Polycab India Ltd

Polycab India Ltd

₹ 5,065 0.53%
28 Mar - close price
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]
1 Wires and Cables (W&C): company manufactures wires and cables for retail and industrial use, catering to a diverse customer base across a wide range of industries.
2 FMEG: commenced in FY14, is a high-growth segment. It features a growing product
mix across different price points that caters to the complete spectrum of customers .
3 Others: Mainly EPC business.

  • Market Cap 76,095 Cr.
  • Current Price 5,065
  • High / Low 5,733 / 2,841
  • Stock P/E 43.6
  • Book Value 479
  • Dividend Yield 0.39 %
  • ROCE 27.0 %
  • ROE 20.0 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 21.3%
  • Debtor days have improved from 43.6 to 32.0 days.

Cons

  • Stock is trading at 10.6 times its book value

* 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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
2,747 2,902 1,840 2,990 3,341 3,927 2,699 3,261 3,665 4,287 3,849 4,256 4,513
2,399 2,512 1,711 2,701 2,986 3,460 2,397 2,847 3,170 3,687 3,305 3,625 3,892
Operating Profit 348 390 129 289 356 466 302 414 495 600 545 631 621
OPM % 13% 13% 7% 10% 11% 12% 11% 13% 14% 14% 14% 15% 14%
33 23 26 26 146 17 44 -2 40 54 64 36 71
Interest 6 13 9 5 7 12 8 13 8 27 24 24 30
Depreciation 44 45 49 49 50 49 49 51 51 52 56 58 60
Profit before tax 330 355 97 261 444 423 289 348 476 576 529 584 602
Tax % 26% 26% 23% 24% 24% 24% 24% 25% 25% 25% 24% 23% 24%
244 263 75 198 338 320 218 261 358 433 402 450 459
EPS in Rs 16.38 17.63 5.03 13.27 22.63 21.43 14.60 17.41 23.89 28.90 26.86 29.98 30.58
Raw PDF

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 TTM
3,833 4,697 5,203 5,500 6,759 7,940 8,807 8,736 12,098 13,912 16,906
3,554 4,263 4,709 5,023 6,035 6,992 7,689 7,645 10,857 12,101 14,509
Operating Profit 279 434 494 477 724 948 1,118 1,091 1,241 1,811 2,397
OPM % 7% 9% 9% 9% 11% 12% 13% 12% 10% 13% 14%
8 5 32 75 67 64 92 120 214 136 225
Interest 90 108 147 65 92 116 48 41 33 56 104
Depreciation 63 97 111 127 132 140 159 174 197 202 225
Profit before tax 133 234 267 360 567 757 1,003 995 1,225 1,689 2,292
Tax % 36% 33% 30% 35% 37% 34% 24% 16% 24% 25%
85 157 186 232 358 501 761 831 931 1,272 1,744
EPS in Rs 12.10 11.13 13.21 16.45 25.38 35.51 51.10 55.75 62.32 84.91 116.32
Dividend Payout % 8% 9% 13% 6% 4% 8% 14% 18% 22% 24%
Compounded Sales Growth
10 Years: %
5 Years: 16%
3 Years: 16%
TTM: 25%
Compounded Profit Growth
10 Years: %
5 Years: 28%
3 Years: 18%
TTM: 51%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 54%
1 Year: 77%
Return on Equity
10 Years: %
5 Years: 19%
3 Years: 18%
Last Year: 20%

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 Sep 2023
Equity Capital 71 141 141 141 141 141 149 149 149 150 150
Reserves 1,294 1,484 1,638 1,853 2,207 2,708 3,691 4,558 5,371 6,459 7,040
445 545 794 844 789 258 146 125 111 118 124
762 1,154 1,305 1,722 1,287 2,488 1,942 1,894 1,676 2,508 2,329
Total Liabilities 2,572 3,325 3,878 4,561 4,424 5,595 5,928 6,727 7,307 9,235 9,642
693 822 984 1,113 1,180 1,255 1,395 1,581 1,619 2,012 2,046
CWIP 113 179 132 165 135 186 241 98 374 249 355
Investments 13 2 4 37 39 43 86 697 813 1,400 1,310
1,753 2,322 2,758 3,246 3,070 4,112 4,206 4,351 4,500 5,575 5,932
Total Assets 2,572 3,325 3,878 4,561 4,424 5,595 5,928 6,727 7,307 9,235 9,642

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
207 221 283 352 1,224 234 1,175 461 1,447
-176 -251 -269 -178 -396 -257 -1,038 -360 -1,182
-37 41 -19 -189 -657 16 -110 -185 -257
Net Cash Flow -6 10 -5 -15 171 -8 27 -84 8

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
Debtor Days 79 84 95 80 70 62 60 60 39 32
Inventory Days 70 95 94 134 97 127 115 111 84 102
Days Payable 75 103 102 119 66 97 81 75 46 71
Cash Conversion Cycle 74 76 86 94 101 92 93 97 77 63
Working Capital Days 82 90 96 95 88 50 76 75 70 61
ROCE % 17% 18% 16% 22% 28% 29% 23% 21% 27%

Shareholding Pattern

Numbers in percentages

5 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
68.42% 68.40% 68.36% 68.15% 68.08% 67.99% 67.97% 66.61% 66.21% 65.99% 65.91% 65.78%
6.38% 6.51% 6.89% 6.43% 5.75% 5.71% 6.44% 8.12% 9.78% 9.66% 12.41% 13.41%
9.91% 8.80% 8.78% 8.66% 9.18% 9.03% 10.35% 10.10% 9.34% 9.75% 8.08% 7.61%
15.29% 16.29% 15.97% 16.77% 16.98% 17.27% 15.24% 15.16% 14.67% 14.61% 13.58% 13.18%
No. of Shareholders 1,36,3081,73,7432,60,2733,03,9123,23,6973,29,4743,26,7743,24,5313,14,1073,09,2293,17,4683,37,380

* 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.

Click on the line-items to see the names of individual entities.

Documents

Concalls