Polycab India Limited (POLYCAB)
Mid CapIndustrials stocks · Mid cap · NSE
Polycab India Limited is a leading Indian manufacturer of Wires & Cables (W&C), Fast Moving Electrical Goods (FMEG), and provides Engineering, Procurement, and Construction (EPC) services. The company reported robust Q1 FY27 performance across segments, driven by strong domestic demand and operational efficiencies.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 52/100margin compression · Rev +39% YoY · PAT +33% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8,210 Cr | +39.0% | -7.4% |
| EBITDA | ₹1,136 Cr | +32.4% | -2.2% |
| Operating margin | 14.0% | -100 bps | +100 bps |
| PAT | ₹797 Cr | +32.8% | +1.4% |
| PAT margin | 9.7% | -45 bps | +84 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Polycab India reported robust Q1 FY27 consolidated revenue growth of 39% YoY to ₹82,097 Mn, with EBITDA up 32% YoY to ₹11,362 Mn and PAT up 33% YoY to ₹7,967 Mn. FMEG delivered exceptional 71% YoY growth, while W&C grew 39% YoY. EPC revenue declined 11% YoY.
The company demonstrated strong top-line growth and profitability in Q1 FY27, particularly in its core W&C and high-growth FMEG segments. Improved margins across segments, despite some sequential moderation, indicate operational efficiency. The international business degrowth and EPC revenue decline warrant monitoring, but overall domestic momentum remains strong.
Revenue by Segment (Q1 FY27)
Latest issuer-disclosed distribution across 3 reported categories.
Domestic Wires & Cables Demand
The domestic W&C business continued its strong performance, recording 39% YoY growth driven by resilient demand and improved execution.
FMEG Business Expansion
FMEG business reported 71% YoY growth, attaining its highest-ever quarterly revenue, with robust momentum across all product categories.
Solar Products
Solar products continued to be the standout performer within FMEG, registering over 2x YoY growth and retaining its position as the largest growth driver.
Resilient Domestic Demand
Resilient domestic demand supported sustained expansion in the W&C business.
Improved Operational Efficiency
EBITDA grew by 32% YoY, supported by improved operational efficiency and a favourable business mix.
Operating Leverage & Premium Mix
FMEG segment profitability continued to improve, supported by operating leverage and a growing premium product mix.
International Business Degrowth
The international W&C business recorded a 13% YoY degrowth during the quarter.
EPC Project Execution Cycle
EPC revenue declined by 11% YoY, primarily in line with the timing of the project execution cycle.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is primary for assessing overall growth and long-term trends, especially in a seasonal business. QoQ is relevant for evaluating sequential momentum, operational efficiency, and the impact of project execution cycles or commodity price movements.
Consolidated Revenue
Q1 FY27 Revenue from Operations was ₹82,097 Mn, up 39% YoY and down 7% QoQ.
Consolidated EBITDA
Q1 FY27 EBITDA was ₹11,362 Mn, up 32% YoY and down 2% QoQ. EBITDA margin stood at 13.8%.
Consolidated PAT
Q1 FY27 PAT was ₹7,967 Mn, up 33% YoY and up 1% QoQ. PAT margin stood at 9.7%.
W&C Revenue
Domestic W&C business recorded 39% YoY growth. Total W&C revenue was ₹71,553 Mn, up 39% YoY and down 7% QoQ. EBIT margin was 13.3%.
FMEG Margin Target
The FMEG business remains well on track to achieve its Project Spring target of reaching EBITDA margins of 8–10% by FY30.
EPC Sustainable Operating Margin
Annual sustainable operating margin for EPC is expected to be in high single digit over mid-to-long term.
International Business Outlook
Diversified global footprint and a healthy order book underscore strong forward momentum for the international business despite current degrowth.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FMEG EBIT Margin | 8.0% in Q1 FY27 | Progress towards the 8-10% EBITDA margin target by FY30, indicating sustained operating leverage and premium mix benefits. |
| International W&C Business Growth | 13% YoY degrowth in Q1 FY27 | Reversal of degrowth and conversion of healthy order book into revenue, indicating global footprint effectiveness. |
| EPC Revenue Execution | 11% YoY decline in Q1 FY27 | Improvement in revenue execution in line with the healthy order book, ensuring stable contribution and margin. |
| Net Working Capital Days | 15 days (closing) in Q1 FY27 | Maintenance of efficient working capital management, particularly receivable and inventory days, to support growth without undue strain. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
40NeutralMACD −
Technical chart
POLYCABdaily · 1Y · AUTO-3.1%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 31.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 31 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 18% off 52W high · 25% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 4.0% of the 30-week proxy.
- The 30-week proxy changed +3.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 18/20 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -10.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 100th percentile of the scored universe and 100th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 61.5%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Industrials: 100th pctile, median 68 · Mid: 99th pctile, median 76
150 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 61.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.8%.
- ▸9 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 43.70
- P/B
- 10.40
- EV/EBITDA
- 26.74
- Market Cap
- 125074.00Cr
Profitability
- ROE
- 23.00%
- ROCE
- 33.20%
- ROA
- 14.19%
- Dividend Y
- 0.57%
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 27.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 15.75×
- Altman Z
- 9.24
- Book Value
- 798.00
Cash Flow
- FCF Yield
- 0.77%
- FCF Positive Y
- 9/5
- OCF
- 3811.00 Cr
- EPS TTM
- 190.24
Shareholding
- Promoter Hold
- 61.46%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 47%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.