Polycab India Limited (POLYCAB)
₹8,219.00 +0.15% last close, 16 Oct
Q2 FY27 results
Polycab India Limited reported Q2 FY27 results on 15 Oct 2026: revenue ₹9,899 Cr (+52.8% year on year, +20.6% on the previous quarter), and net profit ₹990 Cr (+42.9% year on year); the operating margin was 14.4%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹9,899 | +52.8% | +20.6% |
| Operating profit | ₹1,422 | +39.4% | +25.2% |
| Net profit | ₹990 | +42.9% | +24.3% |
| EPS (₹) | 64.87 | +42.4% | +24.5% |
| Operating margin | 14.4% | — | — |
- Operating margin contracted 139 bps YoY
Quality of profit: of pre-tax profit of ₹1,306 Cr, ₹1,218 Cr (93%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved +39.1% year on year.
Against its own trend: net profit of ₹990 Cr was +6.4% against the ₹931 Cr its recent growth pointed to (in line). This is a statistical baseline, not an analyst estimate.
Share price since the results: -1.4% (close before the filing to the latest close).
POLYCAB delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.82% of the POLYCAB shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.41%. That is close to its usual level. In POLYCAB futures, open interest fell 5.20% while the futures price fell 0.32%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 53.5% · 43.6% · 27.8% · 30.3% · 55.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Polycab India has informed the exchanges that the Hon'ble NCLAT, Principal Bench, New Delhi, heard the appeal in the matter of Asier Metals Private Limited vs Polycab India Limited on October 15, 2026, and has reserved its order. The dispute concerns corporate insolvency resolution proceedings, following previous intimations earlier in October 2026. The financial claim amount is not disclosed in the filing, but Polycab maintains a robust balance sheet with TTM net profit of Rs 2,906 Cr and net worth of Rs 12,899 Cr. The company stated it will notify the exchanges upon receipt of the final NCLAT order.
- NCLAT heard the appeal on October 15, 2026, and reserved the matter for final order
- Pertains to proceedings initiated by Asier Metals Private Limited against Polycab India
- Continues a sequence of prior intimations dated October 07, 08, 09, and 14, 2026
- Disputed exposure amount not disclosed in the exchange disclosure
Polycab India Limited has submitted its unaudited interim condensed standalone and consolidated financial statements for the quarter ended September 30, 2026. Within the notes, the company disclosed that an NCLT order dated October 7, 2026, admitting an insolvency petition for an alleged operational debt of ₹2.79 crore (₹27.9 million), was stayed by the NCLAT on October 9, 2026. The disputed debt is negligible compared to Polycab's TTM revenue of ₹31,187 crore and net worth of ₹12,899 crore. Management expects no material impact on operations or financial standing as the matter remains sub-judice.
- Board approved unaudited interim condensed financial statements on October 15, 2026.
- NCLAT stayed the NCLT order admitting a Section 9 IBC petition involving an alleged debt of ₹27.9 million (₹2.79 crore).
- Consolidated PPE stood at ₹36,758.00 million and CWIP at ₹14,007.91 million as of September 30, 2026.
- Paid a final dividend of ₹47 per equity share totaling ₹7,079.85 million on June 30, 2026.
Polycab India reported strong consolidated revenue growth of 53% YoY to ₹9,899 Cr (₹98,989 Mn) for Q2FY27, driven by robust performance across Wires & Cables and FMEG. EBITDA rose 39% YoY to ₹1,423 Cr (₹14,225 Mn) with margins at 14.4%, while PAT surged 43% YoY to ₹990 Cr (₹9,900 Mn). The FMEG segment crossed all-time high quarterly revenues of ₹993 Cr, with EBIT margins touching a record 10.1%. For H1FY27, PAT reached ₹1,787 Cr on revenues of ₹18,109 Cr, maintaining a strong net cash position of ₹4,520 Cr.
- Q2FY27 revenue grew 53% YoY to ₹9,899 Cr (₹98,989 Mn) compared to ₹6,477 Cr in Q2FY26
- Net profit (PAT) increased 43% YoY to ₹990 Cr (₹9,900 Mn) with a 10.0% PAT margin
- FMEG revenue more than doubled YoY to ₹993 Cr with record EBIT margins of 10.1%
- Wires & Cables business grew 47% YoY with segment margins improving ~90 bps QoQ to 14.2%
- Net cash balance stood at ₹4,520 Cr (₹45,199 Mn) as of September 30, 2026
Polycab India reported a strong set of Q2 FY27 results, with consolidated revenue surging 53% YoY to ₹9,898.9 Cr (₹98,989 Mn) and PAT rising 43% YoY to ₹990.0 Cr (₹9,900 Mn). EBITDA grew 39% YoY to ₹1,422.5 Cr with an EBITDA margin of 14.4% (up 53 bps QoQ). Growth was led by the core Wires & Cables segment (+47% YoY) alongside explosive growth in FMEG (+124% YoY), which crossed double-digit EBIT margins for the first time at 10.1%. For H1 FY27, net cash improved substantially to ₹4,520 Cr compared to ₹2,940 Cr a year ago.
