Polycab logo

Polycab

POLYCAB NSE

Key Fundamentals

LargecapCables - ElectricalsIndustrial Products
Market Cap
1.2L Cr
Volatility
Moderate
P/E Ratio
43.32
EBITDA
₹4,242 Cr
Return on Equity
22.33%
Debt to Equity
0.02
Book Value
₹796.77
EPS
₹118.4
52W High
₹10,126
52W Low
₹6,663

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

6
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 23.7% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 25.9%
  • Company's median sales growth is 20.5% of last 10 years
  • Company's working capital requirements have reduced from 47.5 days to 30.4 days

Weaknesses

2
  • Stock is trading at 10.3 times its book value
  • Promoter holding has decreased over last 3 years: -4.53%

Growth Rate

Revenue Growth
28.76% higher than 3Y
Net Income Growth
32.41% higher than 3Y
Cash Flow Change
111% lower than 3Y
ROE
8.14% lower than 3Y
ROCE
10.23% higher than 3Y
EBITDA Margin (Avg.)
4% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Polycab India Ltd, with a market cap of ₹1,22,768 Cr, is India's largest wires and cables manufacturer. The company trades at a PE of 43.4x and PB of 10.5x, has delivered 27% compounded sales CAGR over 5 years and 24% compounded profit CAGR over the same period, while operating in a virtually debt-free position.

Bull Case 8
  • Exceptional sales growth consistency — compounded sales CAGR of 27% over 5 years and 19% over 10 years, with TTM sales growth accelerating to 32%, indicating strong demand momentum
  • Company is almost debt-free, providing significant financial flexibility and resilience against interest rate cycles, unlike many industrial peers
  • Robust profitability track record with compounded profit CAGR of 28% over 3 years and 24% over 5 years, demonstrating operating leverage and pricing power
  • Consistent return on equity of 23% last year, 23% over 3 years, and 21% over 5 and 10 years, reflecting disciplined capital allocation well above cost of equity
  • Significant improvement in working capital efficiency — working capital days reduced from 47.5 days to 30.4 days, freeing up cash for growth and shareholder returns
  • Healthy dividend payout ratio of 25.9% with a current dividend yield of 0.56%, indicating management's commitment to returning capital while retaining enough for growth
  • Median sales growth of 20.5% over the last 10 years points to structural demand tailwinds from India's electrification, housing, and infrastructure buildout
  • Stock CAGR of 29% over 5 years and 19% over 3 years shows sustained market confidence in the company's execution and growth trajectory
Bear Case 7
  • Valuation is stretched at a PE of 43.4x, well above typical industrial product companies, leaving limited margin of safety if growth decelerates
  • Price-to-book ratio of 10.5x is elevated for a manufacturing business, implying the market has priced in several years of future growth already
  • Promoter holding has declined by 4.53% over the last 3 years, which may signal reduced insider confidence or dilution concerns
  • Dividend yield of just 0.56% offers minimal income cushion to investors, meaning returns are almost entirely dependent on capital appreciation
  • TTM profit growth of 29% trails TTM sales growth of 32%, suggesting some margin compression or rising input costs that could pressure profitability going forward
  • At a market cap of ₹1,22,768 Cr, the company's large size may constrain the pace of future growth — sustaining 27% sales CAGR becomes harder as the revenue base scales
  • The wires and cables segment is exposed to copper price volatility, and commodity cost pass-through may not always be immediate, creating quarterly earnings unpredictability

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 3
  • Buy rating, ₹10,764 target Sep 4

    Prabhudas Lilladher issued a buy rating with ₹10,764 SOTP target based on 40x FY28E P/E, projecting revenue/EBITDA/PAT CAGR of 22.6%/23.0%/22.9% over FY26-28E.

  • Market share up to 30-31% Sep 4

    Organized wires and cables market share grew from ~18% in FY19 to 30-31% in FY26, with industry supply expected to remain below demand until at least FY30.

