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Polycab India

POLYCAB NSE
₹7,930.00 +93.00 (+1.19%)
P/E
41.68
View as Markdown
MCP
Close 4 Nov 2026 ₹7,930.00 +338.50 +4.46% 1Y
Start ₹7,591.50

Key Fundamentals

LargecapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
33.20%
Debt to Equity
0.02
EPS (TTM)
₹190.24
Book Value
₹868.85
Market Cap
—
P/E (TTM)
41.68
P/B
9.13
ROE
23.00%
Dividend Yield
0.60%
EBITDA
₹4,242 Cr
52W High
₹10,126.00
52W Low
₹6,663.00
Day Range
₹7,720.50 – ₹7,934.00
Volume
1,41,947

Peer Comparison

Industrials › Industrial Products › Cables - Electricals

Polycab peer comparison
Polycab (this company)
₹7,930.0041.68₹1,18,037 Cr9.130.60%23.00%33.20%₹31,188 Cr₹2,906 Cr
KEI Industries
₹3,996.4038.32₹37,549 Cr5.310.12%14.70%20.00%₹12,343 Cr₹997 Cr
RR Kabel
₹2,017.6037.56₹22,302 Cr7.510.32%21.30%28.10%₹10,832 Cr₹607 Cr
Finolex Cables
₹1,192.0022.79₹17,519 Cr3.000.79%12.30%16.00%₹6,939 Cr₹800 Cr
KSH International
₹985.4549.32₹6,521 Cr8.260.00%20.10%21.50%₹3,712 Cr₹130 Cr
V Marc
₹324.8513.76₹4,718 Cr16.440.00%41.40%41.40%₹2,082 Cr₹118 Cr
Universal Cables
₹1,304.1022.62₹3,919 Cr2.390.37%8.90%11.70%₹3,368 Cr₹200 Cr
Median 7 companies₹1,304.1037.56₹17,519 Cr7.510.32%20.10%21.50%₹6,939 Cr₹607 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

56 Good

Data confidence 100/100

Category scores

Quality
64
Good
Returns, margins, earnings quality 22% weight
Valuation
69
Strong
Cheap vs sector & own history 24% weight
Growth
87
Strong
Sales & profit trajectory 9% weight
Financial Health
54
Average
Solvency, leverage, coverage 9% weight
Momentum
17
Poor
Trend strength, vol-adjusted 12% weight
Ownership
39
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 10.1 times its book value
  • Promoter holding has decreased over last 3 years: -4.45%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1054
OscillatorsNeutral252
Moving AveragesStrong Bearish802

Key readings

RSI (14)
47.05
Neutral
MACD (12,26,9)
−139.89
Bullish
SMA (50)
8,279.49
Bearish
SMA (200)
8,429.74
Bearish

As of

Analyst Rating

Based on 30 analysts
BUY87%

26 of 30 analysts rate Buy, 3 Hold, 1 Sell.

As of

BUY
26
87%
HOLD
3
10%
SELL
1
3%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+18.70%
5Y+26.86%
3Y+26.98%
1Y+28.90%
TTM+32.06%

Net profit

Net profit growth by window
10Y+30.78%
5Y+25.04%
3Y+28.31%
1Y+32.36%
TTM+29.56%

Operating cash flow

Operating cash flow growth by window
10Y+32.94%
5Y+24.94%
3Y+38.71%
1Y+110.67%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+4.43 pp
5Y+1.25 pp
3Y+0.83 pp
1Y+0.66 pp
TTM+0.04 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹5,500 Cr
Mar 2018₹6,770 Cr
Mar 2019₹7,986 Cr
Mar 2020₹8,830 Cr
Mar 2021₹8,792 Cr
Mar 2022₹12,204 Cr
Mar 2023₹14,108 Cr
Mar 2024₹18,039 Cr
Mar 2025₹22,408 Cr
Mar 2026₹28,884 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹233 Cr
Mar 2018₹359 Cr
Mar 2019₹500 Cr
Mar 2020₹766 Cr
Mar 2021₹886 Cr
Mar 2022₹917 Cr
Mar 2023₹1,282 Cr
Mar 2024₹1,803 Cr
Mar 2025₹2,046 Cr
Mar 2026₹2,708 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹1,335 Cr −11.6% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 28 Oct 2026
AI opinion · based on fundamentals
Risk medium

Polycab India Ltd trades at ₹7,680 as of 2026-10-28 with a market cap of ₹1,15,731 Cr, a P/E (TTM) of 40.37x, and a near debt-free balance sheet (D/E of 0.02). The company has delivered compounded profit growth of 28% over 3 years and 24% over 5 years, while maintaining an ROE of 22.33% and ROCE of 30.82%, though the stock trades at 8.84x book value and sits 24.1% below its 52-week high of ₹10,126.

