Polycab India’s Q1 growth is solid. Now volumes need a recharge

Polycab India reported Q1FY27 consolidated revenue of ₹8,210 crore, up 39% year-on-year, largely driven by higher copper and aluminium prices rather than underlying volumes. Volume growth in wires and cables was only in the low-to-mid single digits, and consolidated Ebitda margin slipped to 13.8% from 14.5% a year earlier, sending shares down around 4% in early trade. The FMEG segment grew 68% year-on-year with solar products more than doubling, while the EPC business declined 11%; the order book stands at about ₹10,900 crore, and the stock trades at 42 times FY27 estimated earnings.