More Stories

Informist, Wednesday, Jan. 14, 2026

By Ashutosh Pati

MUMBAI – Polycab India Ltd is likely to have had a strong December quarter, with analysts expecting a sharp year-on-year rise in both the bottom line and top line, driven by robust domestic demand in the domestic cables and wires market, and strong sales in the fast-moving electrical goods segment. The electrical equipment manufacturer is expected to emerge as one of the top performers in the consumer durables sector during the quarter.

Polycab India is expected to report a consolidated net profit of INR 6.44 billion for the December quarter, up around 41% on year, according to the average of estimates from nine brokerages. Elara Securities (India) Pvt. Ltd. has the highest estimate for consolidated net profit at INR 7.05 billion while Nirmal Bang Equities Pvt. Ltd. has the lowest estimate at INR 6.04 billion.

The company's consolidated revenue for the reporting quarter is expected to rise 27.5% on year to INR 66.63 billion, according to the average of the estimates. Kotak Institutional Equities has the highest estimate of INR 68.41 billion for the company's top line and Sharekhan Ltd. has the lowest estimate at INR 63.76 billion. Sequentially, Polycab is expected to report an over 6% fall in its bottom line, while its top line is estimated to rise nearly 3%.

Along with firm demand for cables and wires, healthy channel stocking amid a sharp rise in prices of copper in the latest quarter will also boost the company's revenue growth, analysts said. "Polycab should continue to deliver strong double digit revenue growth as demand for cables continues to remain strong and also (due to) channel stocking for housing wires on rising copper prices," YES Securities (India) Ltd. said.

Polycab's revenue from the fast-moving electrical goods segment is expected to grow 8-15% in the December quarter, according to six brokerages. Sales growth in this segment is expected to be led by strong demand for solar products, switches, and switchgears. However, weak demand for fans remains a drag on the segment.

The company's earnings before interest, tax, depreciation, and amortisation are expected to rise around 34% on year to INR 9.62 billion in the reporting quarter, according to the average of estimates from eight brokerages. Estimates range from a high of INR 10.23 billion by Elara Securities to a low of INR 9.41 billion by Nirmal Bang. On a sequential basis, Polycab's EBITDA is expected to decline nearly 6%.

Analysts expect the EBIT margin of the company's wire and cables segment to increase from the year-ago quarter mainly because of a lower base and strong operating leverage. However, they expect it to decrease from the trailing quarter due to an inferior product mix and higher spending on advertising and promotion. Kotak expects the company's EBIT margin at 14%, up 50 basis points on year but down 110 bps from the previous quarter. Similarly, Motilal Oswal Financial Services Ltd. expects the segment's EBIT margin to rise 85 bps on year to 15%, while Nuvama Wealth Management Ltd. expects it to be slightly lower from the trailing quarter.

Of the 18 brokerage reports on the company available with Informist, 14 have a 'buy' or equivalent recommendation on the stock with an average target price of INR 8,060. This is over 9% higher than the current market price. Four brokerages have a ‘hold' or equivalent recommendation on the stock.

At 1337 IST, shares of Polycab were 2.8% lower at INR 7,341 on the National Stock Exchange. Since reporting its September quarter earnings on Oct. 17, shares of the company have fallen around 1%. The company will detail its December quarter earnings Friday.

For the September quarter, the company had reported a consolidated net profit of INR 6.85 billion, up nearly 56% on year and 16% sequentially. Its revenue had risen around 18% on year to INR 64.77 billion.

Following are the Oct-Dec earnings estimates for Polycab India from nine brokerages in descending order by the estimate of net profit, in INR million:

End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Tanima Banerjee

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2026. All rights reserved.