Bull Case 8
  • Virtually debt-free with a debt-to-equity ratio of just 0.02, providing significant financial flexibility and resilience across business cycles
  • Strong profitability with ROE of 22.33% and ROCE of 30.82% as of 2026-10-28, indicating efficient capital deployment well above cost of capital
  • Compounded sales growth of 27% over both 3-year and 5-year periods, with TTM sales growth accelerating to 32%, reflecting robust demand traction
  • Compounded profit growth of 28% over 3 years and 29% TTM suggests improving operating leverage and margin expansion alongside revenue growth
  • Working capital efficiency has improved meaningfully from 47.5 days to 30.4 days, freeing up cash flow and improving return ratios
  • Consistent ROE track record of 21-23% across 3-year, 5-year, and 10-year horizons demonstrates durable competitive advantages and pricing power
  • Healthy dividend payout ratio of 25.9% with a current yield of 0.61%, indicating shareholder-friendly capital allocation while retaining enough for growth
  • Median sales growth of 20.5% over the last 10 years with compounded profit growth of 30% over 10 years reflects a long track record of scaling profitably
Bear Case 6
  • Price-to-book ratio of 8.84x (cited as 10.1x on some metrics) is elevated for an industrial products company, pricing in significant future growth
  • Stock is 24.1% below its 52-week high of ₹10,126, indicating meaningful recent selling pressure or de-rating from peak optimism
  • Promoter holding has decreased by 4.45% over the last 3 years, which may signal reduced insider conviction or dilution concerns
  • Stock CAGR of just 6% over 1 year significantly lags the 29% TTM profit growth, suggesting the market may be questioning sustainability of current growth rates
  • At a market cap of ₹1,15,731 Cr, the company needs to sustain high-20s profit growth for several years to justify its current multiple, raising execution risk
  • 10-year stock CAGR data is unavailable, limiting visibility into long-term wealth creation consistency for the full cycle

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

AI News Digest

9h ago

TL;DR: Polycab delivered exceptional Q2FY27 results with 53% revenue growth and a 48% PAT jump, driven by strong domestic C&W demand and a breakout in FMEG margins reaching double digits for the first time. Key risks include the NSE F&O exclusion effective December 30 triggered by the NCLT insolvency case (though NCLAT has stayed the order over a relatively small ₹2.79 crore claim), margin pressure from elevated copper prices, and emerging competition from UltraTech's UltraVolt. The fundamental earnings trajectory is clearly improving with 22% PAT CAGR expected through FY29, but near-term sentiment remains clouded by the IBC proceedings and derivatives segment removal until legal clarity emerges by late October.

Headwinds 4
  • F&O exclusion from Dec 30 Oct 12

    NSE will exclude Polycab from equity derivatives segment effective December 30, 2026, triggered by IBC shortlisting. Shares tumbled over 5% intraday to ₹7,955 on the announcement, and re-inclusion requires a 12-month cooling period plus six consecutive months meeting all criteria.

  • NCLT insolvency case admitted Oct 07

    NCLT Ahmedabad admitted a Section 9 insolvency petition filed by Asier Metals over a ₹2.79 crore operational debt claim. NCLAT has since stayed the order, with next hearing scheduled for October 26, 2026.

  • UltraVolt competition in C&W Oct 16

    UltraTech Cement's UltraVolt entry into cables and wires with ₹1,800 crore capex could capture 5-6% industry share by FY29-30. Polycab's stock has fallen around 20% from its June peak partly on these competition concerns.

Positives 5
  • Q2FY27 massive earnings beat Oct 16

    Revenue and EBITDA grew 53% and 44% YoY to ₹98.9 billion and ₹14.2 billion respectively, beating estimates by 15-16%. Adjusted PAT surged 48% YoY to ₹9.8 billion, with C&W domestic sales up 50% YoY.

  • FMEG hits double-digit margins Oct 16

    FMEG revenue jumped 2.2x YoY to ₹9.9 billion with EBIT margins reaching ~10% of sales for the first time, up from near 1% a year ago, driven by solar inverters.

  • Dual buy ratings issued Oct 16

    EPS estimates raised 9% and 4% for FY27/FY28, with expected PAT CAGR of 22% over FY26-FY29.

Neutral 2
  • JP Morgan investor meet Oct 23 Oct 19

    Polycab will host a virtual one-on-one meeting with JP Morgan Asset Management on October 23, 2026, disclosed under SEBI Regulation 30.

  • NCLAT stays NCLT order Oct 12

    NCLAT stayed the NCLT insolvency admission in its entirety, directing Polycab to deposit the ₹2.79 crore via FDR within seven days. The company is placed under IRP Stage 0 where normal trading continues. Next hearing is October 26, 2026.

Quarterly Results

₹ Cr
POLYCAB quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
9,899
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
8,476
Operating Profit
549
609
570
762
583
632
720
1,025
858
1,021
966
1,161
1,136
1,422
OPM %
14%
14%
13%
14%
12%
11%
14%
15%
15%
16%
13%
13%
14%
14%
Other Income
64
35
71
54
58
76
25
48
80
45
50
60
105
88
Interest
25
27
32
24
41
45
50
33
51
48
69
75
80
94
Depreciation
57
60
62
66
67
72
79
80
86
97
106
98
103
111
PBT
530
557
546
725
533
590
617
961
801
921
842
1,049
1,058
1,306
Tax %
24%
23%
24%
24%
25%
25%
25%
24%
25%
25%
25%
25%
25%
24%
Net Profit
403
430
417
553
402
445
464
734
600
693
630
786
797
990
EPS (₹)
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
—

Sep 2026: from the results filed on 15 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
POLYCAB profit and loss, annual, ₹ crore
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 (₹)
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%
—

Balance Sheet

₹ Cr
POLYCAB balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
POLYCAB cash flow, annual, ₹ crore
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

Ratios

POLYCAB financial ratios, annual
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

Log in to view Polycab insights

64 extracted metrics across FY15–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 61.44%
  • FIIs 18.06%
  • Public 11.08%
  • DIIs 7.90%
  • Others 1.52%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Polycab India

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.
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 PE ratio of Polycab India Ltd?
Polycab India Ltd trades at a PE ratio of 41.68 as of 4 Nov 2026, on earnings per share of ₹190.24, against a book value of ₹868.85 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 as of 4 Nov 2026.
Does Polycab India Ltd pay dividends?
Polycab India Ltd has a dividend yield of 0.60%.
What is the Return on Equity (ROE) of Polycab India Ltd?
Polycab India Ltd reported a return on equity of 23.00%. 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 16 Apr 2019
Face Value ₹10

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