Polycab India Ltd
POLYCABPolycab India Ltd — India’s largest cable and wire maker — is printing record margins on a fuller multiple. From here the earnings must do all the lifting.
The sharpest disagreement: Promoters moved −3.6 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a confirmed uptrend (59 weeks in) while the P/E sits at the 77th percentile of its own 7-year range. Underneath, the last four quarters read improving — profit +32.8% year on year, and 105% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Polycab India Ltd trades at ₹9,240, in a confirmed uptrend and 59 weeks into that stage. That is +10.6% against its own 200-day average. It sits at 75% of a 52-week range of ₹6,722 to ₹10,083. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (6 weeks and counting).
Today the stock is in a confirmed uptrend — week 59 of stage 2, confirmed. At ₹9,240 it trades +10.6% versus its 200-day average and sits at 75% of its 52-week range (₹6,722–₹10,083).
Against the market, two honest reads. Cumulative: over the last 7.3 years the stock moved +1,336% while the NIFTY 500 moved +144% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (6 weeks and counting; last ahead the week of 2026-07-03) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Polycab India Ltd's story is not scored yet against the markers our research file set on 14 August 2026. Where it sits in its own cycle: Near the peak of its own valuation cycle, mid-way through the Project Spring spending plan. Marker count: 5 not due yet.
Our read, 14 August 2026. India’s dominant cable infrastructure compounder — 10-quarter market share expansion from 18% to 30-31%, Project Spring capex mid-cycle, and Q1 FY27 confirming the volume and margin recovery thesis.
What is proven. Share gains and operating leverage are both real and repeated. Domestic cable-and-wire share went from 18–19% in FY19 to 30–31% in FY26, gaining 300–400 basis points in FY26 alone. FY26 operating profit grew 35% on revenue up 29%; the June-2026 quarter grew operating profit 32% on revenue up 39%. The fans, lights and appliances arm reached an 8% operating margin, its FY30 floor target, early.
What is not proven yet. Whether the share gains continue once the shift from unbranded to branded matures, and whether the price has room left — the earnings multiple sits at the 90th percentile of its own ten-year record.
🚨 What would change our mind. Two consecutive quarters of domestic cable and wire volume growth below 10% on the year combined with operating margin below 12% — indicating that the market share narrative is stalling and the multiple cannot be defended by earnings trajectory alone. A confirmed promoter exit (below 58%) accompanied by governance events rather than liquidity would also break the thesis.
The test written in advance. Domestic cable and wire volume growth stays at or above 8% — domestic cable and wire volume growth at least 8% by FY27-Q3 results.
The test written in advance. Capacity use stays above 65% and the extra-high-voltage plant is commissioned by the first half of CY27 — capacity use above 65% by first half of CY27.
The test written in advance. The fans, lights and appliances arm keeps its operating margin at or above 5% — FMEG operating margin at least 5% by FY27-Q3 results.
What the company does. Polycab makes cables and wires, sells fans, lights and small appliances, and also builds electrical projects to order. Copper and aluminium are the main inputs and their cost is passed on; profit comes from volume, from share taken off unbranded makers, and from spreading fixed plant costs over more output.
What is temporary, cyclical, structural. Market-leading electrical products maker in the middle of a large capacity programme.
Lever 15 · Market-share gains — ACTIVE. Domestic cable-and-wire share went from 18–19% in FY19 to 30–31% in FY26, gaining 300–400 basis points in FY26 alone. Wires and cables grew 39% on the year in the June-2026 quarter. What proves it keeps working: Domestic cable and wire volume growth staying at or above 8% quarter after quarter. It stops working if domestic volume growth drops below 8% for two straight quarters, meaning the shift from unbranded to branded has matured.
