Polycab India Limited , a leading manufacturer of wires and cables, has reported stellar financial results for the first quarter, showcasing robust growth across key metrics.

Strong Revenue Growth

The company delivered its highest-ever Q1 revenue, with consolidated revenue growing 26% year-on-year. This impressive performance was primarily driven by the robust performance in the Wires and Cables business, which recorded a 31% revenue growth supported by over 25% volume growth.

Profitability Surge

Polycab's profitability saw a significant boost in Q1:

• EBITDA surged 47% with margins expanding 210 basis points to 14.50%
• Profit After Tax (PAT) reached ₹6.00 billion, reflecting a 49% growth
• PAT margins improved by 170 basis points to 10.20%

Segment Performance

Wires and Cables

The Wires and Cables segment, Polycab's primary growth engine, continued its strong performance:

• Revenue growth of 31% year-on-year
• EBIT margins stood at 14.70%, improving by 190 basis points year-on-year
• Cables outpaced wires in terms of year-on-year growth

FMEG Business

The Fast-Moving Electrical Goods (FMEG) business also showed positive momentum:

• Achieved 18% growth
• Delivered its second consecutive profitable quarter
• Solar products emerged as the largest contributor within the FMEG portfolio, with over 2x growth

International Business

Polycab's international business demonstrated strong growth:

• 24% year-on-year increase
• Contributed 5.20% to consolidated revenue
• Exports benefited from favorable tariff positioning compared to competitors

Financial Position

Polycab maintained a strong balance sheet:

• Net cash position of ₹31.00 billion
• Working capital cycle of 43 days

Strategic Developments

The company secured two significant BharatNet orders worth ₹80.00 billion, to be executed over the next 3 years, further strengthening its order book.

Management Commentary

Gandharv Tongia, Executive Director and CFO at Polycab India Limited, commented on the results: "We have had a strong start to the year. Our performance in the first quarter built on the solid trajectory we have maintained over the past 4 years, and marks our highest-ever Q1 revenue and profitability in the Company's history."

Tongia added, "Looking ahead, we see strong tailwinds from infrastructure spending, improving private sector investment, and momentum in the real estate sector. Guided by our long-term roadmap under Project Spring, we are executing with greater focus, agility, and ambition."

With a robust start to the quarter and a positive outlook, Polycab India appears well-positioned to capitalize on the growing demand in the wires and cables industry, as well as the emerging opportunities in the FMEG sector.

Polycab India Limited , India's largest manufacturer of wires and cables, has reported robust financial results for the first quarter of fiscal year 2026 (Q1 FY26), demonstrating significant growth across key metrics.

Financial Highlights

• Revenue: The company's consolidated revenue from operations surged by 26% year-over-year (YoY) to ₹59,060.00 million in Q1 FY26, compared to ₹46,980.00 million in Q1 FY25.
• EBITDA: Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) saw a substantial increase of 47% YoY, reaching ₹8,576.00 million, with the EBITDA margin expanding by approximately 210 basis points to 14.5%.
• Net Profit: Polycab reported a 49% YoY growth in net profit, which stood at ₹5,997.00 million for Q1 FY26, with the net profit margin improving by about 170 basis points to 10.2%.

Segment Performance

Wires and Cables

The Wires and Cables segment, Polycab's core business, delivered a strong performance:

• Revenue grew by 31% YoY to ₹51,312.00 million
• EBIT (Earnings Before Interest and Tax) increased by 51% YoY to ₹7,542.00 million
• EBIT margin expanded by approximately 190 basis points to 14.7%

The growth was attributed to sustained demand across core sectors, higher government expenditure, improved project execution, and rising commodity prices.

Fast Moving Electrical Goods (FMEG)

The FMEG business continued its growth trajectory:

• Revenue increased by 18% YoY to ₹4,459.00 million
• The segment turned profitable, with an EBIT of ₹96.00 million and an EBIT margin of 2.1%

Notable performers in this segment included lights, switchgears, switches, and conduit pipes & fittings. Solar products emerged as a standout, more than doubling their revenue YoY.

Engineering, Procurement and Construction (EPC)

The EPC segment reported:

• Revenue of ₹3,474.00 million, a 19% YoY decline
• EBIT of ₹268.00 million, with an EBIT margin of 7.7%

Other Notable Points

• The company's international business grew by 24% YoY, accounting for 5.2% of consolidated revenues.
• As of June 30, 2025, Polycab's net cash position stood at ₹31,160.00 million, a significant increase from ₹16,384.00 million in the same quarter of the previous year.
• The Board of Directors approved and paid a final dividend of ₹35.00 per equity share for FY25 on July 1, 2025.

Inder T. Jaisinghani, Chairman and Managing Director of Polycab India Limited, commented on the results: "We have started FY 2026 on a strong footing, delivering our highest-ever first-quarter revenue and profitability. With continued momentum in government spending and improving project execution on the ground, we are confident in our ability to capitalise on the opportunities that lie ahead."

The company's focus on strategic pricing revisions, improved operational efficiency, and a favorable business mix has contributed to the margin expansion across segments. As Polycab continues to execute its five-year roadmap under Project Spring, it remains committed to driving growth and transformation in the electrical goods industry.