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Polycab India Limited (POLYCAB)

Capital Goods · Industrial Products · NSE · Updated 16 June 2026

₹9,556 ↑ 56.48% (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 more mature but still accelerating trajectory. Management has consistently highlighted execution discipline and capacity utilization as key levers, supported by strong order books and margin improvement.
Revenue declined 5% QoQ to ₹5,226 in Q3FY25.
⚠️ Execution risk in scaling new verticals like solar and EV infrastructure remains, given their early-stage maturity and competitive dynamics. Input cos

Market Cap

₹1.38 L Cr

P/E Ratio

74.8

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About POLYCAB 📊 Interactive Charts

📖 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 more mature but still accelerating trajectory. Management has consistently highlighted execution discipline and capacity utilization as key levers, supported by strong order books and margin improvement. The company is scaling selectively, prioritizing return on capital over aggressive top-line growth.

📰 What's Happening

In Q3FY25, Polycab reported revenue of ₹5,226 crore with operating profit of ₹745 crore and OPM of 13.8%, marking sequential improvement in margins despite a slight revenue dip from Q2FY25. The company reappointed two independent directors in May 2026, signaling board continuity. Additionally, in June 2026, it allotted 23,450 shares under its 2018 ESOP scheme to employees, reflecting ongoing talent retention focus. Management has emphasized capex discipline and incremental capacity additions in cables and wires, particularly in high-growth segments like solar and EV charging infrastructure.

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 expanded from 11.5% in Q2FY25 to 13.8% in Q3FY25, driven by better input cost management and product mix optimization, despite softness in some end-markets. Net profit rose to ₹464 crore in Q3FY25 from ₹445 crore in Q2FY25, indicating improved operational efficiency. Revenue growth has moderated slightly in recent quarters, with Q3FY25 revenue down from Q2FY25 but up strongly from the same period last year, reflecting a stabilization after earlier volatility. EPS growth has accelerated, supported by margin gains and stable share count.

🔮 Management Outlook & What's Next

Management has consistently expressed confidence in sustained demand across industrial, infrastructure, and renewable energy segments, citing backorder visibility and long-term contracts as tailwinds. They have reiterated focus on margin expansion through operational excellence and strategic capex allocation, with no major acquisitions announced recently. Forward guidance emphasizes incremental capacity scaling and export growth, particularly in solar cables and high-voltage products, without committing to aggressive revenue targets.

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

Execution risk in scaling new verticals like solar and EV infrastructure remains, given their early-stage maturity and competitive dynamics. Input cost volatility, particularly in copper and aluminum, could pressure margins if not fully passed on. Geopolitical and currency fluctuations may impact export profitability. Additionally, margin improvement has been a function of operational levers rather than structural demand shifts, making sustainability dependent on continued execution discipline.

📋 Recent Filings

🧠 Analyst's Read

Polycab is executing a measured expansion strategy with improving margins and stable cash flows, supported by strong promoter and institutional confidence. The key watchpoints are margin sustainability in a volatile input cost environment and the scalability of new growth engines beyond traditional cable segments. Investors should monitor order book trends and management's ability to convert backorders into realizations without margin erosion.

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 2026-06-16.