Polycab India Ltd
NSE:POLYCAB

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Polycab India Ltd Logo
Polycab India Ltd
NSE:POLYCAB
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Price: 7 025 INR -3.2% Market Closed
Market Cap: 1.1T INR

Polycab India Ltd
Investor Relations

In the bustling marketplace of electrical goods, Polycab India Ltd. has steadily woven its narrative as a pioneering force. Originating from humble beginnings in the late 1960s, the company has ascended the industrial ladder through its prowess in the manufacturing and distribution of wires and cables. A vital artery in India’s infrastructure sector, Polycab's portfolio spans across a diverse spectrum, including power cables, control cables, instrumentation cables, and a variety of other offerings. By strategically positioning itself at the confluence of reliability and innovation, Polycab has cultivated a reputation synonymous with quality, supported by extensive distribution networks spread across both urban and rural territories.

Beyond cables, Polycab has adeptly diversified its product line to include an array of Fast Moving Electrical Goods (FMEG) such as electric fans, lighting, and switches. This diversification is not just a tangent to their core operations but a strategic extension, allowing the company to capitalize on cross-selling opportunities and enhance its brand presence in consumer markets. The company's robust manufacturing facilities, buttressed by its investments in research and development, fuel its continuous growth. By focusing on leveraging its well-established supply chains and maintaining stringent quality standards, Polycab navigates through the competitive landscape, generating revenues that stem from not just mere transactions, but through fostering enduring relationships with its clientele.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Oct 17, 2025
AI Summary
Q2 2026

Record Revenue & Profit: Polycab delivered its highest-ever second quarter and half-year revenue and profitability, with Q2 revenue up 18% YoY and PAT reaching approximately INR 7 billion (up 56% YoY).

Strong Margins: EBITDA margin expanded by 430 bps YoY to 15.8% in Q2, and PAT margin improved by 260 bps YoY to 10.7%.

Wires & Cables Growth: Wires & Cables revenue rose 21% YoY, mainly from high-teen volume expansion, signaling strong demand and possible market share gains.

FMEG Segment: Continued profitable growth, led by the solar products category due to government incentives, despite headwinds in fans from the extended monsoon.

Solid Balance Sheet: Net cash position of INR 29.4 billion and healthy working capital cycle, expected to normalize in upcoming quarters.

Project Spring Progress: CapEx spend on track with strategic growth initiatives, aiming for over 10% export contribution and FMEG margins of 8–10% by FY30.

Leadership Transition: New CFO Niyant Maru announced, with smooth succession planned after Gandharv Tongia's departure.

Positive Outlook: Management remains optimistic on sustained demand, government and private CapEx, and margin performance for the remainder of the year.

Key Financials
Consolidated Revenue
Up 18% YoY
EBITDA
Up 62% YoY
EBITDA Margin
15.8%
PAT
INR 7 billion
PAT Margin
10.7%
Net Cash Position
INR 29.4 billion
Working Capital Cycle
33 days (end of Q2)
Capital Expenditure (Q2)
INR 3.3 billion
Wires & Cables Revenue Growth
Up 21% YoY
Wires & Cables EBIT Margin
15.1%
International Revenue Contribution
6.5%
EPC Revenue
INR 4,024 million
EPC Segment Profitability
INR 730 million
EPC Margin
18.1% (includes INR 30 crore one-time gain); 10% excluding one-off
Dividend Payout
26.3% (FY25)
Inventory Days
Marginally higher
Finance Costs
INR 484 million
Other Income
INR 454 million
Order Book RDSS
INR 33.5 billion
Order Book BharatNet
INR 80 billion (excluding GST)
Earnings Call Recording
Other Earnings Calls

Management

Mr. Inder Thakurdas Jaisinghani
Chairman & MD
No Bio Available
Mr. Gandharv Tongia
CFO & Executive Director
No Bio Available
Ms. Manita Carmen A. Gonsalves
Head of Legal, Company Secretary & Compliance Officer
No Bio Available
Ms. Shwetal Basu
Senior VP and Head of Brand & Marketing
No Bio Available
Mr. Ashish Kakkar
Chief Human Resource Officer
No Bio Available
Mr. Nikhil Ramesh Jaisinghani
Whole-Time Director
No Bio Available
Mr. Anurag Agarwal
Executive President of Strategic Initiatives & New Businesses
No Bio Available
Mr. Diwaker Bharadwaj
President of Automation/Serialisation, Packaging & Brand Protection
No Bio Available
Mr. Bhushan Sawhney
Executive President & Chief Business Officer for B2B
No Bio Available

Contacts

Address
DAMAN AND DIU
Daman
Daman Industrial Estate, Plot NO.38-1-6,41-4-9,42-1-2,52-1-2,74-, 7-11, Village Kadaiaya, Nani Daman, Kadaiya, Daman, Dadra and, Nagar Haveli
Contacts