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Polycab India Ltd. (IN:POLYCAB)
:POLYCAB
India Market
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Polycab India Ltd. (POLYCAB) AI Stock Analysis

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IN:POLYCAB

Polycab India Ltd.

(POLYCAB)

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Outperform 77 (OpenAI - 4o)
Rating:77Outperform
Price Target:
₹7,607.00
▲(4.02% Upside)
Polycab India Ltd. is a financially strong company with substantial revenue growth and robust cash flows. However, the high P/E ratio suggests potential overvaluation. Technical analysis indicates mixed signals, with price momentum leaning positive but not strongly bullish.

Polycab India Ltd. (POLYCAB) vs. iShares MSCI India ETF (INDA)

Polycab India Ltd. Business Overview & Revenue Model

Company DescriptionPolycab 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, and air circulated fans. In addition, the company provides lighting and luminaires, touch switches, modular plates, switches, and accessories, and switchgear consisting of isolators, MCB, RCCB, RCBO, DB, ACCL, and MCB changeover switches. Further, the company offers solar grid tie inverter, DC MCB, solar DC cable, and solar panels; UPVC conduit and concealed box; and self-priming monobloc, centrifugal monobloc, borewell submersible, domestic openwell submersible, and jet pumps, as well as submersible flat and round cables. Additionally, it provides water heaters, coolers, and iron appliances. Furthermore, the company engages in the design, engineering, supply, execution, and commissioning of power distribution, transmission, and rural electrification projects. It operates a distribution network of 3,464 authorized dealers and distributors; and 100,000 retail outlets. Polycab India Limited was incorporated in 1996 and is based in Mumbai, India.
How the Company Makes MoneyPolycab India Ltd. generates revenue primarily through the manufacturing and sale of its diverse product portfolio, with the wires and cables segment being the largest contributor to its income. The company's extensive distribution network across India and its export markets support its sales efforts. Additionally, Polycab has been expanding its presence in the fast-moving electrical goods (FMEG) sector, which adds another significant revenue stream. Strategic partnerships with various distributors and retailers help enhance market reach and sales effectiveness. The company's focus on innovation and quality, coupled with its diverse product offerings, allows it to capture a substantial share of the market, contributing to its overall financial success.

Polycab India Ltd. Financial Statement Overview

Summary
Polycab India Ltd. demonstrates strong financial performance with significant revenue growth, robust margins, and exceptional cash flow. The low debt-to-equity ratio indicates low financial leverage, and the company's assets are expanding healthily.
Income Statement
88
Very Positive
Polycab India Ltd. has shown robust revenue growth, with a notable increase from ₹122.04 billion in 2022 to ₹236.16 billion TTM. Gross profit and net income margins are strong, with a gross profit margin of 25.28% and a net profit margin of 9.38% TTM. The company has managed impressive EBIT and EBITDA margins, demonstrating operational efficiency. Overall, the income statement reflects a healthy growth trajectory and profitability.
Balance Sheet
85
Very Positive
The balance sheet is strong, with a low debt-to-equity ratio of 0.02 TTM, indicating low financial leverage and reliance on equity financing. The equity ratio stands at 66.11%, reflecting a stable financial position. Return on equity is a solid 21.26% TTM, showcasing effective utilization of shareholders' investments. The company's assets have been growing, indicating a healthy expansion.
Cash Flow
92
Very Positive
Cash flow performance is exceptional, with a significant increase in free cash flow from ₹0.16 billion in 2022 to ₹19.61 billion TTM. Operating cash flow to net income ratio is 1.38, illustrating strong cash conversion. The company has been efficient in its capital expenditures, supporting its growth without compromising cash reserves. This robust cash flow profile ensures financial flexibility.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue236.16B224.08B180.39B141.08B122.04B87.92B
Gross Profit59.71B55.40B47.30B35.77B27.13B22.56B
EBITDA32.16B29.43B24.71B18.38B12.52B10.98B
Net Income22.16B20.20B17.84B12.71B9.09B8.82B
Balance Sheet
Total Assets157.65B137.73B120.79B94.25B74.12B70.15B
Cash, Cash Equivalents and Short-Term Investments29.61B25.45B22.34B20.50B11.71B11.54B
Total Debt2.05B2.40B20.23B1.91B1.18B2.83B
Total Liabilities52.53B38.66B38.36B27.57B18.43B22.42B
Stockholders Equity104.23B98.25B81.87B66.31B55.44B47.54B
Cash Flow
Free Cash Flow19.61B8.39B4.38B9.48B-150.82M10.45B
Operating Cash Flow30.63B18.09B12.96B14.28B5.12B12.38B
Investing Cash Flow-25.14B-12.39B-7.52B-12.03B-4.27B-10.12B
Financing Cash Flow-6.11B-6.28B-3.87B-2.24B-2.01B-1.61B

Polycab India Ltd. Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price7313.30
Price Trends
50DMA
7099.20
Positive
100DMA
6655.96
Positive
200DMA
6278.51
Positive
Market Momentum
MACD
118.93
Positive
RSI
51.59
Neutral
STOCH
44.29
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 7313.3 is below the 20-day moving average (MA) of 7339.90, above the 50-day MA of 7099.20, and above the 200-day MA of 6278.51, indicating a neutral trend. The MACD of 118.93 indicates Positive momentum. The RSI at 51.59 is Neutral, neither overbought nor oversold. The STOCH value of 44.29 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

Overall Rating
UnderperformOutperform
Sector (57)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
77
Outperform
₹1.10T49.640.48%25.40%24.25%
66
Neutral
944.95B68.2817.69%0.66%9.53%1.43%
66
Neutral
188.47B36.6016.40%1.02%1.99%10.81%
65
Neutral
443.29B70.0912.92%0.52%2.76%41.73%
61
Neutral
62.67B61.427.71%0.55%1.15%-13.12%
59
Neutral
42.73B50.0411.98%0.75%8.62%23.56%
57
Neutral
$3.13B9.23-34.32%3.14%-25.56%-353.61%
* Consumer Goods Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
IN:POLYCAB
Polycab India Ltd.
7,313.30
396.75
5.74%
IN:BAJAJELEC
Bajaj Electricals Limited
543.20
-424.82
-43.89%
IN:CROMPTON
Crompton Greaves Consumer Electricals Ltd.
292.70
-119.88
-29.06%
IN:HAVELLS
Havells India Limited
1,506.60
-493.45
-24.67%
IN:ORIENTELEC
Orient Electric Ltd.
200.25
-38.80
-16.23%
IN:VOLTAS
Voltas Limited
1,339.70
-495.80
-27.01%

Polycab India Ltd. Corporate Events

Polycab India Secures Favorable Tax Appeal Outcome
Aug 31, 2025

Polycab India Limited has announced that the Commissioner of Income Tax (Appeals) has accepted the majority of the company’s appeals concerning tax assessments for the years 2014-15 to 2023-24. This decision is expected to substantially reduce the company’s income tax demands, positively impacting its financial operations.

Leadership Change at Polycab India Ltd.: CFO Resigns
Aug 5, 2025

Polycab India Ltd. announced a significant change in its leadership as Mr. Gandharv Tongia, the Executive Director and CFO, has resigned due to personal reasons, effective by the end of October 2025. The board has expressed appreciation for his contributions, and this change could impact the company’s strategic direction and financial management, potentially affecting stakeholders’ interests.

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.Date of analysis: Aug 02, 2025