🔍

POLYCAB - Polycab India

📊 NSE: POLYCAB 🏢 Cables - Power 📅 Last Updated: 12/14/2025 11:06

📢 Recent Corporate Announcements

Polycab India to Announce Q4 FY26 Results and Host Earnings Call on May 06, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 28 Apr 2026, 05:22 PM

Polycab India Limited has scheduled its Q4 FY2026 earnings conference call for May 06, 2026, at 4:00 PM IST. The company will discuss its financial performance for the quarter ended March 31, 2026, following the results announcement on the same day. As India's largest manufacturer of wires and cables, Polycab reported a consolidated turnover of over ₹224 billion in FY25. This call is a key event for investors to gauge the company's growth trajectory and management's outlook for the upcoming fiscal year.

Q4 FY26 earnings conference call scheduled for May 06, 2026, at 4:00 PM IST.
Polycab reported a consolidated turnover of ₹224+ billion in the previous fiscal year (FY25).
Maintains a massive distribution network of 4,300+ authorized dealers and 200,000+ retail outlets.
Operational footprint includes 27 manufacturing facilities and a global presence in 84 countries.

💡 Investors should track the Q4 results for performance in the core wires and cables segment and growth in the FMEG business. Pay close attention to management commentary on raw material price volatility and infrastructure demand during the conference call.

Polycab Incorporates New Subsidiary Polycon Infra Projects for EPC Business

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 25 Apr 2026, 01:29 PM

Polycab India Limited has incorporated a new wholly owned subsidiary, Polycon Infra Projects Private Limited (PIPPL), on April 24, 2026. The subsidiary is established to focus on Engineering, Procurement, and Construction (EPC) projects within the power distribution, transmission, and telecom sectors. Polycab has initially invested ₹10 lakh for a 100% stake, with the new entity having an authorized capital of ₹1.00 crore. This move indicates a strategic push by Polycab to deepen its involvement in infrastructure projects beyond its core manufacturing business.

Incorporated 'Polycon Infra Projects Private Limited' as a 100% wholly owned subsidiary
Initial investment of ₹10 lakh for 1,00,000 equity shares at face value
Authorized capital of the new entity is set at ₹1.00 crore
Target sectors include Power distribution, transmission, and Telecom industry EPC projects

💡 Investors should monitor the new subsidiary's ability to secure high-value EPC contracts, which could provide a new revenue stream. While the initial investment is small, the move signals Polycab's intent to capture more value in the power and telecom infrastructure value chain.

Polycab India Seeks Shareholder Approval for Re-appointment of Two Independent Directors

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 10 Apr 2026, 08:04 PM

Polycab India Limited has issued a postal ballot notice to seek shareholder approval for the re-appointment of two Independent Directors via special resolutions. Ms. Sutapa Banerjee is proposed for a second term of 2 years, while Mr. Bhaskar Sharma is proposed for a second term of 4 years. The remote e-voting period is scheduled from April 11, 2026, to May 10, 2026, with results to be announced by May 12, 2026. These appointments are aimed at maintaining board continuity and independent oversight.

Proposed re-appointment of Ms. Sutapa Banerjee as Independent Director for a 2-year term until May 12, 2028.
Proposed re-appointment of Mr. Bhaskar Sharma as Independent Director for a 4-year term until May 11, 2030.
E-voting period starts on April 11, 2026, and concludes on May 10, 2026.
The resolutions require approval as Special Resolutions, necessitating at least 75% of votes in favor.
Cut-off date for determining shareholder voting eligibility was April 03, 2026.

💡 Investors should review the professional backgrounds of the directors provided in the explanatory statement and participate in the e-voting process. This is a routine governance matter and is not expected to have a direct impact on the stock's market performance.

Polycab India Promoters File Annual Disclosure on Share Pledges for FY26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Apr 2026, 06:52 PM

Polycab India Limited has submitted its annual disclosure under Regulation 31(4) of SEBI (SAST) Regulations for the financial year ended March 31, 2026. The filing confirms that the promoters and promoter group have not made any new encumbrances or pledges on their shares, either directly or indirectly, during the fiscal year. This is a mandatory annual compliance procedure that ensures transparency regarding the status of promoter-held shares. The declaration indicates that the promoter's stake remains stable and unencumbered by new debt-related pledges.

