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Polycab India share price jumped over 6% on Thursday, 7 May, following the electrical products manufacturer’s announcement of strong performance in the March quarter, characterised by double-digit revenue growth due to a solid showing in its wires and cables segment, as well as sustained momentum in fast-moving electrical goods.
For the quarter ending 31 March 2026, the company reported consolidated revenue of ₹8,865 crore, reflecting a 27% year-on-year increase compared to the same period from the previous year.
The wires and cables (W&C) sector, which remains the main contributor, posted a 30% year-on-year increase during the quarter, driven by strong domestic demand and enhanced execution. Within this sector, cables outperformed wires, with institutional sales growing faster than channel sales.
Polycab India's share price increased over 6% due to strong Q4 results, with double-digit revenue growth driven by its wires and cables segment and sustained momentum in fast-moving electrical goods (FMEG).
The wires and cables segment, Polycab's main revenue contributor, saw a 30% year-on-year increase in Q4, fueled by robust domestic demand and improved execution. Cables outperformed wires, and institutional sales grew faster than channel sales.
Polycab India's fast-moving electrical goods (FMEG) segment demonstrated strong performance with a 47% year-on-year revenue increase in Q4. Solar products emerged as a significant contributor, nearly doubling their revenue during the quarter.
For the full fiscal year 2026, Polycab India achieved its best annual performance with revenue up 29% year-on-year to ₹28,884 crore. EBITDA rose 35% to ₹4,006 crore, and profit after tax increased by 32% to ₹2,708 crore.
Polycab India has continued to gain market share, reaching an estimated 30-31% in the organised cables and wires market. This growth is attributed to its 'Project Spring' initiative and sustained demand.
The fast-moving electrical goods (FMEG) sector also demonstrated impressive performance, with revenues increasing 47% year on year. Growth was widespread across different product categories, with solar products becoming a major contributor, achieving nearly double growth during the quarter.
On the other hand, the engineering, procurement, and construction (EPC) sector saw a decline, with revenues down 15% YoY, mainly due to timing differences in project execution cycles. During the quarter, the segment reported an EBIT margin of 7.6%.
Regarding margins, Polycab India stated that its EBITDA margins remained within the expected range of 12%–14%, although profitability was affected by an unfavourable product mix, with increased institutional sales, coupled with some operational deleverage.
For FY26, the company achieved its best annual performance to date. Revenue surged by 29% year-on-year, reaching ₹28,884 crore, while EBITDA rose by 35% to ₹4,006 crore. Profit after tax increased by 32% to ₹2,708 crore, with net profit margins improving to 9.4%.
The company's board has suggested a dividend of ₹47 per share for FY26.
Polycab also improved its balance sheet over the year, closing March with a net cash position of ₹4,190 crore, up from ₹2,460 crore the previous year.
The firm stated that it has maintained its market share growth, driven by the implementation of its “Project Spring” initiative and ongoing demand strength in both domestic and international markets.
JM Financial said Polycab delivered another strong quarter, with Q4 FY26 profit after tax (PAT) coming in at ₹770 crore, up 6% year-on-year and around 7% ahead of consensus estimates.
According to the brokerage, earnings were supported by input cost inflation benefits, although volume growth remained muted at low single digits following a strong performance during the first nine months of FY26.
The brokerage noted that Q4 demand was impacted by multiple factors, including restrictions on construction activity across western and northern India, geopolitical tensions, and a high base from March last year. It also highlighted that uncertainty around gas availability — a key feedstock — disrupted operations and delayed capex, while geopolitical uncertainty affected distributor offtake.
Despite these challenges, JM Financial identified a key positive in Polycab’s continued market share gains. The company is estimated to have gained 300–400 basis points YoY, taking its share in the organised cables and wires market to around 30–31%.
The brokerage also noted that Polycab’s cables and wires capacity utilisation remains in the mid-70% range, providing sufficient room to cater to any unexpected pickup in demand.
Following the results, JM Financial raised its FY27 and FY28 EPS estimates by 4–5% and maintained its ‘BUY’ rating on the stock, while revising the target price upward to ₹9,700 from ₹9,200, based on 42x March 2028 estimated EPS.
Nuvama Institutional Equities said Polycab delivered a strong Q4 FY26 performance, with revenue, EBITDA, and adjusted PAT rising 27%, 13%, and 6% year-on-year, respectively. The results were ahead of the brokerage’s estimates by 10%, 8%, and 11%, respectively.
According to Nuvama, the company’s cables and wires (C&W) segment recorded low single-digit volume growth in Q4, driven by a high base effect. However, for the full FY26, C&W volumes grew 18%, the strongest among peers.
The brokerage highlighted that Polycab’s market share expanded by 300–400 basis points to 30–31%, up from 26–27% in FY25 and fromjust 19% of the organised market in FY19, reflecting sustained execution strength.
However, EBIT margins declined by around 200 basis points YoY, impacted by an adverse product mix, including a higher share of cables, institutional sales, and lower exports, along with weak operating leverage and a high base.
Following the Q4 beat, Nuvama raised its FY27 and FY28 EPS estimates by 3–5%. It maintained a ‘BUY’ rating on the stock and revised its target price upward to ₹9,740 from ₹9,420, valuing the company at 40x FY28 estimated EPS.
Polycab India share price today opened at ₹8,466.25 apiece on the BSE. The stock touched an intraday high of ₹8,988.50 and an intraday low of ₹8,451.
“The stock has rallied more than 6%, supported by strong trading volumes, and has crossed its February swing high of ₹8,700 to scale a fresh all-time high. The earlier resistance zone around ₹8,700 is now expected to act as a key support level. Technically, the momentum remains strong, and the stock could move towards the ₹10,000 mark in the near term,” said Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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