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Polycab India Limited Q1 FY26 earnings call summary

NSE: POLYCAB · BSE: 542652

Earnings call of 18 Jul 2025, summarised by AI from the filing.

Polycab Q1 FY26 revenue up 26% YoY, EBITDA margin 14.5%, PAT ~₹ 6 billion; long-term cables and wires margin guidance 11-13%.

Key takeaways

  1. Change FMEG delivered second consecutive profitable quarter; solar became largest FMEG category with more than 2x YoY growth.
  2. Driver Wires and Cables grew 31% YoY on over 25% volume growth, supported by government spending and real estate demand.

Original filing on BSE

Polycab India Limited Q1 FY27 results

As filed: Revenue ₹8,210 cr (+39% year on year), EBITDA ₹1,136 cr (+32% year on year), PAT ₹797 cr (+33% year on year), EBITDA margin 13.8% (−69 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q4 FY26: Revenue ₹8,864 cr (+27% year on year), EBITDA ₹1,161 cr (+13% year on year), PAT ₹786 cr (+7% year on year), EBITDA margin 13.1% (−159 bps). Score 42 of 100, In line with trend. Revenue growth was in line with the company's own trend; EBITDA and profit growth were below it. EBITDA margin fell 159 bps year on year. Revenue rose ₹1,878 cr on a year ago, more than the ₹1,394 cr it added the year before. Share price after the results: +16.3% in 30 days (Nifty 500: −1.5%).
  • Q3 FY26: Revenue ₹7,636 cr (+46% year on year), EBITDA ₹966 cr (+34% year on year), PAT ₹630 cr (+36% year on year), EBITDA margin 12.7% (−115 bps). Score 81 of 100, Above trend. Revenue growth was well above the company's own trend; EBITDA and profit growth were above it. EBITDA margin fell 115 bps year on year. Profit fell 9% from last quarter. Profit rose ₹166 cr on a year ago, more than the ₹47.0 cr it added the year before. Share price after the results: +6.6% in 28 days (Nifty 500: −0.7%).
  • Q2 FY26: Revenue ₹6,477 cr (+18% year on year), EBITDA ₹1,021 cr (+62% year on year), PAT ₹693 cr (+56% year on year), EBITDA margin 15.8% (+429 bps). Score 73 of 100, Above trend. Revenue growth was well below the company's own trend; EBITDA and profit growth were well above it. EBITDA margin rose 429 bps year on year. Revenue rose ₹979 cr on a year ago, against ₹1,280 cr the year before. Share price after the results: +0.7% in 28 days (Nifty 500: +1.2%).
  • Q1 FY26: Revenue ₹5,906 cr (+26% year on year), EBITDA ₹858 cr (+47% year on year), PAT ₹600 cr (+49% year on year), EBITDA margin 14.5% (+212 bps). Score 84 of 100, Above trend. Revenue growth was above the company's own trend; EBITDA and profit growth were well above it. EBITDA margin rose 212 bps year on year. Revenue fell 15% from last quarter. Revenue rose ₹1,208 cr on a year ago, more than the ₹809 cr it added the year before. Share price after the results: +0.3% in 28 days (Nifty 500: −3.4%).
  • Q4 FY25: Revenue ₹6,986 cr (+25% year on year), EBITDA ₹1,026 cr (+35% year on year), PAT ₹734 cr (+33% year on year), EBITDA margin 14.7% (+108 bps). Score 80 of 100, Above trend. Revenue growth was in line with the company's own trend; EBITDA and profit growth were well above it. EBITDA margin rose 108 bps year on year. Revenue grew on the previous quarter, against its usual seasonal pattern. Share price after the results: +3.2% in 30 days (Nifty 500: +3.3%).
  • Q3 FY25: Revenue ₹5,226 cr (+20% year on year), EBITDA ₹721 cr (+27% year on year), PAT ₹464 cr (+11% year on year), EBITDA margin 13.8% (+69 bps). Score 72 of 100, Above trend. Revenue growth was below the company's own trend; EBITDA growth was well above it; profit growth was in line with it. EBITDA margin rose 69 bps year on year. Profit lagged EBITDA because of depreciation, interest or other income, not the business. Revenue fell 5% from last quarter. Revenue rose ₹886 cr on a year ago, more than the ₹625 cr it added the year before.
  • Q2 FY25: Revenue ₹5,498 cr (+30% year on year), EBITDA ₹631 cr (+4% year on year), PAT ₹445 cr (+3% year on year), EBITDA margin 11.5% (−296 bps). Score 49 of 100, In line with trend. EBITDA margin fell 296 bps year on year. Not enough history for a trend yet: scored on growth alone.

Past price moves after results do not indicate future moves. Not a recommendation.

Polycab India Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.