Polycab India Ltd
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.
- Market Cap ₹ 90,008 Cr.
- Current Price ₹ 5,983
- High / Low ₹ 7,607 / 4,555
- Stock P/E 44.9
- Book Value ₹ 649
- Dividend Yield 0.50 %
- ROCE 31.0 %
- ROE 22.4 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 21.8% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 25.1%
Cons
- Stock is trading at 9.33 times its book value
- Promoter holding has decreased over last 3 years: -5.10%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Cables Industry: Cables - Power
Part of BSE 500 BSE 200 Nifty 500 Nifty Midcap 100 Nifty Midcap 50
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
3,833 | 4,697 | 5,203 | 5,500 | 6,759 | 7,940 | 8,807 | 8,736 | 12,098 | 13,914 | 18,051 | 21,914 | |
3,554 | 4,263 | 4,709 | 5,023 | 6,035 | 6,992 | 7,689 | 7,645 | 10,857 | 12,103 | 15,614 | 19,049 | |
Operating Profit | 279 | 434 | 494 | 477 | 724 | 948 | 1,118 | 1,091 | 1,241 | 1,811 | 2,436 | 2,865 |
OPM % | 7% | 9% | 9% | 9% | 11% | 12% | 13% | 12% | 10% | 13% | 14% | 13% |
8 | 5 | 32 | 75 | 67 | 64 | 92 | 120 | 214 | 136 | 220 | 219 | |
Interest | 90 | 108 | 147 | 65 | 92 | 116 | 48 | 41 | 33 | 56 | 100 | 159 |
Depreciation | 63 | 97 | 111 | 127 | 132 | 140 | 159 | 174 | 197 | 206 | 237 | 287 |
Profit before tax | 133 | 234 | 267 | 360 | 567 | 757 | 1,003 | 995 | 1,225 | 1,685 | 2,319 | 2,639 |
Tax % | 36% | 33% | 30% | 35% | 37% | 34% | 24% | 16% | 24% | 25% | 24% | 24% |
85 | 157 | 186 | 232 | 358 | 501 | 761 | 831 | 931 | 1,269 | 1,770 | 2,002 | |
EPS in Rs | 12.10 | 11.13 | 13.21 | 16.45 | 25.38 | 35.51 | 51.10 | 55.75 | 62.32 | 84.73 | 117.79 | 133.09 |
Dividend Payout % | 8% | 9% | 13% | 6% | 4% | 8% | 14% | 18% | 22% | 24% | 25% | 26% |
Compounded Sales Growth | |
---|---|
10 Years: | 17% |
5 Years: | 20% |
3 Years: | 22% |
TTM: | 21% |
Compounded Profit Growth | |
---|---|
10 Years: | 29% |
5 Years: | 22% |
3 Years: | 35% |
TTM: | 18% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 55% |
3 Years: | 36% |
1 Year: | -10% |
Return on Equity | |
---|---|
10 Years: | 20% |
5 Years: | 21% |
3 Years: | 22% |
Last Year: | 22% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 71 | 141 | 141 | 141 | 141 | 141 | 149 | 149 | 149 | 150 | 150 | 150 |
Reserves | 1,294 | 1,484 | 1,638 | 1,853 | 2,207 | 2,708 | 3,691 | 4,558 | 5,371 | 6,456 | 7,994 | 9,612 |
445 | 545 | 794 | 844 | 789 | 258 | 146 | 125 | 111 | 36 | 51 | 76 | |
762 | 1,154 | 1,305 | 1,722 | 1,287 | 2,488 | 1,942 | 1,894 | 1,676 | 2,585 | 3,562 | 3,554 | |
Total Liabilities | 2,572 | 3,325 | 3,878 | 4,561 | 4,424 | 5,595 | 5,928 | 6,727 | 7,307 | 9,227 | 11,758 | 13,393 |
693 | 822 | 984 | 1,113 | 1,180 | 1,255 | 1,395 | 1,581 | 1,619 | 2,026 | 2,275 | 2,893 | |
CWIP | 113 | 179 | 132 | 165 | 135 | 186 | 241 | 98 | 374 | 249 | 537 | 701 |
Investments | 13 | 2 | 4 | 37 | 39 | 43 | 86 | 697 | 813 | 1,382 | 1,824 | 1,757 |
1,753 | 2,322 | 2,758 | 3,246 | 3,070 | 4,112 | 4,206 | 4,351 | 4,500 | 5,569 | 7,121 | 8,042 | |
Total Assets | 2,572 | 3,325 | 3,878 | 4,561 | 4,424 | 5,595 | 5,928 | 6,727 | 7,307 | 9,227 | 11,758 | 13,393 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
207 | 221 | 283 | 352 | 1,224 | 234 | 1,175 | 461 | 1,452 | 1,292 | 1,810 | ||
-176 | -251 | -269 | -178 | -396 | -257 | -1,038 | -360 | -1,188 | -762 | -1,210 | ||
-37 | 41 | -19 | -189 | -657 | 16 | -110 | -185 | -256 | -396 | -664 | ||
Net Cash Flow | -6 | 10 | -5 | -15 | 171 | -8 | 27 | -84 | 8 | 133 | -65 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 79 | 84 | 95 | 80 | 70 | 62 | 60 | 60 | 39 | 32 | 46 | 46 |
Inventory Days | 70 | 95 | 94 | 134 | 97 | 127 | 115 | 111 | 84 | 102 | 92 | 78 |
Days Payable | 75 | 103 | 102 | 119 | 66 | 97 | 81 | 75 | 46 | 71 | 79 | 41 |
Cash Conversion Cycle | 74 | 76 | 86 | 94 | 101 | 92 | 93 | 97 | 77 | 63 | 59 | 83 |
Working Capital Days | 82 | 90 | 96 | 95 | 88 | 50 | 76 | 75 | 70 | 59 | 61 | 84 |
ROCE % | 17% | 18% | 16% | 22% | 28% | 29% | 23% | 21% | 27% | 31% | 31% |
Documents
Announcements
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Compliances-Reg.24(A)-Annual Secretarial Compliance
15h - Submission of Annual Secretarial Compliance Report for FY ended 31 March 2025
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
22 May - Disclosure of allotment of Equity Shares pursuant to Employee Stock Option Scheme 2018 of Polycab India Limited
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Announcement Under Regulation 30 (LODR) - Analyst(S) / Investor(S) Meet - Intimation
14 May - Polycab announces schedule of investor and analyst meetings from May 19 to June 20, 2025.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
14 May - Polycab Q4 FY25: Revenue ₹220B, PAT ₹20B+, FMEG profitable, ₹30B EPC order, Project Spring capex plan.
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Submission Of Audio Recording Of Earnings Conference Call
7 May - Polycab uploaded Q4 FY2025 earnings call audio recording on company website.
Annual reports
Concalls
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May 2025TranscriptPPTREC
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May 2025TranscriptNotesPPT REC
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Business Segments
1) Wires & Cables (W&C) (84% in FY25 vs 89% in FY23): [1] [2] [3]
The company is India's largest manufacturer of wires and cables. Its product portfolio includes flexible wires, building wires, optical-fiber cables, rubber cables, control cables, special purpose cables, etc. [4]
The company is India’s largest manufacturer of wires and cables, offering 10,600+ SKUs for retail and industrial use, and holds a 26-27% share in the organized domestic market.[4][3] Its product portfolio includes flexible wires, building wires, optical fiber cables, rubber cables, control cables, special purpose cables, etc. The segment revenue grew by 18% YoY in FY25, driven by momentum across both distribution and institutional channels.[5]
[6]