Polycab India Ltd. Share Price

Polycab India: Strong Q2 Numbers, but Margins?

Polycab India makes wires and cables, FMEG products, and provides EPC services. It holds an estimated 30-31% share of India’s organised wires and cables market. FMEG covers fans, lighting, switches and switchgear. What happened: In Q2FY27, consolidated revenue rose 53% year on year to Rs 9,898.9 crore. EBITDA grew 39% to Rs 1,422.5 crore, with a margin of 14.4%, down from 15.8% in Q2FY26. Net profit rose 43% to Rs 990 crore. Wires and cables EBIT margin was 14.2%. FMEG revenue jumped 124% to Rs 993.1 crore, with a margin of 10.1%. EPC ran at 7.2% margins. Why it matters: Polycab is building a data centre cables business. Through its institutional division, it supplies LV, MV and HV cables and is developing optical fibre cables for the segment. Private capital data centre projects currently run at 10 MW to 15 MW. An Extra High Voltage (EHV) cable manufacturing facility is scheduled for commissioning in FY28, expanding its capability in high-voltage transmission. What I am watching: Management’s long-term EBITDA guidance is 11-13%, below the current 14.4%. FMEG targets margins of 8-10% by FY30. Exports were 5% of revenue. The US market is served through institutional representatives supplying data centre operators. The stock trades at 37 times trailing earnings, below its three-year median of 47.8 times. ROCE is 33.2% and ROE is 23%. My stance: The business is executing well. Q2 numbers are strong across all three business segments. But current margins are above guidance, and the data centre opportunity is still in early stages. At 37 times earnings, the valuation is more reasonable than recent history, but margin normalisation is coming. I do not hold a position in Polycab India at the time of writing. This is not investment advice.

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Data Centre Boom: Key Indian Power & Cable Players

⚡ Data centres need power 24x7 and companies like

sit right in the middle of that story. India's data centre industry is expanding with AI, cloud computing and digital services. But every data centre depends on reliable electricity, transmission, cables, switchgear, UPS systems and cooling. In my latest short, I map the listed Indian companies connected to this infrastructure theme: ✅ Power & Grid: NTPC, Power Grid, Tata Power, Adani Energy Solutions ✅ Cables & Electrical Equipment: Polycab India, KEI Industries, Apar Industries ✅ Power Technology & Automation: Hitachi Energy India, ABB India, Siemens India ✅ Key themes: data centre power demand, electricity transmission and grid modernisation ✅ Why a company's mention does not automatically mean direct exposure to data centre projects - always check official disclosures Which part of the chain do you think matters most for India's data centre build-out: power generation, transmission or cables? Share your view in the comments 👇 📲 For daily market notes, search "Neha Gupta SEBI RA" on Telegram and join the FREE channel. Neha Gupta | SEBI Registered Research Analyst | Reg. No. INH000016542 ⚠️ Disclaimer: This content is for educational purposes only and is not investment advice or a buy/sell recommendation. Investments in the securities market are subject to market risks. Read all related documents carefully before investing.

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Polycab and KEI report strong Q2FY27 revenue growth

Polycab India and KEI Industries have reported their Q2FY27 results amid a sharp correction in wires and cables stocks. Higher commodity realisations are boosting reported revenue across the industry. Polycab’s revenue grew 53% YoY, EBITDA rose 39%, and PAT increased 43%. Underlying volume growth remained in the mid-to-high single digits. KEI Industries reported revenue growth of around 39% YoY and EBITDA growth of 29%. Management expects over 10% volume growth for FY27 and margins of around 11%, compared with the earlier band of 11-12%. Polycab expects to grow at 1.5x the industry growth rate over the long term. KEI expects FY27 revenue growth close to 30% and over 20% CAGR over the medium term. The key triggers are the strong reported revenue growth at both companies, driven largely by higher commodity realisations, alongside moderate underlying volume growth. This supports near-term top-line momentum in the wires and cables space, though margin sustainability will depend on volume recovery and cost pass-through. Peers such as RR Kabel, Finolex Cables, and Universal Cables may face comparison on volume growth and margin trends. Near-term prices could remain volatile given the recent sharp correction in the sector, with results providing support on the top line. Risks include softer volume growth if demand moderates or sustained margin pressure from commodity volatility. Competitors listed: RR Kabel, Finolex Cables, Universal Cables

