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Polycab India Ltd

POLYCAB NSE

Key Fundamentals

LargecapCables - ElectricalsIndustrial Products
Market Cap
1.4L Cr
Volatility
Moderate
P/E Ratio
48.04
EBITDA
₹4,242 Cr
Return on Equity
22.33%
Debt to Equity
0.02
Book Value
₹796.85
EPS
₹118.4
52W High
₹10,126
52W Low
₹6,663

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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55 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

6
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 23.7% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 25.9%
  • Company's median sales growth is 20.5% of last 10 years
  • Company's working capital requirements have reduced from 47.5 days to 30.4 days

Weaknesses

2
  • Stock is trading at 11.8 times its book value
  • Promoter holding has decreased over last 3 years: -4.53%

Growth Rate

Revenue Growth
28.76% ↗
Net Income Growth
32.41% ↗
Cash Flow Change
110.71% ↗
ROE
8.14% ↗
ROCE
10.23% ↗
EBITDA Margin (Avg.)
4.00% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

Polycab India Ltd commands a market cap of ₹1,40,399 Cr at a PE of 48x and PB of 11.61x. The company has delivered compounded profit growth of 28% over 3 years and 27% compounded sales growth over 5 years while remaining almost debt-free. However, the stock trades at a significant premium to book value and promoter holding has declined by 4.53% over the last 3 years.

Bull Case 8
  • Almost debt-free balance sheet provides financial flexibility and reduces interest cost burden
  • Compounded sales growth of 27% CAGR over 5 years and 19% over 10 years demonstrates consistent revenue expansion
  • Compounded profit growth of 28% over 3 years and 24% over 5 years indicates strong earnings momentum
  • ROE has been consistently high at 23% last year and 21% over 10 years, reflecting efficient capital deployment
  • Working capital days reduced from 47.5 days to 30.4 days, improving cash conversion efficiency
  • Healthy dividend payout ratio of 25.9% with current yield of 0.51%, indicating shareholder-friendly capital allocation
  • TTM sales growth of 32% and TTM profit growth of 29% show continued acceleration in recent quarters
  • Median sales growth of 20.5% over the last 10 years reflects structural demand tailwinds in the wires and cables segment
Bear Case 7
  • PE ratio of 48x is significantly above the broader market average, leaving limited margin of safety if growth slows
  • Stock trades at 11.61x book value, pricing in substantial future growth that may already be discounted
  • Promoter holding has decreased by 4.53% over the last 3 years, which may signal reduced promoter confidence or dilution
  • Dividend yield of only 0.51% offers minimal income return relative to the elevated valuation
  • Stock has already appreciated 33% in the last 1 year and 37% CAGR over 5 years, raising the base for future returns
  • As an industrial products company, revenue is cyclically tied to infrastructure and real estate spending which can be volatile
  • At ₹1,40,399 Cr market cap, the company needs to sustain high growth rates for an extended period to justify current multiples

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 18h ago
Positives 2
  • Q1FY27 profit surges 33% Jul 21

    Net profit rose 33% YoY to ₹7,967 million on revenue of ₹82,097 million (up 39%). EBITDA grew 32% with 13.8% margins and net cash position of ₹39.9 billion.

  • FMEG segment grows 71% Jul 21

    The FMEG segment recorded 71% growth in Q1FY27, indicating strong diversification beyond the core wires and cables business.

Neutral 2
  • Multiple investor meets in August Aug 7

    Polycab will participate in investor conferences hosted by Emkay, Equirus, Motilal Oswal, Capital World, and Ashika Institutional Equities through August 2026.

  • JMD remuneration revision sought Jul 24

    Shareholders to vote on pay hike for Joint Managing Directors Bharat and Nikhil Jaisinghani, with basic pay rising from ₹2.5 crore to ₹5 crore.

