01 — At a Glance
Wires, Glory, and ₹200 Billion in Nine Months
- 52-Week High / Low₹8,724 / ₹4,567
- Q3 FY26 Revenue₹7,636 Cr
- Q3 FY26 PAT₹630 Cr
- Q3 FY26 EPS (₹)₹41.30
- Annualised EPS (Q1+Q2+Q3 avg × 4)₹168.24
- Book Value₹704
- Price to Book11.8x
- Dividend Yield0.42%
- Debt / Equity0.02x
- 9M FY26 Revenue₹20,019 Cr
Speed Read: Polycab India reported Q3 FY26 revenue of ₹7,636 Cr — up 46% YoY. PAT of ₹630 Cr, up 36% YoY. Margin compressed to 13% OPM because copper prices went completely feral (+35% in 9 months), and management decided to pass it through in a “staggered manner” so they don’t scare away distributors. The stock is up 74% in one year, trades at 47.5x P/E, and the Jaisinghani family is living its best life. Nine-month revenue crossed ₹200 billion. Not billion rupees — 200 crores-times-a-hundred. Point made.
02 — Introduction
How a Wire Company Became Worth More Than Your Entire Neighbourhood
Polycab India makes wires and cables. And fans. And switches. And switchgear. And solar inverters. And pumps. And — look, at this point they’re just finding new things to put electricity through. Started as a cable manufacturer in Surat by the Jaisinghani family in the 1990s, Polycab listed in 2019 and has since been on a trajectory that makes “parabolic” look like an understatement.
With a 26–27% share in the organised domestic wires and cables market, 4,300+ authorised dealers, 2,00,000+ retail outlets, and 28 manufacturing facilities across India, Polycab isn’t just a company — it’s the electrical nervous system of Indian infrastructure. Every new home, every new factory, every new data centre, every new highway lighting system is pulling wire somewhere. More often than not, it’s Polycab wire.
Q3 FY26 (October to December 2025) brought the highest-ever Q3 PAT in the company’s history: ₹630 crores. Revenue jumped 46% YoY to ₹7,636 crores. Nine-month FY26 revenue crossed ₹200 billion — ahead of many annual revenue targets set in 2022. The only blemish on this otherwise sparkling copper necklace? OPM dropped to 13% because copper, aluminium, and the INR collectively decided this quarter was a great time to have a personal crisis.
But here’s the thing: management knew exactly what was happening, explained it clearly in the concall, and promised recovery in Q4. If you’ve been following Polycab for more than two quarters, this script is familiar. And it keeps delivering.
Concall Note (Jan 2026): “Highest ever Q3 PAT.” — Management. Delivered alongside a margin compression explanation that was more detailed, more honest, and frankly more entertaining than most CFO presentations I’ve seen. New CFO Niyant Maru stepped in October 2025. First full quarter. Not bad.
03 — Business Model: WTF Do They Even Do?
They Sell Things That Carry Electricity. To Literally Everyone.
The core of Polycab’s universe is Wires and Cables — 84% of revenue in FY25. They manufacture 10,600+ SKUs covering everything from the thin wire in your switchboard to the underground cable running beneath your city’s roads. Think of them as the veins of India’s power grid, except they also make the heart (switchgear), the lungs (fans), and somehow the solar panels outside (okay, solar inverters). Conglomerate-lite.
Three segments: W&C (84%), EPC — Engineering, Procurement and Construction (9%), and FMEG — Fast Moving Electrical Goods (7%). The W&C engine funds everything else. EPC nearly 3x’d in two years because RDSS (Revamped Distribution Sector Scheme) government money is flowing. FMEG is the growth bet, now profitable for four consecutive quarters, with solar growing 2x+ YoY.
Distribution is the moat. 4,300+ authorised dealers, 2 lakh+ retail outlets, and a zone-wise network that covers North (32%), South (27%), West (21%), and East (20%) — nobody else comes close to this breadth. When an electrician in Bhagalpur needs cable at 6 PM, Polycab is stocked in the next shop. Competition is not.
W&C Segment84%Revenue Share
EPC Segment9%+143% FY25
FMEG Segment7%4Q profitable streak
Org. Market Share27%W&C Domestic
Fun fact on Project Spring: Polycab has committed ₹6,000–8,000 Cr capex over 5 years. In Q3 FY26 alone they spent ₹3.4 billion. They are building capacity at full sprint while competitors are still debating whether to update their brochures.
💬 Do you think Polycab’s FMEG bet — fans, switches, solar — can eventually rival its core W&C business? Or is this the classic Indian promoter syndrome of “add a new division every quarter until something sticks”? Drop your take!
04 — Financials Overview
Q3 FY26: The Numbers That Copper Tried to Ruin
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