1. Opening Hook
Just when the market was busy debating whether India’s capex story is peaking, Polycab casually dropped a 46% revenue growth quarter and walked off like nothing happened. Copper prices went rogue, aluminium followed, and margins took a temporary punch—but volumes? Volumes absolutely refused to behave.
Management basically told analysts: “Yes, margins dipped. No, we are not panicking. And yes, we just stole market share while doing it.” Between pre-stocking, government capex, real estate momentum, and Project Spring execution, this concall was less about excuses and more about controlled aggression.
If you came here expecting a defensive call, you’re in the wrong transcript.
Read on—because the real story hides behind copper charts and staggered price hikes.
2. At a Glance
- Revenue up 46% – Copper inflation did the lifting, volumes did the flexing.
- Domestic W&C up 59% – Channel partners went shopping before copper did another sprint.
- EBITDA margin at 12.7% – Temporarily sacrificed, not surrendered.
- PAT up 36% – Highest-ever Q3 profit, even after margin pain.
- Net cash ₹30.3 bn – Balance sheet still looks smug.
- Working capital at 27 days – Inventory binge today, normalization tomorrow.
3. Management’s Key Commentary (Decoded)
“We delivered 46% YoY growth driven by strong execution.”
(Translation: Demand was there,
and we actually managed supply better than peers.) 😏
“Domestic W&C volumes grew nearly 40%.”
(Translation: This isn’t just price inflation theatre—real consumption showed up.)
“Copper prices rose 21% QoQ in rupee terms.”
(Translation: Commodity gods woke up angry.)
“We passed on prices in a staggered manner.”
(Translation: We chose market share over quarterly margin optics.)
“Margins will recover as seen in FY22.”
(Translation: Relax, we’ve survived worse metal tantrums.)
“FMEG has been profitable for four consecutive quarters.”
(Translation: The ‘loss-making consumer biz’ narrative is officially outdated.)
“Solar grew more than 2x YoY.”
(Translation: Government incentives are printing orders.)
4. Numbers Decoded
| Metric | Q3 FY26 | What It Really Means |
|---|---|---|
| Revenue Growth | +46% YoY | Price + volume + share gains |
| Volume Growth (Domestic W&C) | ~40% | Industry growth left behind |
| EBITDA Margin | 12.7% | Copper won this quarter |
| PAT | ₹6.3 bn | Best-ever Q3 despite margin dip |
| Net Cash | ₹30.3 bn | Firepower intact |
| Capacity Utilization | Early 80% | Plants sweating, but not choking |
