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Polycab India Results: Latest Quarterly Results & Analysis

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Polycab India Ltd. 17 Oct 2025 15:35 PM
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Q2FY26 Quarterly Result Announced for Polycab India Ltd.

Wires & Cables company Polycab India announced Q2FY26 results

  • Q2FY26 Revenue at Rs 64,772 million; up 18% YoY.
  • Q2FY26 EBITDA at Rs 10,207 million; up 62% YoY.
  • Q2FY26 PAT at Rs 6,930 million; up 56% YoY.

Inder T. Jaisinghani, Chairman & Managing Director, Polycab India, said: “Our performance in Q2FY26 marks another strong step forward in Polycab’s growth journey. We delivered our highest-ever second quarter and half yearly revenue and profitability, reflecting the continued strength of our core Wires & Cables business and the improving traction in the FMEG business. The domestic demand environment remains healthy, supported by government infrastructure spending and improving private capex sentiment, while our international business continues to scale steadily. As we advance on our Project Spring agenda, we remain committed to driving industry-leading growth and creating long-term value for all stakeholders.”

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Wires & Cables company Polycab India announced Q1FY26 results

  • Q1FY26 Revenue at Rs 59,060 million; up 26% YoY.
  • Q1FY26 EBITDA at Rs 8,576 million; up 47% YoY.
  • Q1FY26 PAT at Rs 5,997 million; up 49% YoY.

Inder T. Jaisinghani, Chairman and Managing Director, Polycab India, said: “We have started FY26 on a strong footing, delivering our highest-ever first-quarter revenue and profitability. Our Wires and Cables business continued to perform well, driven by sustained domestic demand, while our international business also delivered healthy year-on-year growth. The FMEG segment maintained its positive trajectory, marking its second consecutive profitable quarter, supported by a sharper focus on premium offerings and improved operating leverage. With continued momentum in government spending and improving project execution on the ground, we are confident in our ability to capitalise on the opportunities that lie ahead. As we progress on our five-year roadmap under Project Spring, we remain sharply focused on the strategic pillars that will drive the next phase of Polycab’s growth and transformation.”

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Wires & Cables company Polycab India announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Q4FY25 Revenue at Rs 69,858 million up 25% YoY
  • Q4FY25 EBITDA at Rs 10,254 million up 35% YoY
  • Q4FY25 PAT at Rs 7,344 million up 33% YoY

FY25 Financial Highlights:

  • FY25 Revenue at Rs 2,24,083 million up 24% YoY
  • FY25 EBITDA at Rs 29,602 million up 19% YoY
  • FY25 PAT at Rs 20,455 million up 13% YoY

Commenting on the performance, Inder T. Jaisinghani, Chairman and Managing Director, Polycab India, said: “We have concluded FY25 on a historic high, delivering record revenues for both the fourth quarter and the full year, driven by strong, broad-based growth across business segments. Exceeding our Project Leap FY26 revenue goal a year ahead of committed schedule is a testament to our focused execution, market leadership, and strategic resilience. Our core Wires and Cables business maintained its strong momentum, the FMEG business grew ahead of industry as well as achieved quarterly profitability, and the EPC business scaled new heights, all contributing to making Polycab the largest Company by revenue in the Indian electrical industry, as well as reaffirming our position as the most profitable Company for the third consecutive year. With a sharpened strategic focus, robust fundamentals, and a culture of innovation and excellence, we are poised to build on this momentum and shape the next phase of Polycab’s growth journey, under Project Spring, with confidence and purpose."

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Electrical Equipment & Products company Polycab India announced 9MFY25 & Q3FY25 results

Q3FY25 Financial Highlights:

  • Q3FY25 Revenue at Rs 52,261 million; up 20% YoY.
  • Q3FY25 EBITDA at Rs 7,199 million; up 26% YoY.
  • Q3FY25 PAT at Rs 4,643 million; up 11% YoY.

9MFY25 Financial Highlights:

  • 9MFY25 Revenue at Rs 1,54,225 million; up 24% YoY.
  • 9MFY25 EBITDA at Rs 19,349 million; up 12% YoY.
  • 9MFY25 PAT at Rs 13,112 million; up 5% YoY.