Lever 1 · Operating leverage — ACTIVE. Operating profit grew 32% on 39% more revenue in the June-2026 quarter; FY26 operating profit grew 35% on 29% more revenue. The leverage shows up across several quarters, not one. What proves it keeps working: Capacity use staying above 65% and the extra-high-voltage plant being commissioned in the first half of CY27. It stops working if capacity use falls below 65%, or the extra-high-voltage plant slips past the first half of CY27.
Lever 2 · Value-added mix — ACTIVE. The fans, lights and appliances arm grew 71% on the year in the June-2026 quarter, its tenth straight quarter of above-industry growth, and its operating margin reached 8% — the FY30 floor target, hit early. Premium products are 25% of that mix. What proves it keeps working: That arm keeping its operating margin at or above 5% and the premium share of mix holding. It stops working if its quarterly operating margin falls below 5% for two straight quarters, or the premium share of mix reverses.
Lever 14 · A bigger market to sell into — BUILDING. The market itself is getting bigger: transmission and distribution additions are targeted at 20,000–21,000 circuit km a year against 15,000 historically, 500 GW of solar by FY36, and a data-centre cable market of ₹20,000–25,000 Cr over six to eight years. What proves it keeps working: Government infrastructure spending still growing at 10% a year or more, with private commitments intact. It stops working if government infrastructure spending slows below 10% a year for two straight quarters and private commitments are withdrawn.
Sources: our stock research file (14 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Polycab India Ltd reported ₹8,210 Cr of revenue in the Jun 26 quarter, +39.0% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 18.7% a year. The last full year, FY26, came in at ₹28,884 Cr. The last four reported quarters add to ₹31,187 Cr.
FY26 revenue came in at ₹28,884 Cr (+28.9% on the year), capping 10 years at 18.7% compound. The latest quarter (Jun 26) printed ₹8,210 Cr, +39.0% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +32.5% growth against the decade's 18.7% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +32.1% over the last 4 quarters against +28.6%/yr over the last 8 — accelerating; TTM profit +29.6% vs +27.0%/yr — stabilising.
Steady base, ₹5,200–7,000 Cr · FY25-Q2 → FY26-Q1. Revenue and profit as reported; no research note attached to this quarter. Revenue and profit as reported; no research note attached to this quarter.
Step up past ₹8,000 Cr · FY26-Q2 → FY27-Q1. Wire-and-cable revenue rose 21% on the year and that segment’s operating margin reached 15.1% — above the 11–13% guided in July 2025, and ahead of the company’s own plan. Record revenue of ₹8,864 Cr, but the engineering-and-construction arm fell 15% on the year to ₹509.8 Cr, which management put down to the project execution cycle. Cable and wire volume growth was low single-digit. FY26 closed with operating profit up 35% on revenue up 29%.
Why-sources: our stock research file (14 August 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Polycab India Ltd's operating margin is 14.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 8.0% to 14.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 14.0%, −1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 8.0%–14.0%, and FY26's 14.0% is the top of that band — a record year.
🚨 Why the margin moved: operating margin went −0.7 pp year on year while gross margin went −3.8 pp — the loss came mostly from the gross line: input costs and pricing.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
Margin climbing, 11% to 16% · FY25-Q2 → FY26-Q2. Revenue and profit as reported; no research note attached to this quarter. Revenue and profit as reported; no research note attached to this quarter.
Copper pass-through squeeze, then recovery · FY26-Q3 → FY27-Q1. Record revenue of ₹8,864 Cr, but the engineering-and-construction arm fell 15% on the year to ₹509.8 Cr, which management put down to the project execution cycle. Cable and wire volume growth was low single-digit. FY26 closed with operating profit up 35% on revenue up 29%. Wires and cables grew 39% on the year and operating profit 32%; operating margin 14%. The fans, lights and appliances arm grew 71% and reached an 8% operating margin — its FY30 floor target, hit early. Exports fell 13% on Middle East disruption, and the engineering arm fell 11% to ₹307.7 Cr.
