Polycab India Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 5 Aug 2026 | Industrial Products | Market Cap: ₹1.4L Cr
The industry growth is expected to be around 16-20%, with Polycab growing significantly faster (60% growth this quarter), indicating strong market share gains. Industry growth estimated around 16% annually; Polycab grew ~60% in recent quarter, indicating strong market share gains.
From Polycab India Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹8,966
Market Cap
₹1.4L Cr
P/E Ratio
48.6
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Compare Polycab India Ltd against every Industrial Products company this quarter on revenue, margins and earnings-call signals.
Polycab India Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹8.9K Cr, net profit ₹786 Cr.
Full financials →📊 Revenue & Sales Performance
- →The industry growth is expected to be around 16-20%, with Polycab growing significantly faster (60% growth this quarter), indicating strong market share gains.
- →Domestic cables and wires volume growth stood at around 40% YoY, with both categories growing similarly in volume.
- →FMEG segment, especially solar business, expected to maintain strong momentum and grow rapidly, with profitability improving towards 8-10% EBITDA by FY30.
- →Positive outlook on demand due to government schemes, capex momentum, and real estate recovery, including affordable housing.
- →Planned continued ramp-up of price hikes to pass through commodity inflation gradually.
- →EPC business expects sustained high-single-digit margins with steady revenue growth.
- →Q4 and FY27 outlook remains optimistic, dependent on factors like commodity prices, summer season for fans, and sustained project execution.
📈 Profitability & Margins
- →Industry growth estimated around 16% annually; Polycab grew ~60% in recent quarter, indicating strong market share gains.
- →Wires & Cables (W&C) domestic volume growth around 40%; strong execution and market share expansion expected to continue.
- →Fast Moving Electrical Goods (FMEG) segment growing 17% YoY with solar business doubling; profitability improving, targeting 8-10% EBITDA margin by FY30.
- →FMEG profitability sustainable, with solar now the largest category contributing to margins.
- →EPC segment revenues growing steadily (~4% YoY) with sustainable high single-digit margins expected long term.
- →Despite commodity inflation, demand remains robust; price hikes being staggered to protect volumes.
- →Long-term guidance includes EBITDA margins of 11-13% for Wires & Cables and 8-10% for FMEG by FY30.
- →Project Spring initiatives boost growth with capital expenditure guidance of ₹12-16 billion annually through FY30.
- →Highest-ever 9M FY26 PAT indicates strong upward EPS trajectory.
🏗️ Capital Expenditure Plans
- →Capital expenditure (capex) for Q3 FY26 was ₹3.4 billion, totaling ₹10.9 billion for the first 9 months of the fiscal year.
- →This spending aligns with Polycab India's Project Spring guidance, which plans annual investments of ₹12 billion to ₹16 billion through FY30.
- →The company continues to focus on capacity expansion and strengthening its production capabilities to meet anticipated demand in Q4 FY26 and beyond.
- →Strategic investments include increased Brand Building and Advertising & Promotion (A&P) expenditures, planned to gradually rise to 3% to 5% of B2C topline annually to support market share growth.
- →Polycab maintains a strong balance sheet with a net cash position of ₹30.3 billion, supporting its ongoing and planned investments.
💰 Fundraising & Capital Structure
- →There is no explicit mention of any current or planned new fundraising through debt or equity in the provided transcript.
- →The company maintains a strong balance sheet with a net cash position of ₹30.3 billion as of Q3 FY26.
- →Capital expenditure for the 9 months FY26 was ₹10.9 billion, within the planned guidance of ₹12-16 billion annually through FY30 under Project Spring.
- →Working capital cycle and inventory levels are higher due to demand anticipation, but no reliance on external fundraising is indicated.
- →Overall, the company appears financially stable and is not indicating any immediate need for new debt or equity raising.
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were Polycab India Ltd Q3 FY26 results?
The industry growth is expected to be around 16-20%, with Polycab growing significantly faster (60% growth this quarter), indicating strong market share gains. Industry growth estimated around 16% annually; Polycab grew ~60% in recent quarter, indicating strong market share gains.
What is Polycab India Ltd share price analysis?
Polycab India Ltd currently shows a neutral. The stock trades at a P/E of 48.6 with a market cap of ₹139,225 Cr. Investors should review the full earnings analysis for detailed insights.
Is Polycab India Ltd planning capital expenditure?
Capital expenditure (capex) for Q3 FY26 was ₹3.4 billion, totaling ₹10.9 billion for the first 9 months of the fiscal year.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.