RR KABEL Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 2,536 Crs., 42.3% growth YoY (supported by strong demand momentum in the Wires & Cables business), Total Income is Rs. 2,550 Crs., 42% growth YoY, Gross Profit is Rs. 456 Crs., 39.43% growth YoY, EBITDA is Rs. 204 Crs., 84.8% growth YoY, EBITDA Margin is 8.06% improved by 185 Basis points YoY (Due to operating leverage, cost absorption, procurement/execution efficiency, despite commodity volatility), PBT Rs. 159 Crs, 75.53% growth YoY (which includes 19.01 Cr. one-time impact of New Labour Code), PAT Rs. 118 Crs, 72.45% growth YoY, Robust performance on all parameters. On QoQ basis Op. Revenue is up by 17.2%, Total Income is up by 16.94%, Gross Profit is up by 11.55%, EBITDA is up by 16.2%, PBT is flat to positive (which includes 19.01 Cr. one-time impact of New Labour Code), and PAT is also flat to positive. Wires & Cables : Posted strong 48% YoY revenue growth led by demand in both domestic and export market along with sustained rise in commodity prices. Overall 30% Volume Growth. FMEG : Steady YoY performance, aligned with overall industry trend. Losses persisted but narrowed materially; in Q3, losses were “in the range of INR 5 crores only.” Explicit near-term target: EBIT breakeven (“green in EBIT level”) in Q4 FY26, stated as on track. Exports are structurally important and expanding, with EU tariff reduction (3.7% → 0) positioned as incremental tailwind, though timing uncertain; export mix expected to shift toward cables with new capacity/approvals. Margin roadmap reiterated: management continues to target ~100 bps annual improvement, citing a longer-term aim of ~10.5% EBIT margin in wires & cables by FY28.