Industrial Products
Valuation | |
|---|---|
| Market Cap | 1.14 LCr |
| Price/Earnings (Trailing) | 46.18 |
| Price/Sales (Trailing) | 4.59 |
| EV/EBITDA | 29.68 |
| Price/Free Cashflow | 136.21 |
| MarketCap/EBT | 34.48 |
| Enterprise Value | 1.13 LCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | 1.6% |
| Price Change 1M | 0.20% |
| Price Change 6M | 16.5% |
| Price Change 1Y | 5.8% |
| 3Y Cumulative Return | 42.7% |
| 5Y Cumulative Return | 48.2% |
Cash Flow & Liquidity | |
|---|---|
| Cash Flow from Investing (TTM) |
| Revenue (TTM) |
| 24.79 kCr |
| Rev. Growth (Yr) | 17% |
| Earnings (TTM) | 2.49 kCr |
| Earnings Growth (Yr) | 55.6% |
Profitability | |
|---|---|
| Operating Margin | 13% |
| EBT Margin | 13% |
| Return on Equity | 23.3% |
| Return on Assets | 14.51% |
| Free Cashflow Yield | 0.73% |
| Cash Flow from Operations (TTM) | 1.81 kCr |
| Cash Flow from Financing (TTM) | -628.27 Cr |
| Cash & Equivalents | 450.33 Cr |
| Free Cash Flow (TTM) | 838.9 Cr |
| Free Cash Flow/Share (TTM) | 55.74 |
Balance Sheet | |
|---|---|
| Total Assets | 17.17 kCr |
| Total Liabilities | 6.48 kCr |
| Shareholder Equity | 10.69 kCr |
| Current Assets | 11.8 kCr |
| Current Liabilities | 6.08 kCr |
| Net PPE | 3.18 kCr |
| Inventory | 5.42 kCr |
| Goodwill | 0.00 |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.01 |
| Debt/Equity | 0.01 |
| Interest Coverage | 17.13 |
| Interest/Cashflow Ops | 11.11 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 35 |
| Dividend Yield | 0.46% |
| Shares Dilution (1Y) | 0.10% |
| Shares Dilution (3Y) | 0.60% |
Profitability: Recent profitability of 10% is a good sign.
Technicals: Bullish SharesGuru indicator.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Size: It is among the top 200 market size companies of india.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Growth: Awesome revenue growth! Revenue grew 21.6% over last year and 83.8% in last three years on TTM basis.
Past Returns: Outperforming stock! In past three years, the stock has provided 42.7% return compared to 12.8% by NIFTY 50.
Balance Sheet: Strong Balance Sheet.
No major cons observed.
Profitability: Recent profitability of 10% is a good sign.
Technicals: Bullish SharesGuru indicator.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Size: It is among the top 200 market size companies of india.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Growth: Awesome revenue growth! Revenue grew 21.6% over last year and 83.8% in last three years on TTM basis.
Past Returns: Outperforming stock! In past three years, the stock has provided 42.7% return compared to 12.8% by NIFTY 50.
Balance Sheet: Strong Balance Sheet.
No major cons observed.
Investor Care | |
|---|---|
| Dividend Yield | 0.46% |
| Dividend/Share (TTM) | 35 |
| Shares Dilution (1Y) | 0.10% |
| Earnings/Share (TTM) | 163.63 |
Financial Health | |
|---|---|
| Current Ratio | 1.94 |
| Debt/Equity | 0.01 |
Technical Indicators | |
|---|---|
| RSI (14d) | 59.27 |
| RSI (5d) | 86.05 |
| RSI (21d) | 50.41 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Sell |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Sell |
| RSI21 Signal | Hold |
| SMA 5 Signal | Sell |
| SMA 10 Signal |
Updated May 4, 2025
Polycab's stock has declined by 27.22% this year, which raises concerns among investors.
Mutual Fund and FII holdings in Polycab have decreased, currently at 8.28% and 11.11%, respectively.
The stock's TTM P/E ratio of 59.43 is significantly higher than the sector average, indicating potential overvaluation.
Summary of Polycab India's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Management provided an optimistic outlook for Polycab India Limited, highlighting a strong performance in Q2 FY 2026. The company achieved its highest ever second quarter revenue and profitability, with a PAT reaching approximately Rs.700 crores, marking a 56% YoY growth. The management emphasized robust demand in the Wires & Cables segment, which saw a 21% YoY revenue growth and continued strength in government spending on infrastructure projects.