  • Strong export and FMEG pipeline Sep 4

    US and Middle East exports offer significant growth, while the FMEG segment is broadening beyond solar. Real estate demand expected to drive wires growth over the next 2-3 years.

Neutral 2
  • Multiple investor meets scheduled Sep 1

    Polycab scheduled one-on-one meetings with Schonfeld (Sep 4), PL Capital and Ashmore UK (Sep 3), and DSP Investment Management (Aug 31) covering corporate updates and earnings presentations.

  • JMD remuneration revision approved Aug 24

    Postal ballot resolutions passed to revise remuneration of Joint Managing Directors Bharat A. Jaisinghani and Nikhil R. Jaisinghani.

TL;DR: Polycab is firing on all cylinders with dominant market share gains in wires and cables (18% to 30-31% over FY19-FY26) and a strong earnings growth outlook of ~23% CAGR through FY28. No material headwinds surfaced in recent news, and active institutional engagement signals sustained investor interest. The key risk to monitor is commodity price volatility, though management views the supply-demand backdrop as favorable through FY30.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
3,889
4,218
4,340
5,592
4,698
5,498
5,226
6,986
5,906
6,477
7,636
8,864
8,210
Expenses
3,341
3,609
3,771
4,830
4,115
4,867
4,506
5,960
5,048
5,456
6,670
7,703
7,074
Operating Profit
549
609
570
762
583
632
720
1,025
858
1,021
966
1,161
1,136
OPM %
14%
14%
13%
14%
12%
11%
14%
15%
15%
16%
13%
13%
14%
Other Income
64
35
71
54
58
76
25
48
80
45
50
60
105
Interest
25
27
32
24
41
45
50
33
51
48
69
75
80
Depreciation
57
60
62
66
67
72
79
80
86
97
106
98
103
PBT
530
557
546
725
533
590
617
961
801
921
842
1,049
1,058
Tax %
24%
23%
24%
24%
25%
25%
25%
24%
25%
25%
25%
25%
25%
Net Profit
403
430
417
553
402
445
464
734
600
693
630
786
797
EPS in Rs
26.67
28.37
27.49
36.34
26.34
29.24
30.42
48.31
39.34
45.54
41.3
51.33
52.07
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
4,707
5,202
5,500
6,770
7,986
8,830
8,792
12,204
14,108
18,039
22,408
28,884
31,188
Expenses
4,266
4,710
5,020
6,041
7,035
7,701
7,681
10,940
12,265
15,548
19,445
24,870
26,903
Operating Profit
442
492
480
729
950
1,129
1,111
1,264
1,843
2,492
2,964
4,013
4,284
OPM %
9%
9%
9%
11%
12%
13%
13%
10%
13%
14%
13%
14%
14%
Other Income
5
32
75
65
64
91
164
161
133
221
204
229
261
Interest
108
147
66
94
117
50
43
35
60
108
169
243
272
Depreciation
98
111
128
133
141
161
176
202
209
245
298
386
403
PBT
241
265
361
567
756
1,010
1,056
1,188
1,707
2,359
2,701
3,613
3,871
Tax %
32%
30%
36%
37%
34%
24%
16%
23%
25%
24%
24%
25%
—
Net Profit
164
185
233
359
500
766
886
917
1,282
1,803
2,046
2,708
2,905
EPS in Rs
11.64
13.09
16.48
25.35
35.39
50.97
59.15
60.8
84.8
119
134
177
190
Div. Payout %
9%
13%
6%
0%
8%
14%
17%
23%
24%
25%
26%
26%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
141
141
141
141
141
149
149
149
150
150
150
151
Reserves
1,489
1,642
1,853
2,206
2,706
3,688
4,605
5,394
6,481
8,037
9,675
11,858
Borrowings
546
796
856
800
272
157
282
118
191
161
202
236
Other Liabilities
1,138
1,296
1,729
1,300
2,509
1,967
1,978
1,750
2,602
3,718
3,721
8,220
Total Liabilities
3,314
3,875
4,579
4,448
5,628
5,961
7,015
7,412
9,424
12,066
13,749
20,465
Fixed Assets
822
985
1,128
1,197
1,276
1,422
1,870
1,675
2,067
2,338
3,011
3,740
CWIP
179
138
165
136
193
241
99
375
251
578
708
1,139
Investments
0
0
33
32
29
65
635
773
1,350
1,822
1,749
3,405
Other Assets
2,312
2,752
3,253
3,083
4,130
4,232
4,411
4,588
5,756
7,328
8,280
12,180
Total Assets
3,314
3,875
4,579
4,448
5,628
5,961
7,015
7,412
9,424
12,066
13,749
20,465
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
150
221
296
362
1,230
244
1,252
512
1,428
1,296
1,809
3,811
Investing
-173
-247
-295
-188
-408
-262
-1,012
-427
-1,203
-752
-1,239
-2,850
Financing
15
45
-10
-190
-651
11
-175
-201
-227
-387
-628
-799
Net Cash Flow
-8
20
-8
-15
171
-7
66
-116
-2
157
-59
162
Free Cash Flow
-52
-26
18
179
949
-45
1,061
-8
969
438
853
2,340
CFO/OP
48
69
83
69
148
48
134
67
98
75
82
117
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
84
95
80
70
61
59
60
39
32
41
42
48
Inventory Days
95
94
134
—
128
116
113
86
104
105
86
99
Days Payable
101
101
120
—
97
82
77
48
72
82
64
108
Cash Conversion Cycle
78
88
94
70
91
94
96
77
65
65
64
39
Working Capital Days
86
94
96
57
45
71
67
67
58
59
54
30
ROCE %
17%
17%
16%
22%
28%
29%
23%
21%
27%
31%
30%
33%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.36%Promot.61.46%DIIs7.62%Public10.57%FIIs19.00%As ofJun 2026