Why-sources: our stock research file (14 August 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Polycab India Ltd earned ₹797 Cr of net profit in the Jun 26 quarter, +32.8% year on year. It is the 8th consecutive quarter of growth. Full-year FY26 profit was ₹2,708 Cr. The 10-year compound rate is 30.8%. That is 9.7% of the quarter's revenue. The same quarter a year earlier earned ₹600 Cr.
Jun 26 profit was ₹797 Cr, +32.8% year on year — the 8th consecutive quarter of growth. On the full year, FY26 printed ₹2,708 Cr (+32.4%), and the 10-year compound rate is 30.8%.
Why profit moved: revenue contributed +39.0% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +32.8% vs revenue +32.5%. Profit and revenue are moving roughly in step.
₹445–734 Cr a quarter · FY25-Q2 → FY26-Q1. Revenue and profit as reported; no research note attached to this quarter. Revenue and profit as reported; no research note attached to this quarter.
Up to ₹797 Cr a quarter · FY26-Q2 → FY27-Q1. Wire-and-cable revenue rose 21% on the year and that segment’s operating margin reached 15.1% — above the 11–13% guided in July 2025, and ahead of the company’s own plan. Record revenue of ₹8,864 Cr, but the engineering-and-construction arm fell 15% on the year to ₹509.8 Cr, which management put down to the project execution cycle. Cable and wire volume growth was low single-digit. FY26 closed with operating profit up 35% on revenue up 29%.
Why-sources: our stock research file (14 August 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 105% of Polycab India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹3,811 Cr of operating cash against ₹2,708 Cr of profit. After ₹1,546 Cr of capital spending, ₹2,265 Cr was left as free cash.
FY26: operating cash of ₹3,811 Cr against reported profit of ₹2,708 Cr, leaving free cash of ₹2,265 Cr after ₹1,546 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 105% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 105%: the cash cycle tightened 57 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 3.8× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Polycab India Ltd's cash conversion cycle runs 39 days in FY26, down from 96 days in FY21. Capital spending ran ₹3,490 Cr over the last 3 years. At FY26 sales of ₹28,884 Cr each day of that cycle holds about ₹79.1 Cr, so roughly ₹3,086 Cr sits inside the business at any moment.
FY26: debtors at 48 days, inventory at 99 days — roughly 3.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 39 days, tighter than FY21's 96.
The full loop: cash goes out to suppliers and production on day 0; stock waits 99 days to sell; customers pay about 48 days after that; and suppliers themselves are paid at 108 days — netting out to the 39-day cycle.
In money terms: at FY26 sales of ₹28,884 Cr, each day of the cycle holds about ₹79.1 Cr — so the 39-day loop keeps roughly ₹3,086 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹3,490 Cr over the last 3 fiscal years against ₹929 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹1,139 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Polycab India Ltd earns a ROCE of 33% in FY26. That is up from a trough of 16% in FY17. Return on invested capital clears the cost of that capital by +23.3 percentage points, so growth here adds value rather than only size. The wiring behind it is 9.4% net margin on 1.41× asset turns.
FY26 ROCE is 33%, recovered from a FY17 trough of 16% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 9.4% net margin × 1.41× asset turns × 1.70× balance-sheet leverage ≈ 22.5% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 35.3% − 12.0% = a +23.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Polycab India Ltd carries total debt of ₹213 Cr against shareholder equity of ₹12,232 Cr as of Jun 26, a debt-to-equity of 0.02 — effectively unlevered. On the annual view that ratio went from 0.02 in FY22 to 0.03 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Jun 26: total debt of ₹213 Cr against shareholder equity of ₹12,232 Cr — a debt-to-equity of 0.02. On the annual view, debt-to-equity went from 0.02 (FY22) to 0.03 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions added 5.4 points of Polycab India Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 19.0% of the company. Promoters moved −3.6 points over the same window, to 61.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: +5.4 points over 8 quarters to 19.0%; Promoters: −3.6 points over 8 quarters to 61.5%; Domestic institutions: +0.7 points over 8 quarters to 7.6%.
