Polycab India Limited delivered impressive financial performance in Q3FY26, demonstrating strong operational execution and market expansion. The electrical equipment manufacturer reported consolidated revenue from operations of ₹76,361.28 crores for the quarter ended December 31, 2025, representing a substantial 46.2% increase from ₹52,260.62 crores in the same quarter of the previous fiscal year.

Financial Performance Highlights

The company's profitability metrics showed robust growth across multiple parameters. Net profit attributable to equity shareholders reached ₹6,216.90 crores, marking a 35.7% year-on-year increase from ₹4,575.57 crores in Q3FY25. Total comprehensive income for the quarter stood at ₹6,223.20 crores compared to ₹4,570.01 crores in the corresponding period last year.

Nine-Month Performance

For the nine-month period ended December 31, 2025, Polycab maintained strong momentum with consolidated revenue from operations reaching ₹2,00,193.15 crores, up 29.8% from ₹1,54,225.15 crores in the corresponding period of FY25. Net profit for the nine-month period grew 46.9% to ₹18,992.67 crores from ₹12,933.22 crores in the previous year.

Segment-wise Performance

The company's core Wires and Cables segment continued to drive growth, generating revenue of ₹68,526.29 crores in Q3FY26 compared to ₹44,499.45 crores in Q3FY25. The FMCG segment contributed ₹4,997.77 crores while the EPC segment added ₹4,068.97 crores to the overall revenue mix.

Leadership Changes

The Board of Directors approved significant organizational changes during their meeting held on January 16, 2026. The company redesignated Mr. Bharat A. Jaisinghani and Mr. Nikhil R. Jaisinghani from Executive Directors to Joint Managing Directors, effective immediately for the remaining period of their existing tenure until May 12, 2026. Both executives will be further appointed as Joint Managing Directors for an additional five-year term from May 13, 2026, to May 12, 2031, subject to shareholder approval.

Additionally, the board 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.

Operational Developments

During the nine-month period, the company allotted 1,12,575 equity shares of ₹10 each to option grantees under the Employee Stock Option Scheme 2018, increasing 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 related to gratuity and long-term compensated absences due to revised wage definitions under the newly notified Labour Codes.

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.

Polycab India Limited delivered strong topline growth in Q3FY26 but faced margin pressures due to increased operational expenses. The company's consolidated results for the quarter ended December 31, 2025, showed robust revenue expansion while EBITDA margins compressed, leading to mixed market reception with shares declining 2.8% to ₹7,117 following the results announcement.

Financial Performance Overview

The company's quarterly performance demonstrated strong revenue momentum but highlighted cost management challenges. Revenue growth significantly outpaced market expectations, though margin compression became a key concern.

Margin Pressure Factors

The company's EBITDA margin compression of over 100 basis points to 12.66% from 13.80% in the previous year was primarily attributed to increased operational expenses. Key cost escalations included advertising and sales promotion expenses, which more than doubled to ₹91 crores from ₹37.30 crores in the corresponding quarter last year.

Finance costs also witnessed a significant increase, rising to nearly ₹69 crores in the December quarter compared to ₹50 crores in the year-ago period. These cost pressures offset some of the benefits from strong revenue growth.

Nine-Month Performance Trends

The nine-month consolidated performance reinforced the company's growth trajectory. Revenue for the period ended December 31, 2025, reached ₹2,00,193.15 crores compared to ₹1,54,225.15 crores in FY25, representing 29.81% growth. Net profit for the nine-month period stood at ₹19,228.23 crores, up 46.64% from ₹13,111.75 crores in the previous year.

Segment-wise Revenue Distribution

The company's diversified business portfolio continued to drive overall performance, with the Wires and Cables segment maintaining its position as the primary revenue contributor.

Leadership and Governance Updates

The Board of Directors approved significant organizational changes during their January 16, 2026 meeting. Mrs. Manju Agarwal was re-appointed as Independent Director for a second consecutive two-year term from January 19, 2026, to January 18, 2028, subject to shareholder approval.

The Board also approved the redesignation of Mr. Bharat A. Jaisinghani and Mr. Nikhil R. Jaisinghani from Executive Directors to Joint Managing Directors, effective January 16, 2026, for the remaining tenure until May 12, 2026, followed by a five-year extension until May 12, 2031.

Market Response and Outlook

Despite beating revenue estimates, the stock declined 2.8% post-results, reflecting investor concerns over margin compression and increased operational expenses. The company's paid-up equity share capital stood at ₹1,505.38 crores as of December 31, 2025. The results received an unmodified opinion from statutory auditors and were approved by the Board of Directors following Audit Committee review.