Key forward-looking points include:
Project Spring: The company continues to make significant progress, with capital expenditure (capex) for H1 FY 2026 totaling approximately Rs.7.5 billion, consistent with the annual investment guidance of Rs.12 billion to Rs.16 billion.
Strong market positioning: Polycab aims to achieve revenue growth at 1.5x to 2x the industry rate while maintaining a focus on margin improvement, targeting an EBITDA margin of 8%-10% by FY 2030.
Inventory strategy: As part of anticipatory measures for strong demand, Polycab increased inventory levels, which has temporarily adjusted working capital cycles to 33 days but is expected to normalize to a long-term steady range of 50-55 days.
Economic indicators: Despite global economic slowdowns, India is projected to maintain its status as the fastest-growing major economy, with domestic consumption providing a buffer against external challenges.
Continued investment in R&D: The company is focused on enhancing its special purpose cables segment for defense, automobiles, and railways, anticipating growth in this vertical.
Dividend policy: The management raised the dividend payout to 26.3%, with a target of surpassing a 30% payout by FY 2030.
Overall, the management's outlook reveals confidence in sustained growth, strong fundamentals, and a proactive approach to addressing market opportunities and challenges.
Understand Polycab India ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| INDER T JAISINGHANI | 11.65% |
| AJAY T JAISINGHANI | 9.23% |
| RAMESH T JAISINGHANI | 8.4% |
| GIRDHARI THAKURDAS JAISINGHANI | 8.22% |
| MOTILAL OSWAL NIFTY INDIA MANUFACTURING ETF | 3.85% |
| KUNAL INDER JAISINGHANI | 3.75% |
| BHARAT JAISINGHANI | 3.39% |
Detailed comparison of Polycab India against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| HAVELLS | Havells India | 88.95 kCr | 21.96 kCr | -1.50% | -15.40% | 60.79 | 4.05 | - | - |
| KEI | KEI Industries | 41.75 kCr | 10.83 kCr |
Comprehensive comparison against sector averages
POLYCAB metrics compared to Industrial
| Category | POLYCAB | Industrial |
|---|---|---|
| PE | 46.18 | 40.79 |
| PS | 4.59 | 3.36 |
| Growth | 21.6 % | 20.8 % |
Polycab India is a prominent player in the Cables - Electricals sector, operating under the stock ticker POLYCAB. With a significant market cap of Rs. 84,205.1 Crores, the company is recognized for its extensive range of products, primarily manufacturing and selling wires and cables under the POLYCAB brand both in India and internationally.
The product offerings include a variety of cables such as power cables, control cables, instrumentation cables, and solar cables, along with building wires and specialized varieties like welding cables, submersible cables, and overhead conductors. Additionally, Polycab provides an array of fans, lighting solutions, switches, and electrical accessories, including components like isolators and circuit breakers.
Furthermore, the company engages in comprehensive services that encompass the design, engineering, supply, execution, and commissioning of power distribution, transmission, and rural electrification projects.
Founded in 1964 and headquartered in Mumbai, India, Polycab India has demonstrated robust financial growth, reporting a trailing 12 months revenue of Rs. 21,227.8 Crores, and an impressive revenue growth of 84.3% over the past three years. The company also maintains a dividend yield of 0.47%, distributing Rs. 30 dividend per share over the last year.
However, it is notable that Polycab India has diluted its shareholders by 0.7% in the past three years. The company operates through an extensive distribution network, leveraging authorized dealers, distributors, and retail outlets to reach its customers effectively.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Buy |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Buy |
| SMA 100 Signal | Buy |
POLYCAB vs Industrial (2021 - 2025)
IIFL Securities Limited reports a positive outlook for Polycab, citing its strong market position and consistent financial performance.
General • 18 Dec 2025 clarification with respect to increase in volume |
Clarification • 18 Dec 2025 The Exchange has sought clarification from Polycab India Ltd on December 18, 2025, with reference to Movement in Volume.<BR><BR>The reply is awaited. |
Credit Rating • 12 Dec 2025 Disclosure under Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 |
General • 11 Dec 2025 Intimation of Institutional Analyst(s)/Investor(s) Meet |
General • 09 Dec 2025 Intimation of Institutional Analyst(s)/Investor(s) Meet |
Allotment of ESOP / ESPS • 08 Dec 2025 Disclosure of allotment of Equity shares pursuant to Employee Stock Options Scheme 2018 of Polycab India Limited |
This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.
