Polycab India Limited is seeking shareholder approval via postal ballot to revise the remuneration of its Joint Managing Directors (JMDs), Bharat A. Jaisinghani and Nikhil R. Jaisinghani. The move aims to align executive compensation with market benchmarks following the expansion of their roles into enterprise-wide leadership positions covering strategy, governance, and sustainability. Shareholders must cast their votes electronically between July 25, 2026, and August 23, 2026.

The Board of Directors approved the proposal on July 16, 2026, citing the increased complexity of the company’s operations as it evolves from a wires and cables manufacturer into a diversified multi-segment enterprise. The postal ballot process complies with Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Sections 108 and 110 of the Companies Act, 2013. Dilip Bharadiya & Associates has been appointed as the scrutinizer for the exercise.

Proposed Remuneration Structure

The revised compensation package becomes effective from April 1, 2026, and remains valid until the end of the current tenure on May 12, 2031. The structure includes a fixed basic pay, allowances, perquisites, and performance-linked incentives.

Both executives are ineligible for Employee Stock Options (ESOPs) under the Polycab Employee Stock Option Plan 2018 due to their promoter group status. In years with inadequate profits, minimum remuneration will be paid subject to Schedule V approvals.

Voting Process and Timeline

Shareholders holding shares as of the cut-off date, July 17, 2026, are eligible to vote. The remote e-voting facility is provided by National Securities Depository Limited (NSDL). The voting window opens on Saturday, July 25, 2026, at 09:00 a.m. IST and closes on Sunday, August 23, 2026, at 05:00 p.m. IST. Results will be declared on or before Tuesday, August 25, 2026.

Individual shareholders in demat mode can vote using their depository login credentials. Corporate members must submit board resolutions authorizing their representatives to the scrutinizer at dilipbcs@gmail.com . Physical copies of the ballot are not being sent; all communication is electronic as per Ministry of Corporate Affairs circulars.

Rationale for Revision

The Nomination & Remuneration Committee conducted an independent benchmarking exercise against comparable leadership roles in diversified enterprises. The review highlighted that the JMDs now oversee critical functions including digital transformation, business agility, and institutional development, allowing the Chairman & Managing Director to focus on long-term strategy and capital allocation. The revised pay reflects this shift toward broader organizational accountability and governance stewardship.

Bharat A. Jaisinghani holds a master’s degree in operations management from the University of Manchester, while Nikhil R. Jaisinghani holds an MBA from Kellogg School of Management. Both have served the company since January 1, 2012, and were re-designated as JMDs in January 2026 following their initial appointment as Executive Directors in May 2021.

Polycab India reported unaudited consolidated financial results for the quarter ended June 30, 2026, demonstrating significant growth in revenue and profitability. Revenue from operations for Q1FY27 stood at ₹82,097.32 million, a 39% increase from ₹59,059.76 million in the same period of the previous year. Net profit for the quarter rose to ₹7,967 million, compared to ₹5,996.96 million in the year-ago period, driven by strong performance across its business segments.

Key Financial Highlights

The following table provides a summary of Polycab India's Q1FY27 consolidated financial performance:

Profitability and Earnings Performance

The company's profit for the period attributable to equity shareholders of the parent company was ₹7,843.37 million, up from ₹5,921.21 million in the prior year quarter. Earnings per share (EPS) on a basic and diluted basis improved to ₹52.09 and ₹51.94 respectively, from ₹39.36 and ₹39.21 in the corresponding period of the previous year. EBITDA increased by 32% year-on-year and the margins stood at 13.8%, reflecting an improvement of approximately 70 basis points sequentially over the previous quarter.

Operational Metrics

Total expenses for the quarter increased to ₹72,564.24 million from ₹51,853.34 million in Q1FY26. The cost of materials consumed was ₹65,123.50 million, compared to ₹41,853.12 million in the same period last year. Finance costs for the quarter stood at ₹800 million, up from ₹512.56 million in the prior year. The balance sheet continues to remain strong with a net cash position of ₹39.9 billion.

Segment Performance

Revenue from the Wires & Cables segment was ₹71,470.59 million, while the Fast Moving Electrical Goods (FMEG) segment contributed ₹7,611.53 million. Revenue from construction contracts was recorded at ₹3,077 million for the quarter ended June 30, 2026. The statutory auditors, B S R & Co. LLP, issued a Limited Review Report with an unmodified opinion on these results.

Strategic Outlook and Commentary

Management highlighted that the Wires & Cables business maintained steady momentum, leveraging market leadership, while the FMEG business continued its trajectory of steady improvement, supported by a richer product portfolio. The average working capital cycle improved significantly to 15 days in Q1FY27, aided by a temporary increase in payable days due to the use of letter of credit for raw material procurement. Capital expenditure during the quarter amounted to ₹3.2 billion.

The FMEG segment delivered a 71% year-on-year growth, with the Solar business delivering more than twofold growth year-on-year. EBIT margins for the FMEG business stood at 8%. The EPC business reported revenues of ₹3,077 million, a year-on-year decline of 11% primarily due to the timing and execution cycle of projects, though profitability remained healthy at ₹338 million.