In Week of Mar 28, 2026, Polycab India Ltd (Cables - Power) is outperforming Nifty 500 with +5.1% relative strength. Fundamentals: Average. On a 6-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Feb 22, 2026
What: Revenue from BharatNet order for rural broadband connectivity with high single-digit margins
Impact: +₹4500 Cr revenue
“Management stated: 'The BharatNet order is expected to generate ₹4.5 billion over the next 3 years for project execution and an additional ₹3.5 billion for 10 years for project O&M.'”
What: Domestic W&C business growth driven by robust demand and market share gains
Impact: +₹40500 Cr revenue
“Management stated: 'Domestic W&C volumes grew by nearly 40% YoY.'”
What: FMEG revenue growth at 17% YoY with solar business doubling performance
Impact: +₹13000 Cr revenue
“Management stated: 'The FMEG segment grew by 17% YoY, with the solar business doubling its performance.'”
Earnings deceleration risks from management commentary
Trigger: Sharp RM price increases
Impact: -300 bps margin impact
Management view: Near-term margins impacted but historical trends suggest recovery in subsequent quarters
Monitor: Copper price trends and margin trajectory
Trigger: Continued inventory buildup
Impact: -50 bps margin impact
Management view: Inventory days continue to be higher
Monitor: Inventory days trend
Trigger: Continued high ad spends
Impact: -100 bps margin impact
Management view: Strategic investment in brand building despite near-term margin impact
Monitor: Ad spend to revenue ratio
Key quotes from recent conference calls
“The BharatNet order is expected to generate ₹4.5 billion over the next 3 years for project execution and an additional ₹3.5 billion for 10 years for project O&M. Segment profitability stood at ₹272 million, translating to a margin of 6.7%. Looking ahead, the annual sustainable operating margin is expected to remain in the high single digits over mid-term. — Management”
“Management addressed concerns regarding margin pressure due to sharp increases in copper and aluminum prices, explaining a staggered approach to passing on costs to protect volumes and customer relationships. They noted that while near-term margins were impacted, historical trends suggest a recovery in subsequent quarters. — Management”
“We continue to maintain a strong balance sheet, closing the quarter with a net cash position of ₹30.3 billion. — Management”
“On working capital front, same as last quarter, inventory days continue to be higher — Management”
Forward-looking targets from management for mid-term
OPM Guidance
9%
Key Milestones
• High single-digit operating margins
• BharatNet order execution
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 Feb 22, 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 40.5x.
Polycab India Ltd's current PE is 40.5x.
Polycab India Ltd's price-to-book ratio is 10.0x.
Polycab India Ltd is rated Average with a fundamental score of 53/100. 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 0.50%.
Polycab India Ltd's shareholding pattern (Dec 2025)
Polycab India Ltd's promoter holding has decreased recently.
Polycab India Ltd has been outperforming Nifty 500 for 6 consecutive weeks, indicating building momentum.
Polycab India Ltd is an established outperformer with 6 weeks of consecutive Nifty 500 outperformance.
Polycab India Ltd has 3 key growth catalysts identified from recent earnings analysis
Polycab India Ltd has 3 key risks worth monitoring
In Q3 FY26, Polycab India Ltd's management highlighted
Polycab India Ltd's management has provided the following forward guidance for mid-term
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.