Why the register moved: foreign institutions drove it (+5.4 points), absorbed on the other side by promoters (−3.6 points) — steady accumulation by institutions reading the same numbers this page reads.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Polycab India Ltd: the Z-score reads 10.72. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.
Why it matters: a Z-score of 10.72 sits well clear of the distress zone — the balance sheet is not the risk here.
The safety line in one sentence: the Z-score reads 10.72.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Polycab India Ltd trades at 48.6× P/E, at the pricey end of its own range (77th percentile). Its long-run median P/E is 41.5×, measured across 7.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 48.6× is at the pricey end of its own range (77th percentile), against a long-run median of 41.5× measured over 7.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +32.2% against a +32.6% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +37.2%/yr price move, ~+27.6%/yr came from earnings growth and ~+9.6 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Polycab India Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 35.2% and holding. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +28.9% | +27.0% | +26.9% | +18.7% |
| Profit | +32.4% | +28.3% | +25.0% | +30.8% |
| EPS | +32.2% | +27.9% | +24.6% | +29.8% |
| Share price | +32.6% | +25.6% | +37.2% | — |
4-Factor Sector Score
52.0/100 — rank 5 of 10 in Cables - Power · 100% evidence confidence
Polycab India Ltd scores 52.0 out of 100 against the 10 companies it is compared with in Cables - Power, ranking 5. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 18.5 + 20.9 + 9.5 + 3.1 = 52. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Quarterly scorecard
5 markers came out of our Polycab India Ltd research file of 14 August 2026, and each results season scores every one of them. No results season has been scored against them yet. A row is permanent: a miss stays on the record after it is fixed.
| Marker | The bar | Where it stands | Score |
|---|---|---|---|
| M1 | Domestic cable and wire volume growth stays at or above 8% (domestic cable and wire volume growth >= 8%) | Not checked yet. | PENDING |
| M2 | Capacity use stays above 65% and the extra-high-voltage plant is commissioned by the first half of CY27 (capacity use > 65%) | Not checked yet. | PENDING |
| M3 | The fans, lights and appliances arm keeps its operating margin at or above 5% (FMEG operating margin >= 5%) | Not checked yet. | PENDING |
| M4 | Government infrastructure spending keeps growing at 10% a year or more (government infrastructure spending growth >= 10%) | Not checked yet. | PENDING |
| M5 | Exports rise above 5% of group revenue (exports as a share of revenue > 5%) | Not checked yet. | PENDING |
Said versus delivered
What Polycab India Ltd's management promised, set against what actually arrived — 6 tracked promises on the record. Scored in our research file, promise by promise. A promise that slipped stays on this page after it is met.
Said Jul 2025, due FY26 — met. Promised: Under Project Spring, wire-and-cable growth of 1.5 to 2 times the market, with margins above the guided 11–13% range. What arrived: The September-2025 quarter delivered wire-and-cable revenue up 21% on the year with a segment operating margin of 15.1% — above guidance and ahead of plan.
🚨 Said Oct 2025, due FY26 — missed. Promised: Copper price swings are passed on monthly, with no effect on profitability. What arrived: In the December-2025 quarter the finance chief acknowledged the pass-through is staggered, and that it directly compressed margin in the near term — the opposite of the earlier statement.
🚨 Said Oct 2025, due H2 FY26 — missed. Promised: BharatNet work in the second half of FY26 would make the engineering-and-construction arm “much better”. What arrived: That arm grew only 4% on the year in the December-2025 quarter; execution went back to the earlier scheme and the BharatNet ramp did not happen.
🚨 Said Oct 2025, due FY26 — missed. Promised: India’s tariff position was “beneficial” at 10% against competitors on 20–25%. What arrived: By the December-2025 quarter US weakness was being attributed directly to tariffs as a global overhead — the narrative reversed.