Annual disclosure submitted for the financial year ending March 31, 2026.
Promoters confirm no new pledges or encumbrances were created during the period.
Compliance with Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations.
Declaration covers the entire promoter group of Polycab India Limited.

💡 This is a routine regulatory filing confirming no change in the status of promoter share pledges. No immediate action is required as it does not impact the company's business fundamentals.

Polycab India Announces Effective Date for Amalgamation of Uniglobus Electricals

🟢 POSITIVE ⭐ 7/10

M&A 📅 27 Mar 2026, 08:00 PM

Polycab India Limited has announced that the Scheme of Amalgamation of Uniglobus Electricals and Electronics Private Limited with itself has become effective as of March 27, 2026. This follows the filing of the certified NCLT order with the Registrar of Companies. The merger is a strategic move to consolidate the company's electrical business and streamline its corporate structure. Investors should view this as a completion of a previously announced regulatory process to integrate a subsidiary.

Scheme of Amalgamation between Uniglobus Electricals and Polycab India is now effective from March 27, 2026.
The Hon’ble NCLT, Ahmedabad Bench, had approved the scheme vide its order dated February 27, 2026.
The certified copy of the NCLT order was filed with the jurisdictional Registrar of Companies on March 27, 2026.
The merger aims to simplify the corporate structure and achieve operational efficiencies within the group.

💡 This is a positive structural development that simplifies the group architecture; investors should monitor the next financial statement for the consolidated impact of the merger.

Polycab India Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Mar 2026, 03:18 PM

Polycab India Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's upcoming financial results. The window will remain closed until 48 hours after the declaration of the audited standalone and consolidated financial results for the quarter and year ending March 31, 2026. This is a standard regulatory procedure to prevent insider trading before price-sensitive financial information is released to the public.

Trading window closure effective from Wednesday, April 01, 2026.
Closure pertains to the audited financial results for the quarter and year ending March 31, 2026.
Trading restriction remains in place until 48 hours after the official results announcement.
Compliance follows SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 No action is required as this is a routine regulatory filing. Investors should monitor the company's future announcements for the specific date of the Q4 and FY26 earnings release.

Polycab India Allots 2,140 Equity Shares Under ESOP Scheme 2018

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Mar 2026, 06:33 PM

Polycab India Limited has allotted 2,140 equity shares to eligible employees who exercised their options under the Employee Stock Option Performance Scheme 2018. The allotment was approved by the Finance and Operations Committee on March 20, 2026. These shares carry a face value of ₹10 each. This is a routine administrative action and the volume of shares is negligible compared to the total outstanding equity.

Allotment of 2,140 equity shares to employees
Issued under the Polycab Employee Stock Option Performance Scheme 2018
Face value of shares is ₹10 per equity share
Approved by the Finance and Operations Committee on March 20, 2026

💡 No action is required as this is a routine ESOP allotment with minimal impact on the company's capital structure. Investors should focus on the company's operational performance and market growth.

Polycab India Schedules Investor Meetings with Ellerston Capital, Mirae Asset, and Others

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Mar 2026, 05:49 PM

Polycab India Limited has announced a schedule for upcoming interactions with institutional investors and analysts. A virtual one-on-one meeting is set for March 26, 2026, with Ellerston Capital. Subsequently, a physical meeting will take place in Mumbai on March 30, 2026, involving Columbia Threadneedle, Mirae Asset Management, and Kotak Securities. The company has clarified that only publicly available information and existing earnings presentations will be discussed during these sessions.

Virtual one-on-one meeting scheduled with Ellerston Capital on March 26, 2026
Physical meeting in Mumbai on March 30, 2026, with three major institutional entities
Participating firms include Columbia Threadneedle, Mirae Asset Management, and Kotak Securities
Company will only refer to publicly available information and existing corporate presentations

💡 No immediate action is required as these are routine investor relations activities. Investors may review the existing corporate presentations on the company website to stay aligned with the information being discussed.

Polycab India Schedules Investor Meetings with Aditya Birla Money and Kotak Securities

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Mar 2026, 04:47 PM

Polycab India Limited has scheduled meetings with institutional investors and analysts on March 24, 2026. The company will engage in a virtual one-on-one meeting with Aditya Birla Money Ltd and a physical meeting with Kotak Securities in Mumbai. These sessions are intended to discuss corporate and earnings presentations that are already available in the public domain. Such disclosures are part of routine regulatory compliance under SEBI's Listing Obligations and Disclosure Requirements.

