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Polycab India Limited POLYCAB NIFTY_MIDNSEAIINFRA

Industrials · Electrical Equipment & Parts · India
https://www.polycab.com

Polycab India Limited manufactures and sells wires and cables under the POLYCAB brand in India and internationally. The company operates through three segments: Wires and Cables; Fast Moving Electrical Goods (FMEG); and Engineering, Procurement and Construction (EPC). The Wires and Cables segment provides wires, such as PolycabSuprema house wires, PolycabMaxima+ Green wire, PolycabPrimma house wires, ETIRA house wires, PolycabOptima+, GREENWIRE 180m, and POLYCAB LF FR 180m; and cables, such as control, rubber, defense, special, fire protection, marine offshore/onshore, domestic appliance and lighting, aerial bunched, industrial, high temperature, LV power, MV power, EHV power, communication and data, and instrumentation. The Fast Moving Electrical Goods segment offers ceiling, table, pedestal, wall, exhaust, farrata, and air circulated fans; LED lighting and luminaires, such as LED Bulb, downlight, panel light, led batten, outdoor lights, and rope and strip lights; water heaters; switches and accessories; switchgears consisting of isolators, MCB, RCCB, RCBO, distribution board, ACCL, and MCB changeover switches; solar products, including solar panel and invertors; and pumps, conduits, and domestic appliances. The EPC segment designs, engineers, and supplies materials; and engages in the survey, execution, and commissioning of turn-key power distribution, transmission, and rural electrification projects. The company provides coolers and iron appliances. It operates a distribution network through authorized dealers and distributors, and retail outlets. The company was founded in 1964 and is based in Mumbai, India.

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₹9,477.50
+58.78% 1Y

Market & Price

Market Cap
₹1.43 L Cr
Current Price
₹9,477.50
High / Low (52W)
₹9,664.00 / ₹5,789.60
Beta
0.61

Valuation

Stock P/E
53.48
Industry PE
27.78
Forward P/E
38.51
PEG Ratio
-
Book Value
₹797.64
Price to Book
11.88
P/S
4.94
EV/EBITDA
34.15
Dividend Yield
0.37%

Profitability & Returns

ROCE
30.44%
ROE
24.58%
ROA
13.56%
Profit Margin
9.25%
Op Margin
12.95%
EPS (Latest Qtr)
₹52.00
EPS (TTM)
₹177.23

Balance Sheet & Liquidity

Debt/Equity
2.56
Quick Ratio
0.99
Current Ratio
1.84
Debt
₹310.19 Cr
Total Assets
₹20,476.19 Cr
Current Assets
₹14,660.51 Cr
Working Capital
₹6,695.26 Cr

Ownership

Promoter Holding
64.75%
Chg in Prom Hold
-
FII / Inst Holding
18.68%
Chg in FII Hold
0.02%

Financial Snapshot

Enterprise Value
₹1.39 L Cr
Total Revenue (TTM)
₹28,883.79 Cr
EBITDA
₹4,075.84 Cr
Free Cash Flow
₹1,620.23 Cr
Operating Cash Flow
₹3,810.67 Cr
Shares Outstanding
₹15.06 Cr
Gross Margin
25.15%
Payout Ratio
19.78%

Growth (CAGR)

Revenue 5Y
26.57%
Profit 5Y
28.11%
Revenue (YoY)
26.90%
Earnings (YoY)
8.00%

PROS

  • Strong return on equity of 24.6%.
  • Healthy ROCE of 30.4%.
  • Compounding revenue at 26.6% over 5 years.
  • Profit CAGR of 28.1% over 5 years.
  • Generates positive free cash flow.
  • In a confirmed uptrend (50-DMA above 200-DMA).

CONS

  • Trading at a high P/E of 53.5.

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Industrials).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 POLYCAB Polycab India Limited NIFTY_MIDNSEAIINFRA 9,477.50 53.48 ₹1.43 L Cr 0.37% 30.44% 24.58% 26.57% 28.11%
2 LT Larsen & Toubro Limited NIFTY50NSEAIINFRA 4,076.50 34.84 ₹5.61 L Cr 0.93% 14.55% 16.95% 16.09% 15.38%
3 ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA 1,804.60 30.96 ₹4.16 L Cr 0.42% 11.02% 15.59% 22.93% 34.11%
4 HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU 4,303.80 31.55 ₹2.88 L Cr 1.16% 13.80% 23.98% 7.87% 16.08%
5 POWERINDIA Hitachi Energy India Limited NIFTY_MIDNSEINFRA 38,445.00 172.41 ₹1.71 L Cr 0.02% 24.92% 21.04% 22.24% 119.12%
6 INDIGO InterGlobe Aviation Limited NSEINFRA 4,405.00 - ₹1.70 L Cr 0.24% 15.53% - 44.12% 72.60%
7 CUMMINSIND Cummins India Limited NSEINFRA 5,881.00 68.97 ₹1.63 L Cr 1.12% 34.95% 29.45% 16.07% 24.35%
8 CGPOWER CG Power and Industrial Solutions Limited NSEINFRA 917.45 118.99 ₹1.44 L Cr 0.14% 19.35% 19.56% 21.67% 7.81%
9 SIEMENS Siemens Limited NSEAIINFRA 3,844.00 81.30 ₹1.37 L Cr 0.39% 16.46% - 3.04% 10.90%
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Quarterly Results

Figures in INR.