Said Oct 2025, due medium term — flagged. Promised: The engineering-and-construction arm would sustain a margin of about 10% over the medium to long term. What arrived: Revised in May 2026 to “mid-to-high single digits”, then to “high single-digit range” in July 2026, where it settled.
Said Oct 2025 and Jan 2026, due long term — flagged. Promised: Working capital would settle at 50–55 days in the long run — said twice, in October 2025 and January 2026. What arrived: Revised to 45–50 days in May 2026 with no explanation, and confirmed at 45–50 days in July 2026.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Diamond Power Infrastructure LtdDIACABS | 67.1/100Favorable setup83% evidence | LEADER | 28.8/35 Revenue 92.6% · PAT 100% · OPM change 1 pp 100% evidence | 10.3/25 ROCE 26.5% · OPM 11% 100% evidence | 8.5/20 P/E 112× · PEG — 15% evidence | 19.5/20 RS sector 43.7% · RS bench 113.9% · 1Y 138.9%12 of 12 weeks ahead 100% evidence |
| Exact sum: 28.8 + 10.3 + 8.5 + 19.5 = 67.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2R R Kabel LtdRRKABEL | 66.9/100Favorable setup100% evidence | LEADER | 28.9/35 Revenue 37.6% · PAT 79.6% · OPM change 2 pp 100% evidence | 14.1/25 ROCE 28.1% · OPM 9% 100% evidence | 8.6/20 P/E 51.5× · PEG 2.45 100% evidence | 15.3/20 RS sector 11.1% · RS bench 65.9% · 1Y 124.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 28.9 + 14.1 + 8.6 + 15.3 = 66.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3V-Marc India LtdVMARCIND | 63.1/100Mixed-positive evidence84% evidence | ASLEEP | 25.7/35 Revenue 48.9% · PAT 90.5% · OPM change 0 pp 75% evidence | 17.2/25 ROCE 41.3% · OPM 11% 100% evidence | 15.2/20 P/E 46× · PEG 0.68 65% evidence | 5.0/20 RS sector -60% · RS bench 140.2% · 1Y -15.9%0 of 12 weeks ahead 100% evidence |
| Exact sum: 25.7 + 17.2 + 15.2 + 5 = 63.1 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -60% and the one-year return is -15.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 4Universal Cables LtdUNIVCABLES | 55.8/100Mixed-positive evidence100% evidence | LEADER | 22.0/35 Revenue 33.6% · PAT 69.5% · OPM change 0 pp 100% evidence | 5.5/25 ROCE 11.7% · OPM 10% 100% evidence | 10.6/20 P/E 28.5× · PEG 1.25 100% evidence | 17.7/20 RS sector 20.3% · RS bench 80.2% · 1Y 134.7%12 of 12 weeks ahead 100% evidence |
| Exact sum: 22 + 5.5 + 10.6 + 17.7 = 55.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Polycab India Ltdthis pagePOLYCAB | 52.0/100Mixed-positive evidence100% evidence | FADING | 18.5/35 Revenue 32.1% · PAT 29.6% · OPM change -1 pp 100% evidence | 20.9/25 ROCE 33.2% · OPM 14% 100% evidence | 9.5/20 P/E 48.6× · PEG 1.89 100% evidence | 3.1/20 RS sector -26.5% · RS bench 12.6% · 1Y 37.1%10 of 12 weeks ahead 100% evidence |
| Exact sum: 18.5 + 20.9 + 9.5 + 3.1 = 52 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Dynamic Cables LtdDYCL | 48.2/100Mixed-negative evidence87% evidence | TURNING | 12.4/35 Revenue 19.1% · PAT 26.4% · OPM change 1 pp 95% evidence | 13.6/25 ROCE 26.2% · OPM 11% 95% evidence | 12.1/20 P/E 23.9× · PEG — 50% evidence | 10.1/20 RS sector -19.1% · RS bench 25.5% · 1Y 12.1%10 of 12 weeks ahead 100% evidence |
