POLYCAB

Polycab India share price & financials

Price
₹10,083
Market cap
₹1.3L Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 16 Jul 2026

Polycab India Limited Q1 FY27

EBITDA Margin 13.8% PAT ₹796.7 cr +33%PAT Margin 9.7%

What went well

  • Consolidated revenues grew by 39% year-on-year, demonstrating strong performance.
  • EBITDA increased by 32% year-on-year, with margins at 13.8%, reflecting sequential improvement of 70 basis points.
  • Profit After Tax reached a record INR 796.7 crores, growing 33% year-on-year.

What to watch

  • International business witnessed a decline year-on-year due to near-term geopolitical developments.
  • EPC business revenues declined by 11% year-on-year, though profitability remained healthy.
Read the full call →

What Polycab India Limited does

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

  • Wires & Cables (W&C)
  • FMEG
  • EPC
Market position
India's largest company by revenue in the electrical industry; No.1 in organised wires & cables
Manufacturing plants
27 plants across six regions (Gujarat, Maharashtra, Karnataka, Uttarakhand, Tamil Nadu, UT of Daman)
Installed capacity
W&C ~6 million km; fans ~9 million units; switches ~10 million; switchgears ~24 million (annual)
Dealers & distributors
Over 4,300 authorised dealers and distributors
Retail reach
Present in more than 200,000 retail outlets across India
Countries served
84
Founded 1996Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 11 tracked 3 delivered 1 missed 7 open
  • FMEG EBITDA Margin delivered said Q1 FY26 Promised: 8% to 10% by FY30 Q1 FY27: Q1 FMEG EBIT margin reached 8.0%. As EBITDA is higher, this performance meets the low end of the FY30 target range. Management now expects to achieve 8-10% EBITDA for the full year FY27.
  • EHV Plant Revenue went quiet said Q1 FY26 Promised: Meaningful revenue accrual in FY28 Q1 FY27: No update provided on the EHV plant timeline or commissioning status.
  • Export Contribution to Revenue at risk said Q2 FY26 Promised: >10% by FY2030 Q1 FY27: International business declined YoY due to geopolitical issues. This continues the negative trend from Q4 FY26, moving further away from the >10% by FY30 target.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 39.0%, net profit up 32.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue5,498 5,226 6,986 5,906 6,477 +18%7,636 +46%8,864 +27%8,210 +39%
EBITDA632 720 1,025 858 1,021 +62%966 +34%1,161 +13%1,136 +32%
Net profit445 464 734 600 693 +56%630 +36%786 +7%797 +33%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +14.3% 1Y

₹7k₹8k₹9k₹10kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Oct 2025Q3 FY26 — 16 Jan 2026Q4 FY26 — 8 May 2026Q1 FY27 — 16 Jul 2026

1Y: ₹7,209 on 10 Sept 2025 → ₹8,241. High ₹10,083 (19 Jun 2026), low ₹6,722 (23 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
−1.2%
16 Jul
Q4 FY26
+0.9%
8 May
Q3 FY26
−2.8%
16 Jan
Q2 FY26
−1.8%
17 Oct

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.

Financials, as filed

Revenue grew 27.0% a year over 3 years, FY23 to FY26. Operating margin widened to 13.9%.

Year endingFY23FY24FY25FY26
Revenue₹14.1k Cr₹18.0k Cr₹22.4k Cr₹28.9k Cr
Operating profit₹1.8k Cr₹2.5k Cr₹3.0k Cr₹4.0k Cr
Operating margin13.1%13.8%13.2%13.9%
Interest₹59 Cr₹108 Cr₹169 Cr₹243 Cr
Depreciation₹208 Cr₹245 Cr₹298 Cr₹387 Cr
Net profit₹1.3k Cr₹1.8k Cr₹2.0k Cr₹2.7k Cr
Net margin9.1%10.0%9.1%9.4%
ROCE27.0%31.0%30.0%33.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹149 Cr₹149 Cr₹150 Cr₹150 Cr₹151 Cr₹151 Cr
Reserves₹4.6k Cr₹5.4k Cr₹6.5k Cr₹8.0k Cr₹10.4k Cr₹11.9k Cr
Borrowings₹282 Cr₹118 Cr₹191 Cr₹161 Cr₹223 Cr₹236 Cr
Other liabilities₹2.0k Cr₹1.8k Cr₹2.6k Cr₹3.7k Cr₹6.4k Cr₹8.2k Cr
Total liabilities₹7.0k Cr₹7.4k Cr₹9.4k Cr₹12.1k Cr₹17.2k Cr₹20.5k Cr
Fixed assets₹1.9k Cr₹1.7k Cr₹2.1k Cr₹2.3k Cr₹3.4k Cr₹3.7k Cr
Capital work in progress₹99 Cr₹375 Cr₹251 Cr₹578 Cr₹860 Cr₹1.1k Cr
Investments₹635 Cr₹773 Cr₹1.4k Cr₹1.8k Cr₹1.7k Cr₹3.4k Cr
Other assets₹4.4k Cr₹4.6k Cr₹5.8k Cr₹7.3k Cr₹11.2k Cr₹12.2k Cr
Total assets₹7.0k Cr₹7.4k Cr₹9.4k Cr₹12.1k Cr₹17.2k Cr₹20.5k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +7.55 pp while DIIs trimmed −3.99 pp. The shareholder count shrank 10% to 3,56,777.

