Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,703.30 last close on 9 Oct 2026 +2.16%
Research updated
Polycab India Ltd.
NSE: POLYCABIndustrialsElectrical Equipment & Parts
- Last close
- ₹8,255.00
- Day change
- +₹104.00 (+1.28%)vs
- Market cap
- ₹1.27 lakh crIndian rupees
- Research updated
- 1 report
About Polycab India
Polycab India Ltd. is a leading electrical goods company that primarily focuses on the manufacturing and distribution of a wide range of wires and cables. Known for its extensive product catalog, Polycab’s offerings include power cables, control cables, instrumentation cables, solar cables, and overhead conductors. It also manufactures and markets a variety of electrical appliances like switchgear, lighting solutions, fans, and even electric meters. Polycab caters to diverse sectors including construction, utilities, industrial, retail, and rural markets, playing a crucial role in infrastructure development and energy distribution. Based in India, the company has leveraged technological advancements and a strong distribution network to gain a significant market share both domestically and internationally. With its emphasis on quality and innovation, Polycab India Ltd. is instrumental in supporting the modernization and expansion of electrical infrastructure, making it a vital player in the electric and energy sectors.
- Sector
- Industrials
- Industry
- Electrical Equipment & Parts
- Listing
- NSE: POLYCAB
- Chief executive
- Mr. Anurag Agarwal
- Employees
- 4,843
- Headquarters
- Mumbai, India
- ISIN
- INE455K01017
- Website
- polycab.com
Public research · Report of
Business model & financial foundation
Polycab (NSE: POLYCAB), Wires & cables and fast-moving electrical goods (FMEG): revenue of ₹28,884 crore in FY26 (+28.9% on FY25), an EBITDA margin of 13.9%, net profit of ₹2,672 crore and net cash of ₹4,194 crore.
- Revenue, FY26 (₹ crore)
- 28,884
- consolidated
- Revenue growth, FY26
- +28.9%
- on FY25
- EBITDA margin, FY26
- 13.9%
- EBITDA (company definition, excl other income) / revenue
- Net profit, FY26 (₹ crore)
- 2,672
- to owners
- Return on equity, FY26
- 24.5%
- on average equity
- Net debt, FY26 (₹ crore)
- -4,194
- Net debt (negative = net cash), company definition
- Market capitalisation (₹ crore)
- 1,26,074
- at the close of 12 Oct 2026
Company profile
Polycab is India's largest maker of wires and cables (about 30-31% of the organised market in FY26 by its own estimate), selling through ~4,300 dealers and distributors and 2 lakh retailers, plus institutional, export and EPC customers. Wires & cables are ~87% of revenue; fast-moving electrical goods (fans, lighting, switches, switchgear, solar, conduits) ~7%, and EPC (BharatNet, RDSS power distribution) the rest. Pricing is cost-plus: copper and aluminium are passed through, so revenue swings with metal prices while margins depend on volume, mix and operating leverage.
| Item | Value |
|---|---|
| Legal name | Polycab India Limited (formerly Polycab Wires Private Limited, Polycab Wires Limited) |
| Exchange and ticker | NSE: POLYCAB; BSE: 542652 |
| ISIN | INE455K01017 |
| CIN | L31300GJ1996PLC114183 |
| Sector | Capital Goods / Electrical Equipment |
| Industry | Wires & cables and fast-moving electrical goods (FMEG) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (KPMG network) (since 2019) |
| Market capitalisation | ₹1,26,074 crore (12 Oct 2026) |
| Shares outstanding | 15.05 crore shares (FY26) |
| Price | ₹8,255 (close, 12 Oct 2026) |
| 52-week range | ₹6,663 - ₹10,126 (to 12 Oct 2026) |
| Website | https://polycab.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Polycab Australia Pty Ltd | 100% | Cable distribution in Australia |
| Polycab USA LLC | 100% | Cable distribution in the US |
| Polycab Electricals & Electronics Pvt Ltd | 100% | FMEG manufacturing |
| Polycab Support Force Pvt Ltd | 100% | Manpower/support services |
| Steel Matrix Pvt Ltd | 100% | Steel structures / EPC support |
| Dowells Cable Accessories Pvt Ltd | 60% | Cable lugs and accessories |
| Tirupati Reels Pvt Ltd | 55% | Wooden/steel cable drums |
| Techno Electromech Pvt Ltd (JV) | 50% | LED lighting manufacturing JV |
Uniglobus Electricals merged into the parent in FY26 (FY25 restated). Polycon Infra Projects newly formed; holding not confirmed.