Metric Dec 2024Mar 2025Jun 2025Dec 2025Mar 2026
Revenue 5,139.66 Cr6,985.80 Cr5,905.98 Cr7,474.88 Cr8,864.48 Cr
Cost of Revenue 4,008.09 Cr5,205.30 Cr4,318.78 Cr5,895.52 Cr6,786.75 Cr
Gross Profit 1,131.57 Cr1,780.50 Cr1,587.19 Cr1,579.37 Cr2,077.73 Cr
Operating Expenses 490.21 Cr835.47 Cr815.30 Cr713.52 Cr1,014.22 Cr
Operating Income 641.35 Cr945.02 Cr771.90 Cr865.85 Cr1,063.51 Cr
EBITDA 738.50 Cr1,073.46 Cr937.55 Cr1,005.57 Cr1,221.72 Cr
Interest Expense 43.37 Cr32.54 Cr51.26 Cr57.77 Cr74.64 Cr
Pretax Income 616.57 Cr960.56 Cr800.59 Cr842.20 Cr1,049.29 Cr
Tax Provision 152.22 Cr226.19 Cr200.89 Cr212.03 Cr263.68 Cr
Net Income 457.56 Cr726.67 Cr592.12 Cr621.69 Cr772.77 Cr
Diluted EPS 30.3148.1339.2141.1952.00

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue -13,941.89 Cr17,760.41 Cr22,031.42 Cr28,269.51 Cr
Cost of Revenue -10,820.42 Cr13,738.20 Cr17,343.21 Cr22,160.17 Cr
Gross Profit -3,121.47 Cr4,022.22 Cr4,688.21 Cr6,109.34 Cr
Operating Expenses -1,478.15 Cr1,760.83 Cr2,018.16 Cr2,393.60 Cr
Operating Income -1,643.33 Cr2,261.38 Cr2,670.04 Cr3,715.73 Cr
EBITDA -1,960.58 Cr2,695.79 Cr3,138.92 Cr4,194.26 Cr
Interest Expense -44.16 Cr91.45 Cr139.97 Cr195.32 Cr
Pretax Income -1,707.26 Cr2,359.30 Cr2,700.84 Cr3,613.07 Cr
Tax Provision -424.17 Cr556.38 Cr655.31 Cr904.65 Cr
Net Income -1,270.78 Cr1,784.05 Cr2,019.99 Cr2,672.03 Cr
Diluted EPS -84.66118.49133.80176.95

Compounded Sales Growth

5 Years:26.57%
1 Year:26.90%

Compounded Profit Growth

5 Years:28.11%
1 Year:8.00%

Stock Price Performance

1 Year:+58.78%
6 Months:+27.61%
3 Months:+18.86%
1 Month:+16.31%

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets -9,425.48 Cr12,078.88 Cr13,775.77 Cr20,476.19 Cr
Current Assets -6,908.75 Cr8,713.96 Cr9,319.00 Cr14,660.51 Cr
Cash & Equivalents -152.75 Cr307.03 Cr217.39 Cr390.34 Cr
Inventory -2,951.38 Cr3,675.11 Cr3,661.30 Cr5,559.60 Cr
Receivables -1,246.60 Cr2,047.12 Cr2,596.27 Cr3,758.50 Cr
Total Liabilities -2,750.89 Cr3,835.54 Cr3,865.94 Cr8,349.42 Cr
Current Liabilities -2,620.49 Cr3,594.14 Cr3,510.15 Cr7,965.24 Cr
Long Term Debt -4.21 Cr22.60 Cr41.94 Cr39.27 Cr
Total Debt -1,335.10 Cr2,023.06 Cr1,508.67 Cr4,501.14 Cr
Total Equity -6,637.21 Cr8,187.13 Cr9,828.06 Cr12,008.58 Cr
Shares Outstanding -14.98 Cr15.02 Cr15.04 Cr15.06 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow -1,427.52 Cr1,296.24 Cr1,808.53 Cr3,810.67 Cr
Investing Cash Flow --1,202.65 Cr-751.88 Cr-1,239.31 Cr-2,849.71 Cr
Financing Cash Flow --227.07 Cr-387.41 Cr-628.27 Cr-799.04 Cr
Capital Expenditure --479.45 Cr-858.52 Cr-969.73 Cr-1,480.51 Cr
Free Cash Flow -948.07 Cr437.72 Cr838.80 Cr2,330.15 Cr
Net Change in Cash --2.20 Cr156.95 Cr-59.05 Cr161.92 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % -22.4%22.6%21.3%21.6%
Operating Margin % -11.8%12.7%12.1%13.1%
Net Margin % -9.1%10.0%9.2%9.5%
ROE % -19.1%21.8%20.6%22.3%
ROCE % -24.1%26.7%26.0%29.7%

Shareholding Pattern

Insiders
64.75%
Institutions
18.68%
Public Float
52.98%

Analyst View

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