Question: "In this 21% YoY sales growth in cables and wires, approximately how much would be volume? And if you could further categorize them between cables and wires?"
Answer: The 21% revenue growth reflected high teens in volume growth, with both cables and wires contributing equally to revenue. Cables showed slightly higher volume growth, partly due to a high base from the previous year's copper price pre-stock.
Question: "On the EPC segment, how should we look at the revenue and margin profile going forward?"
Answer: In H2 FY 2026, we expect improved revenue from RDSS contracts and the BharatNet project, which will contribute positively to both top-line and bottom-line, enhancing the EPC segment's overall performance.
Question: "What was the one-off component in the EPC margins in Q2?"
Answer: The one-off was approximately Rs.30 crores. Excluding this, EBIT margins would be around 10%, consistent with our guidance, due to changes in contract terms.
Question: "Is there an update on the EHV segment because that seems to be a good demand driver?"
Answer: The EHV plant remains on schedule, expected to be commissioned by the end of next calendar year, with benefits anticipated from FY 2028.
Question: "With the recent copper price rally, what is your sentiment on volume growth and the impact on margins?"
Answer: Increased volume growth is tied to strong fundamental demand rather than stockpiling. Margins benefited from operating leverage and product mix, especially with premium wire sales rising.
Question: "Can you elaborate on the margin profile of solar products within FMEG?"
Answer: While we don't provide specific product margins, the solar segment is profitable. We aim to enhance margins by increasing the contribution of higher-margin products like switchgears and switches.
Question: "How do you see the entry of new players affecting competition and margins?"
Answer: New entrants will increase competition over time. However, we will adapt our strategies and maintain our market share. Our focus on quality and product differentiation will help us navigate the evolving landscape.
Question: "What is your current capacity utilization in the wire and cable segment?"
Answer: Our capacity utilization for the wire and cable segment is in the mid-70s percentage-wise, indicating strong operational performance.
Question: "What incremental revenue potential are you targeting from your current capex?"
Answer: We expect a 4x to 5x return on our capex over a lag of 1.5 to 2 years as we scale our capacities across various cable types, supporting future growth.
Question: "What are the current order books for RDSS and BharatNet?"
Answer: The order book for RDSS is currently at Rs.33.5 billion. BharatNet's order book remains similar to last quarter's, at about Rs.80 billion, pending execution starting next quarter.
| NIKHIL RAMESH JAISINGHANI | 3.3% |
| ANIL HARIRAM HARIANI | 2.98% |
| AJAY T JAISINGHANI/AARTI AJAY JAISINGHANI (BHARAT JAISINGHANI FAMILY TRUST) | 1.43% |
| GIRDHARI THAKURDAS JAISINGHANI/RAJU GIRDHARI JAISINGHANI (GIRDHARI RESHMA TRUST) | 1.33% |
| GIRDHARI THAKURDAS JAISINGHANI/RAJU GIRDHARI JAISINGHANI (GIRDHARI KARINA TRUST) | 1.33% |
