Polycab India Limited (POLYCAB)

Capital Goods · Industrial Products · NSE · Updated 14 July 2026

₹9,306.5 ↑ 36.93% (1Y)

🎯 Key Takeaways

Polycab India is in a phase of sustained operational expansion with improving profitability trends, transitioning from a high-growth recovery phase to a structurally stronger earnings trajectory. Management has consistently highlighted execution discipline and margin improvement as strategic priorities, supported by rising order books and capacity utilization gains.
Revenue declined 5% QoQ to ₹5,226 in Q3FY25.
⚠️ 1) Margin pressure could emerge if raw material costs rise unabated, despite historical resilience in OPM. 2) High P/E multiple of 74.8 suggests eleva

Market Cap

₹1.38 L Cr

P/E Ratio

74.8

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Polycab India is in a phase of sustained operational expansion with improving profitability trends, transitioning from a high-growth recovery phase to a structurally stronger earnings trajectory. Management has consistently highlighted execution discipline and margin improvement as strategic priorities, supported by rising order books and capacity utilization gains.

📰 What's Happening

In Q3FY25, Polycab reported revenue of ₹5,226 crore and operating profit of ₹745 crore, reflecting sequential improvement from ₹5,498 crore revenue and ₹708 crore OP in Q2FY25. The company announced the allotment of 27,895 equity shares under its 2018 ESOP scheme on June 16, 2026, as part of employee compensation initiatives. Additionally, a trading window closure was mandated from June 26 to July 1, 2026, following the release of unaudited Q1FY26 results, restricting designated persons from trading ahead of financial disclosures.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	4,324	3,889	4,218	4,340	5,592	4,698	5,498	5,226
Operating Profit	661	613	644	641	815	642	708	745
OPM %	14.1%	14.1%	14.4%	13.1%	13.6%	12.4%	11.5%	13.8%
Net Profit	428	403	430	417	553	402	445	464
EPS	₹28.37	₹26.66	₹28.38	₹27.50	₹36.37	₹26.35	₹29.25	₹30.42

Operating margins have stabilized above 13% over the last four quarters, with Q3FY25 achieving 13.8% despite lower revenue compared to Q2FY25, indicating improved cost control and execution. Net profit rose to ₹464 crore in Q3FY25 from ₹445 crore in Q2FY25, and earnings per share increased to ₹30.42, up from ₹29.25, reflecting margin resilience and efficient capital deployment amid a dynamic demand environment.

🔮 Management Outlook & What's Next

Management has not provided formal forward guidance in the latest filings, but past commentary has emphasized capacity expansion, order book strength, and export growth as key drivers. The company continues to focus on scaling high-margin segments like cables and wires for infrastructure and industrial segments, with no public indication of strategic deviation from this path.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Industrial Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Cummins India Limited	1.49 L Cr	74.4	—	—	—
Polycab India Limited	1.38 L Cr	74.8	—	—	—
APL Apollo Tubes Limited	52,483	43.6	29.3%	22.7%	0.09
KEI Industries Limited	48,924	72.7	—	—	—
Supreme Industries Limited	44,570	43.6	—	—	—
Astral Limited	41,662	79.2	—	—	—
AIA Engineering Limited	35,987	31.0	20.4%	16.8%	0.07
Welspun Corp Limited	34,530	23.2	—	—	—
Timken India Limited	26,561	61.0	—	—	—
Kirloskar Oil Engines Limited	25,295	49.8	—	—	—

🔗 Peer Stock Analyses

CUMMINSIND APLAPOLLO KEI SUPREMEIND ASTRAL

⚠️ Risk Factors

1) Margin pressure could emerge if raw material costs rise unabated, despite historical resilience in OPM. 2) High P/E multiple of 74.8 suggests elevated valuation expectations, making the stock sensitive to earnings volatility. 3) Trading restrictions post-results may limit near-term liquidity for insiders, potentially affecting short-term sentiment. 4) Competitive intensity in the industrial products space could constrain pricing power if capacity expansion accelerates industry-wide.

📋 Recent Filings

🧠 Analyst's Read

Polycab India demonstrates consistent operational momentum with improving margins and stable profitability trends, underpinned by disciplined execution. Investors should monitor order book visibility, input cost trends, and management's ability to sustain margin recovery in the upcoming quarters.

Based on filing content and financial data. Not a recommendation.

✨ Deep Dive with AI on POLYCAB

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-14.

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