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Informist, Wednesday, Jul. 15, 2026

 

By Ashutosh Pati

 

MUMBAI – Polycab India Ltd. is expected to post sharp on-year growth in bottom line and top line for the June quarter on the back of firm domestic demand for cables and wires, according to analysts. Strong revenue growth in the company's fast-moving electrical goods and engineering, procurement, and construction segments are also expected to support the top line.

 

The electrical equipment manufacturer is expected to report a consolidated net profit of INR 7.05 billion for the June quarter, up over 19% on year, according to the average of estimates from nine brokerages. The highest net profit estimate is INR 7.72 billion from PhillipCapital (India) Pvt. Ltd. and the lowest is INR 6.62 billion from Nirmal Bang Equities Pvt. Ltd.

 

The company's consolidated revenues for the quarter are expected to rise over 32% on year to INR 78.17 billion, as per the average of nine estimates. Estimates for the company's revenue range from a high of INR 82.14 billion from PhillipCapital to a low of INR 74.19 billion from YES Securities (India) Ltd. Sequentially, Polycab's net profit is expected to fall nearly 9% and its revenues are estimated to fall around 12%.

 

Polycab is expected to emerge as one of the top performers in the consumer durables sector for the June quarter. Growth in volumes and a rise in copper and aluminium prices are expected to drive revenues for the cables and wires segment.

 

"We expect robust revenue growth of 28% YoY (year-on-year), driven by continued infrastructure & manufacturing activities and a sharp jump in copper (price) of 55% YoY, which are passed on with one-month delay, coupled with robust growth in its other segments -- fast moving electrical goods (FMEG) and engineering, procurement & construction (EPC)," Elara Securities (India) Pvt. Ltd. said.

 

YES Securities expects "strong double-digit" revenue growth from Polycab's wires and cables segment on the back of "high single-digit to low double-digit" growth in volumes. It expects realisations for the segment to improve around 15% in the June quarter. Polycab's revenues from the fast-moving electrical goods segment are expected to grow 25-35% on year in the June quarter, as per three brokerages. Sales growth in this segment is likely to be led by strong demand for solar products and switchgear.

 

Kotak Securities Ltd. expects the company's revenues from the engineering, procurement, and construction segment to grow 15% on year to INR 4 billion, largely due to execution of orders from the revamped distribution sector scheme. Motilal Oswal Financial Services Ltd. expects this segment's revenues to rise 20% on year.

 

Polycab's earnings before interest, tax, depreciation, and amortisation are expected to rise nearly 23% on year to INR 10.52 billion for the June quarter, according to the average of eight estimates. Estimates range from a high of INR 11.22 billion from PhillipCapital to a low of INR 9.73 billion from Elara Securities.

 

Nuvama Wealth Management Ltd. said the margin for the wires and cables segment will remain "healthy". However, it may be "optically lower" on year due to the high base in the year-ago quarter. Kotak expects this segment's margin at 13.5% for the June quarter, down 120 basis points on year but up 40 bps from the March quarter. Similarly, Motilal Oswal sees the segment's margin at 13%. Polycab's EBIT margin for the wires and cables segment in the year-ago quarter was 14.7%.

 

Motilal Oswal expects the EBIT of the fast-moving electrical goods segment to double on year to INR 199 million for the June quarter. Kotak sees the EBIT margin for the engineering, procurement, and construction segment at 7.5%, down 20 bps on year. In the year-ago quarter, the EBIT margin for the fast-moving electrical goods segment was 2.1% and the margin of the engineering, procurement, and construction business was 7.7%.

 

Polycab will detail its June quarter earnings Thursday. Of the 13 brokerage reports on the company available with Informist, 12 have a "buy" or equivalent recommendation on the stock with an average target price of INR 9,368 per share. Nirmal Bang has a "hold" recommendation.

 

Wednesday, shares of Polycab India closed at INR 9,324.50 on the National Stock Exchange, down 2.2% from Tuesday. The company had reported a consolidated net profit of INR 7.73 billion for the March quarter on revenues of INR 88.64 billion. Since then, its stock has risen about 11%.

 

Following are the June quarter earnings estimates for Polycab India from nine brokerages, in descending order of the net profit estimate, in INR billion:

 

Brokerage	Net Sales	Net Profit	EBITDA
PhillipCapital (India) Pvt. Ltd.	82.14	7.72	11.22
Kotak Securities Ltd.	80.17	7.33	11.10
Nuvama Wealth Management Ltd.	80.25	7.25	10.95
Motilal Oswal Financial Services Ltd.	79.16	7.09	10.61
JM Financial Institutional Securities Pvt. Ltd.	78.51	6.99	10.48
Anand Rathi Share and Stock Brokers Ltd.	77.09	6.92	--
YES Securities (India) Ltd.	74.19	6.90	10.24
Elara Securities (India) Pvt. Ltd.	75.66	6.64	9.73
Nirmal Bang Equities Pvt. Ltd.	76.35	6.62	9.82
Average	78.17	7.05	10.52

 

End

 

Edited by Shubhayan Bhattacharya

 

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