NSE: POLYCAB · BSE: 542652
POLYCAB INDIA LIMITED
Makes electrical wires and cables for India's power, infrastructure, and construction markets, with FY26 revenue of Rs 28,884 crore split across three segments. The Wires and Cables business is the core, contributing 87.2% of segment revenue at Rs 25,534 crore and earning Rs 3,478 crore in EBIT, supplying products for transmission, distribution, housing, and industrial uses. Fast Moving Electrical Goods (FMEG), which includes switches, fans, lighting and solar inverters, brought in 7.1% of segment revenue (Rs 2,069 crore); solar inverters are now its largest sub-category. The Engineering, Procurement and Construction (EPC) arm contributed 5.7% of revenue (Rs 1,666 crore) executing milestone-linked power and infrastructure projects, with a combined BharatNet and RDSS order book of Rs 10,900 crore. Materials account for 71.4% of revenue — primarily copper and aluminium — while employee costs are 3.0% and other operating costs 11.8%. The business runs a net cash balance sheet and exports to 94 countries, targeting more than 10% of revenue from international sales by 2030. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Wires and Cables (87%), FMEG (Fast Moving Electrical Goods) (7%), EPC (6%). Asset-heavy industrial products manufacturer, exposed to copper and aluminium price cycles.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 12,204 | 14,108 | 18,039 | 22,408 | 28,884 |
| EBITDA (ex other income) | 1,265 | 1,852 | 2,492 | 2,960 | 4,006 |
| margin % | 10.4 | 13.1 | 13.8 | 13.2 | 13.9 |
| Owners' profit | 917 | 1,270 | 1,784 | 2,020 | 2,672 |
| EPS, as reported (₹) | 60.87 | 84.87 | 118.93 | 134.34 | 177.53 |
| ROE % · ROCE % | 16.5 · 20.3 | 19.2 · 26.1 | 21.9 · 29.0 | 20.6 · 28.0 | 22.3 · 30.8 |
| Debt / equity (x) | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 |
| Cash from operations | 512 | 1,428 | 1,296 | 1,809 | 3,811 |
| Capex | (527) | (477) | (853) | (970) | (1,480) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,498 | 5,226 | 6,986 | 5,906 | 6,477 | 7,636 | 8,864 | 8,210 |
| Profit before tax | 590 | 617 | 961 | 801 | 921 | 842 | 1,049 | 1,058 |
| Net profit | 445 | 464 | 734 | 600 | 693 | 630 | 786 | 797 |
| EPS (₹) | 29.25 | 30.42 | 48.31 | 39.36 | 45.54 | 41.30 | 52.18 | 52.09 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Wires and Cables | 7,762 | 26.6 |
| FMEG | 1,617 | 5.5 |
| EPC | 1,264 | 4.3 |
| Wires and cables | 12,081 | 41.4 |
| a) Wires & Cables | 5,691 | 19.5 |
| b) FMEG | 452 | 1.6 |
| c) EPC | 402 | 1.4 |
| Total, before eliminations | 29,270 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POLYCAB INDIA LIMITED ◆ | 1,15,996 | 40.3 | 9.57 | 27.3 | 22.3 | 28.9 | 26.5 | 15.1 |
| KEI INDUSTRIES LTD. | 36,806 | 36.9 | 5.52 | 25.6 | 13.8 | 17.9 | 22.9 | 13.0 |
| R R KABEL LIMITED | 25,055 | 41.2 | 9.73 | 30.7 | 19.1 | 23.9 | — | 10.4 |
| FINOLEX CABLES LTD | 17,543 | 21.9 | 2.88 | 17.6 | 11.7 | 14.1 | 18.0 | 16.7 |
| UNIVERSAL CABLES LTD | 4,616 | 23.0 | 2.44 | 20.0 | 8.6 | 5.0 | 18.7 | 10.0 |
| PARAMOUNT COMM LTD | 1,944 | 32.0 | 2.50 | 17.5 | 7.7 | 10.2 | 29.8 | 7.1 |
| DYNAMIC CABLES LIMITED | 1,633 | 17.9 | 3.57 | — | 18.5 | 24.2 | — | 11.2 |
| QUADRANT FUTURE TEK LTD | 1,624 | — | 6.30 | — | (16.6) | (19.8) | — | (7.1) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 40.3 | 21.9 | 10 of 11 | 10% |
| P/B | 9.6 | 3.2 | 9 of 10 | 11% |
| ROCE | 28.9 | 13.5 | 2 of 13 | 92% |
| ROE | 22.3 | 8.6 | 1 of 11 | 100% |
| Debt / Equity | 0.0 | 0.1 | 2 of 11 | 90% |
| EBITDA margin | 15.1 | 10.2 | 2 of 10 | 89% |
| Revenue growth | 39.0 | 36.1 | 5 of 10 | 56% |
| Profit growth | 32.8 | 35.0 | 6 of 10 | 44% |
| Market cap | 115996 | 1788 | 1 of 12 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Polycab to hold virtual one-on-one analyst meet on November 3, 2026 | board shareholder meetings | low | — | — |
| 28 Oct 2026 · NCLAT blocks MSCI delisting of Polycab pending final order | regulatory legal | high | — | — |
| 27 Oct 2026 · Polycab India updates exchange on analyst and investor meeting | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Share capital audit records 61,420 employee option shares issued | compliance | minimal | — | — |
| 23 Oct 2026 · Polycab schedules investor meetings from Oct 28 to Dec 1, 2026 | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Polycab Q2 FY27 earnings call transcript - record revenue and profit | investor communications | medium | — | — |
| 19 Oct 2026 · Polycab India schedules investor meet with JP Morgan Asset Management on October 23 | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Polycab NCLAT reserves order in Asier Metals appeal | regulatory legal | high | — | — |
| 15 Oct 2026 · Polycab submits audio recording of Q2 FY26 earnings call | investor communications | low | — | — |
| 15 Oct 2026 · Polycab Q2 FY27 results: revenue up 53 percent, PAT up 43 percent YoY | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.