Polycab India Ltd (POLYCAB)

Capital Goods · Cables · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹9,199 ↑ 29.84% (1Y)

🎯 Key Takeaways

Polycab India Ltd is in a phase of steady growth with strong profitability and minimal leverage, supported by consistent margin expansion and rising returns. Management is focused on operational efficiency and capital allocation discipline, as evidenced by robust ROE and ROCE.
Revenue declined 7.4% QoQ to ₹8,210 in Q1FY27.
⚠️ Margin pressure could emerge if input costs rise, despite current stability in operating profitability.

Market Cap

₹1.39 L Cr

P/E Ratio

48.1

P/B Ratio

11.54

ROE

24.2%

ROCE

34.1%

Debt/Equity

0.01

Div Yield

0.51%

Promoter

61.5%

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📖 The Story

Polycab India Ltd is in a phase of steady growth with strong profitability and minimal leverage, supported by consistent margin expansion and rising returns. Management is focused on operational efficiency and capital allocation discipline, as evidenced by robust ROE and ROCE. The company maintains a conservative balance sheet with negligible debt, enabling flexibility for strategic investments or shareholder returns.

📰 What's Happening

In recent quarters, Polycab has focused on employee stock option scheme (ESOP) allotments, with 29,390 shares issued in July and August 2026 under its 2018 ESOP. Additionally, shareholders are being asked to approve revisions to the remuneration of Joint Managing Directors Bharat and Nikhil Jaisinghani via e-voting until August 23, 2026, with results expected by August 25. The company also scheduled an investor meeting on September 3, 2026, with PL Capital and Ashmore UK, indicating ongoing engagement with global investors.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	6,477	7,636	8,864	8,210
Operating Profit	924	860	1,064	1,033
OPM %	14.3%	11.3%	12.0%	12.6%
Net Profit	693	630	786	797
EPS	₹45.54	₹41.30	₹52.18	₹52.09

Operating performance shows sequential improvement in revenue and margins, with June 2026 revenue at ₹8,210 crore and operating profit margin expanding to 12.6% from 11.3% in September 2025. While revenue dipped slightly in March 2026, profitability remained stable, reflecting disciplined cost management. Net profit and EPS have trended upward over the past year, supporting the company's strong ROE of 24.2% and ROCE of 34.1%.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance in the latest filings, but the scheduling of investor meetings and focus on governance updates suggest an emphasis on transparency and stakeholder communication. The e-voting process for JMD remuneration indicates active shareholder engagement in leadership compensation decisions.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	150	150	151	151
Reserves	8,444	9,678	10,443	11,856
Borrowings	193	202	223	132
Total Liabilities	13,711	13,776	17,171	20,476
Fixed Assets	2,576	3,001	3,391	3,652
Investments	2,186	1,749	1,697	3,493
Total Assets	13,711	13,776	17,171	20,476

The balance sheet shows a stable capital structure with equity remaining flat at ₹151 crore while reserves grew to ₹11,856 crore by March 2026, reflecting accumulated profits. Borrowings are minimal and stable at ₹132 crore, with total assets increasing to ₹20,476 crore, suggesting organic growth and reinvestment of earnings without significant debt accumulation.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+3,811
Investing	-2,850
Financing	-799
Net Cash Flow	+162

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	61.5%	61.5%	61.5%	61.5%
FII	14.0%	14.8%	18.2%	19.0%
DII	11.7%	11.1%	8.0%	7.6%
Public	11.2%	11.0%	11.0%	10.6%
# Shareholders	3,70,871	3,62,580	3,62,997	3,56,777

Promoter holding remains stable near 61.5%, indicating confidence in long-term prospects. However, Foreign Institutional Investor (FII) shareholding has declined from 19% in Q1FY27 to 18.21% in Q4FY26 and was previously at 14.82% in Q3FY26, suggesting some foreign selling. Domestic Institutional Investor (DII) holding has also decreased slightly, while the number of shareholders has marginally declined.

⚖️ Peer Comparison — Cables

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
POLYCAB	1.39 L Cr	48.1	34.1%	24.2%	0.01
KEI	53,536	53.7	23.6%	17.2%	0.03
STLTECH	37,432	146.6	14.6%	11.3%	0.85
RRKABEL	32,857	54.1	32.1%	23.6%	0.09
FINCABLES	19,073	23.8	19.0%	14.6%	0.00
DIACABS	18,233	92.8	-58.8%	-21.9%	-0.52
UNIVCABLES	5,729	28.6	12.5%	10.6%	0.62
LASERPOWER	4,575	—	—	—	1.14
ADVAIT	2,414	41.0	42.0%	32.8%	0.24
DYCL	2,364	25.9	26.9%	19.9%	0.09

🔗 Peer Stock Analyses

KEI STLTECH RRKABEL FINCABLES DIACABS

⚠️ Risk Factors

1. Margin pressure could emerge if input costs rise, despite current stability in operating profitability. 2. ESOP issuances, while modest, contribute to share dilution and may weigh on per-share metrics over time. 3. Declining FII and DII holdings could affect liquidity and investor interest if the trend continues. 4. Governance-related decisions, such as JMD remuneration, require shareholder approval and may introduce minor execution risks if voting outcomes are uncertain.

📋 Recent Filings

🧠 Analyst's Read

Polycab India demonstrates resilient financial performance and conservative leverage, underpinned by consistent profitability and margin improvement. Investors should monitor upcoming investor engagement and shareholder voting outcomes for governance signals, while watching for any signs of margin compression or shifts in foreign investor sentiment.

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

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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