Documents

Frequently Asked Questions about Polycab

What does Polycab India Ltd do?
Polycab is India’s leading manufacturers of cables and wires and allied products such as uPVC conduits and lugs and glands. We have a range of cables and wires for practically every application. More recently Polycab has also launched a wide range of consumer electrical products like Fans, Switch...
Where is Polycab India Ltd (POLYCAB) listed?
Polycab India Ltd trades as POLYCAB on the NSE and under code 542652 on the BSE.
Which sector does Polycab India Ltd belong to?
Polycab India Ltd is classified under the Industrial Products sector, in the Cables - Electricals industry.
What is the market capitalisation of Polycab India Ltd?
Polycab India Ltd has a market capitalisation of ₹1,22,768 Cr, which places it in the Large Cap band.
What is the PE ratio of Polycab India Ltd?
Polycab India Ltd trades at a PE ratio of 43.32, on earnings per share of ₹118.4, against a book value of ₹796.77 per share.
What is the 52-week high and low of Polycab India Ltd?
Over the last 52 weeks Polycab India Ltd has traded between ₹6,663 and ₹10,126.
Does Polycab India Ltd pay dividends?
Polycab India Ltd has a dividend yield of 0.56%.
What is the Return on Equity (ROE) of Polycab India Ltd?
Polycab India Ltd reported a return on equity of 22.33%. Its debt-to-equity ratio is 0.02.

Company Information

Polycab is India’s leading manufacturers of cables and wires and allied products such as uPVC conduits and lugs and glands. We have a range of cables and wires for practically every application. More recently Polycab has also launched a wide range of consumer electrical products like Fans, Switches, Switchgear, LED lights and Luminaries, Solar Inverters, and Pumps.

Website polycab.com
CEO Mr. Inder Thakurdas Jaisinghani
Listed 2019-04-16
Face Value ₹ 10
Issued Size 15,05,38,473

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