POLYCAB
Mid CapPolycab India Limited
Industrials
Polycab India Limited is a leading manufacturer of wires and cables (W&C) and fast-moving electrical goods (FMEG). It serves diverse sectors including utility, infrastructure, commercial, and power, and is expanding its global footprint.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 42/100margin compression · Rev +27% YoY · PAT +7% YoY · +16% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8,864 Cr | +26.9% | +16.1% |
| EBITDA | ₹1,161 Cr | +13.3% | +20.2% |
| Operating margin | 13.0% | -200 bps | +0 bps |
| PAT | ₹786 Cr | +7.1% | +24.8% |
| PAT margin | 8.9% | -164 bps | +62 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Polycab reported strong Q4FY26 consolidated revenue growth of 27% YoY and 16% QoQ, with FY26 revenues crossing ₹285 Bn (+29% YoY). FY26 PAT increased 32% YoY, reflecting robust execution in W&C and FMEG segments.
Polycab's thesis remains intact due to strong revenue and profit growth, market share gains in W&C, and FMEG profitability improvement. While Q4 W&C margins faced mix-shift pressure and EPC revenue was impacted by execution timing, Project Spring targets are on track.
Domestic W&C Business
Delivered strong 30% YoY growth in Q4FY26, driven by execution excellence under Project Spring and ~4% market share gain.
FMEG Business
Achieved 47% YoY growth in Q4FY26 and 25% YoY for FY26, with full-year revenues reaching an all-time high of ₹20,693 Mn.
Solar Products
Within FMEG, solar products delivered nearly 2x growth YoY, becoming the largest category in the FMEG portfolio.
International Business
Recorded 18% YoY increase, contributing 4.4% to consolidated revenues in Q4FY26, expanding to 94 countries.
Strong Demand Opportunity
Cash flows reinvested in business to capture strong demand opportunity.
Project Spring Execution
Strong execution under Project Spring led to consistent market share gains in W&C.
Operating Leverage & Favorable Product Mix (FMEG)
FMEG profitability improved due to operating leverage and a favorable product mix shift.
W&C Margin Pressure
Q4FY26 W&C margin decline YoY due to unfavorable mix shift, lower export contribution, higher institutional sales, and operating deleverage.
EPC Project Execution Cycle
Q4FY26 and FY26 EPC revenue and EBIT impacted by the timing of the project execution cycle.
Industry Headwinds
Domestic W&C business delivered strong growth despite multiple industry headwinds.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are provided and relevant. YoY reflects annual business momentum and market share gains, while QoQ shows sequential execution and profitability trends across segments.
Revenue
Q4FY26: ₹88,645 Mn (+27% YoY, +16% QoQ). FY26: ₹288,838 Mn (+29% YoY).
EBITDA
Q4FY26: ₹11,613 Mn (+13% YoY, +20% QoQ). FY26: ₹40,057 Mn (+35% YoY).
EBITDA Margin
Q4FY26: 13.1% (vs 14.7% Q4FY25). FY26: 13.9% (vs 13.2% FY25). Remained within 12-14% guided range for W&C.
PAT
Q4FY26: ₹7,856 Mn (+7% YoY, +25% QoQ). FY26: ₹27,084 Mn (+32% YoY).
FY30 W&C EBITDA Guidance
Aims for 11-13% EBITDA margin for Wires & Cables by FY30.
FY30 FMEG EBITDA Guidance
Targets 8-10% EBITDA margin for FMEG by FY30, in line with Project Spring guidance.
FY30 Export Contribution Guidance
Expects >10% contribution from exports by FY30.
FY30 Annual Capex Guidance
Plans for ₹12-16 Bn annual capex by FY30.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| W&C EBITDA Margin | 13.1% (Q4FY26) | Sustaining within the 11-13% guided range, especially with evolving sales mix. |
| FMEG EBITDA Margin | 4.1% (Q4FY26) | Continued improvement towards the 8-10% guided range by FY30. |
| Net Working Capital Days | 25 days (FY26 closing) | Further optimization or any increase due to business growth or mix changes. |
| International Business Contribution | 4.4% (Q4FY26) | Progress towards the >10% contribution target from exports. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +22.0% / mo · near 52W high
Technical chart
POLYCABweekly · 3Y+43.0%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 67. Wait for confirmation.
- SMA20 rising (~18.0% over last month) — short-term momentum positive.
- RSI(14) at 67 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 19/20 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -20.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 100th percentile of the scored universe and 100th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 61.5%. Key concern: Promoter holding fell 1.5%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Industrials: 100th pctile, median 68 · Mid: 99th pctile, median 76
157 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 61.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸9 years of positive FCF.
Trust risks
- ▸Promoter holding fell 1.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 53.50
- P/B
- 11.90
- EV/EBITDA
- 32.62
- Market Cap
- 143041.00Cr
Profitability
- ROE
- 24.50%
- ROCE
- 34.30%
- ROA
- 13.23%
- Dividend Y
- 0.37%
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 27.00%
- EPS 3Y
- 30.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 16.49×
- Altman Z
- 9.08
- Book Value
- 798.00
Cash Flow
- FCF Yield
- 0.67%
- FCF Positive Y
- 9/5
- OCF
- 3811.00 Cr
- EPS TTM
- 177.48
Shareholding
- Promoter Hold
- 61.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 92%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.