Meetings scheduled for March 24, 2026, with two major financial institutions.
Interaction includes a virtual one-on-one session with Aditya Birla Money Ltd.
A physical meeting is scheduled with Kotak Securities in Mumbai.
Discussions will be strictly limited to publicly available information and existing earnings presentations.

💡 No immediate action is required as this is a routine disclosure. Investors may look for subsequent research notes from these brokerages for potential updates on the company's outlook.

Polycab India Schedules Investor Meetings with Morgan Stanley and Others in March 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Mar 2026, 01:57 PM

Polycab India Limited has announced a series of meetings with institutional investors and analysts scheduled from March 23 to March 25, 2026. The schedule includes a virtual group conference with Morgan Stanley and one-on-one physical meetings with Dalal & Broacha and Phillip Capital in Mumbai. The company stated that only publicly available information and existing corporate presentations will be discussed during these sessions. These interactions are part of the company's routine investor relations engagement.

Virtual group conference scheduled with Morgan Stanley on March 23, 2026
One-on-one physical meeting with Dalal & Broacha set for March 24, 2026
One-on-one physical meeting with Phillip Capital scheduled for March 25, 2026
Meetings will utilize existing corporate and earnings presentations already hosted on the company website

💡 No immediate action is required as this is a routine regulatory disclosure. Investors should monitor for any subsequent investor presentations or transcripts that may be released following these meetings.

Polycab Receives Rectification Order; Income Tax Demand Reduced to ₹57.58 Cr from ₹327.45 Cr

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 10 Mar 2026, 06:40 PM

Polycab India has successfully contested an initial income tax demand for the Assessment Year 2024-25, resulting in a significant reduction of the liability. The Income Tax Authority issued a rectification order reducing the demand from ₹327.45 crore to ₹57.58 crore after correcting clerical and computational errors. The company maintains that the remaining ₹57.58 crore demand is still incorrect due to uncredited advance taxes and plans to file further rectifications. Additionally, Polycab will appeal the underlying additions of ₹41.87 crore, asserting that the demand is not legally sustainable.

Income tax demand reduced by approximately 82% from ₹327.45 crore to ₹57.58 crore.
The reduction follows a rectification application filed under Section 154 of the Income Tax Act.
Remaining demand of ₹57.58 crore is attributed to non-granting of advance tax credits.
Original additions and disallowances leading to the dispute aggregate to ₹41.87 crore.
Company is in the process of filing an appeal against the additions, citing they are not sustainable in law.

💡 Investors should view this as a positive development as it significantly reduces a potential financial liability. Monitor the outcome of the subsequent rectification and the legal appeal regarding the core additions.

Polycab India Allots 1,085 Equity Shares Under ESOP Scheme 2018

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Mar 2026, 05:38 PM

Polycab India Limited has allotted 1,085 equity shares to eligible employees following the exercise of options under its Employee Stock Option Performance Scheme 2018. The allotment was approved by the Finance and Operations Committee on March 09, 2026. These shares carry a face value of ₹10 each. Given the extremely small quantity of shares issued, there is no meaningful impact on the company's total equity base or earnings per share.

Allotment of 1,085 equity shares of face value ₹10 each.
Shares issued pursuant to the Polycab Employee Stock Option Performance Scheme 2018.
Allotment approved by the Finance and Operations Committee on March 09, 2026.
Negligible dilution effect on existing shareholders due to the small volume of shares.

💡 No action is required as this is a routine administrative matter with minimal impact on the company's capital structure.

Polycab India Schedules One-on-One Meeting with PineBridge on March 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Mar 2026, 04:56 PM

Polycab India Limited has announced a physical one-on-one meeting with PineBridge scheduled for March 11, 2026, in Mumbai. The meeting is part of the company's regular engagement with institutional investors and analysts. The company has clarified that no unpublished price-sensitive information will be shared during this interaction. Only publicly available information and existing corporate presentations will be discussed with the investor.

One-on-one physical meeting scheduled with PineBridge on March 11, 2026
Meeting to be held in Mumbai as per the disclosure under SEBI Regulation 30
Company will only refer to publicly available information and existing presentations
Disclosure made in compliance with SEBI Listing Obligations and Disclosure Requirements

💡 No immediate action is required as this is a routine investor relations activity. Investors may review the existing corporate presentations on the company's website for current business insights.

