Polycab India Ltd
Polycab India Q2 FY27 earnings call: Revenue & Margins
Q2 FY27 earnings call: what management guided on revenue, margins and order book.
Based on our transcription of the Q2 FY27 call recording. The company has not filed its transcript yet; this page will switch to it when it does.
What the Q2 FY27 call signalled
1 of 3 strong
The short version
SMEG business is growing significantly across all six categories, outperforming industry growth. The company expects full-year volume growth in cable and wire to be mid to high single digits, outperforming market growth by 1.5x (Page 9, [38:45]-[39:14]).
From Polycab India Ltd's Q2 FY27 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- SMEG business is growing significantly across all six categories, outperforming industry growth.
- Solar inverters within SMEG show multi-fold growth; potential expansion into solar panel manufacturing noted.
- Cable and wire business expected to grow 1.5x the market growth (market growth ~7.8%), implying 12-13% volume growth.
- Wires are growing faster than cables, contributing to higher margins.
- Expect mid to high single-digit volume growth for the full year; Q3 might be softer due to higher base, with Q4 benefits.
- Exports show strong growth with a diversified global base and a strong order book.
- EHV plant commissioning expected in FY28, contributing to top-line from next fiscal year.
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Profitability & Margins
See what Polycab India Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- In H1 FY27, the company incurred capital expenditure of Rs. 6.1 billion.
- These investments focus on capacity expansion, supply chain capabilities, and future growth platforms.
- Ongoing investments support long-term growth initiatives and operational excellence.
- There is a clear focus on strengthening distribution reach, product innovation, category expansion, and brand equity.
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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
- The EPC (Engineering, Procurement, and Construction) business order book is approximately Rs. 9,000 to 10,000 crores.
- The company continues to receive orders, particularly for BharatNet and RDSS projects.
- Strong order book and confidence in ongoing execution remain.
- Export order book is robust with significant multi-fold growth, contributing across markets like the US, Europe, Latam, Asia, and new countries added recently.
- The solar business (part of FMEG), specifically inverters, shows strong demand and multi-fold growth, indicating a healthy order pipeline.
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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.
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What Polycab India Ltd's management said in earlier quarters
- Q2 FY26 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 →
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Frequently Asked Questions
What were Polycab India Ltd Q2 FY27 results?
SMEG business is growing significantly across all six categories, outperforming industry growth. The company expects full-year volume growth in cable and wire to be mid to high single digits, outperforming market growth by 1.5x (Page 9, [38:45]-[39:14]).
What is Polycab India Ltd share price analysis?
Polycab India Ltd currently shows a below-average growth signal. 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?
In H1 FY27, the company incurred capital expenditure of Rs.
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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.