Promoters
61.5%
FIIs
19.0%
DIIs
7.6%
Public
11.9%

Since Jun 2025

  • FIIs +7.55 pp
  • DIIs −3.99 pp
  • Public −2.02 pp

How it drifted, 12 quarters

Over this window FIIs went from 12.4% to 19.0% — +6.6 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 65.9%, FIIs 12.4%, DIIs 8.1%, Public 13.6%.Dec '23: Promoters 65.8%, FIIs 13.4%, DIIs 7.6%, Public 13.2%.Mar '24: Promoters 65.2%, FIIs 12.0%, DIIs 7.2%, Public 15.6%.Jun '24: Promoters 65.0%, FIIs 13.6%, DIIs 6.9%, Public 14.4%.Sep '24: Promoters 63.1%, FIIs 13.5%, DIIs 9.3%, Public 14.1%.Dec '24: Promoters 63.0%, FIIs 12.8%, DIIs 10.7%, Public 13.5%.Mar '25: Promoters 63.0%, FIIs 11.1%, DIIs 10.9%, Public 14.9%.Jun '25: Promoters 63.0%, FIIs 11.4%, DIIs 11.6%, Public 13.9%.Sep '25: Promoters 61.5%, FIIs 14.0%, DIIs 11.7%, Public 12.8%.Dec '25: Promoters 61.5%, FIIs 14.8%, DIIs 11.1%, Public 12.5%.Mar '26: Promoters 61.5%, FIIs 18.2%, DIIs 8.0%, Public 12.3%.Jun '26: Promoters 61.5%, FIIs 19.0%, DIIs 7.6%, Public 11.9%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Polycab India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Inder T Jaisinghani 11.64%unchanged
Ajay T Jaisinghani 9.23%unchanged
Ramesh T Jaisinghani 8.40%unchanged
Girdhari Thakurdas Jaisinghani 8.21%unchanged
Kunal Inder Jaisinghani 3.74%unchanged
Bharat Jaisinghani 3.39%unchanged
Nikhil Ramesh Jaisinghani 3.30%unchanged
Anil Hariram Hariani 2.98%unchanged
Ajay T Jaisinghani/Aarti Ajay Jaisinghani (Bharat Jaisinghani Family Trust) 1.43%unchanged
Girdhari Thakurdas Jaisinghani/Raju Girdhari Jaisinghani (Girdhari Juhi Trust) 1.33%unchanged
Girdhari Thakurdas Jaisinghani/Raju Girdhari Jaisinghani (Girdhari Karina Trust) 1.33%unchanged
Girdhari Thakurdas Jaisinghani/Raju Girdhari Jaisinghani (Girdhari Reshma Trust) 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.

Mutual funds in POLYCAB

Filings to Aug 2026

0 new, 11 added, 5 trimmed, 0 sold out — net +0.78 L shares (+26.3%).

Held by funds
₹354 Cr
17 schemes
Biggest holder
SBI Arbitrage Fund
₹68 Cr · 0.1% of that fund
SchemeHoldingLast month
SBI Arbitrage Fund SBI Mutual Fund₹68 Cr+0.32 L
SBI Quant Fund SBI Mutual Fund₹66 Cr−0.21 L
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund₹48 Cr+0.03 L
Nippon India Arbitrage Fund Nippon India Mutual Fund₹36 Cr+0.26 L
Nippon India Nifty 500 Momentum 50 Index Fund Nippon India Mutual Fund₹35 Cr+0.01 L
Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund₹34 Cr+0.01 L
HDFC Arbitrage Fund HDFC Mutual Fund₹30 Cr+0.33 L
SBI Nifty Midcap 150 Index Fund SBI Mutual Fund₹15 Cr+0.01 L

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 Aug 2026

11 added, 5 trimmed — net +78,225 shares (+26.3%)

Funds are sitting on
+22%
vs est. average cost
Held by funds
₹354 Cr
17 schemes · ≈ 0.28% of the company
Biggest holder
SBI Arbitrage Fund
₹68 Cr · 0.1% of that fund
Longest holder
Nippon India ETF Nifty Midcap 150
6y 9m · since Dec '19

Shares held by these funds −59%

Aug '23 3.30 L shares Jul '26

What the price assumes

Fair

To justify its price of ₹8241, this stock must grow earnings at 28% every year for 7 years. Our analysis caps realistic growth at ~28%. At that growth it is worth ₹8313 — upside of 1%.

Growth the price implies
27.7% a year
for 7 years, fading to 4%
It has actually compounded at
28.3% a year
net profit, FY23–FY26 · EPS 27.9%
The gap
-0.0 pp
1% downside if it only repeats history
Price today ₹8,241 Value at the reference growth ₹8,313.44

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Polycab India Limited

Guides on how to read this kind of business and the numbers that matter.