Polycab India Limited delivered exceptional financial performance in Q3FY26, achieving its highest-ever quarterly revenue of ₹76,361 million, marking a substantial 46% year-on-year growth. The company's strong execution across business segments, particularly in Wires & Cables, drove this remarkable performance while maintaining healthy profitability metrics.

Record Financial Performance

The company's consolidated financial results for Q3FY26 demonstrated robust growth across key metrics. EBITDA increased by 34% year-on-year to ₹9,661 million, though margins compressed to 12.7% from 13.8% in the previous year quarter. Profit after tax (PAT) grew by 36% year-on-year to ₹6,302 million, with PAT margins at 8.3%.

For the nine-month period ending December 31, 2025, revenues crossed the ₹200 billion milestone at ₹2,00,193 million, representing 30% year-on-year growth. Nine-month EBITDA and PAT both registered impressive 47% year-on-year growth.

Wires & Cables Segment Drives Growth

The Wires & Cables segment emerged as the primary growth driver, recording revenue of ₹67,413 million in Q3FY26, representing a strong 53% year-on-year increase. The domestic business delivered exceptional performance with 59% year-on-year growth, supported by robust demand and sustained commodity price inflation.

The segment's EBIT margin declined to 12.1% from 13.7% in the previous year, primarily due to strategic decisions to defer input cost pass-through to protect demand and an unfavorable mix shift towards higher institutional sales. The international business recorded marginal year-on-year growth, contributing 6% to consolidated revenues.

FMEG Segment Shows Sustained Momentum

The Fast Moving Electrical Goods (FMEG) segment demonstrated continued growth momentum with revenue of ₹4,878 million in Q3FY26, marking 17% year-on-year growth. The segment achieved positive EBIT of ₹142 million with a margin of 2.9%, compared to negative EBIT of ₹126 million in the previous year quarter.

Growth was led by the solar category, with other product segments performing broadly in line with industry performance. Segment profitability remained stable despite higher investments in brand-building initiatives, supported by improving scale and favorable product mix shifts.

EPC Segment Performance

The Engineering, Procurement and Construction (EPC) segment recorded revenue of ₹4,069 million in Q3FY26, representing modest 4% year-on-year growth. However, EBIT declined by 20% year-on-year to ₹272 million, with margins at 6.7%.

For the nine-month period, EPC revenues declined by 12% year-on-year, though EBIT recorded marginal 2% growth. The company expects annual sustainable operating margin to be in high single digits over the mid-to-long term.

Strong Balance Sheet and Cash Position

Polycab maintained a robust financial position with total assets of ₹1,89,970 million as of December 31, 2025. The company's net cash position stood at ₹30,316 million, reflecting strong cash generation capabilities. Shareholder funds increased to ₹1,12,204 million from ₹90,754 million in the previous year.

Capital expenditure for the nine-month period reached ₹10,893 million, compared to ₹8,254 million in the previous year, indicating continued investment in growth initiatives. The company's return on capital employed (ROCE) remained healthy at 31.8% on an annualized basis.

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.