Polycab India Ltd
NSE:POLYCAB
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Polycab India Ltd
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.
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.
Record Revenue Growth: Polycab reported a 46% year-on-year surge in consolidated revenue for Q3 FY26, led by strong wire and cable demand.
Volume Surge: Domestic cable and wire volumes rose by about 40% year-on-year, with revenue growth even higher due to commodity price inflation.
Margin Pressure: EBITDA margin declined to 12.7% due to delayed pass-through of sharp commodity cost inflation, but would have been ~14% excluding a one-off gratuity provision.
Market Share Gains: Domestic wire and cable revenue grew 59%, significantly outpacing estimated industry growth of ~20%, leading to clear market share gains.
Commodity Inflation: Prices of copper and aluminum spiked sharply, with only 75–80% of the cost inflation passed to customers during the quarter, the rest to be gradually passed in Q4.
Strong Balance Sheet: The company ended the quarter with a net cash position of INR 30.3 billion and continued high investment in capacity and inventory.
Positive Outlook: Management remains confident about demand, expects margin recovery as cost pass-through continues, and foresees robust Q4 driven by strong economic and sectoral trends.
