Polycab India Q2 FY26 | Wires, Cash & Cables: ₹65,226 Cr Revenue Sparks, ₹6,930 Cr Profit Current! When the Power Sector Became a Comedy Special
1. At a Glance
Polycab India, the desi powerhouse that sells everything from copper veins for your walls to ceiling fans that whisper “inflation,” just dropped another electrifying quarter. The company clocked consolidated revenue of ₹6,477 Cr and PAT of ₹693 Cr in Q2 FY26 — a solid 55.8 % jump YoY. The market rewarded this by… yawning slightly, with the stock lounging around ₹7,440 (-1.8 % daily move).
The market cap stands tall at ₹1.12 Lakh Cr, ROCE ~ 30 %, ROE ~ 21 %, and a debt-to-equity of 0.02 — practically zero, proving Polycab makes electricity but doesn’t like borrowing any. The stock P/E = 45.5, book value ₹653, and a dividend yield = 0.47 %, just enough to buy two samosas per share.
But what really sparks curiosity: a ₹6,447 Cr BharatNet order, a CFO reshuffle, an FMEG dream chasing Havells, and an auditor trying not to have a voltage surge every time tax notices appear.
Feeling charged? You should be.
2. Introduction
Imagine an Indian middle-class home. There’s one fan that’s older than your father’s political opinions, a tangle of wires under the TV stand that looks like a snake pit, and a plug board overloaded like Mumbai local trains. Somewhere in that chaos — Polycab is making money.
Started in 1968 by Inder T. Jaisinghani’s family, Polycab is now the undisputed sultan of copper, commanding 26–27 % share of India’s organized wires & cables market. It sells more metal than Tanishq, with less romance but higher conductivity. Over time it also tried to be your home’s everything-store — fans, switches, lights, even solar pumps (because electricity shortages are passé, solar surplus is the new headache).
FY25 closed with ₹24,595 Cr sales (+22 % YoY) and ₹2,462 Cr PAT (+37 % YoY) — margins and muscle both expanding faster than your apartment’s electricity bill. Yet, behind the glow are flickers: a recent income-tax raid saga, governance questions, and a wiring industry that’s suddenly hotter than ever due to housing, renewables, and Make-in-India push.
So buckle up — this isn’t just a cables company; it’s India’s favourite electrified mid-life success story with equal parts grit, copper, and sarcasm.
3. Business Model — WTF Do They Even Do?
Polycab makes and sells wires & cables (W&C), fast-moving electrical goods (FMEG), and runs an EPC division — basically, from the copper core to your ceiling fan, they own every conduit through which Indian current flows.
W&C (84 % of FY25 rev.) The heart of Polycab’s empire — 10,600+ SKUs of building wires, flexible cables, control, fiber-optic, and industrial cables. You name it, they wire it — homes, metros, factories, even defence systems.
EPC (9 %) “Engineering, Procurement & Construction” — a fancy way of saying we install our own stuff and bill you again. FY25 order book ₹7,000 Cr, led by BharatNet and state projects.
FMEG (7 %) Think fans, lights, switches, and pumps. Essentially a Havells starter pack, but growing faster than your ceiling cobwebs. Solar products grew 2.5× YoY in FY25.
Revenue mix is shifting from B2B to B2C, domestic share = 94 %, exports = 6 %, and Project Spring aims to make Polycab the “Apple of appliances” — minus the design and with 8–10 % EBITDA targets by FY30.
4. Financials Overview
Source table
Metric
Latest Qtr (Q2 FY26)
YoY Qtr (Q2 FY25)
Prev Qtr (Q1 FY26)
YoY %
QoQ %
Revenue (₹ Cr)
6,477
5,498
5,906
+17.8 %
+9.7 %
EBITDA (₹ Cr)
1,021
632
858
+61.5 %
+19.0 %
PAT (₹ Cr)
693
445
600
+55.8 %
+15.5 %
EPS (₹)
45.5
29.2
39.3
+55.8 %
+15.8 %
Commentary: Margins charged up like Diwali LEDs — EBITDA 16 %,
