beat).

Polycab delivered a strong performance in Q3FY26 with revenue and earnings growing by 46% y/y and 36% y/y, respectively led by robust execution in Wires & Cables (W&C) and sustained profitability in FMEG segments.

Polycab India (POLYCAB) reported strong revenue growth of ~46% YoY in 3QFY26, led by ~54% growth in the cable & wire (C&W) segment. However, steep RM cost inflation impacted the C&W segment’s margins.

Q3 revenue grew 46% YoY, led by robust performance across W&C (+54% YoY) and FMEG segments (+18% YoY)

*over or under performance to benchmark index FMEG's revenue increased 13.8% YoY to Rs. 452cr, on rising demand from most categories. Solar performed well on the back of strong demand under central and state solar rooftop incentive schemes. Demand was, however, tepid in fans. 15.8% due to strong profitability in the W&C segment and operational efficiencies. Reported PAT grew 55.6% YoY to Rs. 693cr on account of growth in the topline,...

We met with the management of Polycab India (POLYCAB) to get an update on business trends across Cables & Wires (C&W), FMEG, and EPC segments, RM price trends, and the company’s key strategic initiatives.

Broad-based expansion in its Cables & Wires business boosted Polycab India’s Q2 revenue 18% y/y. Operating leverage, product premiumisation and a favourable mix gave it its highest quarterly margins.

Q2 revenue grew 18% YoY, led by robust performance across W&C (+21% YoY) and FMEG segments (+14% YoY)

Polycab India (POLYCAB) posted yet another strong quarter with revenue growing ~18% YoY to INR64.8b (in line) in 2QFY26, driven by ~19%/14% growth in Cables and Wires (C&W)/FMEG segments.

Polycab is the largest company by revenue in the Indian electrical industry, holding a 26-27% share in the organised wires & cables (W&C) market and 19-20% of the overall ~?900 billion W&C market.

*over or under performance to benchmark index Polycab India Ltd is one of India's largest wire and cable manufacturers. It provides electrical solutions to households and industries. Polycab's consolidated revenue from operations grew 25.7% YoY to Rs. 5,906cr in Q1FY26, mainly due to the performance of the wires and cables (W&C) segment. The W&C segment's revenue rose 30.9% YoY to Rs. 5,229cr, supported by 25% volume growth during the quarter. The fast-moving electric goods (FMEG) segment's revenue rose 17.8% YoY to Rs....

Strong execution in all segments led to Polycab’s robust Q1 FY26. Resilient domestic demand and greater export momentum led to wires & cables strong, 25%, volume growth.

Polycab India (POLYCAB)’s revenue jumped ~26% YoY to INR59.1b (~5% beat) in 1QFY26, led by robust volume growth in Cables and Wires (C&W).

Q1FY26 performance beat our estimates. Revenue growth of 26% was strongly backed by strong performance across segments.

Polycab announced an impressive set of numbers in Q1FY26. Polycab reported strong double-digit growth across cable and wire and FMEG segments. Growth in cables and wires is led by higher government expenditure, better project execution and superior revenue mix.

Q1 revenue grew 26% YoY, led by robust performance across segments; W&C /FMEG/ EPC revenue grew 31%/18%/-19% YoY respectively

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....