Polycab India Limited — Investor Meet, 22-01-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Polycab reported robust Q3 FY26 performance: revenues surged 46% YoY, and PAT hit a Q3 record of ₹630 Cr, up 36% YoY. For 9M FY26, revenues exceeded ₹20,000 Cr, growing 30% YoY, with PAT up 47%. The Wires & Cables (W&C) segment led with 53% revenue growth, driven by a 59% jump in domestic sales and nearly 40% volume growth. FMEG revenues rose 17% YoY, boosted by a stellar solar business (up >2x), achieving its fourth consecutive profitable quarter. EPC revenues reached ₹406.9 Cr.

EBITDA margins for Q3 were 12.7% (13% excluding a ₹21.9 Cr gratuity one-off), impacted by a strategic decision to stagger price increases despite sharp commodity inflation (copper +21% QoQ). This move aims to protect volumes, gain market share, and strengthen channel relationships, with management anticipating margin recovery in coming quarters. The Board approved redesignation of Mr. Bharat Jaisinghani and Mr. Nikhil Jaisinghani as Joint Managing Directors. The company remains confident in strong demand from government and private capex, along with a healthy real estate sector, supporting continued growth. International business grew 5% YoY, though US exports face tariff-related challenges. Execution for BharatNet scheme orders began, projecting ₹450 Cr over three years and ₹350 Cr for ten years O&M. Management expressed confidence in sustained growth and FMEG profitability expansion towards 8-10% EBITDA by FY30.