Polycab India Limited

Polycab India Limited is India’s largest manufacturer of wires and cables, serving residential, commercial, industrial, and infrastructure sectors. Established in 1964 and headquartered in Mumbai, the company has expanded its portfolio to include fast-moving electrical goods (FMEG) such as fans, lighting products, switches, switchgear, solar products, conduits, and pumps. With a strong distribution network across India and a growing international presence, Polycab is recognized for its quality products, operational excellence, and consistent growth in the electrical industry.

Business Segments

Polycab is India’s leading wires and cables company, with growing FMEG and EPC businesses, driven by strong distribution and innovation.

Business Segment Approx. Contribution

• Wires & Cables 87.2%
• FMEG (Fast Moving Electrical Goods)7.1%
• EPC (Engineering, Procurement & Construction) 5.7%

Shareholding Pattern (March 2026)

Financial Summary

Synopsis of Financials

Polycab delivered strong growth in revenue and profitability, supported by robust demand, improving margins, healthy cash flows, and a strong balance sheet, reflecting solid operational performance and long-term growth potential.

• Revenue: 29% YoY to ₹28,884 crore.
• EBITDA : 35% YoY to ₹4,006 crore.
• EBITDA : 13.9% from 13.2%.
• Net Profit (PAT) : 32% YoY to ₹2,708 crore.
• Net cash position strengthened to ₹4,190 crore.

Final Outlook

Polycab India Limited closed FY26 with another year of strong execution, reinforcing its position as India’s leading wires and cables manufacturer while steadily expanding its presence in the fast-growing FMEG segment. The company reported consolidated revenue of ₹28,884 crore and net profit of ₹2,708 crore in FY26, reflecting robust growth of approximately 29% and 32%, respectively. The performance was driven by sustained demand from residential, commercial, industrial, and infrastructure sectors, along with continued market share gains across key product categories.

The Wires & Cables segment remains the company’s primary earnings engine, contributing nearly 88% of total revenue and delivering strong profitability. Rising investments in power transmission, renewable energy, urban infrastructure, data centers, and real estate development are expected to support long-term demand for cables and electrical solutions. Polycab’s extensive distribution network, strong brand equity, and manufacturing scale provide significant competitive advantages, enabling the company to capitalize on these opportunities.

The FMEG business continues to show encouraging progress. Segment revenue increased to ₹2,069 crore in FY26, while profitability turned positive, indicating improved operating leverage and better product acceptance. As the company expands its product portfolio and strengthens channel presence, the FMEG segment is expected to emerge as a meaningful contributor to future earnings growth.

Financially, Polycab remains well positioned with a strong balance sheet, healthy cash generation, and growing shareholder equity. Operating cash flow reached ₹3,811 crore during FY26, providing sufficient resources to fund capacity expansion, technology investments, and distribution enhancement initiatives. The Board’s recommendation of a final dividend of ₹47 per share further reflects management’s confidence in the company’s long-term growth prospects and commitment to shareholder returns.

Looking ahead, management’s focus on premiumization, capacity expansion, export growth, and deeper market penetration is expected to support sustainable earnings growth. Structural drivers such as government infrastructure spending, housing demand, electrification initiatives, renewable energy investments, and increasing formalization of the electrical industry are likely to create a favorable operating environment over the medium to long term.

Considering Polycab’s market leadership, diversified product portfolio, strong execution track record, healthy return profile, and favorable industry outlook, the company remains well positioned to deliver consistent revenue and profit growth. While fluctuations in commodity prices and competitive intensity remain key risks, the overall business outlook remains positive. We maintain a constructive long-term view on the company, supported by strong fundamentals, improving diversification, and sustained growth opportunities across its core and emerging business segments.