| Exact sum: 12.4 + 13.6 + 12.1 + 10.1 = 48.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Apar Industries LtdAPARINDS | 46.9/100Mixed-negative evidence100% evidence | LEADER | 18.9/35 Revenue 24% · PAT 33.9% · OPM change 2 pp 100% evidence | 16.2/25 ROCE 31.1% · OPM 11% 100% evidence | 0.5/20 P/E 55.6× · PEG 2.94 100% evidence | 11.3/20 RS sector 2% · RS bench 52.8% · 1Y 91.9%12 of 12 weeks ahead 100% evidence |
| Exact sum: 18.9 + 16.2 + 0.5 + 11.3 = 46.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8KEI Industries LtdKEI | 44.6/100Mixed-negative evidence97% evidence | TURNING | 20.5/35 Revenue 20.3% · PAT 34.2% · OPM change 2 pp 95% evidence | 12.3/25 ROCE 20.1% · OPM 12% 95% evidence | 6.8/20 P/E 54.7× · PEG 1.92 100% evidence | 5.0/20 RS sector -20.1% · RS bench 22.4% · 1Y 48.4%7 of 12 weeks ahead 100% evidence |
| Exact sum: 20.5 + 12.3 + 6.8 + 5 = 44.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9JD Cables Ltd544524 | 54.9/100Thin evidence · provisional31% evidence | 14.5/35 Revenue — · PAT — · OPM change -1 pp 26% evidence | 18.9/25 ROCE 33.6% · OPM 12% 76% evidence | 11.5/20 P/E 14.8× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —3 of 5 weeks ahead 0% evidence | |
| Exact sum: 14.5 + 18.9 + 11.5 + 10 = 54.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 10Systematic Industries Ltd544541 | 49.3/100Thin evidence · provisional22% evidence | 17.1/35 Revenue — · PAT — · OPM change -1 pp 15% evidence | 11.4/25 ROCE 20.6% · OPM 7% 57% evidence | 10.8/20 P/E 26.8× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —3 of 12 weeks ahead to 2026-05-03 0% evidence | |
| Exact sum: 17.1 + 11.4 + 10.8 + 10 = 49.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Polycab India Ltd's share price today?
Polycab India Ltd trades at ₹9,240, +32.6% over the past year. The company is valued at ₹1,39,225 Cr. The stock sits at 75% of its 52-week range of ₹6,722–₹10,083, +10.6% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 59 weeks in. — as of 14 August 2026.
What were Polycab India Ltd's latest quarterly results?
Polycab India Ltd reported revenue of ₹8,210 Cr and net profit of ₹797 Cr for the Jun 26 quarter. Revenue rose 39.0% and profit rose 32.8% year on year. Earnings per share were ₹52.07. The operating margin was 14.0%, 1.0 pp lower than a year earlier. — as of 14 August 2026.
What is Polycab India Ltd's revenue?
Polycab India Ltd reported revenue of ₹8,210 Cr in the Jun 26 quarter, +39.0% year on year. For the full FY26 fiscal year, revenue was ₹28,884 Cr (+28.9%). Over the last 10 years revenue compounded at 18.7% a year. — as of 14 August 2026.
What is Polycab India Ltd's profit?
Polycab India Ltd earned ₹797 Cr of net profit in the Jun 26 quarter, +32.8% year on year — the 8th straight quarter of growth. Full-year FY26 profit was ₹2,708 Cr. The operating margin ran 14.0% in the latest quarter. — as of 14 August 2026.
What is Polycab India Ltd's market cap?
Polycab India Ltd's market capitalisation is ₹1,39,225 Cr at a share price of ₹9,240. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.
What is Polycab India Ltd's P/E ratio?
Polycab India Ltd trades at a P/E of 48.6×, at the 77th percentile of its own 7-year range, against a long-run median of 41.5×. This is a comparison with the stock's own history, not a value call — as of 14 August 2026.
