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Polycab India Ltd.
(POLYCAB)
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Rating:52Neutral
Price Target:
₹8,955.00
▲(9.41% Upside)
Action:Reiterated
Date:07/20/26
The score is pulled down primarily by very weak recent cash-flow conversion (negative TTM operating and free cash flow) and a bearish technical setup (below key moving averages with negative MACD). Strong profitability and ROE partially offset these risks, but the high P/E and low dividend yield further cap the score.
Positive Factors
Profitability & ROE
Sustained mid-teens operating margins and ROE in the low-20s signal durable pricing power and efficient capital allocation. High margins and strong return on equity support reinvestment in capacity and brand, and provide a buffer through cycles, underpinning long-term earning quality.
Negative Factors
Weak Cash Conversion
Profits are not converting into cash, suggesting working-capital strain or heavy investment. Persistent negative OCF/FCF reduces self-funding ability for capex, dividends and deleveraging, elevating liquidity and execution risk and making long-term growth more funding-dependent.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability & ROE
Sustained mid-teens operating margins and ROE in the low-20s signal durable pricing power and efficient capital allocation. High margins and strong return on equity support reinvestment in capacity and brand, and provide a buffer through cycles, underpinning long-term earning quality.
Read all positive factors
Polycab India Ltd. (POLYCAB) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.37T
Dividend Yield0.53%
Average Volume (3M)8.71K
Price to Earnings (P/E)46.8
Beta (1Y)1.40
Revenue Growth32.39%
EPS Growth29.13%
CountryIN
Employees4,843
SectorGeneral
Sector StrengthN/A
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)191.11
Shares Outstanding150,647,230
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
₹10,373.00Price Target Upside26.73% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)218.29
Revenue Forecast (FY)₹359.88B
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
83
Very Positive
Balance Sheet
74
Positive
Cash Flow
36
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 311.62B | 288.84B | 224.08B | 180.39B | 141.08B | 122.04B |
| Gross Profit | 62.43B | 60.37B | 55.40B | 47.30B | 35.77B | 27.13B |
| EBITDA | 45.46B | 42.42B | 29.43B | 24.71B | 18.38B | 12.52B |
| Net Income | 28.64B | 26.72B | 20.20B | 17.84B | 12.71B | 9.09B |
Balance Sheet | ||||||
| Total Assets | 214.50B | 204.76B | 137.73B | 120.79B | 94.25B | 74.12B |
| Cash, Cash Equivalents and Short-Term Investments | 40.28B | 42.87B | 25.45B | 22.34B | 20.50B | 11.71B |
| Total Debt | 53.53B | 45.01B | 15.09B | 20.23B | 1.91B | 1.18B |
| Total Liabilities | 92.18B | 83.49B | 38.66B | 38.36B | 27.57B | 18.43B |
| Stockholders Equity | 121.01B | 120.09B | 98.25B | 81.87B | 66.31B | 55.44B |
Cash Flow | ||||||
| Free Cash Flow | -18.55B | -8.01B | 8.39B | 4.38B | 9.48B | -150.82M |
| Operating Cash Flow | -4.76B | 6.79B | 18.09B | 12.96B | 14.28B | 5.12B |
| Investing Cash Flow | -21.24B | -29.14B | -12.39B | -7.52B | -12.03B | -4.27B |
| Financing Cash Flow | 25.50B | 23.97B | -6.28B | -3.87B | -2.27B | -2.01B |
Polycab India Ltd. Technical Analysis
Neutral
8184.95
Price Trends
9425.93
Negative
8623.94
Positive
8043.82
Positive
Market Momentum
-138.93
Positive
40.60
Neutral
21.78
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 9338.75, below the 50-day MA of 9425.93, and above the 200-day MA of 8043.82, indicating a neutral trend. The MACD of -138.93 indicates Positive momentum. The RSI at 40.60 is Neutral, neither overbought nor oversold. The STOCH value of 21.78 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹475.57B | 50.97 | ― | 0.09% | 20.83% | 27.47% | |
69 Neutral | ₹547.40B | 55.19 | ― | 0.57% | 23.25% | 18.95% | |
68 Neutral | ₹155.19B | 20.96 | ― | 1.04% | 18.84% | 1.84% | |
68 Neutral | ₹275.12B | 54.64 | ― | 0.49% | 27.62% | 57.80% | |
66 Neutral | ₹757.06B | 46.46 | ― | 0.70% | 10.10% | 15.60% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹1.37T | 46.75 | ― | 0.46% | 32.39% | 29.13% |
* General Sector Average
IN:POLYCAB
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Polycab India Ltd. Corporate Events
Polycab Plans U.S. Non-Deal Roadshow to Engage Global Investors
Jul 8, 2026
Polycab India Ltd. has scheduled an institutional investor and analyst engagement in the U.S. through a non-deal roadshow organised by Jefferies between July 20 and July 27, 2026. The meetings will be held in person and structured as group and one...
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.