Polycab goes up and down
Polycab India saw choppy trading on the BSE today, with the stock opening around Rs. 7,415 and fluctuating through the session. Currently at Rs. 7,192, down about 3.06% from the previous close of Rs. 7,419, it reflects intraday profit-taking and market volatility in the wake of the recent quarterly results. The stock’s intraday range saw a high near Rs. 7,426 and a low around Rs. 7,191, while turnover was approximately Rs. 9.9 crore, indicating active but mixed investor participation as traders assessed the company’s performance and broader market cues.
The company reported a strong set of results for Q3FY26, delivering record quarterly performance across key financial metrics.
Consolidated revenue from operations surged 46% (YoY)to 7,636 cr, while EBITDA rose 34% to Rs.966 cr and profit after tax (PAT) climbed 36% to Rs.630 cr, underscoring robust operational execution and sustained demand in its core businesses.
On a nine-month basis, the company also continued to demonstrate healthy growth momentum, with revenue and profits significantly higher than the prior year period. Segment results highlighted the Wires & Cables business as the principal growth driver, with double-digit revenue expansion, supported by continued domestic demand and market share gains, alongside steady contributions from the FMEG (Fast-Moving Electrical Goods) portfolio.
Despite impressive topline and profitability growth, margins moderated sequentially, reflective of strategic cost variables and competitive market conditions. The EBITDA margin for Q3 was 12.7% and PAT margin ~8.3%, modestly lower than in the corresponding quarter last year as well as the preceding quarter, indicating continued focus on balancing growth and cost efficiency.
Management’s commentary from the investor call highlighted execution strength across business verticals and reaffirmed commitment to long-term growth initiatives under its strategic roadmap, including enhancing product mix and expanding footprint across domestic and export markets.
A recommendation in our Medium Term Investments recently, reiterated Polycab’s leadership in India’s largest cable and wire manufacturing and also as the most profitable company in the electrical industry, for 3rd consecutive year, with market share gains, enjoying 26-27% share of organised domestic cables and wires industry.
It has been recommended by SP Tulsian and Geetanjali Kedia to buy the stock with target price of Rs. 8,302 over the next 8-10 months, translating into 15% returns during this period. They have recommended to use the broader market softening to enter fundamentally strong companies, to be held in your portfolio.