Polycab India Ltd
Polycab India Q2 FY26: Capex ₹750 Cr
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Strong demand outlook expected in both domestic and export markets, supported by government capex and private sector revival. Polycab expects robust volume growth, supported by strong government and private capex, with continued momentum in wires and cables.
From Polycab India Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- Strong demand outlook expected in both domestic and export markets, supported by government capex and private sector revival.
- Wires & Cables business grew 21% YoY in Q2 with high-teen volume growth; similar growth momentum anticipated in second half despite a high base.
- No specific volume growth guidance provided but positive outlook based on robust execution and demand visibility.
- Special Purpose Cables (SPC) segment is currently low single-digit contribution but expected to grow faster than other cable types due to investments in defense, automotive (EV), and railways.
- EPC segment revenues expected to improve in second half FY 2026 with BharatNet execution starting.
2 more points from Polycab India Ltd's call on revenue
Pro opens every point from 15K+ earnings calls
Profitability & Margins
See what Polycab India Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Polycab incurred ₹ 7.5 billion capex during H1 FY 2026; annual guidance is ₹ 12-16 billion.
- For FY 2026, first half capex was ₹ 750 crores; full year planned spend is ₹ 1,200-1,600 crores.
- Capex includes both brownfield (1-1.5 years to come up) and greenfield projects (longer gestation).
- Spends are across different cable types: EHV, high voltage, medium voltage, low voltage cables, and wires.
- Capacities are largely fungible, usable for manufacturing various cable and wire types.
2 more points from Polycab India Ltd's call on capex
Pro opens every point from 15K+ earnings calls
Top-ranked in Industrial Products
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Polycab India Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- RDSS order book currently stands at ₹33.5 billion.
- BharatNet order book is about ₹80 billion (excluding GST), with execution starting next quarter.
- EPC order book remains healthy, providing strong visibility for future growth.
- Execution of BharatNet project to commence from Q3 FY 2026, expected to boost revenue and profits in the second half of the year.
- Special Purpose Cables (SPC) currently contribute low single digits but expected to be a fast-growing vertical due to government and private sector investments in defense, automobiles, and railways.
2 more points from Polycab India Ltd's call on order book
Pro opens every point from 15K+ earnings calls
Polycab India Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹8.9K Cr, net profit ₹786 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
Full financials →Continue your research
What Polycab India Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
Others in Industrial Products this season
- Lead Reclaim and Rubber Products Ltd (Q2 FY26)
Revenue from Operations for H1 FY26: ₹2,190 lakhs, up 138.04% YoY (from ₹920 lakhs in H1 FY25) (Page 19) . Key investor presentation takeaways from Lead Reclaim
- Shubhshree Biofuels Energy Ltd (Q2 FY26)
Revenue from operations for H1 FY26: ₹9,604.6 Lakhs . Key investor presentation takeaways from Shubhshree Biofuels Energy Ltd's Q2 FY26 investor presentation —
- Tembo Global Industries Ltd (Q2 FY26)
Q2 FY26 Revenue: INR 245.4 crores, a 49.8% year-on-year (YoY) increase from INR 163.8 crores in Q2 FY25 (Page 6). Key investor presentation takeaways from Tembo
- United Heat Transfer Ltd (Q2 FY26)
Year-on-year revenue decline: INR 69.7 Mn (~24.5% decrease) . Key investor presentation takeaways from United Heat Transfer Ltd's Q2 FY26 investor presentation
Arthneeti Pro · Annual
Polycab India Ltd and 15K+ more earnings calls,
for less than your morning chai
a day
Every earnings call, ranking and concall Q&A across all four results seasons.
Secure Razorpay payment · instant access
Frequently Asked Questions
What were Polycab India Ltd Q2 FY26 results?
Strong demand outlook expected in both domestic and export markets, supported by government capex and private sector revival. Polycab expects robust volume growth, supported by strong government and private capex, with continued momentum in wires and cables.
What is Polycab India Ltd share price analysis?
Polycab India Ltd currently shows a neutral. The stock trades at a P/E of 43.2 with a market cap of ₹123,857 Cr. Investors should review the full earnings analysis for detailed insights.
Is Polycab India Ltd planning capital expenditure?
Polycab incurred ₹ 7.5 billion capex during H1 FY 2026; annual guidance is ₹ 12-16 billion.
Keep Polycab India Ltd on your radar — track it to get its next earnings analysis in your feed.
This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.