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Polycab India

₹6642.2 77.9 | 1.2%

Market Cap ₹99800 Cr.

Stock P/E 55.9

P/B 12.2

Current Price ₹6642.2

Book Value ₹ 544.9

Face Value 10

52W High ₹6843.8

Dividend Yield 0.45%

52W Low ₹ 3364.8

Overview Inc. Year: 1996Industry: Cable

Polycab India Ltd manufactures and sells wires and cables below the POLYCAB brand in India and over the world. The enterprise gives power, control, shielded, flexible, instrumentation, solar, communication, telecom, and optical fiber cables, in addition to constructing wires; and other cables, including welding cables, submersible flat and round cables, rubber cables, overhead conductors, railway signaling cables, distinctiveness cables. It also provides ceiling, desk, pedestal, wall, exhaust, as well as air circulators; lighting solutions and luminaires for roads, bridges, gardens, jogging and walking tracks, smart automation solutions; switches and add-ons; switchgears; green wires, solar inverters, inverter cables, DC MCB, solar DC cables and connectors, and solar panels; conduits and accessories; pumps; and water heaters, irons, and coolers. In addition, the company engages inside the design, engineering, supply, execution, and commissioning of power distribution, transmission, and rural electrification tasks. The business enterprise serves chemical substances, consumer durables, defense, electricity, infrastructure, production, metals, oil and gasoline, real estate, technology, telelcom, and delivery industries. It operates a distribution community of 4100 legal dealers and vendors; and 165,000 retail outlets. Polycab India Ltd established in 1996 and is based in Mumbai, India.

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Polycab India Share Price

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Peer Comparison

Polycab India Quarterly Results

#(Fig in Cr.) Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Net Sales 3372 3970 2737 3332 3715 4324 3889 4218 4340 5592
Other Income 22 17 44 -2 40 52 64 35 71 54
Total Income 3394 3987 2781 3330 3755 4375 3953 4253 4411 5646
Total Expenditure 3010 3494 2425 2905 3211 3714 3341 3609 3771 4830
Operating Profit 383 493 355 425 544 661 613 644 640 815
Interest 8 13 8 14 9 28 25 27 32 24
Depreciation 51 50 51 52 52 53 57 60 62 66
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 324 430 296 359 482 579 530 557 546 725
Provision for Tax 76 105 72 88 120 144 128 127 130 172
Profit After Tax 248 326 224 271 362 435 403 430 417 553
Adjustments 66 -4 -4 -3 -4 -10 -4 -4 -4 -7
Profit After Adjustments 315 322 220 268 358 425 399 426 413 546
Adjusted Earnings Per Share 21.1 21.6 14.7 17.9 23.9 28.4 26.6 28.4 27.5 36.3

Polycab India Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 4708 5187 5500 6770 7986 8830 8792 12204 14108 18039
Other Income 11 12 75 64 64 93 124 105 136 224
Total Income 4719 5199 5575 6835 8049 8923 8917 12309 14244 18263
Total Expenditure 4268 4701 5020 6041 7033 7695 7686 10954 12259 15551
Operating Profit 451 498 555 793 1017 1228 1230 1355 1985 2712
Interest 108 116 66 94 117 50 43 35 60 108
Depreciation 98 111 128 133 141 161 176 202 209 245
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 245 271 361 567 756 1010 1012 1116 1707 2358
Provision for Tax 85 83 128 208 256 244 170 271 425 557
Profit After Tax 160 188 233 359 500 766 842 845 1282 1803
Adjustments 0 0 -0 -1 -1 -7 40 63 -12 -19
Profit After Adjustments 160 188 232 358 500 759 882 909 1270 1784
Adjusted Earnings Per Share 11.4 13.3 16.5 25.4 35.4 51 59.2 60.8 84.8 118.8

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 16% 17% 16% 0%
Operating Profit CAGR 46% 17% 20% 0%
PAT CAGR 52% 19% 29% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 97% 58% 62% NA%
ROE Average 21% 19% 20% 17%
ROCE Average 28% 25% 26% 22%

Polycab India Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 1622 1786 1994 2348 2847 3836 4754 5544 6631
Minority's Interest 0 3 3 4 8 15 19 25 37
Borrowings 0 101 162 159 89 11 104 3 4
Other Non-Current Liabilities 23 40 94 83 65 89 124 99 125
Total Current Liabilities 1667 1922 2300 1854 2619 2009 2015 1741 2627
Total Liabilities 3312 3852 4553 4448 5628 5961 7015 7412 9424
Fixed Assets 825 985 1128 1197 1276 1422 1870 1675 2067
Other Non-Current Assets 242 241 344 325 429 489 372 596 448
Total Current Assets 2245 2625 3079 2926 3924 4050 4773 5141 6909
Total Assets 3312 3852 4553 4448 5628 5961 7015 7412 9424