Polycab India to Conduct Non-Deal Roadshow in Singapore from March 16-18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Mar 2026, 05:50 PM

Polycab India Limited has scheduled a Non-Deal Roadshow (NDR) in Singapore spanning three days from March 16 to March 18, 2026. The engagement will consist of physical, one-on-one meetings with various institutional investors and analysts. The company has clarified that only publicly available information and existing corporate/earnings presentations will be discussed during these sessions. This move indicates continued efforts by the management to engage with the global investor community and maintain transparency.

Non-Deal Roadshow (NDR) scheduled for March 16 to March 18, 2026
Meetings will be held in a physical, one-on-one format in Singapore
Engagement involves institutional investors and analysts to discuss public domain information
Compliance disclosure made under Regulation 30 of SEBI LODR Regulations, 2015

💡 No immediate action is required as this is a routine investor relations event. Investors should monitor the company's website for any updated investor presentations following the roadshow.

Polycab India Receives ₹327.45 Crore Income Tax Demand for AY 2024-25

🔴 NEGATIVE ⭐ 7/10

REGULATORY 📅 04 Mar 2026, 04:17 PM

Polycab India has received an assessment order for the Assessment Year 2024-25 with a tax demand amounting to ₹327.45 crores. The Income Tax Authority made specific disallowances and additions totaling ₹41.87 crores, yet the final demand is significantly higher. The company attributes this discrepancy to computational and clerical errors and is seeking rectification under Section 154 of the Income Tax Act. Polycab intends to appeal the order and maintains that there will be no material impact on its financial position.

Income Tax Authority raised a total demand of ₹327.45 crores for FY 2023-24.
The demand is based on disallowances and additions aggregating to ₹41.87 crores.
Management identifies significant computational errors in the tax demand calculation.
Company is filing for rectification and a formal appeal against the assessment order.
Polycab asserts the demand is not sustainable in law and expects no material financial impact.

💡 Investors should monitor the outcome of the rectification process as the demand is disproportionately high compared to the additions. While the company expects no material impact, tax litigation can cause short-term sentiment volatility.

View All POLYCAB Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The Wires & Cables (W&C) segment grew 18% YoY in FY25, contributing ~87% of total revenue. The Fast Moving Electrical Goods (FMEG) segment grew 30% YoY in FY25, contributing ~7% of revenue. The Engineering Procurement & Construction (EPC) segment grew 143% YoY to INR 1,900 Cr, contributing ~9% of total sales.

Geographic Revenue Split

Domestic revenue is led by the West region (largest contributor), followed by South, North, and East. International business (exports) contributed 6% to overall turnover, reaching INR 1,345.2 Cr in FY25, despite a modest de-growth due to geopolitical challenges.

Profitability Margins

Operating margins remained healthy at 13.4% in FY25 (vs 13.9% in FY24). In H1 FY26, operating margins improved significantly to 15.4% (up from 11.92% in H1 FY25) due to premiumization and better operating leverage. FMEG segment turned EBIT positive in Q4 FY25.

EBITDA Margin

The company targets FMEG EBITDA margins of 8-10% by FY30. Overall operating margin for FY25 was 13.4%, a slight 50 bps compression YoY, but rebounded to 15.4% in H1 FY26. EPC segment EBIT margin stood at 9.41% in FY25.

Capital Expenditure

Polycab has committed a capital expenditure of INR 6,000 Cr to INR 8,000 Cr over the next five years (FY25-FY30), translating to approximately INR 1,200 Cr to INR 1,600 Cr per annum, funded primarily through internal accruals.

Credit Rating & Borrowing

CRISIL reaffirmed 'AAA/Stable' for long-term and 'A1+' for short-term facilities. Gearing is exceptionally low at 0.15x as of March 31, 2025 (down from 0.24x in FY24). Interest coverage ratio remains robust at 19.6x in FY25.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Copper, Aluminum (manufactured into rods in-house), and Polyvinyl Chloride (PVC). These materials constitute a significant portion of the cost of goods sold, though specific percentage splits per material are not disclosed.

Import Sources

Not disclosed in available documents; however, the company mentions exposure to global commodity price volatility and trade route challenges affecting international business.

