India's largest wires & cables maker, with a growing FMEG consumer-electricals and EPC business.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 9,840 | +54.8% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 14.0 | −1.0 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 965 | +43.8% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 24.11 | +1.6 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 8.10 | +4.3 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 40.72 | +4.7 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Guidance
4 of 4 judged targets kept · 8 open · verdicts reflect calls analysed to Q2 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FMEG EBITDA Margin | 8% to 10% by FY30 | Q1 FY26 | FMEG EBIT margin reached 10.1%. As EBITDA is higher, this performance is above the high end of the FY30 target range. | Achieved |
| Annual Capex | ₹12 billion to ₹16 billion annually through FY30 | Q1 FY26 | H1 spend was ₹6.1 billion. Annualized run-rate of ₹12.2 billion is within the guided range of ₹12-16 billion. | On Track |
8 of Polycab India Limited's 12 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 10 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹7,513 on 24 Oct 2025 → ₹7,718. High ₹10,083 (19 Jun 2026), low ₹6,722 (23 Jan 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Polycab India is India's largest integrated manufacturer of wires and cables by revenue, serving retail and industrial customers across sectors. It also runs a Fast-Moving Electrical Goods (FMEG) consumer business (fans, lights, switches, switchgears, pipes and solar) and an EPC division that executes turnkey underground cabling and power projects. The company sells largely in the domestic market through a broad dealer-distributor and retail network, and also exports to overseas markets.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
4 of 4 judged targets kept · 8 open · verdicts reflect calls analysed to Q2 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FMEG EBITDA Margin | 8% to 10% by FY30 | Q1 FY26 | FMEG EBIT margin reached 10.1%. As EBITDA is higher, this performance is above the high end of the FY30 target range. | Achieved |
| Annual Capex | ₹12 billion to ₹16 billion annually through FY30 | Q1 FY26 | H1 spend was ₹6.1 billion. Annualized run-rate of ₹12.2 billion is within the guided range of ₹12-16 billion. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 12 tracked commitments, with each call’s wording and source.
Call summaries
Polycab India Limited Q2 FY27
Polycab India Limited reported its strongest ever quarterly and half-yearly performance in Q2 FY27, driven by robust demand across Wires & Cables and exceptional growth in FMEG. Consolidated revenue surged 53% YoY, with EBITDA margins expanding to 14.4%. The company maintained a strong net cash position and continued strategic investments, while navigating a volatile global macro environment and ongoing legal proceedings.
Read the full callPolycab India Limited Q1 FY27
Polycab India Limited reported a robust Q1 FY27, with consolidated revenues up 39% YoY and PAT growing 33% to INR 796.7 crores. This strong performance was driven by significant growth in both Wires & Cables (39% YoY) and FMEG (71% YoY) segments, despite headwinds in international business and EPC. The company maintained strong profitability with an EBITDA margin of 13.8% and focused on strategic investments and operational excellence.
Read the full callPolycab India Q4 FY26
Polycab India reported robust Q4 and full-year FY26 results, achieving record revenues and profitability despite macroeconomic headwinds and geopolitical tensions. The company demonstrated strong market share gains in Wires & Cables and exceptional growth in FMEG, supported by strategic investments in capacity and distribution. While Q4 saw some volume moderation and margin pressure due to external factors, management remains confident in the long-term growth trajectory driven by India's robust domestic demand and expanding export markets.
Read the full callNews
From the news desk, item by item, hours after each call.
