Polycab India Ltd(POLYCAB)

NSE: POLYCABBSE: 542652

₹ 7,415-3.07%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 1.12 L crWebsite: www.polycab.comUpdated: 24 Oct 2026

About

Polycab India Ltd manufactures wires, cables and fast-moving electrical goods (FMEG), and executes EPC projects in power distribution and rural connectivity. It reported FY26 revenue of ₹28,883.79 Cr, with Wires and Cables contributing 87.2%. The company describes itself as the W&C market leader, with a 26-27% share of the domestic organised market as of FY25.^[1][2][3]

Business segments

Wires and Cables contributed 87.2% of FY26 revenue (₹25,534.42 Cr) at a 13.6% EBIT margin.^[2]
FMEG (fans, lighting, switches, solar, water heaters, pumps) contributed 7.1% of FY26 revenue (₹2,069 Cr) at a 2.7% EBIT margin.^[2]
EPC contributed 5.7% of FY26 revenue (₹1,666.5 Cr) at a 9.9% EBIT margin.^[2]
In Q2 FY27, consolidated revenue grew 53% YoY, with all segments contributing to the growth.^[4]

Products and brands

The W&C range had over 9,600 SKUs as of FY25, and the company describes its scale as nearly twice that of the second-largest competitor.^[3]
Newer wire lines (Etira, Primma, Maxima+, Suprema) made up over 47% of wire sales in FY25.^[3]
FMEG covers six categories: fans, lighting and luminaires, switches and switchgear, solar, water heaters and pumps. Solar became the largest FMEG category in FY26, growing more than 2x YoY.^[5]
Premium products made up about 25% of the FMEG mix in Q1 FY27, including about 33% in fans and about 38% in lighting and luminaires.^[6]
A special-purpose cables vertical serves defence, automotive and railways and contributes low single digits to W&C revenue.^[7]
As of FY25, Polycab says it is among the Top 5 Indian B2C switchgear companies by market share.^[3]

Operations and capacity

As of FY25, the Halol and Daman plants had annual W&C capacity of 6 Mn km.^[3]
As of FY25, the Halol plant could make about 60 lakh fans a year; the Nashik plant had switchgear capacity of 24 Mn.^[3]
W&C capacity utilisation was 75-76% in FY26 and in the early-80% range in Q3 FY26.^[5]
The Polymer R&D Centre, set up in 2016, is accredited by DSIR.^[3]
An extra-high-voltage (EHV) cable plant is targeted for commissioning by the end of calendar 2026, with revenue expected from FY28.^[5]

Key operating numbers

Domestic organised W&C market share was 30-31% in FY26, compared with 26-27% in FY25.^[5]
W&C revenue grew 47% YoY in Q2 FY27, led by wires. The segment margin was 14.2%, up about 90 bps QoQ from 13.3% in Q1 FY27.^[4][6]
FMEG revenue more than doubled YoY to ₹9,931 Mn in Q2 FY27, up from ₹7,612 Mn in Q1 FY27. Solar was the largest driver, and the EBIT margin reached a record 10.1%.^[4][6]
EPC revenue rose 53% YoY in Q2 FY27. EPC EBITDA fell 39% YoY because the Q2 FY26 base included a one-off gain, but rose 31% QoQ.^[4]
The combined BharatNet and RDSS EPC order book stood at ₹10,900 Cr as of Q1 FY27.^[6]
W&C volume growth was 18% in FY26.^[5]

Customers and distribution

International business grew 17% YoY in Q2 FY27 and contributed 5.0% of revenue, compared with 3.3% in Q1 FY27 and 6.5% in Q2 FY26.^[4]
Polycab exported to 94 countries as of FY26. In Q1 FY27, North America made up about 45-50% of the export mix and Europe about 18-20%.^[5]
As of FY25, over 2,00,000 electricians and retailers were on the Experts loyalty app, and the company ran 14 Polycab Galleria and Arena experience centres.^[3]
W&C is sold through both channel and institutional segments; channel sales outperformed institutional sales in Q1 FY27.^[6]
Customers include Indian Railways (cables for Vande Bharat trains, per the FY25 report) and Vodafone Idea data centres (per the Q1 FY27 call).^[3][6]

Expansion and capex

Capex was ₹2,924 Mn in Q2 FY27, compared with ₹3,347 Mn in Q2 FY26.^[4]
FY26 capex was ₹14,799 Mn, the highest in company history; 90% went to W&C capacity expansion.^[5]
Project Spring targets annual capex of ₹12-16 Bn through FY30. It also aims for W&C to grow at 1.5x the market and for exports to exceed 10% of revenue by FY30.^[5]
Management expects EPC's sustainable annual operating margin to be in the high single digits over the mid-to-long term (Q2 FY27 call).^[4]
RDSS orders are expected to contribute about ₹800 Cr of EPC revenue in FY27.^[6]
FMEG is targeted to grow at 1.5x-2x the industry rate and reach 8-10% EBITDA margins by FY30.^[6]

Recent developments

In Q3 FY26, Bharat Jaisinghani and Nikhil Jaisinghani were redesignated as Joint Managing Directors, subject to shareholder approval.^[8]
In Q2 FY26, the CIT (Appeals) allowed the company's appeals in full against a ₹525.63 Mn tax demand and ₹175.58 Mn of interest, leaving a NIL demand.^[7]
Advertising and promotion spend was ₹405 Mn in Q2 FY27, compared with ₹322 Mn in Q2 FY26.^[4]

Market Cap

₹1,11,741 Cr

High / Low

₹10,129 / 6,661

Stock P/E

35.4

Price / Book

8.5

Book Value

₹798

EPS

₹177.5

No. of Shares

15.06 Cr

ROCE

34.0%

ROE

24.5%

OPM

13.2%

Debt / Equity

0.01

Sales

₹28,884 Cr

Net Profit

₹2,708 Cr

Promoter holding

61.4%

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Polycab India Ltd(POLYCAB)

About

Business segments

Products and brands

Operations and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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