In , Polycab India Ltd (Cables - Power) is outperforming Nifty 500 with +20.5% relative strength. Fundamentals: Average. On a 5-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Earnings deceleration risks from management commentary
Trigger: Copper forms ~60-65% of raw material cost for Polycab. Each 10% copper price increase compresses EBITDA margin by ~100-150 bps at current pass-through rates. With copper at 12-year highs, structural margin headwind persists until full pass-through is achieved
Monitor: commodity
Trigger: US is a target export market for specialty cables; tariff barriers reduce competitiveness vs domestic US suppliers and Chinese exports routed via third countries; export margin differential (15% EBITDA exports vs 9-12% domestic cables) creates value dilution as mix shifts domestic
Monitor: geopolitical
Trigger: INR/USD depreciation raises the INR cost of copper imports even if LME copper price is stable; for a company with 75% cost-of-goods as materials, every 5% INR depreciation adds ~3-4% cost pressure
Monitor: fx
Trigger: BEE regulations mandate higher efficiency standards for electrical products; compliance requires product redesign and higher component costs; price increases offset these but create temporary customer resistance and order delays
Monitor: regulatory
Key quotes from recent conference calls
“major reason for the decline in EBITDA margins is the rise in commodity prices, particularly copper and aluminum. We have taken a strategic decision to pass on the increase in raw material prices in a staggered manner, which has resulted in near-term margin pressure [Risk (commodity): HIGH]”
“The company faced challenges in the US market due to tariff-related issues, impacting export growth. The international business recorded a marginal year-on-year increase, contributing 6% to consolidated revenues [Risk (geopolitical): MEDIUM]”
“Segment profitability was affected by continued commodity price inflation and depreciation of the Indian rupee, with copper and aluminum prices increasing significantly [Risk (fx): MEDIUM]”
“Polycab India Expects 2-4% Price Rise from BEE Regulations, Export Margins Outshine Domestic. The company announces 2-4% price increase from January 1st due to new BEE regulations [Risk (regulatory): LOW]”
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +46% | +22% | Stable |
| PAT (Net Profit) | +36% | +31% | Stable |
| OPM | 13.0% | -100 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 30, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Polycab India Ltd's latest quarterly results (Dec 2025) show
Polycab India Ltd's profit is growing with an stable trend.
Polycab India Ltd's revenue growth trend is stable.
Polycab India Ltd's operating margin is volatile.
Polycab India Ltd's long-term compounding rates
Polycab India Ltd's earnings growth is stable with mixed signals on a sequential basis.
Polycab India Ltd's trailing twelve month (TTM) performance
Polycab India Ltd appears significantly undervalued based on our fair value analysis.
Polycab India Ltd's current PE ratio is 46.5x.
Polycab India Ltd's current PE is 46.5x.
Polycab India Ltd's price-to-book ratio is 11.5x.
Polycab India Ltd is rated Average with a fundamental score of 51/100. This score is calculated from objective financial metrics
Polycab India Ltd has a debt-to-equity ratio of N/A.
Polycab India Ltd's return ratios over recent years
Polycab India Ltd's operating cash flow is positive (FY2025).
Polycab India Ltd's current dividend yield is 0.43%.
Polycab India Ltd's shareholding pattern (Mar 2026)
Polycab India Ltd's promoter holding has remained stable recently.
Polycab India Ltd has been outperforming Nifty 500 for 5 consecutive weeks, indicating building momentum.
Polycab India Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
Polycab India Ltd has 4 key risks worth monitoring
In Q3 FY26, Polycab India Ltd's management highlighted
Based on quantitative research signals, here is why Polycab India Ltd may be worth studying
Polycab India Ltd investment thesis summary:
Polycab India Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