Business model
Polycab makes and sells wires and cables (FY26 W&C revenue INR 25,179 cr, 87% of segment revenue), fast-moving electrical goods (FMEG, INR 2,069 cr) and EPC services (INR 1,667 cr: BharatNet fibre and RDSS power distribution). Wires go mostly through ~4,300 distributors and ~2 lakh retailers (management says ~90% of business is through channel); cables also go to institutional, EPC and export customers in 94 countries. Pricing is cost-plus: copper and aluminium (the bulk of cost of goods) are passed through with a lag, so revenue swings with metal prices while margin depends on volume, mix, operating leverage and inventory gains or losses. Polycab controls its brand, distribution and manufacturing (no copper rod integration was confirmed); it does not control metal prices, real-estate and power capex cycles, or new entrants' pricing.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share | ebit margin, FY26 (%) |
|---|---|---|---|---|---|
| Wires & Cables | 25,179 | 87.1% | 3,430 | 94.0% | 13.6% |
| Fast Moving Electrical Goods (FMEG) | 2,069 | 7.2% | 54.8 | 1.5% | 2.7% |
| Others / EPC | 1,667 | 5.8% | 165.5 | 4.5% | 9.9% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| KEI Industries (KEI) | Second-largest listed cable maker; closest W&C pure play incl. EHV and institutional cables |
| RR Kabel (RRKABEL) | Listed wires & cables plus FMEG; B2C wires competitor |
| Finolex Cables (FINCABLES) | Listed building wires and communication cables competitor |
| Havells India (HAVELLS) | Largest FMEG player with a large cables & wires segment |
| Crompton Greaves Consumer Electricals (CROMPTON) | Fans and lighting FMEG competitor |
| V-Guard Industries (VGUARD) | Wires and FMEG competitor in south/west India |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 12,005 | 13,942 | 18,039 | 22,408 | 28,884 |
| Cost of revenue (vendor classification) * | 9,538 | 10,583 | 13,395 | 17,343 | 22,160 |
| Other operating costs (vendor classification) * | 972.3 | 1,209 | 1,522 | 1,348 | 1,730 |
| EBITDA (vendor classification) * | 1,332 | 1,883 | 2,622 | 3,015 | 4,069 |
| EBIT * | 1,132 | 1,751 | 2,451 | 2,841 | 3,808 |
| Finance costs | 16.2 | 44.2 | 108.3 | 168.9 | 243.0 |
| Profit before tax | 1,116 | 1,707 | 2,359 | 2,701 | 3,613 |
| Tax expense | 270.6 | 424.2 | 556.4 | 655.3 | 904.7 |
| Profit after tax | 917.3 | 1,283 | 1,803 | 2,046 | 2,708 |
| Diluted EPS (INR) | 60.60 | 84.66 | 118.5 | 133.8 | 177.0 |
| Total material cost incl traded goods, inventory change, project bought-outs | 13,280 | 16,830 | 21,582 | ||
| Employee benefits expense | 609.5 | 736.7 | 879.4 | ||
| Other expenses incl A&P and freight | 1,658 | 1,881 | 2,417 | ||
| EBITDA (company definition, excl other income) | 2,492 | 2,960 | 4,006 | ||
| Other income | 220.9 | 207.6 | 236.3 | ||
| Depreciation and amortisation | 245.0 | 298.1 | 385.9 | ||
| Profit attributable to non-controlling interests | 18.8 | 25.5 | 36.4 | ||
| Profit attributable to owners of the parent | 1,784 | 2,020 | 2,672 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Share of profit of joint venture | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 5,569 | 6,675 | 8,187 | 9,828 | 12,009 |
| Total borrowings | 118.2 | 1,335 | 89.8 | 109.0 | 132.5 |
| Cash and cash equivalents * | 121.7 | 152.8 | 307.0 | 217.4 | 390.3 |
| Trade receivables (current) | 1,296 | 1,247 | 2,047 | 2,596 | 3,759 |
| Inventories | 2,200 | 2,951 | 3,675 | 3,661 | 5,560 |
| Trade payables excl acceptances | 1,218 | 806.9 | 1,001 | 1,430 | 1,799 |
| Net property, plant and equipment * | 133.9 | 151.6 | 203.0 | 228.8 | 250.2 |
| Capital work in progress * | 430.8 | 334.5 | 805.7 | 959.7 | 1,456 |
| Total assets * | 7,412 | 9,425 | 12,079 | 13,776 | 20,476 |
| Cash, bank balances and current investments | 2,225 | 2,520 | 4,287 | ||
| Net debt (negative = net cash), company definition | -2,141 | -2,457 | -4,194 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operating activities | 682.4 | 1,410 | 1,296 | 1,809 | 3,811 |
