Polycab India Ltd

Polycab India Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Polycab India Ltd

₹ 6,055 0.69%
21 May - close price
polycab.com BSE: 542652 NSE: POLYCAB
About

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.

Key Points

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]

Website BSE NSE
  • Market Cap ₹ 91,045 Cr.
  • Current Price ₹ 6,055
  • High / Low ₹ 7,607 / 4,555
  • Stock P/E 45.5
  • Book Value ₹ 649
  • Dividend Yield 0.50 %
  • ROCE 31.0 %
  • ROE 22.4 %
  • Face Value ₹ 10.0
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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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
3,927 2,699 3,261 3,665 4,288 3,849 4,256 4,513 5,433 4,601 5,366 5,105 6,841
3,460 2,397 2,847 3,170 3,687 3,305 3,625 3,892 4,796 4,042 4,761 4,406 5,839
Operating Profit 466 302 414 495 601 545 631 621 637 559 605 699 1,002
OPM % 12% 11% 13% 14% 14% 14% 15% 14% 12% 12% 11% 14% 15%
17 44 -2 40 54 64 36 71 52 60 78 25 57
Interest 12 8 13 8 27 24 24 30 23 39 42 48 29
Depreciation 49 49 51 51 53 56 58 60 63 65 69 76 77
Profit before tax 423 289 348 476 575 529 584 602 603 515 571 601 952
Tax % 24% 24% 25% 25% 25% 24% 23% 24% 24% 25% 25% 25% 23%
320 218 261 358 432 402 450 459 458 388 431 453 731
EPS in Rs 21.43 14.60 17.41 23.89 28.86 26.86 29.98 30.58 30.49 25.78 28.64 30.11 48.57
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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: 57%
3 Years: 33%
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%

Shareholding Pattern

Numbers in percentages

Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
67.99% 67.97% 66.61% 66.21% 65.99% 65.91% 65.78% 65.24% 65.02% 63.06% 63.05% 63.04%
5.71% 6.44% 8.12% 9.78% 9.66% 12.41% 13.41% 11.96% 13.63% 13.49% 12.76% 11.11%
9.03% 10.35% 10.10% 9.34% 9.75% 8.08% 7.61% 7.23% 6.93% 9.35% 10.66% 10.95%
17.27% 15.24% 15.16% 14.67% 14.61% 13.58% 13.18% 15.58% 14.42% 14.11% 13.52% 14.90%
No. of Shareholders 3,29,4743,26,7743,24,5313,14,1073,09,2293,17,4683,37,3804,23,7873,85,2853,84,9493,74,7874,27,928

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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