Record Q2 FY26 Performance
Polycab India reports stellar Q2 FY26 results with 56% YoY profit growth and 18% revenue increase, achieving highest-ever quarterly performance.
Q2 FY26 Results Snapshot
Results Date: October 17, 2025 | Quarter: Q2 FY26 (July-September 2025)
Half-Yearly Milestone: Polycab achieved ₹12,000+ crore revenue in H1 FY26, marking the first time crossing ₹12,000 crore in any half-year period.
Official Q2 FY26 Results Document
Download the complete Polycab Q2 FY26 results presentation for detailed financial analysis and management commentary.
Download Q2 FY26 Results PDF (2.1 MB)Segment-wise Performance Q2 FY26
Technical Parameters - Polycab India Ltd
| Parameter | Value | Parameter | Value |
|---|---|---|---|
| Market Cap | ₹1,11,969 Cr | Current Price | ₹7,440 |
| 52 Week High/Low | ₹7,795 / ₹4,555 | Stock P/E | 45.5 |
| Industry P/E | 23.0 | Book Value | ₹653 |
| Dividend Yield | 0.47% | ROCE | 29.7% |
| ROE | 21.4% | Face Value | ₹10.0 |
| EPS | ₹164 | Debt to Equity | 0.02 |
| No. of Shares | 15.0 Cr | PEG Ratio | 1.55 |
| EV/EBIT | 32.0 | OPM | 14.7% |
Peer Comparison - Electrical Cables Sector
| Company | Current Price | P/E Ratio | Market Cap | ROCE % | Debt/Equity | Dividend Yield |
|---|---|---|---|---|---|---|
| Polycab India | ₹7,440 | 45.5 | ₹1,11,969 Cr | 29.7% | 0.02 | 0.47% |
| KEI Industries | ₹4,131 | 49.9 | ₹39,450 Cr | 21.3% | 0.04 | 0.10% |
| RR Kabel | ₹1,263 | 42.4 | ₹14,297 Cr | 19.8% | 0.13 | 0.47% |
| Finolex Cables | ₹783 | 21.4 | ₹11,973 Cr | 16.2% | 0.00 | 1.02% |
Polycab India Ltd - Market Leader in Wires & Cables
Polycab is India's leading manufacturer of cables and wires and allied products such as uPVC conduits and lugs and glands. The company has a range of cables and wires for practically every application and has recently expanded into consumer electrical products.
Business Segments & Operations
Wires & Cables (84% of revenue in FY25): Polycab is India's largest manufacturer of wires and cables, offering 10,600+ SKUs for retail and industrial use, and holds a 26-27% share in the organized domestic market. The segment revenue grew by 21% YoY in Q2 FY26, driven by momentum across both distribution and institutional channels.
FMEG Business (16% of revenue): The company has launched a wide range of consumer electrical products including Fans, Switches, Switchgear, LED lights and Luminaries, Solar Inverters, and Pumps. The segment grew 14% YoY in Q2 FY26.
Key Strengths & Advantages
- Market Leadership: Strong 26-27% market share in organized wires & cables segment
- Extensive Distribution: 4,100+ distributors pan-India providing wide reach
- Diverse Product Portfolio: 10,600+ SKUs catering to retail and industrial segments
- Strong Financials: Consistent revenue growth and profitability with high ROCE of 29.7%
- Debt-Free Operations: Minimal debt with debt-to-equity ratio of 0.02
- Record Performance: Highest-ever Q2 revenue and profitability in Q2 FY26
Technical Analysis & Metrics
Polycab India Ltd (POLYCAB)
India's Leading Wires & Cables Manufacturer
Q2 FY26 Performance Highlights:
- Revenue: ₹6,477 Cr (+18% YoY)
- PAT: ₹693 Cr (+56% YoY)
- EBITDA: ₹1,021 Cr (+62% YoY)
- EBITDA Margin: 15.8% (+420 bps YoY)
Price Performance
Investment Considerations
Important Factors to Consider:
- Premium Valuation: Trading at P/E of 45.5 vs Industry P/E of 23.0
- Strong Q2 Performance: Record revenue and 56% profit growth
- Market Leadership: Strong position but facing increasing competition
- Economic Sensitivity: Performance linked to real estate and infrastructure spending
- Commodity Price Risk: Raw material costs (copper, aluminum) impact margins
- FMEG Expansion: Success in consumer electrical business crucial for diversification
Disclaimer
This is not a recommendation to buy or sell. The information presented in this blog post is for educational and informational purposes only. It should not be construed as investment advice or a recommendation to buy, sell, or hold any security. The stock market is subject to risks, and past performance is not indicative of future results. Readers are strongly advised to conduct their own research and consult with a qualified financial advisor before making any investment decisions.
Source: Polycab India Limited Q2 FY26 Results dated October 17, 2025
Management Commentary
Inder T. Jaisinghani - Chairman & Managing Director:
"We are pleased to report a robust performance in Q2 FY26, marked by healthy revenue growth and significant margin expansion. Our wires and cables business continues to exhibit strong growth momentum, driven by sustained demand from the B2B and B2C segments. The FMEG business is also gaining good traction."
Key Management Insights: