Polycab India Ltd logo

Polycab India Ltd

POLYCAB NSE

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.

AI Verdict: BUY Confidence: 7%

Polycab India delivers exceptional growth with 27% sales CAGR over 5 years and 23% ROE while remaining nearly debt-free. However, at 55.3x PE and 12.48x PB, the stock prices in significant future growth, warranting a high-conviction but valuation-aware BUY.

Key Fundamentals

LargecapCables - ElectricalsIndustrial Products
Market Cap
1.5L Cr
Volatility
Moderate
P/E Ratio
53.69
EBITDA
₹4,242 Cr
Return on Equity
21.87%
Debt to Equity
0.02
Book Value
₹797.07
EPS
₹118.4
52W High
₹10,126
52W Low
₹6,259

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 12.2 times its book value
  • Promoter holding has decreased over last 3 years: -4.70%

Growth Rate

Revenue Growth
28.76% ↗
Net Income Growth
32.41% ↗
Cash Flow Change
110.71% ↗
ROE
8.19% ↘
ROCE
10.23% ↘
EBITDA Margin (Avg.)
4.00% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
BUY
Risk medium

Polycab India delivers exceptional growth with 27% sales CAGR over 5 years and 23% ROE while remaining nearly debt-free. However, at 55.3x PE and 12.48x PB, the stock prices in significant future growth, warranting a high-conviction but valuation-aware BUY.

Bull Case 8
  • Nearly debt-free balance sheet provides significant financial flexibility and resilience during economic downturns
  • Compounded sales growth of 27% CAGR over 5 years demonstrates consistent top-line execution and market share gains
  • Compounded profit growth of 34% on TTM basis outpaces revenue growth, indicating improving operating leverage and margin expansion
  • ROE of 23% in the last year with a consistent 21-22% average over 10 years reflects superior capital allocation and high-quality earnings
  • Working capital days reduced from 47.5 to 30.4 days, signaling improved cash conversion and operational efficiency
  • Overwhelming analyst consensus with 67.74% buy ratings (21 out of 31 analysts) and only 3.23% sell ratings
  • Stock CAGR of 43% over 3 years and 39% over 5 years demonstrates sustained wealth creation and market confidence
  • Healthy dividend payout ratio of 25.9% maintained consistently while still funding high growth organically
Bear Case 7
  • PE ratio of 55.3x is significantly elevated relative to industrial sector averages of 25-35x, leaving limited margin of safety
  • Price-to-book of 12.48x implies the market is pricing in extraordinary future growth that may not fully materialize
  • Promoter holding has decreased by 4.70% over last 3 years, which may signal reduced insider confidence or dilution concerns
  • Dividend yield of only 0.47% offers minimal income support if stock price corrects from elevated valuations
  • TTM sales growth of 29% needs to sustain for multiple years to justify current 55x PE, creating high execution risk
  • At a market cap of Rs 1,48,157 crore, the sheer size may constrain future growth rates as base effect intensifies
  • Industrials sector is cyclical and any slowdown in infrastructure spending or real estate could compress growth below 27% trajectory

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2d ago
Headwinds 1
  • Trading near channel upper end Jun 9

    SBI Securities cautions stock is near upper end of its channel around ₹9,800-₹9,850 zone; healthy profit booking cannot be ruled out from current levels.

Positives 6
  • Q2 FY26 net income surges 56% Jun 9

    Q2 FY26 revenue grew 17.8% YoY to ₹6,477 crore, net income surged 55.85% YoY to ₹685.46 crore, and diluted EPS rose 56% to ₹45.46.

  • Stock up 43% since FY27 start Jun 9

    Polycab has shown positive bias for three straight months, surging over 43% since start of FY2026-27, with RSI above 60 and ADX at 39 signalling strong trend momentum.

  • Analyst targets imply upside Jun 9

    JM Financial targets ₹11,000 and ICICI Securities targets ₹10,500, giving consensus target of ₹10,750 versus current price of ₹9,675.

  • ₹47/share dividend declared Jun 9

    Board recommended ₹47 per share dividend (470% payout on ₹10 face value) for FY26 with record date June 19, 2026; payment after AGM on June 30.

