Polycab India Ltd

₹ 2,419 -2.29%
Jan 27 10:50 a.m.
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.

  • Market Cap 36,137 Cr.
  • Current Price 2,419
  • High / Low 2,772 / 1,126
  • Stock P/E 41.7
  • Book Value 327
  • 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.

* 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 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021
2,464 1,951 2,242 2,507 2,129 977 2,114 2,746 3,037 1,881 3,007 3,372
2,220 1,728 1,972 2,168 1,835 920 1,801 2,396 2,616 1,743 2,714 3,010
Operating Profit 244 224 270 339 295 56 312 350 421 137 293 362
OPM % 10% 11% 12% 14% 14% 6% 15% 13% 14% 7% 10% 11%
Other Income 24 34 12 0 46 43 33 52 28 25 30 90
Interest 26 12 13 9 16 16 11 7 17 12 5 8
Depreciation 34 38 40 41 42 44 46 45 49 52 51 51
Profit before tax 207 207 230 290 283 39 288 350 384 98 267 392
Tax % 32% 35% 16% 24% 24% -201% 23% 25% 26% 23% 25% 19%
Net Profit 140 135 192 219 214 118 221 262 281 74 198 315
EPS in Rs 9.94 9.05 12.91 14.70 14.37 7.89 14.80 17.61 18.87 4.96 13.26 21.05

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 11,297
3,687 4,266 4,710 5,020 6,041 7,035 7,701 7,760 10,084
Operating Profit 299 442 492 480 729 950 1,129 1,167 1,213
OPM % 8% 9% 9% 9% 11% 12% 13% 13% 11%
Other Income 8 5 32 75 65 64 91 138 173
Interest 94 108 147 66 94 117 50 53 42
Depreciation 71 98 111 128 133 141 161 187 203
Profit before tax 142 241 265 361 567 756 1,010 1,065 1,141
Tax % 37% 32% 30% 36% 37% 34% 24% 17%
Net Profit 89 164 185 233 358 500 759 882 868
EPS in Rs 12.65 11.64 13.09 16.48 25.35 35.39 50.97 59.15 58.14
Dividend Payout % 8% 9% 13% 6% 0% 8% 14% 17%
Compounded Sales Growth
10 Years: %
5 Years: 11%
3 Years: 10%
TTM: 42%
Compounded Profit Growth
10 Years: %
5 Years: 36%
3 Years: 34%
TTM: 7%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 109%
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 Sep 2021
71 141 141 141 141 141 149 149 149
Reserves 1,412 1,489 1,642 1,853 2,206 2,706 3,688 4,605 4,740
Borrowings 458 546 796 856 800 272 157 249 247
823 1,138 1,296 1,729 1,300 2,509 1,967 2,012 1,870
Total Liabilities 2,763 3,314 3,875 4,579 4,448 5,628 5,961 7,015 7,006
750 822 985 1,128 1,197 1,276 1,422 1,870 1,890
CWIP 116 179 138 165 136 193 241 99 142
Investments 0 0 0 33 32 29 65 635 671
1,897 2,312 2,752 3,253 3,083 4,130 4,232 4,411 4,302
Total Assets 2,763 3,314 3,875 4,579 4,448 5,628 5,961 7,015 7,006

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 Sep 2021 Dec 2021
68.69 68.69 68.60 68.58 68.55 68.53 68.44 68.42 68.40 68.36 68.15
3.33 3.75 4.64 4.89 4.51 6.12 6.97 6.38 6.51 6.89 6.43
14.42 14.27 13.39 13.23 12.92 12.20 10.29 9.91 8.80 8.78 8.66
13.56 13.29 13.36 13.30 14.02 13.14 14.30 15.29 16.29 15.97 16.77

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