Paramount Communications Ltd Q2 FY26 – Wires, Cables & Drama: ₹428 Cr Revenue, ₹13 Cr Profit, and a Net-Debt-Free Comeback Story That Deserves Its Own Biopic

1. At a Glance

Welcome to the world ofParamount Communications Ltd (PCL)— the company that decided to plug India into the future one cable at a time while unplugging its own bank debt at last. As ofQ2 FY26, Paramount clocked₹428 crore in revenue(up 20.3% YoY), whilePAT slipped 34.8% YoY to ₹13.2 crore. The market isn’t impressed (stock down 40% in one year), but the company’s accountants finally are — because it’s now officiallynet-debt-freeafter repaying its final ₹86 crore dues to Invent ARC.

With amarket cap of ₹1,213 crore,ROCE of 16.3%, andROE of 12.8%, Paramount stands somewhere between an underdog reborn and a phoenix that occasionally forgets to rise. The stock trades at₹39.8, a far cry from its ₹90 highs — perhaps because retail investors got tangled in its wires while the promoters quietly kept the lights on at49.1% holding.

The company has big dreams: an upcoming₹400 crore fund raise,new Madhya Pradesh plant, and33,000 MTPA capacity expansion. But here’s the spicy part — after surviving bankruptcy-level drama in 2016, Paramount just might be India’s next turnaround blockbuster in the cables universe, competing with industry beasts likePolycab,KEI, andRR Kabel.

So, let’s unravel the wires — literally and financially.

2. Introduction

If you’ve ever switched on a fan, charged your phone, or seen an electric pole, there’s a chance something from Paramount Communications is hiding in plain sight. But while its cables power everything fromrailwaystotelecom towers, its stock price often behaves like it’s got a loose connection.

Founded with the ambition to be the “cable king of India,” Paramount has spent decades battling industry volatility, Chinese imports, and, let’s be honest, its own financial mess. But as ofFY25, the tables (and cables) are turning.

BetweenFY22 and FY24, revenue surged84%, thanks to a boomingdomestic power cable segment(up 80%) and growing exports (now29%of total sales). The company even picked up global clients across25+ countries, and its client list now reads like a who’s who of Indian industry —NTPC, BHEL, Adani, L&T, Ultratech Cement, ABB, and more.

Yet, success came with its own shocks — fallingoperating margins, adrop in telecom cable sales, and a habit of not paying dividends despite repeated profits. But with thefinal debt repayment in H1 FY25and fresh capacity expansion on the horizon, Paramount is slowly rewiring its balance sheet — and maybe, investor sentiment too.

Still, the real question: can a once-stressed company with a ₹39 stock price truly spark an electrifying rerating in a market dominated by multi-baggers like Polycab and KEI? Let’s find out.

3. Business Model – WTF Do They Even Do?

Paramount Communications Ltd makes one thing really well —things that carry electricity and data but not your emotions.

It manufactures a full suite ofwires and cables:LT/HT power cables, railway signaling cables, telecom and optical fibre cables, instrumentation cables, fire survival cables, and evenlead-free house wires. Basically, if it transmits power or signals, Paramount probably sells it.

Their business model revolves around two main segments:

• Wires & Cables (98%)– The bread, butter, and high-voltage jam of the company. It caters to power utilities, infrastructure projects, railways, telecoms, and industrial customers.
• Pipes (2%)– Added in 2023 through acquisition of Valens Technologies Pvt Ltd (HDPE pipes). Then, in true Bollywood twist, Paramountsold the subsidiary in Nov 2025— exit consideration ₹2.05 crore — making it the shortest corporate marriage since Elon Musk’s Twitter honeymoon.

Paramount serves600+ institutional clients, backed by198 distributors,154 dealers, and over7,000 electricians— all silently helping the company keep the country wired (while investors pray it stays grounded).

Exports? Oh, it’s going global — 25+ countries, six continents, and aspirations to make40% of future revenuefrom exports.

In short, Paramount’s business model is simple: build cables, connect India, avoid short circuits (financially or literally), and try to look cooler than Polycab doing it.

4. Financials Overview

Let’s crunch Q2