Polycab India Ltd.

NSE: POLYCAB · Cables - Electricals

52W Range₹6,620 ₹10,126

Snapshot

Unlock Polycab India Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Polycab India Limited is a leading manufacturer of wires, cables, and fast-moving electrical goods (FMEG). The company also provides comprehensive engineering, procurement, and construction services for power distribution and rural electrification projects.

Business Model

The company generates revenue through the manufacturing and sale of electrical products via an extensive distribution network, complemented by project-based execution in the power infrastructure sector.

  • Authorized dealers and distributors:3,464
  • Retail outlets:100,000

Growth Outlook

Growth is driven by the expansion of the FMEG portfolio, including solar solutions and home appliances, alongside continued participation in large-scale national power infrastructure projects.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the prices of copper and aluminium, which are primary inputs, can significantly impact profit margins.
  • Competitive Intensity. The electrical goods sector is highly fragmented with intense competition from both organised and unorganised players.
  • Project Execution Risk. Delays or cost overruns in large-scale power distribution and electrification projects could adversely affect financial performance.
  • Economic Cyclicality. Demand for wires and cables is closely linked to the cyclical nature of the real estate and infrastructure development sectors.

Price

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Key Metrics

REVENUE

₹28,884 Cr

TTM · consolidated

+28.9%YoY

NET PROFIT

₹2,708 Cr

TTM · consolidated

+32.4%YoY

EPS

₹178.38

TTM · consolidated

+32.8%YoY

RETURN ON EQUITY

26.1%

TTM · consolidated

+2.3 ppYoY

RETURN ON CAPITAL EMPLOYED

35.6%

TTM · consolidated

+3.5 ppYoY

P/E

50.6x

Q4 FY26 · consolidated

50.6 vs 98.8x5Y avg

EV/EBITDA

32.6x

Q4 FY26 · consolidated

32.6 vs 65.4x5Y avg

EBITDA MARGIN

14.7%

TTM · consolidated

+0.6 ppYoY

NET PROFIT MARGIN

8.9%

Q4 FY26 · consolidated

-1.6 ppYoY

DEBT TO EQUITY

0.0x

Q4 FY26 · consolidated

+0.00xYoY

Peers · Cables - Electricals

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Polycab India Ltd.POLYCAB
1,06,90750.6432.6128.9%14.7%26.1%35.6%+30.6%
KEI Industries Ltd.KEI
39,38852.2736.1420.8%11.8%15.3%21.1%+29.4%
R R Kabel Ltd.RRKABEL
15,35060.4635.8127.6%8.6%21.8%30.7%+103.6%
Finolex Cables Ltd.FINCABLES
12,77221.3919.3118.8%12.4%12.6%13.9%+14.2%
KSH InternationaKSHINTL
3,0606.0%
Universal CablesUNIVCABLES
2,29430.4621.4025.5%9.6%9.1%18.8%+99.3%

As of Q4 FY26

Financials