Inder T. Jaisinghani, Chairman and Managing Director, Polycab India, said: “We are thrilled to announce that we have concluded 2024 on a robust note, achieving our highestever revenues for both the third quarter and the nine-month period. This outstanding performance was driven by strong growth across all segments, underscoring our strategic execution and unwavering commitment to excellence. Notably, we have achieved a remarkable milestone of successfully surpassing our first five-year guidance of reaching a Rs 200 Bn top-line by FY26 ahead of time — delivering Rs 210 billion in revenue for calendar year 2024. Building on this success, we are excited to embark on our next transformative journey to unlock our growth potential for FY30 and further solidify our leadership in the industry with our new vision—Project Spring. Supported by a strong demand outlook, favourable government policies, and our ongoing internal transformation initiatives, I am confident that Polycab is well-positioned to deliver sustained long-term value for all our stakeholders.”

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Electrical Equipment & Products company Polycab India announced H1FY25 & Q2FY25 results

H1FY25 Financial Highlights:

  • H1FY25 Revenue at Rs 1,01,965 million; up 26% YoY.
  • H1FY25 EBITDA at Rs 12,149 million; up 5% YoY.
  • H1FY25 PAT at Rs 8,468 million; up 2% YoY

Q2FY25 Financial Highlights:

  • Q2FY25 Revenue at Rs 54,984 million; up 30% YoY.
  • Q2FY25 EBITDA at Rs 6,316 million; up 4% YoY.
  • Q2FY25 PAT at Rs 4,452 million; up 4% YoY.

Key Highlights:

  • The Company’s revenues grew by 30% YoY to register its highest ever second quarterly revenue, on the back of robust growth across business segments.
    • W&C business revenue grew by 23% YoY to Rs 46,067 million, driven by favorable movement in commodity prices and continued strong demand environment. Domestically, the institutional business outpaced the distribution business, while growth in wires outperformed that in cables. The international business too posted remarkable results, growing by 36% QoQ and contributing 6.1% to our overall top-line. EBIT margins for the quarter were at 12.3%, adversely impacted by higher competitive intensity and lower contribution from the higher margin domestic distribution business.
    • FMEG business registered a growth of 18% YoY, fueled by initiatives such as channel expansion, product architecture improvements, and robust execution of the influencer management program. Our Fan segment has performed well, with notable growth in online sales. The Switchgear segment too hasseen strong growth, benefiting from healthy real estate demand. Although the light and luminaries segment saw a decline in revenue due to pricing erosion, it achieved considerable volume growth. EBIT margins declined during the quarter due to higher A&P spends and employee expenditures.
    • Other businesses, largely comprising of the EPC business, registered a strong growth of 241% YoY during the quarter to Rs 5,488 million, on the back of robust execution of the EPC order book. Contribution from this business is expected to be in mid-to-high single digits to the Company’s consolidated revenue going forward.
  • The EBITDA margin for the quarter stood at 11.5%, impacted by heightened competitive intensity in the W&C business. Margin pressure was further exacerbated by the faster growth of the lower-margin institutional business compared to the distribution business, along with increased A&P and employee expenses in the FMEG segment.
  • PAT grew by 4% YoY to Rs 4,452 million in Q2FY25. PAT margin stood at 8.1% for the quarter.
  • As of 30 th September 2024, net cash position stood at Rs 24.3 billion, against Rs 15.3 billion in the same quarter previous year.

Inder T. Jaisinghani, Chairman and Managing Director, Polycab India, said: “We have concluded the first half of the financial year on a strong note, delivering our highest-ever second quarter and half yearly revenues and profit, driven by robust market demand. Further, CRISIL has upgraded its rating on our long-term bank facilities to “CRISIL AAA/Stable” reflecting our strong financial performance, market leadership position, and sustained growth prospects. Looking ahead, we expect the demand momentum to continue, supported by increased government spendings, continued investment by private players and robust real estate offtake. With a strong focus on operational excellence, we stand well positioned to capitalise on the emerging opportunities and drive steady growth.”