Polycab India Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 27 19 32 23 8 179 172 238 122
Cash Flow from Operating Activities 150 190 296 362 1230 244 1252 512 1428
Cash Flow from Investing Activities -173 -254 -290 -188 -408 -262 -1012 -427 -1203
Cash Flow from Financing Activities 15 77 -10 -190 -651 11 -175 -201 -227
Net Cash Inflow / Outflow -8 12 -3 -15 171 -7 66 -116 -2
Closing Cash & Cash Equivalent 19 32 23 8 179 172 238 122 119

Polycab India Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 11.35 13.31 16.46 25.35 35.39 50.98 59.15 60.8 84.8
CEPS(Rs) 18.26 21.18 25.54 34.81 45.45 62.23 68.27 70.04 99.58
DPS(Rs) 1.5 1.75 1 1 3 7 10 14 20
Book NAV/Share(Rs) 114.85 126.45 141.18 166.25 200.56 255.88 316.84 368.61 440.66
Core EBITDA Margin(%) 8.61 8.5 7.94 10.54 11.93 12.85 12.58 10.24 13.11
EBIT Margin(%) 6.92 6.76 7.06 9.55 10.93 12 12 9.43 12.53
Pre Tax Margin(%) 4.8 4.73 5.97 8.2 9.47 11.44 11.51 9.14 12.1
PAT Margin (%) 3.14 3.29 3.85 5.19 6.27 8.67 9.57 6.93 9.09
Cash Profit Margin (%) 5.04 5.23 5.96 7.11 8.04 10.49 11.58 8.58 10.57
ROA(%) 4.84 5.25 5.54 7.97 9.93 13.21 12.98 11.72 15.23
ROE(%) 9.89 11.03 12.32 16.52 19.32 23.06 19.73 16.52 21.18
ROCE(%) 16.32 16.29 15.72 22.03 27.85 29.79 23.45 21.66 28.47
Receivable days 77.46 77.68 76.13 65.04 59.99 57.21 59.56 40.86 32.9
Inventory Days 64.53 60.13 75.46 76.15 76.82 81.03 81.22 62.62 66.63
Payable days 100.75 99.06 108.8 67.48 38.28 39.03 35.98 25.43 25.03
PER(x) 0 0 0 0 0 14.55 23.33 38.9 33.95
Price/Book(x) 0 0 0 0 0 2.9 4.36 6.42 6.53
Dividend Yield(%) 0 0 0 0 0 0.94 0.72 0.59 0.69
EV/Net Sales(x) 0.14 0.17 0.18 0.14 0.01 1.24 2.31 2.87 3.02
EV/Core EBITDA(x) 1.46 1.78 1.74 1.17 0.1 8.89 16.5 25.84 21.44
Net Sales Growth(%) 0 10.17 6.04 23.09 17.95 10.57 -0.43 38.8 15.6
EBIT Growth(%) 0 9.35 10.4 54.7 32.14 21.4 -0.44 9.12 53.51
PAT Growth(%) 0 17.24 23.83 54.06 39.53 53.03 9.95 0.41 51.7
EPS Growth(%) 0 17.23 23.7 53.99 39.58 44.07 16.02 2.78 39.47
Debt/Equity(x) 0.34 0.45 0.43 0.34 0.1 0.04 0.05 0.02 0.02
Current Ratio(x) 1.35 1.37 1.34 1.58 1.5 2.02 2.37 2.95 2.63
Quick Ratio(x) 0.8 0.86 0.68 0.84 0.74 1.06 1.38 1.69 1.51
Interest Cover(x) 3.26 3.33 6.47 7.05 7.48 21.39 24.71 32.71 29.57
Total Debt/Mcap(x) 0 0 0 0 0 0.01 0.01 0 0

Polycab India Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 68.15 68.08 67.99 67.97 66.61 66.2 65.99 65.91 65.79 65.24
FII 6.43 5.75 5.71 6.44 8.11 9.77 9.64 12.4 13.41 11.94
DII 8.65 9.18 9.03 10.36 10.12 9.36 9.76 8.1 7.62 7.23
Public 16.77 16.98 17.27 15.23 15.15 14.67 14.61 13.59 13.18 15.58
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has delivered good profit growth of 28% CAGR over last 5 years
  • Debtor days have improved from 25.43 to 25.03days.
  • Company is almost debt free.

Cons

  • Stock is trading at 12.2 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Polycab India News

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