- Q2 FY27 Revenue jumped 53% YoY to ₹98,989 Mn, while H1 FY27 revenue crossed ₹180 Bn to reach ₹1,81,086 Mn (+46% YoY)
- Q2 FY27 PAT increased 43% YoY to ₹9,900 Mn with PAT margin at 10.0%
- FMEG revenues more than doubled (+124% YoY) with EBIT margin hitting a record high of 10.1%
- Wires & Cables revenue climbed 47% YoY driven by a 50% expansion in domestic sales
- Net cash position stood at ₹45.2 Bn as of September 30, 2026, up from ₹29.4 Bn in the prior year
Polycab India reported consolidated revenue from operations of ₹9,898.90 Cr (₹98,989.01 million) for Q2 FY27, marking a robust 52.8% growth compared to ₹6,477.21 Cr in Q2 FY26. Total revenue for H1 FY27 reached ₹18,108.63 Cr compared to ₹12,383.19 Cr in H1 FY26. Separately, the company disclosed that an NCLT insolvency petition admitting an alleged operational debt of ₹2.79 Cr (₹27.9 million) was stayed by the NCLAT on October 09, 2026. The statutory auditors issued an unmodified limited review report.
- Consolidated revenue from operations rose 52.8% YoY to ₹9,898.90 Cr (₹98,989.01 million) in Q2 FY27
- Consolidated H1 FY27 revenue reached ₹18,108.63 Cr versus ₹12,383.19 Cr in H1 FY26
- Other income for the quarter stood at ₹88.37 Cr (₹883.67 million) vs ₹45.43 Cr in Q2 FY26
- NCLAT granted a stay on October 09, 2026, against an NCLT order admitting a Section 9 IBC petition for ₹2.79 Cr
- Allotted 141,080 equity shares of ₹10 each under ESOP 2018 during the period
Polycab India has informed exchanges that the Hon'ble NCLAT has approved an early hearing request regarding the appeal in the Asier Metals Private Limited matter. The hearing, which was originally scheduled for October 26, 2026, will now take place on October 15, 2026. The announcement follows previous corporate intimations on October 07, October 08, and October 09, 2026 regarding this dispute under the Corporate Insolvency Resolution Process framework. With Polycab's robust balance sheet featuring net worth of ₹11,845 Cr and minimal debt of ₹89 Cr, the financial exposure has not been quantified in this disclosure.
- NCLAT granted request for early listing on October 14, 2026
- Hearing advanced from October 26, 2026 to October 15, 2026
- Pertains to ongoing appeal in the matter of Asier Metals Private Limited vs. Polycab India Limited
- Follows earlier company intimations dated October 07, 08, and 09, 2026
The National Company Law Appellate Tribunal (NCLAT) has stayed and put in abeyance an NCLT Ahmedabad order admitting Polycab India into Corporate Insolvency Resolution Process (CIRP). The insolvency petition had been filed under Section 9 of IBC by Asier Metals Private Limited concerning an operational claim of ₹2.79 crore. Polycab stated that the issue is a commercial dispute and normal business operations remain unaffected. The company highlighted its strong liquidity position, with net cash exceeding ₹4,000 crore against the disputed claim. The matter is scheduled for its next hearing on October 26, 2026.
- NCLAT stays NCLT order admitting Polycab into CIRP over an alleged ₹2.79 crore operational debt
- Disputed amount of ₹2.79 crore represents less than 0.01% of TTM revenue (₹31,187 crore)
- Management reaffirmed a net cash balance exceeding ₹4,000 crore and net worth of ₹11,682 crore as of FY26
- Appeal scheduled for further hearing before NCLAT Principal Bench on October 26, 2026
The National Company Law Appellate Tribunal (NCLAT) has granted relief to Polycab India Limited by staying the NCLT Ahmedabad Bench's order dated October 7, 2026, which had admitted the company into Corporate Insolvency Resolution Process (CIRP). The insolvency application was initiated by Asier Metals Private Limited under Section 9 of the IBC over an alleged operational debt of ₹2.79 crore. Polycab offered to deposit the entire disputed amount via an FDR with the NCLAT Registrar within one week while maintaining there was a pre-existing dispute. The appeal has been listed for next hearing on October 26, 2026, providing immediate operational and governance reprieve.
- NCLAT stays NCLT order admitting CIRP against Polycab India Limited
- Disputed operational debt claim stands at ₹2.79 crore vs TTM revenue of ₹31,187 crore (<0.01%)
- Appellant agreed to deposit the entire claimed sum via FDR with NCLAT Registrar within 1 week
- Matter scheduled for the next hearing on October 26, 2026
Polycab India has filed an appeal before the NCLAT against an NCLT Ahmedabad Bench order dated October 07, 2026, which admitted an insolvency petition under Section 9 of the IBC. The petition was filed by Asier Metals Private Limited concerning an alleged operational debt of ₹2.79 crore. Relative to Polycab's TTM revenue of ₹31,187 crore and net cash position, the disputed claim represents an immaterial fraction (<0.01%). The matter is scheduled for an urgent hearing before the NCLAT on October 09, 2026.
