POLYCAB

Polycab India Ltd shares fell nearly 4% on Friday, extending losses for a third straight session, despite the wires and cables maker reporting stronger-than-expected earnings for the June quarter. The decline came even as brokerages Jefferies and HSBC reiterated their bullish stance on the stock following the results. The stock dropped 3.96% to Rs 8,850 in afternoon trade, making it the worst performer on the NSE Midcap 50 index. Polycab has now declined 7.2% over the past three trading sessions, including Friday, after slipping 1.2% on Thursday. Despite the recent pullback, the stock remains up 15.5% so far in 2026, outperforming the Nifty 50, which has fallen 7.1% during the same period. The company has a market capitalisation of over Rs 1.33 lakh crore. Polycab's June-quarter results surpassed Street expectations across key metrics. Revenue from operations rose 39% year-on-year to Rs 8,209 crore, beating the CNBC-TV18 poll estimate of Rs 7,902 crore. The company had reported revenue of Rs 5,906 crore in the corresponding quarter last year. EBITDA increased 32.5% year-on-year to Rs 1,136 crore, ahead of the poll estimate of Rs 1,062 crore. While EBITDA margin narrowed 70 basis points from a year earlier to 13.8%, it still came in above analysts' expectation of 13.4%, reflecting better-than-anticipated operating performance. The fast-moving electrical goods (FMEG) segment was a key growth driver during the quarter, with revenue surging 71% year-on-year across product categories. Solar products continued to see strong momentum, with sales doubling from the year-ago period and emerging as the largest category within the FMEG portfolio. Segment EBIT margin expanded to 8%, supported by operating leverage and an improved mix of premium products.