Does Polycab India Ltd pay a dividend?
Yes — Polycab India Ltd's dividend payout was 26% of profit in FY26, and it recorded a payout in 12 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 14 August 2026.
Is Polycab India Ltd overvalued?
On its own history, Polycab India Ltd looks expensive: its P/E of 48.6× sits at the 77th percentile of its 7-year range (long-run median 41.5×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 14 August 2026.
Is Polycab India Ltd growing?
Yes — Polycab India Ltd is growing: latest-quarter revenue +39.0% year on year, profit +32.8%, and the margin −1.0 pp at 14.0%. The 10-year compound rates are 18.7% (revenue) and 30.8% (profit). The earnings engine currently reads: improving — as of 14 August 2026.
How is Polycab India Ltd performing?
Polycab India Ltd is in a confirmed uptrend, 59 weeks in. Its latest quarter's revenue rose 39.0% and profit rose 32.8% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 6 weeks. This describes what the data did, not a rating. — as of 14 August 2026.
What stage is Polycab India Ltd in?
Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 35.2% and holding. The read comes from the last 12 quarters of growth (revenue growth +32.1% latest, profit growth +29.6% latest, eps growth +29.1% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 14 August 2026.
Is Polycab India Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 59 of stage 2), trading +10.6% versus its 200-day average and at 75% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 14 August 2026.
Is Polycab India Ltd beating the market?
Not lately — on a trailing-13-week view Polycab India Ltd is currently behind the NIFTY 500 (6 weeks and counting; last ahead the week of 2026-07-03), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 7.3 years the stock moved +1,336% against the NIFTY 500's +144% — ahead of the index over the full window. — as of 14 August 2026.
Will Polycab India Ltd's share price go up?
This page publishes no price forecast for Polycab India Ltd. What it measures instead: the share price is ₹9,240, the price is in a confirmed uptrend 59 weeks in. Its P/E of 48.6× sits at the 77th percentile of its own 7-year range. — as of 14 August 2026.
Who owns Polycab India Ltd?
Promoters hold 61.5% of Polycab India Ltd, foreign institutions 19.0%, domestic institutions 7.6% and the public 11.9% (latest quarter). The biggest move on the register over the last two years: Foreign institutions added 5.4 points over 8 quarters. — as of 14 August 2026.
Does Polycab India Ltd have too much debt?
No — Polycab India Ltd's debt-to-equity is 0.02, and operating profit covers the interest bill 17×. FY26 borrowings were ₹236 Cr against equity of ₹12,009 Cr. The returns on this page are earned, not borrowed — as of 14 August 2026.
What is Polycab India Ltd's capex?
Polycab India Ltd spent ₹3,490 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹1,546 Cr, with ₹1,139 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 14 August 2026.
What is Polycab India Ltd's cash flow?
Polycab India Ltd generated ₹3,811 Cr of operating cash flow in FY26 and ₹2,265 Cr of free cash flow after ₹1,546 Cr of capital spending. Reported profit that year was ₹2,708 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 14 August 2026.
Is Polycab India Ltd's profit real cash?
Yes — over the last 3 fiscal years, 105% of Polycab India Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹3,811 Cr against reported profit of ₹2,708 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 14 August 2026.
How financially safe is Polycab India Ltd?
On the balance sheet, the Z-score reads 10.72 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That sits well clear of trouble. — as of 14 August 2026.
Where is Polycab India Ltd in its business cycle?
Polycab India Ltd's FY26 operating margin was 14.0%, against a 13-year band of 8.0%–14.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 14.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 2026.
What could break the Polycab India Ltd story?
The sharpest disagreement: Promoters moved −3.6 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 14 August 2026.
Is Polycab India Ltd a stock worth studying right now?
This is not investment advice. The machine read: Polycab India Ltd — India’s largest cable and wire maker — is printing record margins on a fuller multiple. From here the earnings must do all the lifting. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 14 August 2026.