Industrial Products
Valuation | |
|---|---|
| Market Cap | 1.3 LCr |
| Price/Earnings (Trailing) | 49.34 |
| Price/Sales (Trailing) | 4.76 |
| EV/EBITDA | 31.58 |
| Price/Free Cashflow | 136.21 |
| MarketCap/EBT | 36.78 |
| Enterprise Value | 1.29 LCr |
Fundamentals | |
|---|---|
| Revenue (TTM) | 27.23 kCr |
| Rev. Growth (Yr) | 46.4% |
| Earnings (TTM) | 2.66 kCr |
| Earnings Growth (Yr) | 35.7% |
Profitability | |
|---|---|
| Operating Margin | 13% |
| EBT Margin | 13% |
| Return on Equity | 24.86% |
| Return on Assets | 15.47% |
| Free Cashflow Yield | 0.73% |
Growth & Returns | |
|---|---|
| Price Change 1W | 9.4% |
| Price Change 1M | 24.3% |
| Price Change 6M | 21.5% |
| Price Change 1Y | 84% |
| 3Y Cumulative Return | 40.8% |
| 5Y Cumulative Return | 45.1% |
Cash Flow & Liquidity | |
|---|---|
| Cash Flow from Investing (TTM) | -1.24 kCr |
| 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 | 16.54 |
| 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% |
Growth: Awesome revenue growth! Revenue grew 28.3% over last year and 96.6% in last three years on TTM basis.
Technicals: Bullish SharesGuru indicator.
Past Returns: Outperforming stock! In past three years, the stock has provided 40.8% return compared to 13.3% by NIFTY 50.
Balance Sheet: Strong Balance Sheet.
Momentum: Stock price has a strong positive momentum. Stock is up 24.3% in last 30 days.
Profitability: Recent profitability of 10% is a good sign.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Size: It is among the top 200 market size companies of india.
No major cons observed.
Growth: Awesome revenue growth! Revenue grew 28.3% over last year and 96.6% in last three years on TTM basis.
Technicals: Bullish SharesGuru indicator.
Past Returns: Outperforming stock! In past three years, the stock has provided 40.8% return compared to 13.3% by NIFTY 50.
Balance Sheet: Strong Balance Sheet.
Momentum: Stock price has a strong positive momentum. Stock is up 24.3% in last 30 days.
Profitability: Recent profitability of 10% is a good sign.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Size: It is among the top 200 market size companies of india.
No major cons observed.
Investor Care | |
|---|---|
| Dividend Yield | 0.46% |
| Dividend/Share (TTM) | 35 |
| Shares Dilution (1Y) | 0.10% |
| Earnings/Share (TTM) | 174.51 |
Financial Health | |
|---|---|
| Current Ratio | 1.94 |
| Debt/Equity | 0.01 |
Technical Indicators | |
|---|---|
| RSI (14d) | 77.97 |
| RSI (5d) | 100 |
| RSI (21d) | 82.7 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Sell |
| SharesGuru Signal | Buy |
| RSI Signal | Sell |
| RSI5 Signal | Sell |
| RSI21 Signal | Sell |
| SMA 5 Signal | Buy |
| 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.
In the Q3 FY26 earnings call held on January 16, 2026, Polycab India Limited's management provided a positive outlook, highlighting significant growth momentum and robust performance across various segments. The company reported a consolidated revenue growth of 46% YoY for the quarter, driven primarily by the Wires and Cables (W&C) segment, which achieved a 53% increase in revenue. The Fast-Moving Electrical Goods (FMEG) business also contributed with a 17% growth. Notably, the W&C business saw domestic revenue growth at 59%, with volume growth around 40%.
Management also identified macroeconomic conditions favoring continued growth, with India expected to maintain its status as the fastest-growing major economy globally. They noted an upward revision of India's GDP growth forecast for FY26 to 7.3% by the RBI, coupled with a decrease in inflation projections, which contributes to an optimistic domestic demand outlook.
Forward-looking points emphasized by management include:
Overall, the management expressed confidence in sustaining growth despite commodity price pressures, expecting to gradually pass through these costs while protecting market share and volume.
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% |
| KUNAL INDER JAISINGHANI | 3.75% |
| BHARAT JAISINGHANI | 3.39% |
| NIKHIL RAMESH JAISINGHANI | 3.3% |
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 | 87.63 kCr | 22.63 kCr | +8.60% | -3.70% | 58.95 | 3.87 | - | - |
| KEI | KEI Industries | 48.57 kCr | 11.34 kCr |
Comprehensive comparison against sector averages
POLYCAB metrics compared to Industrial
| Category | POLYCAB | Industrial |
|---|---|---|
| PE | 49.34 | 43.23 |
| PS | 4.76 | 3.52 |
| Growth | 28.3 % | 26 % |
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.
| SMA 20 Signal | Buy |
| SMA 50 Signal | Buy |
| SMA 100 Signal | Buy |
POLYCAB vs Industrial (2021 - 2026)
High Scoring Large Cap stocks have outperformed low scoring stocks by 90% over last 4 years
High Scoring Large Cap stocks have outperformed low scoring stocks by 90% over last 4 years
IIFL Securities Limited reports a positive outlook for Polycab, citing its strong market position and consistent financial performance.
