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Polycab India Ltd.
(POLYCAB)
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Rating:59Neutral
Price Target:
₹10,410.00
▲(27.18% Upside)
Action:Reiterated
Date:05/08/26
The score is held back primarily by weak latest-year cash generation (negative free cash flow) and higher leverage, despite strong multi-year growth and resilient profitability. Technicals are supportive but overbought, while valuation is a headwind due to a high P/E and low dividend yield.
Positive Factors
Multi-year Revenue Growth
Sustained top-line scaling over multiple years demonstrates durable market penetration across residential, commercial and infrastructure end-markets. A large, growing revenue base supports investment in capacity, R&D and distribution, improving resilience and long-term earnings potential.
Negative Factors
Negative Free Cash Flow
A sharp drop in cash generation and a negative free cash flow year reduces internal funding for capex, working capital and dividends. Persisting weak cash conversion increases reliance on external funding and limits flexibility to invest in growth or absorb downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year Revenue Growth
Sustained top-line scaling over multiple years demonstrates durable market penetration across residential, commercial and infrastructure end-markets. A large, growing revenue base supports investment in capacity, R&D and distribution, improving resilience and long-term earnings potential.
Read all positive factors
Polycab India Ltd. (POLYCAB) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.45T
Dividend Yield0.46%
Average Volume (3M)8.71K
Price to Earnings (P/E)54.0
Beta (1Y)1.39
Revenue Growth29.08%
EPS Growth32.16%
CountryIN
Employees4,843
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)178.38
Shares Outstanding150,635,060
10 Day Avg. Volume8,734
30 Day Avg. Volume8,706
Financial Highlights & Ratios
PEG Ratio1.20
Price to Book (P/B)8.58
Price to Sales (P/S)3.57
P/FCF Ratio-128.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹10,396.33Price Target Upside27.02% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)213.33
Revenue Forecast (FY)₹349.47B
Polycab India Ltd. Business Overview & Revenue Model
Company Description
Polycab India Limited, established in 1996 and headquartered in Mumbai, India, operates as a significant manufacturer and global distributor of diverse electrical goods. Trading under its widely recognized POLYCAB brand, the company's primary busi...
How the Company Makes Money
Polycab makes money mainly by manufacturing, branding, and distributing electrical products, generating revenue from the sale of (1) wires and cables and (2) FMEG products.
1) Wires and cables (core revenue stream)
- Product sales: The company se...
Polycab India Ltd. Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
64
Positive
Cash Flow
38
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 288.84B | 224.08B | 180.39B | 141.08B | 122.04B |
| Gross Profit | 60.37B | 55.40B | 47.30B | 35.77B | 27.13B |
| EBITDA | 42.42B | 29.43B | 24.71B | 18.38B | 12.52B |
| Net Income | 26.72B | 20.20B | 17.84B | 12.71B | 9.09B |
Balance Sheet | |||||
| Total Assets | 204.76B | 137.73B | 120.79B | 94.25B | 74.12B |
| Cash, Cash Equivalents and Short-Term Investments | 42.87B | 25.45B | 22.34B | 20.50B | 11.71B |
| Total Debt | 45.01B | 2.40B | 20.23B | 1.91B | 1.18B |
| Total Liabilities | 83.49B | 38.66B | 38.36B | 27.57B | 18.43B |
| Stockholders Equity | 120.09B | 98.25B | 81.87B | 66.31B | 55.44B |
Cash Flow | |||||
| Free Cash Flow | -8.01B | 8.39B | 4.38B | 9.48B | -150.82M |
| Operating Cash Flow | 6.79B | 18.09B | 12.96B | 14.28B | 5.12B |
| Investing Cash Flow | -29.14B | -12.39B | -7.52B | -12.03B | -4.27B |
| Financing Cash Flow | 23.97B | -6.28B | -3.87B | -2.24B | -2.01B |
Polycab India Ltd. Technical Analysis
Neutral
8184.95
Price Trends
9168.38
Positive
8395.24
Positive
7904.34
Positive
Market Momentum
166.68
Positive
52.25
Neutral
49.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:POLYCAB, the sentiment is Neutral. The current price of 8184.95 is below the 20-day moving average (MA) of 9693.72, below the 50-day MA of 9168.38, and above the 200-day MA of 7904.34, indicating a neutral trend. The MACD of 166.68 indicates Positive momentum. The RSI at 52.25 is Neutral, neither overbought nor oversold. The STOCH value of 49.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:POLYCAB.
Polycab India Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹504.34B | 54.91 | ― | 0.09% | 20.83% | 27.47% | |
69 Neutral | ₹606.33B | 62.09 | ― | 0.57% | 23.25% | 18.95% | |
68 Neutral | ₹173.00B | 24.21 | ― | 1.04% | 18.84% | 1.84% | |
68 Neutral | ₹270.69B | 54.99 | ― | 0.49% | 27.62% | 57.80% | |
66 Neutral | ₹744.79B | 44.02 | ― | 0.70% | 3.44% | 14.78% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | ₹1.45T | 54.01 | ― | 0.46% | 29.08% | 32.16% |
* Industrials Sector Average
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Polycab India Ltd. Corporate Events
Polycab Allots 27,895 Equity Shares Under Employee Stock Option Scheme
Jun 16, 2026
Polycab India Ltd. has allotted 27,895 equity shares of ₹10 each to eligible employees who exercised their stock options under the Polycab Employee Stock Option Performance Scheme 2018, following approval by the Finance and Operations Commit...
Polycab Sets June 30, 2026 Virtual AGM, Releases FY26 Integrated Report
Jun 8, 2026
Polycab India Ltd. has released its integrated annual report and Business Responsibility and Sustainability Report for the 2025-26 financial year, alongside issuing the notice for its 30th Annual General Meeting. The documents have been circulated...
Polycab Sets June 30 Virtual AGM, Proposes ₹47 Dividend and Board Reappointment
Jun 8, 2026
Polycab India Ltd. has convened its 30th Annual General Meeting for 30 June 2026, to be held via video conferencing and other audio-visual means, with remote e-voting provided through NSDL for shareholders as of 23 June 2026. The AGM agenda includ...
Polycab Sets AGM Date and Announces ₹47 Dividend per Share for FY 2025-26
Jun 8, 2026
Polycab India Ltd. has scheduled its 30th Annual General Meeting for June 30, 2026, to be held via video conferencing in line with current corporate governance practices. The company has also announced that its register of members and share transf...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.