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Electrical Equipment & Products company Polycab India announced Q1FY25 results:

  • Revenue at Rs 46,980 million; up 21% YoY
  • EBITDA at Rs 5,834 million; up 6% YoY
  • PAT at Rs 4,016 million; down 0.4% YoY
  • W&C business revenue for Q1FY25 grew by 11% YoY to Rs 38,572 million.
  • Revenue from international operations de-grew during the quarter, contributing 5.3% to the company’s consolidated revenue for the quarter. EBIT margins for the quarter were 12.6%, adversely impacted by lower contributions from the higher-margin international and the domestic distribution businesses.
  • FMEG business registered a growth of 21% YoY, driven by strong sales in fans amid heatwave in several parts of the country.
  • Other businesses, largely comprising of the EPC business, registered a strong growth of 292% YoY during the quarter to Rs 4,815 million, on the back of robust execution of the EPC order book.
  • As of 30th June 2024, net cash position stood at Rs 16.4 billion, against Rs 10.1 billion in the same quarter previous year.
  • Post receiving shareholder’s approval in the Company’s 28th AGM on 16th July 2024, the Company processed dividend pay-out of Rs 30 per share to its shareholders on the same day.

Commenting on the performance, Inder T. Jaisinghani, Chairman and Managing Director, Polycab India, said: “We have started the financial year on a strong footing, achieving our highest-ever first-quarter revenues, despite significant commodity price volatility affecting channel sales in the later part of the quarter, which underscores our exceptional execution capabilities and adaptability in a changing market environment. The strong domestic economy, bolstered by structural reforms aimed at infrastructure development, provides an advantageous backdrop for the growth of our various product categories. As we anticipate continued robust demand, we are fully prepared to leverage these significant opportunities and drive sustained growth.”

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Electrical Equipment company Polycab India announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue at Rs 55,919 million; up 29% YoY
  • EBITDA at Rs 7,615 million; up 26% YoY
  • PAT at Rs 5,535 million; up 29% YoY

FY24 Financial Highlights:

  • Revenue at Rs 1,80,394 million; up 28% YoY
  • EBITDA at Rs 24,918 million; up 35% YoY
  • PAT at Rs 18,029 million; up 41% YoY

Commenting on the performance, Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said: “The year gone by has been truly exceptional for our Company, marked by remarkable achievements fuelled by robust demand momentum. This resulted in the Company achieving its highest-ever revenues and profitability in its history. This outstanding performance is a direct result of our steadfast focus over the years on key areas such as expanding our distribution network, enhancing manufacturing capabilities, and striving for operational and organizational excellence.

As the country experiences an infrastructure upcycle, Polycab remains committed to its role in nation-building. We are dedicated to leveraging our expertise and resources to contribute to the development of vital infrastructure projects. Our commitment extends to product innovation, ensuring that we deliver superior-quality solutions across diverse sectors and meeting the evolving needs of our customers.”

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Electrical Equipment/Products company Polycab India announced Q3FY24 & 9MFY24 results:

Financial Performance
- Total revenue for 9MFY24 reached Rs 1,24,475 million, marking a significant 27% growth compared to the same period last year.
- EBITDA for 9MFY24 rose to Rs 17,303 million, reflecting a noteworthy increase of 40% YoY.
- Profit After Tax (PAT) went up by 46% to Rs 12,494 million in the 9MFY24.
- Q3FY24 revenue stood at Rs 43,405 million, up by 17% YoY.
- Q3 EBITDA and PAT saw increments of 13% and 15%, respectively, with PAT amounting to Rs 4,165 million.

Business Segments
- Wires & Cables business observed an 18% YoY revenue growth in Q3 and 29% over 9MFY24, facilitated by strong volume growth.
- The FMEG sector experienced a decline of 15% in revenue during Q3 due to weaker consumer demand, with a slight 2% de-growth over 9 months.

Operational Highlights
- A unified Business Unit Head has been appointed to oversee the merger of the FMEG and Power businesses.
- International business contributed to 6.2% of the consolidated revenue for the quarter, with expectations of robust performance in the subsequent quarters.

