Polycab India Ltd

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

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 No 1 manufacturer of wires and cables in India with a market share of over 18%.

It has network of 3500+ dealers and distributors and reach to over 125,000 retail outlets.

See full details
  • Market Cap 35,966 Cr.
  • Current Price 2,410
  • High / Low 2,627 / 801
  • Stock P/E 42.9
  • Book Value 319
  • Dividend Yield 0.41 %
  • ROCE 24.3 %
  • ROE 20.1 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 36.09% CAGR over last 5 years

Cons

  • Stock is trading at 7.57 times its book value
  • The company has delivered a poor sales growth of 11.40% over past five years.

Peer comparison

Sector: Cables Industry: Cables - Power

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
1,812 2,025 2,464 1,951 2,242 2,507 2,129 977 2,114 2,799 3,037 1,881
1,598 1,707 2,220 1,728 1,972 2,168 1,835 920 1,801 2,423 2,616 1,743
Operating Profit 213 317 244 224 270 339 295 56 312 376 421 137
OPM % 12% 16% 10% 11% 12% 14% 14% 6% 15% 13% 14% 7%
Other Income -2 26 24 34 12 0 46 43 33 35 28 25
Interest 36 17 26 12 13 9 16 16 11 9 17 12
Depreciation 36 36 34 38 40 41 42 44 46 48 49 52
Profit before tax 139 290 207 207 230 290 283 39 288 354 384 98
Tax % 35% 33% 32% 35% 16% 24% 24% -201% 23% 26% 26% 23%
Net Profit 89 193 140 135 192 219 214 118 221 262 281 74
EPS in Rs 6.32 13.69 9.94 9.05 12.91 14.70 14.37 7.89 14.80 17.61 18.87 4.96

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
3,986 4,707 5,202 5,500 6,770 7,986 8,830 8,927 9,830
3,687 4,266 4,710 5,020 6,041 7,035 7,701 7,760 8,584
Operating Profit 299 442 492 480 729 950 1,129 1,167 1,246
OPM % 8% 9% 9% 9% 11% 12% 13% 13% 13%
Other Income 8 5 32 75 65 64 91 138 121
Interest 94 108 147 66 94 117 50 53 49
Depreciation 71 98 111 128 133 141 161 187 194
Profit before tax 142 241 265 361 567 756 1,010 1,065 1,124
Tax % 37% 32% 30% 36% 37% 34% 24% 17%
Net Profit 89 164 185 233 358 500 759 882 838
EPS in Rs 12.65 11.64 13.09 16.48 25.35 35.39 50.97 59.15 56.24
Dividend Payout % 8% 9% 13% 6% 0% 8% 14% 17%
Compounded Sales Growth
10 Years:%
5 Years:11%
3 Years:10%
TTM:25%
Compounded Profit Growth
10 Years:%
5 Years:36%
3 Years:34%
TTM:13%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:191%
Return on Equity
10 Years:%
5 Years:19%
3 Years:21%
Last Year:20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
71 141 141 141 141 141 149 149
Reserves 1,412 1,489 1,642 1,853 2,206 2,706 3,688 4,605
Borrowings 458 546 796 856 800 272 157 249
823 1,138 1,296 1,729 1,300 2,509 1,967 2,012
Total Liabilities 2,763 3,314 3,875 4,579 4,448 5,628 5,961 7,015
750 822 985 1,128 1,197 1,276 1,422 1,870
CWIP 116 179 138 165 136 193 241 99
Investments 0 0 0 33 32 29 65 635
1,897 2,312 2,752 3,253 3,083 4,130 4,232 4,411
Total Assets 2,763 3,314 3,875 4,579 4,448 5,628 5,961 7,015

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
310 150 221 296 362 1,230 244 1,238
-109 -173 -247 -295 -188 -408 -262 -1,012
-196 15 45 -10 -190 -651 11 -161
Net Cash Flow 4 -8 20 -8 -15 171 -7 66

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 88 84 95 80 70 61 59 59
Inventory Days 70 95 94 134 128 116 112
Days Payable 77 101 101 120 46 33 39
Cash Conversion Cycle 81 78 88 94 70 143 143 131
Working Capital Days 92 86 94 96 92 54 77 72
ROCE % 17% 17% 16% 22% 28% 29% 24%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
68.69 68.69 68.60 68.58 68.55 68.53 68.44 68.42 68.40
3.33 3.75 4.64 4.89 4.51 6.12 6.97 6.38 6.51
14.42 14.27 13.39 13.23 12.92 12.20 10.29 9.91 8.80
13.56 13.29 13.36 13.30 14.02 13.14 14.30 15.29 16.29

Documents