News

Polycab India Q2FY2027 results

• Revenues for Q2FY27 grew by 53% yoy to Rs 9,899 crore ahead of our estimates. The revenue growth was led by strong growth across all segments. FMEG segment grew by 124% yoy along with a strong margins of 10% vs flat in Q2FY26.
• Wires and Cables grew 47% yoy driven by 50% revenue growth domestic business. wires segment continued to outperform the cables segment, while channel sales grew faster than institutional sales.  The international business recorded a healthy 17% YoY growth despite a challenging global macroeconomic environment.
• FMEG segment posted an strong quarter in respect to growth as well as margins. Revenues grew 124% yoy. Solar continued to lead the growth story, reporting multifold expansion and retaining its position as the largest contributor to segment revenues.
• Overall margins remained strong at 14.4% vs 15.8% in Q2F26 showing an decline of 139 bps. Operating profit grew by 39% to Rs 1,423 crore. Led by higher sales growth and margins improvement PAT was higher by 43%.
• View: Polycab had strong set of results. We shall review our earnings estimates and come out with a detailed note post the conference call. Currently we have a Buy rating on the stock.

Results (consolidated)                                                                                             Rs crore

Actual vs. estimates                                                Rs. Crore