Polycab India Qtrly. Resulta Analysis Q2FY027

Financial performance and key operating metrics (Consolidated) : Operating Revenue for Q2FY27 is Rs. 9,899 Crs., 52.83% growth YoY, Total Income is Rs. 9,987 Crs., 53.12% growth YoY, Gross Profit is Rs. 2,337 Crs., 33.04% growth YoY, EBITDA is Rs. 1,422 Crs., 39.36% growth YoY, However, EBITDA Margin is 14.37% declined by 139 Basis points YoY, PBT Rs. 1,306 Crs., 41.83% growth YoY, PAT Rs. 990 Crs. 42.86% growth YoY. On QoQ basis Op. Revenue is up by 20.58%, Total Income is up by 20.12%, Gross Profit is up by 19.35%, EBITDA is up by 25.2%, PBT is up by 23.44% and PAT is also up by 24.27%. Polycab delivered its “highest ever quarterly and half-yearly revenue and profitability.” Growth was broad-based across segments, with wires & cables (W&C) remaining the core engine and FMEG hitting a profitability inflection. Commodity volatility, geopolitical developments, and logistics disruptions can create quarter-to-quarter noise, but “structural drivers remain firmly intact.” Domestic W&C: +50% YoY, driven by “healthy demand, strong channel execution, and favorable commodity-linked realization.” FMEG Segment revenue: +124% YoY; it is a “breakthrough quarter” and 11th consecutive quarter of industry-leading growth. Primary growth driver: Solar products (largest category) saw multifold growth, supported by PM Surya Ghar Yojana and state-level programs plus consumer adoption tailwinds. EPC: Healthy growth, stable margin expectations, sizable order book.