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 ₹ 42,780 Cr.
- Current Price ₹ 2,859
- High / Low ₹ 3,143 / 2,044
- Stock P/E 36.9
- Book Value ₹ 388
- Dividend Yield 0.49 %
- ROCE 21.3 %
- ROE 16.1 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 18.0%
- Debtor days have improved from 52.8 to 39.0 days.
Cons
- Stock is trading at 7.38 times its book value
- Promoter holding has decreased over last quarter: -1.36%
* 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
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 | TTM | |
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3,833 | 4,697 | 5,203 | 5,500 | 6,759 | 7,940 | 8,807 | 8,736 | 12,098 | 13,551 | |
3,554 | 4,263 | 4,709 | 5,023 | 6,035 | 6,992 | 7,689 | 7,645 | 10,857 | 11,874 | |
Operating Profit | 279 | 434 | 494 | 477 | 724 | 948 | 1,118 | 1,091 | 1,241 | 1,677 |
OPM % | 7% | 9% | 9% | 9% | 11% | 12% | 13% | 12% | 10% | 12% |
8 | 5 | 32 | 75 | 67 | 64 | 92 | 120 | 214 | 99 | |
Interest | 90 | 108 | 147 | 65 | 92 | 116 | 48 | 41 | 33 | 42 |
Depreciation | 63 | 97 | 111 | 127 | 132 | 140 | 159 | 174 | 197 | 199 |
Profit before tax | 133 | 234 | 267 | 360 | 567 | 757 | 1,003 | 995 | 1,225 | 1,536 |
Tax % | 36% | 33% | 30% | 35% | 37% | 34% | 24% | 16% | 24% | |
Net Profit | 85 | 157 | 186 | 232 | 358 | 501 | 761 | 831 | 931 | 1,159 |
EPS in Rs | 12.10 | 11.13 | 13.21 | 16.45 | 25.38 | 35.51 | 51.10 | 55.75 | 62.32 | 77.48 |
Dividend Payout % | 8% | 9% | 13% | 6% | 4% | 8% | 14% | 18% | 22% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 17% |
3 Years: | 15% |
TTM: | 22% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | 29% |
3 Years: | 18% |
TTM: | 49% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 57% |
1 Year: | 22% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 19% |
3 Years: | 19% |
Last Year: | 16% |
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 | Sep 2022 | |
---|---|---|---|---|---|---|---|---|---|---|
71 | 141 | 141 | 141 | 141 | 141 | 149 | 149 | 149 | 150 | |
Reserves | 1,294 | 1,484 | 1,638 | 1,853 | 2,207 | 2,708 | 3,691 | 4,558 | 5,371 | 5,654 |
445 | 545 | 794 | 844 | 789 | 258 | 146 | 125 | 111 | 99 | |
762 | 1,154 | 1,305 | 1,722 | 1,287 | 2,488 | 1,942 | 1,894 | 1,676 | 2,030 | |
Total Liabilities | 2,572 | 3,325 | 3,878 | 4,561 | 4,424 | 5,595 | 5,928 | 6,727 | 7,307 | 7,933 |
693 | 822 | 984 | 1,113 | 1,180 | 1,255 | 1,395 | 1,581 | 1,619 | 1,607 | |
CWIP | 113 | 179 | 132 | 165 | 135 | 186 | 241 | 98 | 374 | 452 |
Investments | 13 | 2 | 4 | 37 | 39 | 43 | 86 | 697 | 813 | 1,329 |
1,753 | 2,322 | 2,758 | 3,246 | 3,070 | 4,112 | 4,206 | 4,351 | 4,500 | 4,545 | |
Total Assets | 2,572 | 3,325 | 3,878 | 4,561 | 4,424 | 5,595 | 5,928 | 6,727 | 7,307 | 7,933 |
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 | |
---|---|---|---|---|---|---|---|---|---|
207 | 221 | 283 | 352 | 1,224 | 234 | 1,175 | 461 | ||
-176 | -251 | -269 | -178 | -396 | -257 | -1,038 | -360 | ||
-37 | 41 | -19 | -189 | -657 | 16 | -110 | -185 | ||
Net Cash Flow | -6 | 10 | -5 | -15 | 171 | -8 | 27 | -84 |
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 | |
---|---|---|---|---|---|---|---|---|---|
Debtor Days | 79 | 84 | 95 | 80 | 70 | 62 | 60 | 60 | 39 |
Inventory Days | 70 | 95 | 94 | 134 | 97 | 127 | 115 | 111 | 84 |
Days Payable | 75 | 103 | 102 | 119 | 66 | 97 | 81 | 75 | 46 |
Cash Conversion Cycle | 74 | 76 | 86 | 94 | 101 | 92 | 93 | 97 | 77 |
Working Capital Days | 82 | 90 | 96 | 95 | 88 | 50 | 76 | 75 | 70 |
ROCE % | 17% | 18% | 16% | 22% | 28% | 29% | 23% | 21% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
1d - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 ('SEBI (LODR) Regulations, 2015') - Intimation of meeting with Institutional Investor / Analyst.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
2d - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 ('SEBI (LODR) Regulations, 2015') - Intimation of meeting with Institutional Investor / Analyst.
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
24 Mar - Allotment of 7,763 Equity Shares pursuant to Employee Stock Option Scheme of the Company passed vide Financial Operation Committee meeting held on 24th March 2023
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
24 Mar - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 ('SEBI (LODR) Regulations, 2015') - Intimation of meeting with Institutional Investor / Analyst.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
23 Mar - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 ('SEBI (LODR) Regulations, 2015') - Intimation of meeting with Institutional Investor / Analyst.
Annual reports
Concalls
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Jan 2023Transcript PPT
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Oct 2022Transcript PPT
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Leadership [1]
Polycab has 25 manufacturing facilities at seven locations. 4 of the 25 facilities manufacture FMEG products. Comprehensive backward integration remains a key priority for the company.
Polycab is a manufacturer of wires and cables in India with a market share of over 24%.
It has a network of 3500+ dealers and distributors and a reach over 125,000 retail outlets.