Polycab India Limited has allotted equity shares to eligible employees who exercised their vested options under the Polycab Employee Stock Option Performance Scheme 2018. The allotment was carried out pursuant to a Finance and Operations Committee meeting held on May 07, 2026, and the company has formally notified the stock exchanges of this development in compliance with listing obligations.

Allotment Details

The Finance and Operations Committee, at its meeting on May 07, 2026, approved the allotment of equity shares to employees who had exercised their options under the scheme. The key details of the allotment are outlined below:

Regulatory Disclosure

The allotment intimation was submitted to the Department of Corporate Services at BSE Limited and the Listing Department at the National Stock Exchange of India Limited. The disclosure was signed by Manita Carmen A. Gonsalves, Vice President-Legal and Company Secretary of Polycab India Limited, in her official capacity.

Employee stock option schemes are a common mechanism used by companies to align employee interests with organizational performance by granting eligible personnel the right to acquire shares at a predetermined price. The allotment of 2,700 equity shares of ₹10 face value each under the 2018 scheme reflects the ongoing exercise of options by eligible employees of Polycab India.

Two leading global brokerages have reaffirmed their bullish stance on polycab , raising their respective target prices on the back of strong operational execution, market share expansion, and a compelling structural growth narrative in the cables and wires segment.

Brokerage Ratings and Target Price Revisions

Both Citi and Jefferies have maintained Buy ratings on Polycab while upgrading their price targets, reflecting growing confidence in the company's business trajectory. The key rating details are summarised below:

Citi's Key Observations

Citi's revised target price of ₹10,500, raised from ₹9,500, is underpinned by several positive factors identified by the brokerage. Citi highlights continued market share gains driven by strong execution and scale advantages as a primary driver of its constructive view. The brokerage also notes effective pass-through of raw material costs, with the company not benefiting from inventory gains due to its hedging practices—a sign of disciplined cost management. Additionally, Citi points to the upcoming commissioning of Extra High Voltage (EHV) capacity by year-end, with revenue contribution from this capacity expected from FY28.

Jefferies' Key Observations

Jefferies raised its target price to ₹9,770 from ₹8,950, citing a robust set of operational and financial metrics. The brokerage highlights the following key factors supporting its Buy rating:

• Market share gains to 30–31%, reflecting an improvement of +400 bps YoY
• Robust 18% FY26 C&W volume growth, underscoring strong demand momentum in the cables and wires segment
• A structural power/housing-led growth story with an approximately 21% FY26–29E EPS CAGR
• Sustained FMEG profitability, despite some C&W margin pressure attributed to a mix shift

Jefferies' outlook reflects confidence in Polycab's ability to maintain earnings growth momentum over the medium term, supported by favourable sectoral tailwinds in power infrastructure and housing.

Analyst Consensus

The concurrent upgrades in target prices from both Citi and Jefferies signal broad-based institutional confidence in Polycab's near- and medium-term prospects. Key themes common to both brokerages include market share expansion, strong volume growth in the cables and wires business, and the strategic significance of upcoming capacity additions. The EHV capacity commissioning, flagged by Citi as a meaningful future revenue driver from FY28, adds a longer-term dimension to the growth narrative alongside the near-term volume and margin dynamics highlighted by Jefferies.