Polycab India
POLYCAB · NSE · Mega Cap
Polycab India
India's largest cable manufacturer; structural renewable capex beneficiary.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. Polycab India: solar capex + rooftop wave + electrification all support double-digit cable demand growth.
Bull case for Polycab India: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for Polycab India: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 51.1x | — |
| Forward P/E | — | — |
| EV/EBITDA | 34.1x | — |
| EV/Sales | 4.7x | — |
| P/B | 11.4x | — |
| FCF Yield | 0.7% | — |
Project pipeline
0 tracked projects
Financials
Source: Screener.in (consolidated) · ticker POLYCAB · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 5 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales | 12,204 | 14,108 | 18,039 | 22,408 | 28,884 |
| Operating Profit | 1,264 | 1,843 | 2,492 | 2,964 | 4,006 |
| OPM % | 10% | 13% | 14% | 13% | 14% |
| Net Profit | 917 | 1,283 | 1,803 | 2,046 | 2,708 |
| EPS (₹) | 60.80 | 84.85 | 118.75 | 134.28 | 177.48 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|---|---|---|---|
| Sales | 7,636 | 8,864 | 5,906 | 6,477 |
| OPM % | 13% | 13% | 15% | 16% |
| Net Profit | 630 | 786 | 600 | 693 |
Balance sheet · 5 years
₹ Crore.
| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 149 | 150 | 150 | 150 | 151 |
| Reserves | 5,394 | 6,487 | 8,037 | 9,675 | 11,858 |
| Borrowings | 118 | 109 | 161 | 202 | 236 |
| Fixed Assets | 1,675 | 2,067 | 2,338 | 3,011 | 3,740 |
| Total Assets | 7,412 | 9,424 | 12,066 | 13,749 | 20,476 |
Cash flow · 5 years
₹ Crore.
| Activity | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating | 512 | 1,428 | 1,296 | 1,809 | 3,811 |
| Investing | -427 | -1,203 | -752 | -1,239 | -2,850 |
| Financing | -201 | -227 | -387 | -628 | -799 |
| Net Cash Flow | -116 | -2 | 157 | -58 | 162 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary