Polycab
Polycab
Industrial Products F&OKey Fundamentals
LargecapCables - ElectricalsIndustrial ProductsTapetide Score
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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 10.0 times its book value
- Promoter holding has decreased over last 3 years: -4.45%
Growth Rate
AI Analysis — Bull vs Bear
Polycab India has a market capitalisation of about ₹1,26,466 crore. Over 3 and 5 years it has grown sales at a 27% CAGR and profit at 28% (3Y) and 24% (5Y) CAGR, while keeping ROE around 21-23% and a balance sheet that is almost debt free. The stock trades at 43.6x earnings and 10.56x book value, and promoter holding has fallen by 4.53 percentage points over the last 3 years.
- Growth has sped up. TTM sales growth is 32% and TTM profit growth is 29%, both above the 10-year sales CAGR of 19%, so recent momentum is stronger than the long-term trend.
- Returns on capital have held up. ROE has stayed between 21% and 23% over 3, 5 and 10 years (23% last year), even as the business grew several times over.
- Working capital days have fallen from 47.5 to 30.4, a cut of about 36%. This frees up cash to fund growth without borrowing.
- The company is almost debt free. That limits financial risk and gives it room to fund capacity expansion from internal cash while keeping ROE above 20%.
- Growth has been consistent over the long run, with 10-year median sales growth of 20.5% and 10-year compounded profit growth of 30%.
- The dividend payout ratio of 25.9% shows cash going back to shareholders while about 74% of profit is kept for reinvestment.
- Shareholders have been rewarded over the long term, with a 5-year stock CAGR of 29% that roughly tracks the 24% 5-year profit CAGR.
- The stock's 3-year CAGR of 16% has trailed 3-year profit CAGR of 28%. That suggests the valuation multiple has compressed somewhat over this period instead of expanding.
- The P/B of 10.56x is high for an industrial and cables manufacturer. It builds in continued ROE above 20% and growth well above the industry.
- A P/E of 43.6x means an earnings yield of about 2.3%. That leaves little cushion if the 27-32% growth rate slows toward the 10-year sales CAGR of 19%.
- Promoter holding has fallen by 4.53 percentage points over the last 3 years. Continued stake sales could add supply pressure on the stock.
- TTM profit growth of 29% trails TTM sales growth of 32%, which may point to some margin pressure. This matters in a business exposed to copper and aluminium price swings.
- Recent 27% sales CAGR (3Y and 5Y) is well above the 10-year 19% CAGR. That raises the risk that current growth partly reflects a strong capex and real-estate cycle, which may revert to the mean.
- The dividend yield is low at 0.56%. At current prices, returns depend almost entirely on continued earnings growth and the market keeping the valuation multiple steady.
- Competition is increasing. Large conglomerates have announced entry into wires and cables, including UltraTech's announced ₹1,800 crore investment. This could pressure pricing in a segment where Polycab earns ROE of 23%.
- The 1-year stock CAGR of 15% is roughly half the 29% TTM profit growth. The market may be discounting sustainability concerns, or the valuation may still be digesting the earlier 5-year run of 29% CAGR.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Commodity price volatility persists Sep 4
Prabhudas Lilladher's Sep 3, 2026 report says commodity prices remain volatile, though management still sees strong structural demand for wires and cables. Swings in raw material costs could put pressure on margins.
- Valuation assumes high growth Sep 4
The ₹10,764 target rests on a 40x FY28E P/E multiple. That leaves little room for error if the expected 22.9% PAT CAGR over FY26-28E falls short.
- Buy rating, ₹10,764 target Sep 4
Prabhudas Lilladher kept its buy rating with a SOTP-based target of ₹10,764 (40x FY28E P/E). It expects revenue, EBITDA and PAT to grow at a CAGR of 22.6%, 23.0% and 22.9% over FY26-28E.
- Market share rises to 30-31% Sep 4
Polycab's share of the organized wires and cables market grew from about 18% in FY19 to 30-31% in FY26. The brokerage credits its distribution network, backward integration and scale-led sourcing.
- Supply below demand until FY30 Sep 4
Management expects industry supply to stay below demand at least until FY30, even with new capacity coming online. Real estate is expected to drive wire demand over the next 2-3 years.
- Exports and FMEG broaden growth Sep 4
Exports to the US and Middle East are a key growth opportunity. The FMEG segment is also expanding beyond solar into other categories, while cables make up about 70% of the wires and cables business.
- Analyst meets Sep 22-29 Sep 17
Polycab has scheduled institutional investor and analyst meetings for Sep 22-29, 2026, including conferences in Mumbai and Hong Kong. These are routine engagements, though they may give updates on demand and margin trends.
TL;DR: Polycab is doing well in its core business. Its organized wires and cables market share rose from about 18% in FY19 to 30-31% in FY26, and Prabhudas Lilladher forecasts roughly 23% earnings CAGR through FY28E with a ₹10,764 target. The main risks are commodity price volatility hurting margins and a rich 40x FY28E P/E that depends on that growth being delivered. The trend looks positive, and the Sep 22-29 investor meetings could support it if management confirms its view that supply will stay below demand until FY30.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY14–FY27.
Documents
Frequently Asked Questions about Polycab
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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.
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