Polycab India Q2 FY27 results: net profit up 42.9% to ₹990 crore, revenue up 52.8%

How did Polycab India perform in Q2 FY27?

Polycab India’s consolidated Q2 FY27 revenue rose to ₹9,899 crore from ₹6,477 crore in Q2 FY26, an increase of ₹3,422 crore or 52.8%. Against Q1 FY27, revenue was ₹1,689 crore or 20.6% higher. Total income was ₹9,987.27 crore, against ₹6,522.64 crore a year earlier and ₹8,314.65 crore in the previous quarter.

Consolidated EBITDA increased to ₹1,422 crore from ₹1,021 crore in Q2 FY26 and ₹1,136 crore in Q1 FY27. The EBITDA margin was 14.4%, down 1.4 percentage points from Q2 FY26 but up 0.6 percentage points from Q1 FY27. Profit before tax was ₹1,306 crore, while net profit was ₹990 crore and basic EPS was ₹64.87, compared with ₹692.96 crore and ₹45.54 in Q2 FY26.

On a standalone basis, Q2 FY27 revenue was ₹9,839.66 crore and profit after tax was ₹965.17 crore. Standalone profit before tax was ₹674.8 crore, and revenue growth was 55.2% against the year-ago quarter.

What changed in Polycab India's costs and profit?

Total expenses rose to ₹8,681 crore in Q2 FY27 from ₹5,602 crore in Q2 FY26, an increase of ₹3,079 crore or 55.0%. Cost of materials was ₹7,490 crore, up ₹2,677 crore or 55.6%, while other expenses were ₹1,093 crore, up ₹327.16 crore or 42.7%. Employee cost increased by ₹35.23 crore to ₹265.69 crore, depreciation by ₹14.26 crore to ₹111.04 crore and finance costs by ₹45.19 crore to ₹93.60 crore.

Other income increased to ₹88.37 crore from ₹45.43 crore in Q2 FY26, a difference of ₹42.94 crore or 94.5%. There was no exceptional item. Tax expense rose to ₹316.22 crore from ₹228.04 crore, a difference of ₹88.18 crore or 38.7%. The company said the quarter’s EBITDA was supported by operational efficiency and a favourable business mix, while Wires and Cables margins improved sequentially on the same factors.

From Q1 FY27, total expenses rose by ₹1,425 crore to ₹8,681 crore. Other income fell by ₹16.55 crore to ₹88.37 crore and tax expense rose by ₹54.65 crore to ₹316.22 crore. There was no exceptional item in either quarter.

How did the first half of FY27 go?

In the first half of FY27, consolidated revenue was ₹18,108.63 crore, up ₹5,725.44 crore or 46.2% from H1 FY26. Total income rose 46.3% to ₹18,301.92 crore, while profit before tax increased 37.3% to ₹2,364.44 crore. Profit after tax increased by ₹494.0 crore, or 38.2%, to ₹1,786.65 crore.

H1 FY27 basic EPS was ₹116.97, up 37.8% from ₹84.9 in H1 FY26. The earnings presentation reported an H1 FY27 EBITDA margin of 14.1%, compared with 15.2% in H1 FY26, and PAT margin of 9.9% against 10.4%.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹23,795.1 crore, up from ₹20,476.19 crore on 31 March 2026. Total equity increased to ₹13,237.24 crore from ₹12,126.77 crore, while borrowings fell to ₹111.6 crore from ₹132.49 crore. Cash declined to ₹211.24 crore from ₹390.34 crore. Inventories rose to ₹6,963.4 crore from ₹5,559.6 crore, trade receivables fell to ₹3,459.27 crore from ₹3,758.5 crore and trade payables rose to ₹1,966.69 crore from ₹1,798.81 crore.

H1 FY27 operating cash flow was ₹1,670.82 crore, compared with ₹1,790.55 crore in H1 FY26. Investing cash flow was negative ₹950.88 crore against negative ₹943.3 crore, and financing cash flow was negative ₹896.43 crore against negative ₹617.64 crore. Capital expenditure was ₹597.56 crore, lower than ₹752.17 crore in H1 FY26.

How has Polycab India done over the last 8 quarters?

Revenue rose year on year in each of the last eight quarters and profit also rose year on year in each of the last eight quarters. Revenue reached its highest level of the period in Q2 FY27 at ₹9,898.9 crore, while Q3 FY25 was the low at ₹5,226.06 crore. The current direction was upward for both revenue and profit.

Profit after tax bottomed at ₹464.35 crore in Q3 FY25 and reached a period high of ₹990.0 crore in Q2 FY27. The EBITDA margin fell from 15.8% in Q2 FY26 to 12.7% in Q3 FY26, then recovered to 13.1% in Q4 FY26, 13.8% in Q1 FY27 and 14.4% in Q2 FY27.

Which businesses drove the quarter?

Wires and Cables generated revenue of ₹8,376.84 crore and EBIT of ₹1,188.74 crore in Q2 FY27, with an EBIT margin of 14.2%. The company said segment revenue grew 47% year on year, supported by demand from government and private sectors; wires led the growth, while both channel and institutional markets remained healthy.

EPC reported revenue of ₹617.08 crore and EBIT of ₹44.39 crore, with an EBIT margin of 7.2%. The company said revenue increased 53% year on year, while EBITDA declined 39% because Q2 FY26 included a one-off gain, and improved 31% from Q1 FY27.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results, together with limited review reports, for the quarter and half year ended 30 September 2026. The audit committee had reviewed and recommended the results before the board meeting on 15 October 2026. The same-day filings did not disclose a dividend, fund raise or appointment.

A separate filing said the appeal in the Asier Metals Private Limited matter was heard by the National Company Law Appellate Tribunal on 15 October 2026, which reserved its order. The company said it would inform the stock exchanges after receiving the order and continue notifying them of material events.

What did Polycab India's management say?

Management maintained Project Spring’s FY30 targets: Wires and Cables EBITDA margin of 11–13%, FMEG EBITDA margin of 8–10% with growth at 1.5x–2x of the industry, and EPC margins in the high single digits. It expected the working capital cycle to return to 45–50 days over the long term and said EHV plant commissioning was now expected in FY28 rather than FY27. No specific FY26 or quarterly revenue or EBITDA guidance was issued.

Management identified commodity volatility in copper and aluminium prices, geopolitical tensions, shipping-lane disruptions and the ongoing Asier Metals proceedings as risks. It also discussed new competition in wires, which it viewed as immaterial in the near term. CFO Niyant Maru said the company was reasonably confident about its case in the Asier Metals matter and did not expect any adverse or material impact on its financial or business operations.

How did Polycab India shares react?

Polycab India shares were up 0.8% five minutes after the filing appeared, then down 0.7% after 15 minutes and 2.1% after 30 minutes. The stock closed 1.2% below its previous close on the reaction day and was down 1.0% from that close by the next day’s close.

By the fifth session, the stock was down 10.4% from the pre-results close. The Cables - Electricals industry median was down 16.4% over the same five-session period, while the Nifty 100 was down 0.9%, leaving Polycab India 5.9 percentage points ahead of the industry median. Earlier reaction-day moves included declines of 0.6% on 16 July 2026 and 3.7% on 16 January 2026, and gains of 0.5% on 6 May 2026 and 1.9% on 6 May 2025.

How did other Cables - Electricals companies do?

Five other Cables - Electricals companies that had filed for the quarter had a median revenue growth of 30.9%. All five peers grew slower than Polycab India, and none grew faster. Of the four peers used for profit comparison, four reported higher profit.