Jefferies raises Polycab share price target after 30% rally in 2026. Here are 5 reasons why

Jefferies has raised its target valuation multiple for Polycab to 41x earnings, a roughly 10% premium to its five-year historical average of about 37x, citing a 30% stock rally in 2026. The brokerage highlighted Polycab's organised market share in cables and wires rising to 30-31% in FY26 from around 18% in FY20, C&W segment delivering 33% year-on-year growth (contributing 87% of FY26 revenue), and a robust order book of about Rs 11,300 crore. Jefferies forecasts a 22% EPS CAGR for Polycab between FY26 and FY29, driven by core volume growth and FMEG margin improvement, with key risks being a housing demand slowdown and copper price volatility.