Polycab India Shares Jump 3% After Strong Q2 Results; Brokerages Maintain ‘Buy’ Ratings with Up to 20% Upside

Polycab India Ltd shares rose over 3% on October 20, snapping a two-day losing streak, after the wire and cable manufacturer posted robust Q2 FY26 results. The stock hit a day’s high of ₹7,700 and closed at ₹7,661 apiece. For the July–September quarter (Q2 FY26), Polycab reported a net profit of ₹685.5 crore, up 56% year-on-year (YoY) from ₹439.8 crore in Q2 FY25. Revenue from operations grew 18% YoY to ₹6,477 crore, while EBITDA surged 62% YoY to ₹1,020.7 crore. Chairman and Managing Director Inder T. Jaisinghani said the company achieved its highest-ever Q2 and half-yearly revenue and profitability, driven by a strong Wires & Cables (W&C) business and improving traction in the FMEG segment. He credited the growth to healthy domestic demand, government infrastructure spending, and steady export expansion. 🔍 Brokerage Views: PL Capital: Retained ‘Buy’ with a target price of ₹8,808, citing strong W&C volume growth (20.6% YoY) and a 25% jump in international business. It projects revenue, EBITDA, and PAT CAGR of 18.6%, 22%, and 20.9% respectively over FY25–28. JM Financial: Maintained ‘Buy’, target ₹8,900, noting strong performance across C&W and exports. Expects continued earnings strength, setting valuation at 42x Sep’27E EPS. Motilal Oswal: Also reiterated ‘Buy’ with ₹8,900 target, highlighting strong margins in both C&W and FMEG segments. Projects revenue/EBITDA/PAT CAGR of 18%/22%/21% and expects operating margins to improve to ~14.5% by FY28. Analysts said government-led capex, real estate demand, and recovery in private investment are likely to sustain momentum. Polycab’s export push and ongoing Project Spring are expected to drive long-term growth and profitability. 🏷️ Hashtags: #PolycabIndia #Q2Results #StockMarket #EarningsSeason #WireAndCable #FMEG #CapexGrowth #MotilalOswal #JMFinancial #PLCapital #IndianStocks #MarketUpdate