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Polycab India Q2 FY27 Share Price & Earnings Call Analysis

₹7,920.00+1.71% today
Market cap
₹1.19L Cr
P/E
37.82
ROE
23.05%
PEG
1.37
Price to sales
3.45
Debt to equity
0.02
52W high / low
₹10,083 / ₹6,722
Sales growth (5Y)
26.86%
EBITDA margin
13.54%
Net profit margin
8.83%
Promoter holding
61.44%
Sales (last year)
₹34,609 Cr

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.

Guidance scorecard · Q2 FY27 call

What Polycab India's management guided
and where it ranks in Industrial Products

#87of 100 in
Industrial Products
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ2 FY27 call

10–20%
  • Volumes for cables and wires expected to grow at 1.5x the market growth; with India's GDP growth at ~7.8%, wires and cables could grow around 12-13%.
  • Company targets mid- to high-single-digit volume growth on a full-year basis despite high base in Q3; Q4 expected to benefit from a lower base.
  • Wires have shown early double-digit volume growth; cables in mid-single digits for the first half.
  • Long-term revenue growth aligns with Project Spring targets aiming for CAGR growth outpacing industry by 1.5x to 2x.
  • Exports and data center segments are identified as key growth areas with strong order books and market opportunities.

2 more points from Polycab India's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

See what Polycab India said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • Polycab India Limited continues to invest in product innovation, distribution expansion, and talent development to support growth, especially in FMEG and cables & wires segments as part of Project Spring.
  • Investment focus includes enhancing operational excellence, expanding distribution reach, and building the innovation and talent ecosystem for next-phase business expansion.
  • The company is working on new product developments, including conventional cables for exports and innovation targeted at data center cables and energy transformation.
  • Ongoing investments in building verticals, solutions-driven portfolios, and brand-building initiatives underpin strategic growth.

2 more points from Polycab India's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

See what Polycab India said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

  • The order book for the EPC segment stands close to INR 9,000 - 10,000 crores.
  • Key ongoing projects include Bharat Net and RDSS, with execution expected around INR 800 to 1,000 crores each for the current year.
  • The EPC business is milestone-based, with orders being received for the two primary projects continuously.
  • The export order book is strong across major markets including the U.S., Europe, LATAM, and Asia.
  • Exports have shown an 85% quarter-over-quarter growth with an expanding footprint now in 94 countries.

2 more points from Polycab India's call on the order book

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Full Q2 FY27 analysis
Full Industrial Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Products
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Polycab India rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Industrial Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹448 Cr17.9
240%+Up 2%+₹413 Cr12.0
340%+Up 2%+₹324 Cr22.7
440%+Up 0–2%₹1,496 Cr32.8
540%+Up 0–2%₹1,079 Cr12.7
640%+Flat₹827 Cr21.4

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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products ranking

Financials of Polycab India

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Polycab India

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +65.78%65.24%65.02%63.06%63.05%63.04%63.01%61.53%61.50%61.50%61.46%61.44%
FIIs +13.41%11.96%13.63%13.49%12.76%11.11%11.45%13.96%14.82%18.21%19.00%18.06%
DIIs +7.61%7.23%6.93%9.35%10.66%10.95%11.61%11.70%11.13%7.95%7.62%7.91%
Public +13.18%15.58%14.42%14.11%13.52%14.90%13.94%12.83%12.54%12.33%11.92%12.60%
No. of Shareholders3,37,3804,23,7873,85,2853,84,9493,74,7874,27,9283,98,0643,70,8713,62,5803,62,9973,56,7773,85,413

Financials of Polycab India

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +4,2184,3405,5924,6985,4985,2266,9865,9066,4777,6368,8648,2109,899
Expenses +3,6093,7714,8304,1154,8674,5065,9605,0485,4566,6707,7037,0748,476
Operating Profit6095707625836327201,0258581,0219661,1611,1361,422
OPM %14%13%14%12%11%14%15%15%16%13%13%14%14%
Other Income +357154587625488045506010588
Interest27322441455033514869758094
Depreciation60626667727980869710698103111
Profit before tax5575467255335906179618019218421,0491,0581,306
Tax %23%24%24%25%25%25%24%25%25%25%25%25%24%
Net Profit +430417553402445464734600693630786797990
EPS in Rs28.3727.4936.3426.3429.2430.4248.3139.3445.5441.3051.3352.0764.86

Financials of Polycab India

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +4,7075,2025,5006,7707,9868,8308,79212,20414,10818,03922,40828,88434,609
Expenses +4,2664,7105,0206,0417,0357,7017,68110,94012,26515,54819,44524,87029,923
Operating Profit4424924807299501,1291,1111,2641,8432,4922,9644,0134,686
OPM %9%9%9%11%12%13%13%10%13%14%13%14%14%
Other Income +53275656491164161133221204229304
Interest108147669411750433560108169243317
Depreciation98111128133141161176202209245298386417
Profit before tax2412653615677561,0101,0561,1881,7072,3592,7013,6134,256
Tax %32%30%36%37%34%24%16%23%25%24%24%25%
Net Profit +1641852333595007668869171,2821,8032,0462,7083,202
EPS in Rs11.6413.0916.4825.3535.3950.9759.1560.8084.80118.75134.28177.48209.56
Dividend Payout %9%13%6%0%8%14%17%23%24%25%26%26%

Financials of Polycab India

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital141141141141141149149149150150150151151
Reserves1,4891,6421,8532,2062,7063,6884,6055,3946,4818,0379,67511,85812,943
Borrowings +546796856800272157282118191161202236272
Other Liabilities +1,1381,2961,7291,3002,5091,9671,9781,7502,6023,7183,7218,22010,429
Total Liabilities3,3143,8754,5794,4485,6285,9617,0157,4129,42412,06613,74920,46523,795
Fixed Assets +8229851,1281,1971,2761,4221,8701,6752,0672,3383,0113,7403,979
CWIP179138165136193241993752515787081,1391,401
Investments00333229656357731,3501,8221,7493,4054,032
Other Assets +2,3122,7523,2533,0834,1304,2324,4114,5885,7567,3288,28012,18014,383
Total Assets3,3143,8754,5794,4485,6285,9617,0157,4129,42412,06613,74920,46523,795

Financials of Polycab India

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +1502212963621,2302441,2525121,4281,2961,8093,811
Cash from Investing Activity +-173-247-295-188-408-262-1,012-427-1,203-752-1,239-2,850
Cash from Financing Activity +1545-10-190-65111-175-201-227-387-628-799
Net Cash Flow-820-8-15171-766-116-2157-59162
Free Cash Flow-52-2618179949-451,061-89694388532,340
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit48%69%83%69%148%48%134%67%98%75%82%117%

Financials of Polycab India

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days849580706159603932414248
Inventory Days9594134128116113861041058699
Days Payable10110112097827748728264108
Cash Conversion Cycle788894709194967765656439
Working Capital Days869496574571676758595430
ROCE %17%17%16%22%28%29%23%21%27%31%30%33%

Guidance history

How Polycab India's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%FlatPlanned——
Q1 FY27 call →10–20%FlatPlanned—Rising
Q3 FY26 call →20–40%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

26out of 100

Momentum score · price trend

26 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+2.8%62%
Last 6 months−5.1%46%
Last 3 months−12.3%38%

The price is 21.5% below its all-time high of ₹10,083 (19 Jun 2026). Stocks more than 20% below their peak have their score halved, so 51 became 26.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Polycab India: 0.4 × 62 + 0.4 × 46 + 0.2 × 38 = 51, halved to 26 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

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