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.

Polycab India Ltd has announced its Q1 financial results, showcasing significant year-over-year growth and exceeding analyst expectations across key metrics.

Q1 Financial Highlights

Polycab India reported impressive financial performance for the first quarter:

The company's performance significantly surpassed analyst projections across all major financial indicators, demonstrating robust growth and improved profitability.

Key Takeaways

1. Revenue Growth: Polycab's revenue rose to ₹5,906.00 crore, marking a 26% increase year-over-year and beating the estimated ₹5,651.00 crore.

2. EBITDA Performance: The company's EBITDA showed remarkable growth, increasing to ₹858.00 crore, surpassing estimates of ₹762.00 crore.

3. Profitability Improvement: Polycab's EBITDA margin improved to 14.52%, exceeding the estimated 13.50%.

4. Net Profit Surge: Consolidated net profit grew to ₹592.00 crore, representing a 50% year-over-year increase and also surpassing the estimated ₹520.00 crore.

Market Implications

The strong Q1 results are likely to positively influence market sentiment towards Polycab India. The company's ability to exceed analyst expectations across all major financial metrics demonstrates its robust business model and effective execution of growth strategies.

Looking Ahead

As investors and analysts digest these results, attention will likely shift to:

1. Sustainability of Growth: How Polycab plans to maintain this growth momentum in the coming quarters.

2. Project LEAP Progress: Updates on the company's strategic initiative aimed at accelerating growth and improving operational efficiency.

3. Demand Outlook: Management's perspective on demand projections for the company's products in light of the current economic climate.

4. Capacity Expansion: Any announcements regarding plans to expand manufacturing capacity to support continued growth.

Polycab India's strong Q1 performance sets a positive tone for the fiscal year, and stakeholders will be keenly watching how the company builds on this momentum in the coming quarters.