| GIRDHARI THAKURDAS JAISINGHANI/RAJU GIRDHARI JAISINGHANI (GIRDHARI JUHI TRUST) | 1.33% |
| UTI-FLEXI CAP FUND | 1.02% |
| RAMESH T JAISINGHANI/REINA R JAISINGHANI (NIKHIL JAISINGHANI FAMILY TRUST) | 1% |
| RAMESH T JAISINGHANI/REINA R JAISINGHANI(DEEPIKA SEHGAL FAMILY TRUST) | 1% |
| RAMESH T JAISINGHANI/(R R FAMILY TRUST) | 0.96% |
| AJAY T JAISINGHANI/(AKANSHA PUNJABI FAMILY TRUST) | 0.8% |
| AJAY T JAISINGHANI/AARTI AJAY JAISINGHANI (KIARA DUHLANI FAMILY TRUST) | 0.73% |
| RAJU GIRDHARI JAISINGHANI | 0.66% |
Distribution across major stakeholders
Distribution across major institutional holders
| +5.70% |
| +1.10% |
| 52.39 |
| 3.85 |
| - |
| - |
| CROMPTON | Crompton Greaves Consumer Electricals | 16.54 kCr | 7.81 kCr | -4.30% | -34.70% | 34.95 | 2.12 | - | - |
| VGUARD | V-Guard Industries | 14.29 kCr | 5.63 kCr | -3.90% | -22.00% | 49.35 | 2.54 | - | - |
| FINCABLES | Finolex Cables | 11.73 kCr | 5.74 kCr | +1.40% | -36.10% | 17.67 | 2.04 | - | - |
| 8% |
| 5,602 |
| 5,185 |
| 6,073 |
| 4,634 |
| 4,984 |
| 4,223 |
| Profit Before exceptional items and Tax | 15% | 921 | 801 | 961 | 617 | 590 | 533 |
| Total profit before tax | 15% | 921 | 801 | 961 | 617 | 590 | 533 |
| Current tax | 14.4% | 224 | 196 | 211 | 145 | 130 | 129 |
| Deferred tax | -16.1% | 3.91 | 4.47 | 15 | 7.45 | 15 | 2.6 |
| Total tax | 13.5% | 228 | 201 | 226 | 152 | 145 | 132 |
| Total profit (loss) for period | 15.5% | 693 | 600 | 734 | 464 | 445 | 402 |
| Other comp. income net of taxes | 115.1% | 2.58 | -9.44 | 3.62 | -0.55 | -0.86 | -9.18 |
| Total Comprehensive Income | 18% | 696 | 590 | 738 | 464 | 444 | 392 |
| Earnings Per Share, Basic | 16.1% | 45.54 | 39.36 | 48.31 | 30.423 | 29.248 | 26.353 |
| Earnings Per Share, Diluted | 16.4% | 45.46 | 39.21 | 48.13 | 30.31 | 29.14 | 26.262 |
| 17.6% |
| 690 |
| 587 |
| 443 |
| 395 |
| 349 |
| 362 |
| Finance costs | 59.6% | 159 | 100 | 56 | 33 | 41 | 48 |
| Depreciation and Amortization | 21.2% | 287 | 237 | 202 | 197 | 174 | 159 |
| Other expenses | 47.4% | 3,100 | 2,103 | 1,398 | 1,155 | 904 | 1,263 |
| Total Expenses | 22.2% | 19,494 | 15,952 | 12,359 | 11,088 | 7,861 | 7,897 |
| Profit Before exceptional items and Tax | 13.8% | 2,639 | 2,319 | 1,689 | 1,101 | 995 | 1,003 |
| Exceptional items before tax | - | 0 | 0 | 0 | 124 | 0 | 0 |
| Total profit before tax | 13.8% | 2,639 | 2,319 | 1,689 | 1,225 | 995 | 1,003 |
| Current tax | 9.5% | 587 | 536 | 402 | 304 | 153 | 242 |
| Deferred tax | 308.3% | 50 | 13 | 15 | -10.2 | 11 | 0.97 |
| Total tax | 16.1% | 637 | 549 | 417 | 294 | 164 | 242 |
| Total profit (loss) for period | 13.1% | 2,002 | 1,770 | 1,272 | 931 | 831 | 761 |
| Other comp. income net of taxes | -22.2% | -8.51 | -6.78 | 2.57 | 1.49 | 16 | -16.49 |
| Total Comprehensive Income | 13.1% | 1,993 | 1,763 | 1,274 | 933 | 848 | 744 |
| Earnings Per Share, Basic | 13% | 133.14 | 117.967 | 84.98 | 62.39 | 55.79 | 51.284 |
| Earnings Per Share, Diluted | 12.9% | 132.6 | 117.534 | 84.72 | 62.12 | 55.57 | 51.101 |
| Debt equity ratio | - | - | - | 001 | - | - | - |
| Debt service coverage ratio | - | - | - | 0.239 | - | - | - |
| 19.9% |
| 840 |
| 701 |
| 746 |
| 537 |
| 355 |
| 249 |
| Investment property | 1.3% | 80 | 79 | 76 | 76 | - | 36 |