| Free cash flow (vendor definition) * | -15.1 | 948.1 | 437.7 | 838.8 | 2,330 |
| Dividends paid (the provider's sign: an outflow is negative) * | -149.2 | -209.5 | -299.7 | -451.1 | -547.3 |
| Purchase of PPE incl. CWIP (outflow) | -519.8 | -456.4 | -853.0 | -969.6 | -1,480 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 14.93 | 14.96 | 15.00 | 15.04 | 15.05 |
| Weighted average diluted shares (crore) | 15.06 | 15.10 | 15.10 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 5,498 | 5,226 | 6,986 | 5,906 | 6,477 | 7,636 | 8,864 | 8,210 |
| Cost of revenue (vendor classification) * | 4,202 | 4,008 | 5,205 | 4,319 | 5,896 | 6,787 | 6,252 | |
| Other operating costs (vendor classification) * | 484.1 | 295.9 | 551.5 | 510.7 | 529.1 | 723.3 | 560.1 | |
| EBITDA (vendor classification) * | 707.7 | 697.7 | 1,073 | 937.6 | 969.0 | 1,222 | 1,241 | |
| EBIT * | 635.7 | 659.9 | 993.1 | 851.8 | 900.0 | 1,124 | 1,138 | |
| Finance costs | 45.3 | 49.8 | 32.5 | 51.3 | 48.4 | 68.7 | 74.6 | 80.0 |
| Profit before tax | 590.4 | 616.6 | 960.6 | 800.6 | 921.0 | 842.2 | 1,049 | 1,058 |
| Total tax expense | 145.1 | 152.2 | 226.2 | 200.9 | 228.0 | 212.0 | 263.7 | 261.6 |
| Profit for the period | 445.2 | 464.3 | 734.4 | 599.7 | 693.0 | 630.2 | 785.6 | 796.7 |
| Diluted EPS (INR per share) | 29.14 | 30.31 | 48.13 | 39.21 | 45.46 | 41.19 | 52.00 | 51.94 |
| Total material cost incl traded goods, inventory change, project bought-outs | 4,202 | 3,881 | 5,205 | 4,319 | 4,721 | 5,755 | 6,787 | 6,252 |
| Employee benefits expense | 180.3 | 198.9 | 203.6 | 218.9 | 230.5 | 237.0 | 193.1 | 261.5 |
| Other expenses incl A&P and freight | 484.1 | 426.5 | 551.5 | 510.7 | 505.1 | 677.9 | 723.3 | 560.1 |
| EBITDA (company definition, excl other income) | 631.6 | 720.0 | 1,025 | 857.6 | 1,021 | 966.1 | 1,161 | 1,136 |
| Other income | 76.2 | 25.0 | 48.1 | 80.0 | 45.4 | 50.5 | 60.4 | 104.9 |
| Depreciation and amortisation | 72.1 | 78.6 | 80.4 | 85.7 | 96.8 | 105.6 | 97.8 | 102.9 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Non-controlling interests share of profit | 5.40 | 6.79 | 7.69 | 7.58 | 7.50 | 8.48 | 12.8 | 12.3 |
| Share of profit/(loss) of joint venture | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 439.8 | 457.6 | 726.7 | 592.1 | 685.5 | 621.7 | 772.8 | 784.3 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 40.0% | 16.1% | 29.4% | 24.2% | 28.9% |
| EBITDA margin | 13.8% | 13.2% | 13.9% | ||
| Net margin | 9.9% | 9.0% | 9.3% | ||
| Return on equity | 24.0% | 22.4% | 24.5% | ||
| Return on capital employed | 21.1% | 25.6% | 30.1% | 31.2% | 34.5% |
| Return on assets | 16.6% | 15.6% | 15.6% | ||
| Net debt (₹ crore) | -2,141 | -2,457 | -4,194 | ||
| Net debt / EBITDA | -0.86x | -0.83x | -1.05x | ||
| Interest cover | 70.0x | 39.7x | 22.6x | 16.8x | 15.7x |
| Asset turnover | 1.66x | 1.66x | 1.68x | 1.73x | 1.69x |
| Receivable days | 39 | 33 | 41 | 42 | 47 |
| Inventory days (on revenue) | 67 | 77 | 74 | 60 | 70 |
| Payable days (on revenue) | 37 | 21 | 20 | 23 | 23 |
| Cash conversion | 0.73x | 0.90x | 1.43x | ||
| Capex intensity | 4.3% | 3.3% | 4.7% | 4.3% | 5.1% |
| Free cash flow (₹ crore) | 162.6 | 953.7 | 443.2 | 838.9 | 2,330 |
| Dividend payout | 16.8% | 22.3% | 20.5% | ||
| EPS, diluted (₹) | 60.60 | 84.66 | 118.5 | 133.8 | 177.0 |
| Book value per share (₹) | 373.1 | 446.1 | 545.8 | 653.6 | 797.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition, excl other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative = net cash), company definition.
- Net debt / EBITDA: net debt / EBITDA (company definition, excl other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Polycab India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Polycab India
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Prices are the last close on the NSE, 9 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 12 Oct 2026.
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