Every analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +44% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5,105 | 6,862 | 5,704 | 6,356 | 7,519 | 8,585 | 8,034 | 9,840 |
| Expenses | 4,406 | 5,862 | 4,899 | 5,371 | 6,573 | 7,474 | 6,943 | 8,457 |
| Operating profit | 699 | 1,000 | 805 | 985 | 946 | 1,111 | 1,092 | 1,383 |
| Operating margin | 14.0% | 15.0% | 14.0% | 15.0% | 13.0% | 13.0% | 14.0% | 14.0% |
| Other income | 25 | 54 | 82 | 47 | 43 | 58 | 103 | 86 |
| Interest | 48 | 30 | 49 | 46 | 66 | 72 | 77 | 90 |
| Depreciation | 76 | 77 | 82 | 94 | 103 | 94 | 99 | 105 |
| Profit before tax | 601 | 947 | 756 | 892 | 821 | 1,003 | 1,018 | 1,274 |
| Tax rate | 25.0% | 23.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 24.0% |
| Net profit | 453 | 726 | 568 | 671 | 614 | 750 | 766 | 965 |
| EPS (₹ per share) | 30.11 | 48.29 | 37.73 | 44.58 | 40.82 | 49.85 | 50.87 | 64.05 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 14,108 | 18,051 | 21,934 | 28,164 |
| Expenses | 12,266 | 15,618 | 19,071 | 24,317 |
| Operating profit | 1,843 | 2,434 | 2,863 | 3,847 |
| Other income | 134 | 223 | 217 | 230 |
| Interest | 59 | 101 | 159 | 233 |
| Depreciation | 208 | 237 | 287 | 373 |
| Profit before tax | 1,707 | 2,318 | 2,634 | 3,472 |
| Net profit | 1,284 | 1,769 | 1,998 | 2,603 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 150 | 150 | 150 | 151 | 151 | 151 |
| Reserves | 6,456 | 7,994 | 9,585 | 10,443 | 11,694 | 12,748 |
| Borrowings | 36 | 51 | 76 | 223 | 89 | 94 |
| Other liabilities | 2,585 | 3,562 | 3,568 | 6,354 | 8,020 | 10,174 |
| Total liabilities | 9,227 | 11,758 | 13,379 | 17,171 | 19,954 | 23,167 |
| Fixed assets | 2,026 | 2,275 | 2,904 | 3,398 | 3,603 | 3,786 |
| Capital work in progress | 249 | 537 | 701 | 860 | 1,130 | 1,393 |
| Investments | 1,382 | 1,824 | 1,717 | 1,697 | 3,365 | 3,979 |
| Other assets | 5,569 | 7,121 | 8,056 | 11,216 | 11,855 | 14,009 |
| Total assets | 9,227 | 11,758 | 13,379 | 17,171 | 19,954 | 23,167 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 60 | 39 | 32 | 46 | 47 | 48 |
| Inventory days | 111 | 84 | 102 | 92 | 78 | 97 |
| Days payable | 75 | 46 | 71 | 79 | 64 | 108 |
| Cash conversion cycle | 97 | 77 | 63 | 59 | 61 | 37 |
| Working capital days | 71 | 67 | 59 | 60 | 55 | 31 |
| Return on capital employed | 23.0% | 21.0% | 27.0% | 31.0% | 30.0% | 33.0% |
| Dividend payout | 18.0% | 22.0% | 24.0% | 25.0% | 26.0% | 27.0% |
The businesses behind the company’s reported revenue.
Wires and Cables contributes 87.1% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
₹7,201.79 crore
₹761.15 crore
₹307.74 crore
₹0.00 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Wires and Cables | 7,201.79 | 87.1% |
| FMEG | 761.15 | 9.2% |
| EPC | 307.74 | 3.7% |
| Less: Inter segment | 0.00 | 0.0% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Each segment’s share of reported revenue, quarter by quarter.
| Segment | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Wires and Cables | — | — | — | — | — | — | 87% | 87% | — |
| FMEG | — | — | — | — | — | 6% | 7% | 9% | — |
| EPC | — | — | — | — | — | 5% | 6% | 4% | — |
| Less: Inter segment | — | — | — | — | — | 0% | 0% | 0% | — |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
To justify its price of ₹7718, this stock must grow earnings at 25% every year for 7 years. Our analysis caps realistic growth at ~27%. At that growth it is worth ₹8367 — upside of 8%.
Ownership
Promoters hold 61.46% as of Jun 2026; institutions added 0.46 pts since Mar 2026.
Named in the Jun 2026 filing
Every holder of Polycab India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| 11.64% | unchanged | |
| 9.23% | unchanged | |
| 8.40% | unchanged | |
| 8.21% | unchanged | |
| 3.74% | unchanged | |
| 3.39% | unchanged | |
| 3.30% | unchanged | |
| 2.98% | unchanged | |
| 1.43% | unchanged | |
| 1.33% | unchanged | |
| 1.33% | unchanged | |
| 1.33% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
4 new, 7 added, 6 trimmed, 5 sold out — net +0.53 L shares (+14.2%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹152 Cr | new | Sep '26 |
| SBI Nifty Next 50 ETF SBI Mutual Fund | ₹51 Cr | new | Sep '26 |
| SBI Arbitrage Fund (Erstwhile known as SBI Arbitrage Opportunities Fund) SBI Mutual Fund | ₹42 Cr | −0.20 L | May '26 |
| SBI Nifty Next 50 Index Fund SBI Mutual Fund | ₹41 Cr | new | Sep '26 |
| Nippon India Nifty 500 Momentum 50 Index Fund Nippon India Mutual Fund | ₹30 Cr | +0.01 L | Jun '26 |
| SBI Nifty200 Quality 30 Index Fund SBI Mutual Fund | ₹7 Cr | +0.00 L | Jun '25 |
| SBI Nifty Midcap 150 Momentum 50 ETF SBI Mutual Fund | ₹4 Cr | +0.00 L | Mar '26 |
| Nippon India Arbitrage Fund Nippon India Mutual Fund | ₹4 Cr | −0.34 L | Jul '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
7 added, 6 trimmed — net +53,317 shares (+14.2%)
Shares held by these funds −59%
Oct '23 4.28 L shares Sep '26
Your own record
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