Polycab India Ltd

Polycab India Ltd

₹ 7,080 0.46%
14 Jun - 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 1,06,374 Cr.
  • Current Price 7,080
  • High / Low 7,140 / 3,380
  • Stock P/E 59.6
  • Book Value 545
  • Dividend Yield 0.28 %
  • ROCE 32.3 %
  • ROE 24.1 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 29.0% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 24.0%

Cons

  • Stock is trading at 13.0 times its book value
  • Promoter holding has decreased over last quarter: -0.55%

* 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

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
2,943 1,855 3,007 3,372 3,970 2,737 3,332 3,715 4,324 3,889 4,218 4,340 5,592
2,539 1,723 2,714 3,010 3,494 2,427 2,906 3,212 3,721 3,341 3,609 3,771 4,830
Operating Profit 404 132 293 362 476 310 427 503 603 549 609 570 762
OPM % 14% 7% 10% 11% 12% 11% 13% 14% 14% 14% 14% 13% 14%
36 25 30 90 17 44 -2 40 52 64 35 71 54
Interest 13 10 5 8 13 8 14 9 28 25 27 32 24
Depreciation 46 49 51 51 50 51 52 52 53 57 60 62 66
Profit before tax 381 98 267 392 430 295 358 481 573 530 557 546 725
Tax % 26% 23% 25% 19% 24% 24% 24% 25% 25% 24% 23% 24% 24%
283 75 201 316 325 223 271 361 429 403 430 417 553
EPS in Rs 18.87 4.96 13.26 21.05 21.56 14.69 17.91 23.89 28.38 26.67 28.37 27.49 36.34
Raw PDF

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 Mar 2022 Mar 2023 Mar 2024
3,986 4,707 5,202 5,500 6,770 7,986 8,830 8,792 12,204 14,108 18,039
3,687 4,266 4,710 5,020 6,041 7,035 7,701 7,681 10,940 12,265 15,548
Operating Profit 299 442 492 480 729 950 1,129 1,111 1,264 1,843 2,492
OPM % 8% 9% 9% 9% 11% 12% 13% 13% 10% 13% 14%
8 5 32 75 65 64 91 164 161 133 221
Interest 94 108 147 66 94 117 50 43 35 60 108
Depreciation 71 98 111 128 133 141 161 176 202 209 245
Profit before tax 142 241 265 361 567 756 1,010 1,056 1,188 1,707 2,359
Tax % 37% 32% 30% 36% 37% 34% 24% 16% 23% 25% 24%
89 164 185 233 359 500 766 886 917 1,282 1,803
EPS in Rs 12.65 11.64 13.09 16.48 25.35 35.39 50.97 59.15 60.80 84.80 118.75
Dividend Payout % 8% 9% 13% 6% 0% 8% 14% 17% 23% 24% 25%
Compounded Sales Growth
10 Years: 16%
5 Years: 18%
3 Years: 27%
TTM: 28%
Compounded Profit Growth
10 Years: 35%
5 Years: 29%
3 Years: 27%
TTM: 47%
Stock Price CAGR
10 Years: %
5 Years: 65%
3 Years: 54%
1 Year: 98%
Return on Equity
10 Years: 19%
5 Years: 21%
3 Years: 21%
Last Year: 24%

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 Mar 2022 Mar 2023 Mar 2024
Equity Capital 71 141 141 141 141 141 149 149 149 150 150
Reserves 1,412 1,489 1,642 1,853 2,206 2,706 3,688 4,605 5,394 6,481 8,037
458 546 796 856 800 272 157 282 118 191 161
823 1,138 1,296 1,729 1,300 2,509 1,967 1,978 1,750 2,602 3,731
Total Liabilities 2,763 3,314 3,875 4,579 4,448 5,628 5,961 7,015 7,412 9,424 12,079
750 822 985 1,128 1,197 1,276 1,422 1,870 1,675 2,067 2,338
CWIP 116 179 138 165 136 193 241 99 375 251 578
Investments 0 0 0 33 32 29 65 635 773 1,350 1,822
1,897 2,312 2,752 3,253 3,083 4,130 4,232 4,411 4,588 5,756 7,340
Total Assets 2,763 3,314 3,875 4,579 4,448 5,628 5,961 7,015 7,412 9,424 12,079

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 Mar 2022 Mar 2023 Mar 2024
310 150 221 296 362 1,230 244 1,252 512 1,428 1,296
-109 -173 -247 -295 -188 -408 -262 -1,012 -427 -1,203 -752
-196 15 45 -10 -190 -651 11 -175 -201 -227 -387
Net Cash Flow 4 -8 20 -8 -15 171 -7 66 -116 -2 157

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 88 84 95 80 70 61 59 60 39 32 41
Inventory Days 70 95 94 134 128 116 113 86 104 105
Days Payable 77 101 101 120 97 82 77 48 72 29
Cash Conversion Cycle 81 78 88 94 70 91 94 96 77 65 118
Working Capital Days 92 86 94 96 88 50 76 73 69 62 98
ROCE % 17% 17% 16% 22% 28% 29% 24% 21% 27%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
68.40% 68.36% 68.15% 68.08% 67.99% 67.97% 66.61% 66.21% 65.99% 65.91% 65.78% 65.24%
6.51% 6.89% 6.43% 5.75% 5.71% 6.44% 8.12% 9.78% 9.66% 12.41% 13.41% 11.96%
8.80% 8.78% 8.66% 9.18% 9.03% 10.35% 10.10% 9.34% 9.75% 8.08% 7.61% 7.23%
16.29% 15.97% 16.77% 16.98% 17.27% 15.24% 15.16% 14.67% 14.61% 13.58% 13.18% 15.58%
No. of Shareholders 1,73,7432,60,2733,03,9123,23,6973,29,4743,26,7743,24,5313,14,1073,09,2293,17,4683,37,3804,23,787

* 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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