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KEI Industries expects over 10% volume and 25% revenue

KEI Industries Limited (KEI) CMD Anil Gupta has guided for over 10% volume growth and 25% revenue growth in FY27. He also said the Sanand EHV facility is expected to commence by the end of March 2027. The company expects FY27 volume growth to be over 10% and revenue growth to be 25%. The Sanand EHV facility is slated to commence by end-March 2027. Management noted that West Asia market demand is present but logistics remain an issue. On UltraTech’s entry into the wires and cables segment, the company said the Street is taking the impact on incumbents too seriously and does not expect price-cut-led competition. The key triggers are the FY27 guidance of over 10% volume growth and 25% revenue growth, along with the timeline for the Sanand EHV facility. This supports the view of capacity-led growth in the wires and cables segment. Peers such as Polycab India, RR Kabel, and Finolex Cables may face comparison on volume growth and competitive response to new entrants. Near-term prices could react positively to the growth guidance and management’s confidence on pricing discipline. Risks include delays in the Sanand EHV commissioning or logistics challenges impacting West Asia exports. Competitors listed: Polycab India, RR Kabel, Finolex Cables.

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Polycab: Wires and cables demand supports growth

### Polycab: Wires and cables demand supports growth Polycab India Limited (NSE: POLYCAB) operates across wires, cables and fast-moving electrical goods. Demand from power infrastructure, real estate, industrial investment and renewable energy creates opportunities for its core business. **Why it matters:** Higher infrastructure spending can support cable demand, while distribution expansion and premium products can improve the business mix. However, copper and aluminium prices, competition and working-capital requirements can affect margins and cash flows. **My view:** Polycab's long-term performance depends on sustaining market share while expanding profitability. Investors should distinguish revenue growth driven by higher volumes from growth caused by commodity-price changes. **What to watch:** Wires and cables volume growth, segment margins, dealer demand, raw-material costs, exports and the contribution of its electrical goods business. **Stance:** The electrification theme is supportive, but earnings growth, margin sustainability and valuation remain central to the investment case. Disclosure: I am a SEBI Registered Research Analyst. This content is for educational purposes and is not a recommendation to buy or sell any security.

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Polycab India insolvency plea over ₹2.79 crore stayed

Polycab India Limited (

) faced insolvency proceedings over an alleged operational debt of ₹2.79 crore. The NCLAT later stayed the admission order, even as the company reported a net cash balance of ₹4,194 crore in FY26. The case highlights a growing issue under the Insolvency and Bankruptcy Code (IBC). A supplier's insolvency petition against a financially strong company can create significant commercial pressure regardless of the company's balance sheet strength. What matters is not the size of the claim but the consequences of admission into the Corporate Insolvency Resolution Process (CIRP). For listed companies, insolvency admission can affect investor confidence, lender relationships, regulatory disclosures and business continuity. That creates leverage for operational creditors even when disputed dues are relatively small compared with the corporate debtor's financial resources. The headline may suggest a company-specific problem. The broader takeaway is that the case raises questions about how the IBC is being used in commercial payment disputes. Legal experts cited in the report noted that insolvency proceedings are often used as a pressure tactic for payment recovery, despite courts repeatedly stating that the IBC is intended to address genuine financial distress rather than function as a debt-recovery mechanism. The data also shows the scale of the issue. As of 30 June 2026, operational creditors had initiated 4,162 insolvency proceedings, reflecting how frequently the route is being used. View: The key implication is regulatory and legal rather than financial. For Polycab, the case appears more relevant as a governance and procedural overhang than a balance sheet concern based on the figures disclosed. Disclosure: This post is for educational purposes only and should not be construed as investment advice.

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