| Goodwill | - | 0 | 0 | 4.62 | 4.62 | 4.62 | 0 |
| Non-current investments | 0% | 52 | 52 | 21 | 21 | 31 | 39 |
| Loans, non-current | - | 0 | 0 | 0 | 0 | 0 | 0 |
| Total non-current financial assets | 70% | 681 | 401 | 229 | 163 | 123 | 96 |
| Total non-current assets | 21% | 5,214 | 4,309 | 3,803 | 3,246 | 2,736 | 2,490 |
| Total assets | 24.6% | 16,688 | 13,393 | 13,309 | 11,758 | 9,642 | 9,235 |
| Total non-current financial liabilities | 0% | 69 | 69 | 66 | 35 | 33 | 22 |
| Provisions, non-current | 25.6% | 50 | 40 | 64 | 59 | 55 | 45 |
| Total non-current liabilities | 14.4% | 334 | 292 | 269 | 182 | 153 | 124 |
| Borrowings, current | - | 0 | 0 | 2,592 | 0 | 90 | 82 |
| Total current financial liabilities | 64.1% | 4,857 | 2,960 | 4,038 | 3,080 | 1,989 | 2,174 |
| Provisions, current | 13.1% | 70 | 62 | 33 | 31 | 27 | 27 |
| Current tax liabilities | 207.1% | 44 | 15 | 53 | 11 | 60 | 35 |
| Total current liabilities | 75.5% | 5,858 | 3,338 | 4,503 | 3,431 | 2,300 | 2,502 |
| Total liabilities | 70.6% | 6,192 | 3,630 | 4,772 | 3,614 | 2,453 | 2,626 |
| Equity share capital | 0.7% | 151 | 150 | 150 | 150 | 150 | 150 |
| Total equity | 7.5% | 10,496 | 9,763 | 8,537 | 8,144 | 7,190 | 6,609 |
| Total equity and liabilities | 24.6% | 16,688 | 13,393 | 13,309 | 11,758 | 9,642 | 9,235 |
| 69 |
| 56 |
| 11 |
| 16 |
| - |
| - |
| Net Cashflows from Operations | 30.7% | 2,413 | 1,847 | 1,807 | 789 | - | - |
| Income taxes paid (refund) | 8.7% | 603 | 555 | 360 | 328 | - | - |
| Net Cashflows From Operating Activities | 40.1% | 1,810 | 1,292 | 1,447 | 461 | - | - |
| Cashflows used in obtaining control of subsidiaries | 3192.8% | 31 | 0.03 | 0 | 29 | - | - |
| Proceeds from sales of PPE | 2988.9% | 14 | 0.55 | 21 | 2.72 | - | - |
| Purchase of property, plant and equipment | 14% | 928 | 814 | 466 | 502 | - | - |
| Purchase of investment property | - | 2.71 | 0 | 0 | 0 | - | - |
| Purchase of intangible assets | -123.6% | 0.1 | 4.82 | 2 | 0.11 | - | - |
| Cash receipts from repayment of advances and loans made to other parties | 99% | 0 | -95.28 | 1.36 | 27 | - | - |
| Dividends received | - | 7.1 | 0 | 0 | 0 | - | - |
| Interest received | -40% | 28 | 46 | 20 | 24 | - | - |
| Other inflows (outflows) of cash | -384.4% | -297.63 | 106 | -756.68 | -60.44 | - | - |
| Net Cashflows From Investing Activities | -58.7% | -1,210.47 | -762.31 | -1,182.38 | -359.95 | - | - |
| Proceeds from exercise of stock options | -65.2% | 7.27 | 19 | 13 | 13 | - | - |
| Repayments of borrowings | - | 0 | 0 | 0 | 3.52 | - | - |
| Payments of lease liabilities | - | 61 | 0 | 0 | 0 | - | - |
| Dividends paid | 50.5% | 451 | 300 | 209 | 149 | - | - |
| Interest paid | 69.1% | 160 | 95 | 47 | 28 | - | - |
| Net Cashflows from Financing Activities | -67.4% | -664.13 | -396.29 | -256.6 | -184.52 | - | - |
| Net change in cash and cash eq. | -149.9% | -64.82 | 133 | 8.03 | -83.58 | - | - |
General • 06 Dec 2025 Intimation of Institutional Analyst(s)/Investor(s) Meet |
Analysis of Polycab India's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Dec 31, 2025
| Description | Share | Value |
|---|---|---|
| Wires and cables | 88.3% | 6.9 kCr |
| FMEG | 6.4% | 499.8 Cr |
| EPC | 5.2% | 406.9 Cr |
| Total | 7.8 kCr |