Quarterly Financial Results
Polycab India Reports Highest-Ever First Quarter Revenue, EBITDA and Profitability in Q1 FY27
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POLYCAB
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Polycab India Limited reported its highest-ever first-quarter revenue, EBITDA, and profitability for Q1 FY27. Consolidated revenue rose 39% YoY to ₹8,209.7 crore, EBITDA increased 32% YoY to ₹1,136.2 crore, and Profit After Tax (PAT) grew 33% YoY to ₹796.7 crore, driven by strong growth across the Wires & Cables (W&C) and Fast-Moving Electrical Goods (FMEG) businesses.
PRICE-SENSITIVE TRIGGER
Event: Polycab India announced its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.
Type: Quarterly Financial Results
Impact: Positive
Immediate Effect:
The company delivered record quarterly revenue and profitability, supported by strong domestic demand, healthy execution across key businesses, improving margins, and continued momentum in premium product categories.
Financials:
Key Metrics:
- Revenue: ₹8,209.7 crore (+39% YoY)
- EBITDA: ₹1,136.2 crore (+32% YoY)
- PAT: ₹796.7 crore (+33% YoY)
- EBITDA Margin: 13.8%
- PAT Margin: 9.7%
Segment Performance:
- Wires & Cables (W&C): Revenue grew 39% YoY, with domestic revenue increasing 43% YoY.
- FMEG: Revenue increased 71% YoY, led by strong performance across product categories, particularly solar products.
- International Business: Revenue declined 13% YoY, although the company maintained a healthy global order book.
- EPC Business: Revenue declined 11% YoY, reflecting project execution timing, while EBIT margin stood at 11.0%.
Highlight:
- Highest-Ever First Quarter Performance: Revenue of ₹8,209.7 crore with PAT of ₹796.7 crore
What Happened ?
Polycab India reported its strongest-ever first-quarter financial performance, with consolidated revenue rising 39% year-on-year to ₹8,209.7 crore.
Growth was primarily driven by continued strength in the Wires & Cables business, outstanding momentum in the FMEG segment, and improved operational efficiencies. The company also reported expansion in profitability, with EBITDA and PAT growing 32% and 33% YoY, respectively.
key details
Section Name:
Operational Performance and Business Highlights
Key Highlights:
- Consolidated revenue reached a record ₹8,209.7 crore, growing 39% YoY.
- Wires & Cables business posted 39% YoY growth, supported by 43% growth in domestic revenues.
- The wires segment outperformed cables, aided by strong channel sales and effective execution under Project Spring.
- FMEG business recorded 71% YoY growth across all product categories.
- Solar products remained the largest growth contributor within the FMEG portfolio, achieving more than 2x growth over the previous year.
- FMEG profitability improved with EBIT margin expanding to 8.0%, supported by better operating leverage and an improved product mix.
- International business revenue declined 13% YoY, although the company maintained a diversified global presence and healthy order backlog.
- EPC revenue declined 11% YoY due to project execution timing, while maintaining a robust order book and execution pipeline.
- EBITDA margin improved to 13.8%, while PAT margin stood at 9.7%.
Note:
- Management attributed the strong quarterly performance to sustained domestic demand, operational excellence, premium product mix, capacity expansion, distribution network strengthening, and continued execution of its long-term Project Spring strategy.
Risk Analysis
Summary:
- Despite record financial performance, future growth remains dependent on sustaining domestic demand, maintaining execution momentum, and improving international business performance.
Key Risks:
- International business continues to face revenue volatility.
- EPC revenue remains dependent on project execution cycles.
- Raw material price fluctuations may affect future margins.
- Sustaining premium product mix and operating efficiencies will be important for profitability.
- Infrastructure investment and demand conditions remain key growth drivers.
Worst Case:
- A slowdown in domestic demand, weaker international execution, or margin pressure from commodity costs could moderate future revenue growth and profitability.
Risk Level: Medium
Company Commentary
- Management stated that Polycab entered FY27 with strong momentum, delivering its highest-ever first-quarter revenue and profit.
- The Wires & Cables business continued its robust growth trajectory through healthy domestic demand and operational excellence.
- The FMEG business delivered exceptional growth while improving profitability through premiumization and greater operating leverage.
- The company remains focused on expanding manufacturing capacity, strengthening distribution, driving innovation, and capitalizing on infrastructure-led growth opportunities.
Official Exchange Filing: Polycab India Limited