Capacity Expansion

The company is undertaking consistent capacity additions to meet growing domestic demand, supported by the INR 6,000-8,000 Cr five-year capex plan. Specific MTPA/unit capacity figures are not provided.

Raw Material Costs

Raw material costs are managed through embedded derivatives and forward contracts to ensure margin stability. The company utilizes backward integration for aluminum rods and PVC to optimize costs and quality.

Manufacturing Efficiency

Efficiency is driven by integrated operations and 'Project Spring' initiatives. Operating leverage contributed to a 348 bps margin improvement in H1 FY26.

Logistics & Distribution

The company maintains an extensive pan-India distributor network. Advertising and Promotion (A&P) spends for the B2C segment are targeted at 3-5% of B2C turnover.

📈 Strategic Growth

Expected Growth Rate

14-15%

Growth Strategy

Growth will be driven by 'Project Spring' and 'Project LEAP'. Strategy includes growing W&C at 1.5x the industry rate, expanding the FMEG business to achieve 8-10% EBITDA margins by FY30, and transitioning to a hybrid distribution-institutional model in international markets like the U.S.

Products & Services

Wires, Cables (specialized and general), Fans, Switches, Switchgears, Lighting solutions, and EPC services for power distribution (RDSS).

Brand Portfolio

Polycab, Etira (value switches), Levanna (premium switches), Silvan (innovation/automation).

New Products/Services

Launched 6kA MCBs (contributing 12% of switchgear sales) and the Etira/Levanna switch series. FMEG growth of 30% was driven by these new product verticals.

Market Expansion

Targeting expansion in the U.S., Middle East, Australia, Europe, and LATAM (Chile/Brazil) for specialized cable applications in renewables, data centers, and mining.

Market Share & Ranking

Polycab is the market leader in the organized Indian W&C industry with a 25-26% market share (up from 18-19% in FY19). It is also among the Top 5 Indian B2C switchgear companies.

Strategic Alliances

Acquired Silvan Innovation Labs Pvt Ltd to enhance R&D and product innovation in the FMEG and automation space.

🌍 External Factors

Industry Trends

The Indian W&C industry is in a multi-year upcycle, expected to reach INR 1.5 trillion by 2034. Global W&C industry is projected to grow at a 7.4% CAGR through FY30, driven by renewables and data centers.

Competitive Landscape

Faces competition from both organized and unorganized players. Organized players are gaining share due to brand trust and safety compliance (fire-safe solutions).

Competitive Moat

Moat is built on a 25-26% market share, extensive distribution network, and high backward integration (Aluminum/PVC), which provides a cost and quality advantage over unorganized players.

Macro Economic Sensitivity

W&C industry growth is linked to real GDP, typically expanding at 1.5-2x the GDP growth rate. Private capex and Gross Fixed Capital Formation (GFCF) trends directly impact B2B demand.

Consumer Behavior

Shift toward branded, certified, and premium products (e.g., Levanna switches) and increasing demand for energy-efficient/smart solutions in the residential segment.

Geopolitical Risks

Structural and geopolitical challenges led to a modest de-growth in exports in FY25. Trade route challenges are cited as a primary headwind for international volumes.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with safety and quality standards is mandatory. The company benefits from government schemes like the Revamped Distribution Sector Scheme (RDSS) and the National Electricity Plan.

Environmental Compliance

The company reports zero instances of complaints related to child or forced labor and maintains an Ethics Framework and Code of Conduct.

Legal Contingencies

Management evaluated internal controls as of March 31, 2025, and noted no significant deficiencies or material weaknesses impacting financial statements.

⚠️ Risk Analysis

Key Uncertainties

Raw material price volatility and intense competition in the FMEG segment are key risks. A sustained decline in operating margins below 10% is a CRISIL downward rating factor.

Geographic Concentration Risk

Domestic revenue is concentrated in the West and South regions. International revenue is currently low at 6%, creating a dependency on the Indian infrastructure cycle.

Technology Obsolescence Risk

The company is mitigating this through R&D investments and the acquisition of Silvan for smart/new-age innovative solutions.

Credit & Counterparty Risk

Receivables quality is supported by a diverse client base and institutional/distribution models. EPC contract assets increased by INR 71.7 Cr in FY25.