Polycab India Limited delivered exceptional Q3 FY26 results, achieving record-breaking revenue of ₹76,361 million, representing a robust 46% year-on-year growth. The company reported its highest ever third quarter performance across all key financial metrics, with EBITDA growing 34% to ₹9,661 million and PAT increasing 36% to ₹6,302 million.

Record-Breaking Quarterly Performance

The third quarter ended December 31, 2025, marked a significant milestone for Polycab India, with the company achieving all-time high revenue driven by strong execution in the Wires & Cables business and sustained momentum in the Fast-Moving Electrical Goods segment.

Nine Months FY26 Milestone Achievement

For the nine months ended December 31, 2025, Polycab India achieved a significant milestone by surpassing ₹200 billion in revenue for the first time ever. The company recorded revenue of ₹2,00,193 million, marking a 30% year-on-year increase from ₹1,54,225 million in 9M FY25.

Segment-wise Performance Analysis

Wires & Cables Business Excellence

The Wires & Cables segment delivered outstanding performance with 53% year-on-year growth for Q3 FY26, driven by exceptional domestic performance showing 59% growth. The segment benefited from robust demand conditions and sustained commodity price inflation, with execution excellence under Project Spring continuing to drive market share gains.

For nine months FY26, W&C business revenues grew 35% year-on-year to ₹1,75,054 million from ₹1,29,680 million in 9M FY25, demonstrating strong growth across both distribution and institutional businesses. The international business contributed 5.9% of consolidated revenue.

Fast-Moving Electrical Goods Momentum

The FM&EG segment maintained continued momentum, recording 17% year-on-year growth in Q3 FY26. Growth was primarily led by the solar category, with other product segments performing broadly in line with industry performance. For nine months FY26, the FM&EG business grew 16% year-on-year to ₹13,775 million from ₹11,844 million in 9M FY25.

EPC Business Performance

The EPC business reported revenues of ₹4,069 million in Q3 FY26, representing a 4% year-on-year increase, with EBIT margins standing at 6.7%. For the nine-month period, the EPC business registered a 12% year-on-year decline, maintaining EBIT margins at 11.0%.

Leadership Commentary and Strategic Initiatives

Chairman and Managing Director Inder T. Jaisinghani highlighted that Q3 FY26 marked a record-breaking quarter driven by strong execution in the W&C business and sustained momentum in the FM&EG segment. He emphasized that execution discipline under Project Spring is translating into consistent outperformance, while early signs of revival in private capex provide further confidence in the growth outlook.

The Board of Directors approved the redesignation of Bharat A. Jaisinghani and Nikhil R. Jaisinghani from Executive Director to Joint Managing Director with immediate effect, subject to shareholder approval.

Financial Position Strengthening

As of December 31, 2025, Polycab India's net cash position stood at ₹30.3 billion, significantly improved from ₹17.1 billion in the same quarter of the previous year, demonstrating the company's strong financial health and cash generation capabilities.

Polycab India Limited delivered impressive financial performance in Q3FY26, demonstrating strong operational momentum across its business segments. The company's consolidated results for the quarter ended December 31, 2025, reflect robust demand and effective execution strategies.

Strong Financial Performance

The company's financial metrics showed substantial improvement across all key parameters during Q3FY26:

For the nine months ended December 31, 2025, consolidated revenue reached ₹2,00,193.15 crores compared to ₹1,54,225.15 crores in the corresponding period last year, marking a 29.81% increase. Net profit for the nine-month period stood at ₹19,228.23 crores, up 46.64% from ₹13,111.75 crores.

Segment-wise Performance

The company's diversified business portfolio contributed to the strong overall performance:

The Wires and Cables segment, being the largest contributor, showed exceptional growth of 54.00% year-on-year. The FMCG segment also demonstrated healthy growth of 18.10%, while the EPC segment maintained steady performance with 3.85% growth.

Key Corporate Developments

The Board of Directors approved several significant organizational changes during their meeting held on January 16, 2026:

Leadership Restructuring

Both appointments are subject to shareholder approval. Mr. Bharat A. Jaisinghani holds a Masters degree in Operations Management from the University of Manchester and has completed executive education from Harvard Business School. Mr. Nikhil R. Jaisinghani holds an MBA from Kellogg School of Management, Northwestern University.

Board Appointments

The Board also approved the re-appointment of Mrs. Manju Agarwal as an Independent Director for a second term of two consecutive years, commencing from January 19, 2026, to January 18, 2028, subject to shareholder approval. Mrs. Agarwal brings 34 years of banking experience with State Bank of India in leadership positions.

Operational Highlights

During the nine months ended December 31, 2025, the company allotted 1,12,575 equity shares of ₹10 each to option grantees under the Employee Stock Option Scheme 2018. This increased the paid-up equity share capital from 15,04,25,898 shares to 15,05,38,473 shares.

The company also recognized an incremental impact of ₹200.64 million in employee benefit expenses due to the Government of India's notification of four Labour Codes on November 21, 2025, which consolidated 29 existing labour laws.

Financial Position

The company maintained a strong balance sheet with total consolidated assets of ₹1,89,969.77 crores as of December 31, 2025, compared to ₹1,35,714.13 crores in the previous year. The Wires and Cables segment accounted for ₹1,15,834.50 crores of segment assets, reflecting the business's capital-intensive nature and growth investments.

The financial results were reviewed by the Audit Committee and approved by the Board of Directors, with statutory auditors B S R & Co. LLP expressing an unmodified opinion on the results.