  • Strong FY26 annual financials Jun 8

    FY26 Integrated Annual Report shows revenue of ₹288,838 Mn, PAT of ₹27,084 Mn, net cash of ₹41,940 Mn, and exports of ₹12.3 billion across 94 countries.

  • ESG progress toward 2030 goals Jun 9

    Achieved 18.35% renewable energy mix with 32.8 MW solar/wind capacity and 62.8% waste recycled/recovered, targeting 50% renewable electricity by 2030.

Neutral 3
  • ₹41 crore block trade on NSE Jun 10

    Approximately 43,090 shares traded in a block deal at ₹9,563.50 per share totalling ₹41.21 crore, suggesting institutional participation.

  • Investor meets scheduled in June Jun 2

    Polycab will hold one-on-one and virtual meetings with institutional investors and analysts on June 5 and June 10, 2026.

  • 30th AGM set for June 30 May 30

    Annual General Meeting scheduled for June 30, 2026 via video conferencing to transact ordinary and special business including director re-appointment.

TL;DR: Polycab is firing on all cylinders with 56% net income growth in Q2 FY26, strong technical momentum (up 43% since April), and solid analyst conviction with targets around ₹10,500-₹11,000. The ₹47/share dividend and net cash position of ₹41,940 Mn reflect robust capital allocation. Key risk is near-term profit booking given the stock trades near its 52-week high of ₹9,833. The trend is firmly positive but stretched, and a breakout above ₹9,850 would confirm the next leg higher.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
4,324
3,889
4,218
4,340
5,592
4,698
5,498
5,226
6,986
5,906
6,477
7,636
8,864
Expenses
3,721
3,341
3,609
3,771
4,830
4,115
4,867
4,506
5,960
5,048
5,456
6,670
7,703
Operating Profit
603
549
609
570
762
583
632
720
1,025
858
1,021
966
1,161
OPM %
14%
14%
14%
13%
14%
12%
11%
14%
15%
15%
16%
13%
13%
Other Income
52
64
35
71
54
58
76
25
48
80
45
50
60
Interest
28
25
27
32
24
41
45
50
33
51
48
69
75
Depreciation
53
57
60
62
66
67
72
79
80
86
97
106
98
PBT
573
530
557
546
725
533
590
617
961
801
921
842
1,049
Tax %
25%
24%
23%
24%
24%
25%
25%
25%
24%
25%
25%
25%
25%
Net Profit
429
403
430
417
553
402
445
464
734
600
693
630
786
EPS in Rs
28.38
26.67
28.37
27.49
36.34
26.34
29.24
30.42
48.31
39.34
45.54
41.3
51.33
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
Operating Profit
442
492
480
729
950
1,129
1,111
1,264
1,843
2,492
2,964
4,013
OPM %
9%
9%
9%
11%
12%
13%
13%
10%
13%
14%
13%
14%
Other Income
5
32
75
65
64
91
164
161
133
221
204
229
Interest
108
147
66
94
117
50
43
35
60
108
169
243
Depreciation
98
111
128
133
141
161
176
202
209
245
298
386
PBT
241
265
361
567
756
1,010
1,056
1,188
1,707
2,359
2,701
3,613
Tax %
32%
30%
36%
37%
34%
24%
16%
23%
25%
24%
24%
25%
Net Profit
164
185
233
359
500
766
886
917
1,283
1,803
2,046
2,708
EPS in Rs
11.64
13.09
16.48
25.35
35.39
50.97
59.15
60.8
84.85
119
134
177
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
6,487
8,037
9,678
11,858
Borrowings
546
796
856
800
272
157
282
118
109
161
202
236
Other Liabilities
1,138
1,296
1,729
1,300
2,509
1,967
1,978
1,750
2,678
3,718
3,718
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 Mar 2026
Promoters 61.50%
FIIs 18.21%
Public 11.00%
DIIs 7.96%
Others 1.34%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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%
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%
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%
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%
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%
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%
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

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 Industrials sector within the Industrial Products 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 ₹145401.68 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 53.69. 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 ₹6,259 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 0.48%. 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 21.87%. 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

Explore More

More in Industrials → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List