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.
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % |
|---|
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 3 Sept 2026 · Polycab to meet JM Financial, IIFL, Ambit on Sept 8-9 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Polycab allots 14,970 shares to employees under ESOP 2018 | capital market events | low | — | — |
| 1 Sept 2026 · Polycab to meet Schonfeld Strategic Advisors on Sept 4 | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Polycab schedules investor and analyst meetings on September 3, 2026 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Polycab to meet DSP Investment Management on Aug 31, 2026 | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Shareholders approve revised remuneration for two joint managing directors | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Polycab President Projects ceases to be Senior Management Personnel | management changes | medium | — | — |
| 19 Aug 2026 · Polycab India investor and analyst meetings scheduled from Aug 24 to Sep 16, 2026 | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Polycab informs demise of Senior Management Personnel | management changes | high | — | — |
| 7 Aug 2026 · Polycab schedules investor meets at 3 conferences from Aug 12-17 | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| EBITDA m. % |
|---|
| POLYCAB INDIA LIMITED ◆ | 1,24,138 | 43.1 | 10.24 | 29.2 | 22.3 | 28.9 | 26.5 | 15.1 |
| KEI INDUSTRIES LTD. | 43,766 | 43.9 | 6.57 | 30.6 | 13.8 | 17.9 | 22.9 | 13.0 |
| R R KABEL LIMITED | 27,478 | 45.2 | 10.67 | 33.6 | 19.1 | 23.9 | — | 10.4 |
| FINOLEX CABLES LTD | 21,918 | 27.4 | 3.60 | 22.0 | 11.7 | 14.1 | 18.0 | 16.7 |
| UNIVERSAL CABLES LTD | 5,187 | 25.9 | 2.74 | 22.0 | 8.6 | 5.0 | 18.7 | 10.0 |
| DYNAMIC CABLES LIMITED | 2,221 | 24.4 | 4.86 | — | 18.5 | 24.2 | — | 11.2 |
| PARAMOUNT COMM LTD | 1,974 | 32.5 | 2.54 | 17.8 | 7.7 | 10.2 | 29.8 | 7.1 |
| QUADRANT FUTURE TEK LTD | 1,926 | — | 7.47 | — | (16.6) | (19.8) | — | (7.1) |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 43.1 | 25.9 | 9 of 11 | 20% |
| P/B | 10.2 | 4.2 | 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 | 124138 | 2097 | 1 of 12 | 100% |
| 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 |
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.
