Polycab India Ltd

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

Polycab India Ltd

₹ 9,024 1.34%
27 Jul 10:36 a.m.
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] [2]
a) Wires & Cables (87% in FY26 vs 84% in FY25): [3] [4]
The company is India’s leading manufacturer of wires and cables, including flexible wires, building wires, optical fiber cables, rubber cables, control cables, and special-purpose cables, etc. It offers over 9,650 SKUs across retail and industrial applications and commands a 30-31% share of the organized domestic market.

Website BSE NSE
  • Market Cap ₹ 1,35,953 Cr.
  • Current Price ₹ 9,024
  • High / Low ₹ 10,129 / 6,620
  • Stock P/E 47.5
  • Book Value ₹ 798
  • Dividend Yield 0.52 %
  • ROCE 33.2 %
  • ROE 23.0 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 23.7% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 25.9%
  • Company's median sales growth is 20.5% of last 10 years
  • Company's working capital requirements have reduced from 47.5 days to 30.4 days

Cons

  • Stock is trading at 11.2 times its book value
  • Promoter holding has decreased over last 3 years: -4.53%

* 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

Industrials Capital Goods Industrial Products Cables - Electricals

Part of BSE 500 BSE Capital Goods BSE 200 BSE Dollex 200 Nifty 500

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
3,889 4,218 4,340 5,592 4,698 5,498 5,226 6,986 5,906 6,477 7,636 8,864 8,210
3,341 3,609 3,771 4,830 4,115 4,867 4,506 5,960 5,048 5,456 6,670 7,703 7,074
Operating Profit 549 609 570 762 583 632 720 1,025 858 1,021 966 1,161 1,136
OPM % 14% 14% 13% 14% 12% 11% 14% 15% 15% 16% 13% 13% 14%
64 35 71 54 58 76 25 48 80 45 50 60 105
Interest 25 27 32 24 41 45 50 33 51 48 69 75 80
Depreciation 57 60 62 66 67 72 79 80 86 97 106 98 103
Profit before tax 530 557 546 725 533 590 617 961 801 921 842 1,049 1,058
Tax % 24% 23% 24% 24% 25% 25% 25% 24% 25% 25% 25% 25% 25%
403 430 417 553 402 445 464 734 600 693 630 786 797
EPS in Rs 26.67 28.37 27.49 36.34 26.34 29.24 30.42 48.31 39.34 45.54 41.30 51.33 52.07
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
4,707 5,202 5,500 6,770 7,986 8,830 8,792 12,204 14,108 18,039 22,408 28,884 31,188
4,266 4,710 5,020 6,041 7,035 7,701 7,681 10,940 12,265 15,548 19,445 24,870 26,903
Operating Profit 442 492 480 729 950 1,129 1,111 1,264 1,843 2,492 2,964 4,013 4,284
OPM % 9% 9% 9% 11% 12% 13% 13% 10% 13% 14% 13% 14% 14%
5 32 75 65 64 91 164 161 133 221 204 229 261
Interest 108 147 66 94 117 50 43 35 60 108 169 243 272
Depreciation 98 111 128 133 141 161 176 202 209 245 298 386 403
Profit before tax 241 265 361 567 756 1,010 1,056 1,188 1,707 2,359 2,701 3,613 3,871
Tax % 32% 30% 36% 37% 34% 24% 16% 23% 25% 24% 24% 25%
164 185 233 359 500 766 886 917 1,282 1,803 2,046 2,708 2,905
EPS in Rs 11.64 13.09 16.48 25.35 35.39 50.97 59.15 60.80 84.80 118.75 134.28 177.48 190.24
Dividend Payout % 9% 13% 6% 0% 8% 14% 17% 23% 24% 25% 26% 26%
Compounded Sales Growth
10 Years: 19%
5 Years: 27%
3 Years: 27%
TTM: 32%
Compounded Profit Growth
10 Years: 30%
5 Years: 24%
3 Years: 28%
TTM: 29%
Stock Price CAGR
10 Years: %
5 Years: 38%
3 Years: 23%
1 Year: 32%
Return on Equity
10 Years: 21%
5 Years: 21%
3 Years: 23%
Last Year: 23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 141 141 141 141 141 149 149 149 150 150 150 151
Reserves 1,489 1,642 1,853 2,206 2,706 3,688 4,605 5,394 6,481 8,037 9,675 11,858
546 796 856 800 272 157 282 118 191 161 202 236
1,138 1,296 1,729 1,300 2,509 1,967 1,978 1,750 2,602 3,718 3,721 8,220
Total Liabilities 3,314 3,875 4,579 4,448 5,628 5,961 7,015 7,412 9,424 12,066 13,749 20,465
822 985 1,128 1,197 1,276 1,422 1,870 1,675 2,067 2,338 3,011 3,740
CWIP 179 138 165 136 193 241 99 375 251 578 708 1,139
Investments 0 0 33 32 29 65 635 773 1,350 1,822 1,749 3,405
2,312 2,752 3,253 3,083 4,130 4,232 4,411 4,588 5,756 7,328 8,280 12,180
Total Assets 3,314 3,875 4,579 4,448 5,628 5,961 7,015 7,412 9,424 12,066 13,749 20,465

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
150 221 296 362 1,230 244 1,252 512 1,428 1,296 1,809 3,811
-173 -247 -295 -188 -408 -262 -1,012 -427 -1,203 -752 -1,239 -2,850
15 45 -10 -190 -651 11 -175 -201 -227 -387 -628 -799
Net Cash Flow -8 20 -8 -15 171 -7 66 -116 -2 157 -59 162
Free Cash Flow -52 -26 18 179 949 -45 1,061 -8 969 438 853 2,340
CFO/OP 48% 69% 83% 69% 148% 48% 134% 67% 98% 75% 82% 117%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 84 95 80 70 61 59 60 39 32 41 42 48
Inventory Days 95 94 134 128 116 113 86 104 105 86 99
Days Payable 101 101 120 97 82 77 48 72 82 64 108
Cash Conversion Cycle 78 88 94 70 91 94 96 77 65 65 64 39
Working Capital Days 86 94 96 57 45 71 67 67 58 59 54 30
ROCE % 17% 17% 16% 22% 28% 29% 23% 21% 27% 31% 30% 33%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
FMEG Segment Revenue
INR Mn

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Exports Revenue (International Business)
INR Mn
International Footprint (Number of Countries)
count
Market Share in Domestic Organized Wires & Cables
%

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
65.91% 65.78% 65.24% 65.02% 63.06% 63.05% 63.04% 63.01% 61.53% 61.50% 61.50% 61.46%
12.41% 13.41% 11.96% 13.63% 13.49% 12.76% 11.11% 11.45% 13.96% 14.82% 18.21% 19.00%
8.08% 7.61% 7.23% 6.93% 9.35% 10.66% 10.95% 11.61% 11.70% 11.13% 7.95% 7.62%
13.58% 13.18% 15.58% 14.42% 14.11% 13.52% 14.90% 13.94% 12.83% 12.54% 12.33% 11.92%
No. of Shareholders 3,17,4683,37,3804,23,7873,85,2853,84,9493,74,7874,27,9283,98,0643,70,8713,62,5803,62,9973,56,777

* 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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Documents

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Credit ratings

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