Polycab India Q2 revenue rises 53% to ₹10,000 crore

Polycab India Limited (

) reported strong Q2FY27 growth, with consolidated revenue rising 53% YoY to nearly ₹10,000 crore. EBITDA increased 40% YoY to ₹1,422 crore, while EBITDA margin contracted 140 basis points to 14.2% due to higher copper costs. The quarter was driven by broad-based demand across businesses. The wires and cables segment, which contributes about 84% of revenue, grew 47% YoY. The FMEG business more than doubled revenue, helped by solar products and portfolio expansion, while EPC revenue rose 53%. International operations also recovered, growing 17% after a decline in the previous quarter. What matters now is not just the growth rate, but whether Polycab can protect margins and market share as competition increases. UltraTech Cement recently entered the wires and cables market with the Ultravolt brand, creating concerns about pricing discipline across the industry. Management believes the impact should be limited and has indicated no immediate pricing response. The headline growth may overlook the margin picture. Revenue growth remains strong, but EBITDA growth lagged because copper costs rose sharply. If competition leads to aggressive pricing while raw material costs stay elevated, profitability could face pressure even if demand remains healthy. The stock has corrected nearly 20% from its 52-week high of ₹10,126, reflecting some of these concerns. At the same time, infrastructure spending and electrification trends continue to support industry demand. View: Operational performance remains strong, but future market share trends, pricing behaviour and margin sustainability will be the key factors to watch as competition in wires and cables intensifies. Disclosure: This post is for informational and educational purposes only and should not be construed as investment advice or a recommendation to buy, sell or hold any security.