- Appealed to NCLAT to set aside NCLT CIRP admission order dated October 07, 2026
- Disputed operational debt claim amounts to ₹2.79 crore by Asier Metals Private Limited
- Hearing before NCLAT listed immediately on October 09, 2026
- Claim value of ₹2.79 crore represents less than 0.01% of Polycab's TTM revenue of ₹31,187 crore
NCLT Ahmedabad Bench has admitted an insolvency petition under Section 9 of the IBC against Polycab India, filed by Asier Metals Private Limited over an alleged operational debt of ₹2.79 crore. The claim relates to commercial disputes concerning the supply of aluminium ingots. While the claimed amount is negligible compared to Polycab's TTM revenue of ₹31,187 crore and FY27 materiality threshold of ₹109.28 crore, admission of CIRP legally suspends the board unless stayed. Polycab has appealed before the NCLAT, with a hearing scheduled on October 09, 2026.
- NCLT Ahmedabad admitted CIRP petition against Polycab India on October 07, 2026
- Operational debt claimed by Asier Metals stands at ₹2,78,70,157.22 (₹2.79 crore)
- Claim represents less than 0.01% of Polycab's TTM revenue of ₹31,187 crore
- Company filed an appeal before NCLAT with a hearing scheduled on October 09, 2026
- Polycab's internal SEBI LODR materiality threshold for FY27 is ₹109.28 crore
The NCLT Ahmedabad bench has admitted an insolvency application under Section 9 of the IBC filed by Asier Metals Private Limited against Polycab India Limited for an alleged operational debt of ₹2.79 crore. Polycab stated that the issue stems from an underlying commercial dispute and it is in the process of appealing the order before the NCLAT. The disputed amount of ₹2.79 crore is negligible relative to the company's size, representing less than 0.01% of its TTM revenue (₹31,187 crore). Polycab highlighted its strong balance sheet with net cash exceeding ₹4,000 crore and a net worth of ₹11,682 crore as of March 31, 2026.
- NCLT Ahmedabad admitted Section 9 IBC petition by Asier Metals Private Limited on October 07, 2026
- Alleged operational debt stands at ₹2.79 crore, representing <0.01% of TTM revenue
- Polycab to file an appeal before the NCLAT contending a preexisting commercial dispute
- Company highlighted its strong financial footing with over ₹4,000 crore in net cash liquidity
Polycab India Limited announced that its Finance and Operations Committee approved the allotment of 4,885 equity shares of face value ₹10 each on September 18, 2026. This allotment was made to eligible employees pursuant to the exercise of options under the Polycab Employee Stock Option Performance Scheme 2018. The total quantum is negligible relative to the company's existing equity base, resulting in immaterial equity dilution.
- Allotment of 4,885 equity shares approved on September 18, 2026
- Shares have a face value of ₹10/- each
- Issued pursuant to the Polycab Employee Stock Option Performance Scheme 2018
Polycab India Limited has notified exchanges of upcoming institutional investor and analyst interactions scheduled between September 22 and September 29, 2026. The engagements include attendance at the J.P. Morgan India Conference in Mumbai on September 22 and the BofA 2026 Asia Pacific Conference along with a non-deal roadshow in Hong Kong on September 24-25. The schedule concludes with a one-on-one session with Phillip Capital on September 29 in Mumbai. The company confirmed that only publicly available corporate and earnings presentations will be discussed.
- J.P. Morgan India Conference scheduled for September 22, 2026 in Mumbai (Group/One-on-One, In person)
- BofA 2026 Asia Pacific Conference scheduled for September 24, 2026 in Hong Kong
- Non-deal roadshow organized by BofA on September 25, 2026 in Hong Kong
- One-on-one meeting with Phillip Capital scheduled for September 29, 2026 in Mumbai
- Only publicly available information and earnings presentations to be shared
Polycab India Limited has notified the exchanges regarding an upcoming one-on-one institutional investor meeting scheduled for September 18, 2026. The meeting will be held virtually with Fairtree from Mumbai. The company stated that only publicly available information and standard corporate earnings presentations will be discussed. No unpublished price-sensitive information or material business transactions are expected to be shared.
- Meeting scheduled with institutional investor Fairtree on September 18, 2026
- Format specified as a virtual one-on-one interaction based out of Mumbai
- Only publicly available corporate and earnings presentation data will be shared
Polycab India Limited has scheduled one-on-one, in-person institutional investor meetings in Mumbai on September 8 and September 9, 2026. The company will meet representatives from JM Financial and IIFL Capital on September 8, followed by Ambit Capital on September 9. The interactions will strictly rely on publicly available corporate and earnings presentations without sharing unpublished price-sensitive information.
- One-on-one in-person investor meetings scheduled for September 8, 2026, with JM Financial and IIFL Capital
- One-on-one in-person meeting scheduled with Ambit Capital on September 9, 2026
- All meetings to take place in Mumbai using only publicly available presentations
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.