Profitability and Cash Position
- Q3FY24 reported PAT margin of 9.6%.
- Net cash position saw improvement, reaching Rs 18.4 billion on December 31, 2023, from Rs 15.3 billion in the previous quarter.
- In 9MFY24, there was an improvement in margins by approximately 120 bps to 13.9%, and PAT margins enhanced by about 130 bps to 10%.

Commenting on the performance, Inder T. Jaisinghani, Chairman and Managing Director, Polycab India, said: "Our robust business momentum continued in the third quarter, leading to highest-ever quarterly revenues in the history of the Company. Nine-monthly revenues and profitability too created newer highs. This outstanding success is a testament to our resilient business model, characterized by robust operational efficiency, a diverse and innovative product portfolio, and the robustness of our extensive distribution network that effectively caters to diverse market segments. With a keen eye on emerging trends, Polycab aims to continue its upward trajectory, creating long-term value for our stakeholders."

 

 

 

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Electrical Equipment/Products company Polycab India announced Q2FY24 & H1FY24 results:

1. Financial Performance:
- Highest-ever revenue for the second quarter and six months ended September 30, 2023.
- Revenue growth of 27% YoY to Rs 42,177 million in Q2FY24 and 34% YoY to Rs 81,071 million in H1FY24.
- EBITDA growth of 43% YoY to Rs 6,089 million in Q2FY24 and 57% YoY to Rs 11,575 million in H1FY24.
- PAT growth of 59% YoY to Rs 4,298 million in Q2FY24 and 69% YoY to Rs 8,329 million in H1FY24.

2. Business Performance:
- Strong volume growth in the wires & cables business driving revenue growth.
- Continued strong demand supported by government capex and robust real-estate off-take.
- Growth in both distribution-driven business and institutional business.
- Expansion of global footprint to 76 countries.

3. Brand Identity Update:
- Unveiling of new brand identity symbolizing innovation, technology, safety, and sustainability.
- New visual identity inspired by the colors of dawn.
- Updated brand tagline from "Connection Zindagi Ka" to "Ideas. Connected."

4. Segment Performance:
- Strong growth in switches, switchgear, conduit pipes & fittings, and luminaires businesses.
- Marginal growth in Fans and Lights businesses due to weak consumer demand.

Inder T. Jaisinghani, Chairman and Managing Director, Polycab India, said, "We continued our strong business performance in Q2, enabling the half-yearly revenue and profitability to be the highest ever in the Company's history. Favourable demand environment with multiple avenues of growth along with our strong focus on execution has laid the foundation for the current year to be a remarkable chapter in the history of our organization.

During the quarter, we unveiled our new brand identity, symbolizing our commitment to innovation, technology, safety, and sustainability with a vision of 'Connecting all to a brighter future'. Our new visual identity, inspired by the colours of dawn, embodies our commitment to a brighter future and reaching new heights. We've also updated our brand tagline from the existing positioning of 'Connection Zindagi Ka' to 'Ideas. Connected.' which reflects our vision for a future where innovative products simplify lives, and it all begins with a thoughtful idea. The Company is on an exciting journey towards a more promising future, and I believe the brand refresh will act as a catalyst in accelerating this favourable advancement”.

 

 

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Other Electrical Equipment/Products company Polycab India announced Q1FY24 results:

  • Revenue at Rs 38,894 million; up 42% YoY
  • EBITDA at Rs 5,486 million; up 77% YoY
  • PAT at Rs 4,028 million; up 81% YoY

Commenting on the performance, Inder T. Jaisinghani, Chairman and Managing Director, Polycab India, said: “We have commenced the financial year exceptionally well, registering our best-ever first quarterly revenues and profitability. The government's strategic focus on infrastructure development and structural reforms, improving private capex and continued momentum in real estate has further fuelled our success, yielding us favourable results. The improved growth momentum is also a result of a combination of strategic initiatives implemented through Project LEAP, along with our unwavering dedication to customer-centricity, a diverse array of high-quality products, and a robust distribution network. Our outstanding quarterly performance serves as a testament to the robustness of our business model.”

 

 

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