Submission of Transcript of Earnings Call held on May 06, 2026
POLYCAB · price
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Polycab India delivered its highest-ever quarterly and annual revenues in Q4 and FY26 respectively, despite macroeconomic headwinds from the Middle East conflict. Q4 revenue grew 27% YoY with PAT of INR 7.9 billion, while full-year revenue crossed INR 285 billion with 29% growth. EBITDA margins expanded to 13.9% for FY26. The company gained significant market share, with domestic wires and cables market share rising to 30-31% from 26-27% in FY25. Volume growth was 18% for the full year despite low single-digit growth in Q4 due to Middle East disruptions affecting exports and softer trade sentiment in March. The FMEG segment delivered exceptional 47% YoY growth in Q4, marking its ninth consecutive quarter of outperformance. Net cash position stands at INR 41.9 billion with working capital cycle at 25 days.
Strong execution enabled Polycab to deliver industry-leading growth and market share gains despite external headwinds. The company maintains a robust balance sheet and clear multi-year roadmap under Project Spring, positioning it well for continued outperformance. Near-term margin pressures from higher institutional sales mix and raw material volatility may persist, but long-term margin guidance of 11-13% EBITDA remains intact.