Announcement
Announcement Under Regulation 30 (LODR)-Allotment Of ESOP / ESPS 6 Oct - Disclosure of allotment of Equity shares pursuant to Employee Stock Options Scheme, 2018 of Polycab India Limited
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals18 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result15 Oct, 12:58 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
41NeutralSMA20 -4.9% / mo · MACD +
Stock trend: 35
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
POLYCABD candles · FIT view-0.1%Latest close ₹8025.00 on 2026-10-19
Bar
-2.6%
RSI
39
MACD hist
19.39
52W pos
39%
2026-10-19O ₹8238.00H ₹8238.00L ₹7990.00C ₹8025.00Vol 2.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
POLYCABNifty India ManufacturingNifty 500
- POLYCAB
- -9.7%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -4.1 pp
Chart stats
19 Oct 2026- From 52W high
- -20.7%
- 52W range position
- 39%
- ATR (14)
- 3.0%
- Volume vs 20D
- 0.57x
- Avg traded value
- ₹419 Cr
- 20D price channel
- ₹7,842 - ₹8,469
₹10,126
₹6,663 - ₹10,126
₹244.7
Latest completed session
20-session average
21.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE56
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good72
Revenue +52.8% · PAT +42.9% YoY
Technical
Neutral41
Price trend and sector-relative-strength timing.
Valuation
Legacy model+2.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence88
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Good · 72/100Rev +53% YoY · PAT +43% YoY · +21% QoQ · margin compression
Filed 15 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹9,898.9 Cr | +52.8% | +20.6% |
| EBITDA | ₹1,422.5 Cr | +39.3% | +25.2% |
| Operating margin | 14.4% | -163 bps | +53 bps |
| PAT | ₹990 Cr | +42.9% | +24.3% |
| PAT margin | 10.0% | -70 bps | +30 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 39.20
- P/B
- 9.46
- EV/EBITDA
- 24.33
- Market Cap
- 123866.00Cr
Profitability
- ROE
- 23.00%
- ROCE
- 33.20%
- ROA
- 13.46%
- Dividend Y
- 0.56%
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
- 14.78×
- Altman Z
- 9.06
- Book Value
- 869.00
Cash Flow
- FCF Yield
- 0.78%
- FCF Positive Y
- 9/5
- OCF
- 3811.00 Cr
- EPS TTM
- 209.56
Shareholding
- Promoter Hold
- 61.46%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 45%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 9,899+20.6% vs prev
Net Profit
₹ CrLatest: 990+24.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 39.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.1% over last month) — short-term momentum negative.
- RSI(14) at 39 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 21% off 52W high · 20% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
68
RS percentile
Stage 1 Base / Transition
1M return
-4.5%
3M return
-9.7%
6M return
-0.2%
1Y return
+6.9%
RS 1D
0
RS 20D
+4
Sector rank
#5
Industry rank
#1
Stage evidence
- Price is within 7.9% of the 30-week proxy.
- The 30-week proxy changed +0.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 112.93-1.35%
RS vs Nifty 500113
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation2/30
Growth15/25
Quality17/20
Balance Sheet11/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
56
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
56/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 17/20 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
39.2
PB
9.5
EV/EBITDA
24.3
ROE
23.0%
ROCE
33.2%
FCF Yield
0.8%
Debt/Equity
0.0
MoS
+2.6%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
56
Previous: 56
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+2.6%
Previous: +2.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
54
54
54
54
54
54
54
54
55
56
56
56
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹2,024.21
-296.5% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹8,235.71
+2.6% MoS
PEG
1.53
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RRKABEL
Large
R R Kabel Limited
Electrical Equipment
match 76
53
49.2
21.3%
-13%
FAIR VALUE
VMARCIND
SME
V Marc India Ltd.
Electrical Equipment
match 74
56
40.5
41.2%
-12%
FAIR VALUE
FINCABLES
Large
Finolex Cables Limited
Electrical Equipment
match 74
36
26.1
12.3%
-2%
WATCHLIST
DIACABS
Micro
Diamond Power Infrastructure Limited
Electrical Equipment
match 74
34
115.0
—
-140%
WATCHLIST
PRIMECAB
SME
Prime Cable Industries Ltd.
Electrical Equipment
match 74
58
24.8
37.8%
+27%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-17T07:48:43.650Z
Management commentary snapshot
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.
Current business mix
Revenue by Segment (Q1 FY27)
Latest issuer-disclosed distribution across 3 reported categories.
Wires & Cables87.2%
FMEG9.3%
EPC3.8%
Growth engines
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.
Tailwinds
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.
Headwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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%.
Management forward view
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.
Thesis monitor
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.
Trust Score
88Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
174 docs text-extracted · 53 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
100th percentile
overall median 67 · Industrials: 100th pctile, median 68 · Mid: 99th pctile, median 76
Evidence depth
Financial-only
174 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
95
strong · quarterly consistency
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.
Continue researching Polycab India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement Under Regulation 30 (LODR)-Allotment Of ESOP / ESPS 18 Sep - Disclosure of allotment of Equity shares pursuant to Employee Stock Options Scheme, 2018 of Polycab India Limited
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) - Analyst(S) / Investor(S) Meet - Intimation 17 Sep
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) - Analyst(S) / Investor(S) Meet - Intimation 15 Sep
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) - Analyst(S) / Investor(S) Meet - Intimation 3 Sep - Polycab India announced investor/analyst meetings with JM Financial, IIFL Capital, and Ambit Capital on September 8-9, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 1 Sep - Disclosure of allotment of Equity shares pursuant to Employee Stock Options Scheme, 2018 of Polycab India Limited
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) - Analyst(S) / Investor(S) Meet - Intimation 29 Aug
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) - Analyst(S) / Investor(S) Meet - Intimation 7 Aug
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR)-Allotment Of ESOP / ESPS 6 Aug - Disclosure of allotment of Equity shares pursuant to Employee Stock Options Scheme, 2018 of Polycab India Limited
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) - Analyst(S)/ Investor(S) Meet - Intimation 8 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 6 Jul - Disclosure of allotment of Equity shares pursuant to Employee Stock Options Scheme, 2018 of Polycab India Limited
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) 25 Jun - ITAT dismissed Income Tax Department appeals for AYs 2015-16 to 2023-24, with no adverse impact expected.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.