Polycab India Ltd. (IN:POLYCAB)
:POLYCAB
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Polycab India Ltd.
(POLYCAB)
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Rating:68Neutral
Price Target:
₹8,841.00
▲(8.02% Upside)
Action:DowngradedDate:01/18/26
The score is anchored by strong financial performance (high profitability, very low leverage, strong ROE), but is meaningfully tempered by weak technical momentum (below key moving averages with negative MACD) and a relatively expensive valuation (high P/E with low yield).
Positive Factors
Conservative balance sheet / very low leverage
Exceptionally low debt-to-equity (~0.02) gives durable financial flexibility: supports capex, working-capital cycles, and downside protection during demand slumps. Low leverage reduces interest burden and preserves strategic optionality for investments or M&A over the next 2–6 months.
Negative Factors
Volatile cash conversion
Profitability is not fully translating into free cash due to working-capital and investment swings. This inconsistent cash conversion constrains internally funded growth, dividend flexibility, and makes earnings quality more sensitive to receivables/inventory cycles over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / very low leverage
Exceptionally low debt-to-equity (~0.02) gives durable financial flexibility: supports capex, working-capital cycles, and downside protection during demand slumps. Low leverage reduces interest burden and preserves strategic optionality for investments or M&A over the next 2–6 months.
Read all positive factors
Polycab India Ltd. (POLYCAB) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.22T
Dividend Yield0.46%
Average Volume (3M)8.71K
Price to Earnings (P/E)46.1
Beta (1Y)1.30
Revenue Growth28.59%
EPS Growth42.61%
CountryIN
Employees4,843
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)41.19
Shares Outstanding150,557,140
10 Day Avg. Volume8,734
30 Day Avg. Volume8,706
Financial Highlights & Ratios
PEG Ratio2.94
Price to Book (P/B)7.84
Price to Sales (P/S)3.44
P/FCF Ratio91.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹9,275.00Price Target Upside13.32% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)208.05
Revenue Forecast (FY)₹339.67B
Polycab India Ltd. Business Overview & Revenue Model
Company Description
Polycab India Limited manufactures and sells wires and cables under the POLYCAB brand in India and internationally. The company offers rubber cable, fire survival cables, and wires. It also provides ceiling, table, pedestal, wall, exhaust, farrata...
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
86
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 269.80B | 224.08B | 180.39B | 141.08B | 122.04B | 87.92B |
| Gross Profit | 58.28B | 55.40B | 47.30B | 35.77B | 27.13B | 22.56B |
| EBITDA | 39.61B | 29.43B | 24.71B | 18.38B | 12.52B | 10.98B |
| Net Income | 26.26B | 20.20B | 17.84B | 12.71B | 9.09B | 8.82B |
Balance Sheet | ||||||
| Total Assets | 189.97B | 137.73B | 120.79B | 94.25B | 74.12B | 70.15B |
| Cash, Cash Equivalents and Short-Term Investments | 31.31B | 25.45B | 22.34B | 20.50B | 11.71B | 11.54B |
| Total Debt | 2.37B | 2.40B | 20.23B | 1.91B | 1.18B | 2.83B |
| Total Liabilities | 76.71B | 38.66B | 38.36B | 27.57B | 18.43B | 22.42B |
| Stockholders Equity | 112.20B | 98.25B | 81.87B | 66.31B | 55.44B | 47.54B |
Cash Flow | ||||||
| Free Cash Flow | 18.14B | 8.39B | 4.38B | 9.48B | -150.82M | 10.45B |
| Operating Cash Flow | 30.45B | 18.09B | 12.96B | 14.28B | 5.12B | 12.38B |
| Investing Cash Flow | -22.07B | -12.39B | -7.52B | -12.03B | -4.27B | -10.12B |
| Financing Cash Flow | -5.92B | -6.28B | -3.87B | -2.24B | -2.01B | -1.61B |
Polycab India Ltd. Technical Analysis
Positive
8184.95
Price Trends
7635.07
Positive
7506.77
Positive
7355.19
Positive
Market Momentum
86.43
Negative
65.05
Neutral
95.43
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:POLYCAB, the sentiment is Positive. The current price of 8184.95 is above the 20-day moving average (MA) of 7310.92, above the 50-day MA of 7635.07, and above the 200-day MA of 7355.19, indicating a bullish trend. The MACD of 86.43 indicates Negative momentum. The RSI at 65.05 is Neutral, neither overbought nor oversold. The STOCH value of 95.43 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹1.22T | 46.12 | ― | 0.46% | 28.59% | 42.61% | |
66 Neutral | ₹778.33B | 44.00 | ― | 0.70% | 3.44% | 14.75% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | ₹473.26B | 132.41 | ― | 0.50% | -4.88% | -30.14% | |
60 Neutral | ₹39.27B | 36.16 | ― | 0.82% | 7.30% | 34.09% | |
59 Neutral | ₹45.58B | -40.37 | ― | 0.62% | -5.53% | -65.56% | |
57 Neutral | ₹175.50B | 41.30 | ― | 1.16% | 1.40% | -12.27% |
* Industrials Sector Average
IN:POLYCAB
Polycab India Ltd.
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Polycab India Ltd. Corporate Events
Polycab Plans One-on-One Investor Meet With PineBridge in Mumbai
Mar 6, 2026
Polycab India Limited has scheduled a physical one-on-one meeting with institutional investor PineBridge in Mumbai on March 11, 2026, under the SEBI disclosure framework. During this interaction, the company will restrict itself to corporate and e...
Polycab Plans Series of March Investor Meets With Global and Domestic Institutions
Feb 25, 2026
Polycab India Limited has scheduled a series of meetings and investor conferences with institutional investors and analysts in early March 2026, including one-on-one sessions with Trinity Street Asset Management and Balyasny Asset Management in Mu...
Polycab Shareholders Clear Board and Leadership Resolutions via Postal Ballot
Feb 23, 2026
Polycab India Ltd. has reported the results of a postal ballot e-voting process, confirming shareholder approval of several key board and management resolutions. The company disclosed that all items on the ballot secured the requisite majority as ...
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.