Scheme of Arrangement • 28 Feb 2026 We hereby inform that the Hon''ble National Company Law Tribunal Ahmedabad Bench has pronounced the order, approving the scheme of Amalgamation of Uniglobus Electricals and Electronics .... |
General • 25 Feb 2026 Intimation of Institutional Analyst(s)/Investor(s) meet |
General • 17 Feb 2026 Intimation of Institutional Analyst(s)/Investor(s) meet |
Change in Management • 16 Feb 2026 Intimation of appointment of Senior Management Personnel (SMP) under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. |
General • 13 Feb 2026 Intimation of Institutional Analyst(s)/Investor(s) meet |
General • 12 Feb 2026 |
This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.
Here are the major questions from the Q&A section of the Polycab India Limited earnings transcript along with detailed answers:
Question 1: "Would it be able to quantify what is a volume growth for this quarter YoY?"
Answer: For both domestic cables and wires, our volume growth is about 40%. This strong performance highlights robust underlying demand driven by various sectors, particularly government and private capex, which has been quite positive.
Question 2: "Could you help us understand what led to the fall in EBITDA margin both YoY and Q-o-Q?"
Answer: The primary reason for the margin decline has been the sharp rise in commodity prices. Specifically, from January 2025 to January 2026, copper and aluminum prices increased significantly, with copper rising nearly 50%. We chose to stagger price hikes, leading to a lag in recovering higher input costs which impacted margins.
Question 3: "Can you share the quantum of price hikes that we have taken at the start of this quarter?"
Answer: We have taken price hikes that cover about 75% to 80% of the commodity inflation experienced this quarter. We implemented these hikes gradually, maintaining price stability and customer loyalty despite the rising costs of materials.
Question 4: "How do you foresee the exports shaping up in the coming quarters?"
Answer: Although we've seen some softness in the U.S. market due to tariff-related issues, our other geographies like the Middle East and Latin America are performing well. We have a robust order book which we expect will translate into revenues in upcoming quarters.
Question 5: "Can you give some sense of breakup between wires and cables' performance?"
Answer: Typically, our mix is around 70:30 in favor of cables. However, this quarter, wires outperformed, leading to a slight increase in their share. The revenue growth from wires has reflected higher copper prices, which significantly influenced our overall growth.
| ANIL HARIRAM HARIANI | 2.98% |
| MOTILAL OSWAL NIFTY MIDCAP 100 ETF | 2.11% |
| 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% |
| KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK NIFTY MIDC | 1.07% |
| RAMESH T JAISINGHANI/REINA R JAISINGHANI (NIKHIL JAISINGHANI FAMILY TRUST) | 1% |
| RAMESH T JAISINGHANI/REINA R JAISINGHANI(DEEPIKA SEHGAL FAMILY TRUST) | 1% |
| 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% |
| INDER THAKURDAS JAISINGHANI/MEENA INDER JAISINGHANI (INDER KUNAL TRUST) | 0.66% |
Distribution across major stakeholders
Distribution across major institutional holders
| +31.00% |
| +69.40% |
| 56.41 |
| 4.28 |
| - |
| - |
| CROMPTON | Crompton Greaves Consumer Electricals | 16.6 kCr | 7.94 kCr | +14.40% | -20.80% | 35.96 | 2.09 | - | - |
| FINCABLES | Finolex Cables | 13.97 kCr | 6.15 kCr | +25.90% | +8.80% | 20.52 | 2.27 | - | - |
| VGUARD | V-Guard Industries | 13.67 kCr | 5.77 kCr | -1.40% | -1.30% | 47.74 | 2.37 | - | - |
| 22.2% |
| 6,844 |
| 5,602 |
| 5,185 |
| 6,073 |
| 4,634 |
| 4,984 |
| Profit Before exceptional items and Tax | -8.6% | 842 | 921 | 801 | 961 | 617 | 590 |
| Total profit before tax | -8.6% | 842 | 921 | 801 | 961 | 617 | 590 |
| Current tax | 3.6% | 232 | 224 | 196 | 211 | 145 | 130 |
| Deferred tax | -813.1% | -19.75 | 3.91 | 4.47 | 15 | 7.45 | 15 |
| Total tax | -7% | 212 | 228 | 201 | 226 | 152 | 145 |
| Total profit (loss) for period | -9.1% | 630 | 693 | 600 | 734 | 464 | 445 |
| Other comp. income net of taxes | -124.1% | 0.62 | 2.58 | -9.44 | 3.62 | -0.55 | -0.86 |
| Total Comprehensive Income | -9.4% | 631 | 696 | 590 | 738 | 464 | 444 |
| Earnings Per Share, Basic | -9.5% | 41.3 | 45.54 | 39.36 | 48.31 | 30.423 | 29.248 |
| Earnings Per Share, Diluted | -9.6% | 41.19 | 45.46 | 39.21 | 48.13 | 30.31 | 29.14 |
| 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 • 10 Feb 2026 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 |