TL;DR: Polycab delivered a strong Q1FY27 with broad-based growth across cables and FMEG, maintaining a healthy net cash position of ₹39.9 billion. No material headwinds emerged in recent news flow. Active investor engagement signals management confidence. The growth trend is clearly improving, with FMEG scaling fast as a second engine alongside the core business.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
3,889
4,218
4,340
5,592
4,698
5,498
5,226
6,986
5,906
6,477
7,636
8,864
8,210
Expenses
3,341
3,609
3,771
4,830
4,115
4,867
4,506
5,960
5,048
5,456
6,670
7,703
7,074
Operating Profit
549
609
570
762
583
632
720
1,025
858
1,021
966
1,161
1,136
OPM %
14%
14%
13%
14%
12%
11%
14%
15%
15%
16%
13%
13%
14%
Other Income
64
35
71
54
58
76
25
48
80
45
50
60
105
Interest
25
27
32
24
41
45
50
33
51
48
69
75
80
Depreciation
57
60
62
66
67
72
79
80
86
97
106
98
103
PBT
530
557
546
725
533
590
617
961
801
921
842
1,049
1,058
Tax %
24%
23%
24%
24%
25%
25%
25%
24%
25%
25%
25%
25%
25%
Net Profit
403
430
417
553
402
445
464
734
600
693
630
786
797
EPS in Rs
26.67
28.37
27.49
36.34
26.34
29.24
30.42
48.31
39.34
45.54
41.3
51.33
52.07
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
4,707
5,202
5,500
6,770
7,986
8,830
8,792
12,204
14,108
18,039
22,408
28,884
31,188
Expenses
4,266
4,710
5,020
6,041
7,035
7,701
7,681
10,940
12,265
15,548
19,445
24,870
26,903
Operating Profit
442
492
480
729
950
1,129
1,111
1,264
1,843
2,492
2,964
4,013
4,284
OPM %
9%
9%
9%
11%
12%
13%
13%
10%
13%
14%
13%
14%
14%
Other Income
5
32
75
65
64
91
164
161
133
221
204
229
261
Interest
108
147
66
94
117
50
43
35
60
108
169
243
272
Depreciation
98
111
128
133
141
161
176
202
209
245
298
386
403
PBT
241
265
361
567
756
1,010
1,056
1,188
1,707
2,359
2,701
3,613
3,871
Tax %
32%
30%
36%
37%
34%
24%
16%
23%
25%
24%
24%
25%
—
Net Profit
164
185
233
359
500
766
886
917
1,282
1,803
2,046
2,708
2,905
EPS in Rs
11.64
13.09
16.48
25.35
35.39
50.97
59.15
60.8
84.8
119
134
177
190
Div. Payout %
9%
13%
6%
0%
8%
14%
17%
23%
24%
25%
26%
26%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
141
141
141
141
141
149
149
149
150
150
150
151
Reserves
1,489
1,642
1,853
2,206
2,706
3,688
4,605
5,394
6,481
8,037
9,675
11,858
Borrowings
546
796
856
800
272
157
282
118
191
161
202
236
Other Liabilities
1,138
1,296
1,729
1,300
2,509
1,967
1,978
1,750
2,602
3,718
3,721
8,220
Total Liabilities
3,314
3,875
4,579
4,448
5,628
5,961
7,015
7,412
9,424
12,066
13,749
20,465
Fixed Assets
822
985
1,128
1,197
1,276
1,422
1,870
1,675
2,067
2,338
3,011
3,740
CWIP
179
138
165
136
193
241
99
375
251
578
708
1,139
Investments
0
0
33
32
29
65
635
773
1,350
1,822
1,749
3,405
Other Assets
2,312
2,752
3,253
3,083
4,130
4,232
4,411
4,588
5,756
7,328
8,280
12,180
Total Assets
3,314
3,875
4,579
4,448
5,628
5,961
7,015
7,412
9,424
12,066
13,749
20,465
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
150
221
296
362
1,230
244
1,252
512
1,428
1,296
1,809
3,811
Investing
-173
-247
-295
-188
-408
-262
-1,012
-427
-1,203
-752
-1,239
-2,850
Financing
15
45
-10
-190
-651
11
-175
-201
-227
-387
-628
-799
Net Cash Flow
-8
20
-8
-15
171
-7
66
-116
-2
157
-59
162
Free Cash Flow
-52
-26
18
179
949
-45
1,061
-8
969
438
853
2,340
CFO/OP
48
69
83
69
148
48
134
67
98
75
82
117
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
84
95
80
70
61
59
60
39
32
41
42
48
Inventory Days
95
94
134
—
128
116
113
86
104
105
86
99
Days Payable
101
101
120
—
97
82
77
48
72
82
64
108
Cash Conversion Cycle
78
88
94
70
91
94
96
77
65
65
64
39
Working Capital Days
86
94
96
57
45
71
67
67
58
59
54
30
ROCE %
17%
17%
16%
22%
28%
29%
23%
21%
27%
31%
30%
33%

