Polycab India Q2 FY27: PAT ₹7,967 Cr & Rev ₹10,500 Cr

Metric	Value
Revenue	₹10,500 Cr
Net Profit (PAT)	₹7,967 Cr

📢 Key Event
Polycab India reported Q1 FY27 revenue growth of 39% YoY and PAT of INR 7,967 million, driven by strong performance in wires and FMEG segments.

🔄 What Changed
Revenue growth accelerated to 39% YoY, PAT reached INR 7,967 million, and EBITDA grew 32% with improved margins. Receivables improved to 15 days. Export revenue share remained stable at 20%, but U.S. export order books showed strong pickup potential. Volume growth in wires was low to mid-single digits, while FMEG growth was robust at 71% YoY. Copper price volatility led to destocking, impacting quarterly results. Full-year volume growth guidance remains at 1.5x industry growth.

🔮 What's Next
The company expects export growth to accelerate, targeting over 10% of revenue by 2030 across 94 countries. FMEG EBITDA margins are projected to reach 8-10% by FY30. Data centre infrastructure presents a major opportunity with a potential INR 20,000-25,000 crore market over 5-8 years. Infrastructure order books for Bharat Net (INR 8,000 crore) and RDSS (INR 3,250 crore) support revenue visibility. T&D growth is expected to drive double-digit volume growth over 5-7 years, supported by 17,000 circuit km planned for FY27 and renewable energy expansion.

💡 Investor Takeaway
Polycab India delivered strong Q1 growth with margin resilience and improving cash management, but near-term volume growth remains modest despite structural tailwinds in infrastructure and exports.

Polycab India reported consolidated revenue growth of 39% YoY and PAT of INR 7,967 million in Q1 FY27, driven by 39% growth in wires and 71% growth in FMEG. EBITDA rose 32% with margins at 13.8%, supported by favorable product mix and operating leverage. Management highlighted copper price volatility affecting costs, temporary destocking impacts, and improved receivables at 15 days. Export revenue share was 20% with recovery in the Middle East and strong U.S. order books. The company sees significant upside in data centre infrastructure (potential INR 20,000-25,000 crore market) and infrastructure projects like Bharat Net, with T&D growth targeting 17,000 circuit km in FY27. Volume growth remains low to mid-single digits, but market share gains in wires are expected. Full-year guidance maintains volume growth at 1.5x industry growth.

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About Polycab India Limited (POLYCAB)

Capital Goods · Industrial Products · Listed on NSE

Market Cap: ₹1,37,797.43 Cr P/E: 74.8

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