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Swing Capital

Polycab India Ltd

NSE: POLYCAB BSE: 542652Energy

Polycab is India’s leading manufacturers of cables and wires and allied products such as uPVC conduits and lugs and glands. We have a range of cables and wires for practically every application. More recently Polycab has also launched a wide range of consumer electrical products like Fans, Switches, Switchgear, LED lights and Luminaries, Solar Inverters, and Pumps.

₹9,160
52W: ₹5760 — ₹9300
PE 53 · Book ₹787 · +1064% vs book
Market Cap₹1,37,913 Cr
Stock P/E53Price to Earnings
ROCE34%Return on Capital
ROE24.1%Return on Equity
Div. Yield0.39%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 26.0% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 26.3%
  • +Company's median sales growth is 19.4% of last 10 years

Weaknesses

  • −Stock is trading at 11.5 times its book value
  • −Promoter holding has decreased over last 3 years: -4.70%

Shareholding Pattern

Promoters61.5%
FIIs18.21%
DIIs7.95%
Public12.33%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters65.02%63.06%▼2.063.05%▼0.063.04%▼0.063.01%▼0.061.53%▼1.561.5%▼0.061.5%
FIIs13.63%13.49%▼0.112.76%▼0.711.11%▼1.711.45%▲0.313.96%▲2.514.82%▲0.918.21%▲3.4
DIIs6.93%9.35%▲2.410.66%▲1.310.95%▲0.311.61%▲0.711.7%▲0.111.13%▼0.67.95%▼3.2
Public14.42%14.11%▼0.313.52%▼0.614.9%▲1.413.94%▼1.012.83%▼1.112.54%▼0.312.33%▼0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales4,5135,4334,6015,3665,1056,8625,7046,3407,5198,585
Expenses3,8924,7964,0424,7614,4065,8624,8995,3556,5737,474
Operating Profit6216375596056991,0008059859461,111
OPM %14%12%12%11%14%15%14%16%13%13%
Net Profit459458388431453726568675614750
EPS ₹30.5830.4925.7828.6430.1148.2937.7344.8340.8249.85

AI Insights

Revenue Trend

Mar 2026 revenue at ₹28,185Cr, up 28.6% YoY. OPM at 14%.

Debt Position

Borrowings at ₹89Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1,130Cr (31% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 7.95% (-1.80pp change). FIIs: 18.21% (+8.55pp change). Promoters hold 61.5%.

Margin & Efficiency

ROCE improving from 17% (Mar 2015) to 34% (Mar 2026). Working capital days: 75.

Valuation

PE 53x with 34% ROCE. Price is 1064% above book value of ₹787. Dividend yield: 0.39%.

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