Shareholding Pattern

As of Jun 2026
Promoters 61.46%
FIIs 19.00%
Public 10.57%
DIIs 7.62%
Others 1.36%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
68.42%
68.40%
68.36%
68.15%
68.08%
67.99%
67.97%
66.61%
66.20%
65.99%
65.91%
65.79%
65.24%
65.02%
63.06%
63.05%
63.04%
63.01%
61.52%
61.50%
61.50%
61.46%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.00%
0.00%
0.00%
0.00%
11.95%
13.63%
13.48%
12.76%
11.11%
11.44%
13.97%
14.82%
18.21%
19.00%
DIIs
6.64%
7.81%
7.95%
7.85%
8.31%
8.11%
8.83%
10.11%
9.34%
9.74%
6.73%
6.37%
7.23%
6.93%
9.36%
10.67%
10.95%
11.60%
11.68%
11.13%
7.96%
7.62%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
11.48%
12.70%
13.29%
13.99%
13.96%
14.12%
13.36%
13.25%
12.78%
12.76%
11.99%
11.80%
13.60%
12.60%
12.34%
11.88%
12.88%
12.13%
11.18%
11.00%
11.00%
10.57%
Others
13.45%
11.09%
10.41%
10.01%
9.64%
9.77%
9.84%
10.02%
11.68%
11.50%
15.38%
16.04%
1.98%
1.83%
1.76%
1.65%
2.01%
1.81%
1.65%
1.55%
1.34%
1.36%
No. of Shareholders
0
1,36,308
1,73,743
2,60,273
3,03,912
3,23,697
3,29,474
3,26,774
3,24,531
3,09,229
3,17,468
3,37,380
4,23,787
3,85,285
3,84,949
3,74,787
4,27,928
3,98,064
3,70,871
3,62,580
3,62,997
3,56,777

Documents

1
Concall - May 2019 May 2019
2
Concall - May 2019 May 2019
3
Concall - May 2019 May 2019
4
Concall - May 2019 May 2019
5
Concall - Jun 2019 Jun 2019

Frequently Asked Questions about Polycab India Ltd

What does Polycab India Ltd do?
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, Switch...
Where is Polycab India Ltd (POLYCAB) listed?
Polycab India Ltd is listed on the Indian stock exchanges. It is listed on NSE: POLYCAB and BSE: 542652. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Polycab India Ltd belong to?
Polycab India Ltd operates in the Industrial Products sector within the Cables - Electricals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Polycab India Ltd?
Polycab India Ltd has a market capitalisation of approximately ₹139375.08 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Polycab India Ltd?
The Price-to-Earnings (PE) ratio of Polycab India Ltd is 48.04. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Polycab India Ltd?
Over the past 52 weeks, Polycab India Ltd has traded between a low of ₹6,663 and a high of ₹10,126. This range helps investors understand the stock's price volatility and recent trading levels.
Does Polycab India Ltd pay dividends?
Yes, Polycab India Ltd has a dividend yield of 0.50%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Polycab India Ltd?
Polycab India Ltd has a Return on Equity (ROE) of 22.33%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Polycab India Ltd on Tapetide?
On Tapetide, you can view Polycab India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

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.

Website polycab.com
CEO Mr. Inder Thakurdas Jaisinghani
Listed 2019-04-16
Face Value ₹ 10
Issued Size 15,05,38,473

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