Polycab India

₹6550 128.8 | 2%

WEBSITE BSE:542652 NSE : POLYCAB 26 Jul, 16:01

Market Cap ₹98495 Cr.

Stock P/E 55.3

P/B 11.6

Current Price ₹6550

Book Value ₹ 566.5

Face Value 10

52W High ₹7330

Dividend Yield 0.46%

52W Low ₹ 3812.4

Edit Ratio

Polycab India Research see more...

Polycab India Limited (A Q1FY24 Result Analysis)

Equity Research: Polycab India Ltd.

Polycab India: A Rising Giant

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.

Polycab India Share Price

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Peer Comparison

Polycab India Quarterly Results

#(Fig in Cr.)	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Net Sales	3970	2737	3332	3715	4324	3889	4218	4340	5592	4698
Other Income	17	44	-2	40	52	64	35	71	54	58
Total Income	3987	2781	3330	3755	4375	3953	4253	4411	5646	4756
Total Expenditure	3494	2425	2905	3211	3714	3341	3609	3771	4830	4115
Operating Profit	493	355	425	544	661	613	644	640	815	642
Interest	13	8	14	9	28	25	27	32	24	41
Depreciation	50	51	52	52	53	57	60	62	66	67
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	430	296	359	482	579	530	557	546	725	533
Provision for Tax	105	72	88	120	144	127	127	130	172	132
Profit After Tax	326	224	271	362	435	403	430	417	553	402
Adjustments	-4	-4	-3	-4	-10	-4	-4	-4	-7	-6
Profit After Adjustments	322	220	268	358	425	400	426	413	546	396
Adjusted Earnings Per Share	21.6	14.7	17.9	23.9	28.4	26.7	28.4	27.5	36.3	26.3

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	Mar 2024	TTM
Net Sales	4708	5187	5500	6770	7986	8830	8792	12204	14108	18039	18848
Other Income	11	12	75	64	64	93	124	105	136	221	218
Total Income	4719	5199	5575	6835	8049	8923	8917	12309	14244	18260	19066
Total Expenditure	4268	4701	5020	6041	7033	7695	7686	10954	12259	15548	16325
Operating Profit	451	498	555	793	1017	1228	1230	1355	1985	2713	2741
Interest	108	116	66	94	117	50	43	35	60	108	124
Depreciation	98	111	128	133	141	161	176	202	209	245	255
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	245	271	361	567	756	1010	1012	1116	1707	2359	2361
Provision for Tax	85	83	128	208	256	244	170	271	424	556	561
Profit After Tax	160	188	233	359	500	766	842	845	1283	1803	1802
Adjustments	0	0	-0	-1	-1	-7	40	63	-12	-19	-21
Profit After Adjustments	160	188	232	358	500	759	882	909	1271	1784	1781
Adjusted Earnings Per Share	11.4	13.3	16.5	25.4	35.4	51	59.2	60.8	84.9	118.7	118.5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	28%	27%	18%	0%
Operating Profit CAGR	37%	30%	22%	0%
PAT CAGR	41%	29%	29%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	40%	52%	62%	NA%
ROE Average	24%	21%	21%	17%
ROCE Average	33%	28%	27%	23%

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	Mar 2024
Shareholder's Funds	1622	1786	1994	2348	2847	3836	4754	5544	6637	8187
Minority's Interest	0	3	3	4	8	15	19	25	37	56
Borrowings	0	101	162	159	89	11	104	3	4	23
Other Non-Current Liabilities	23	40	94	83	65	89	124	99	125	222
Total Current Liabilities	1667	1922	2300	1854	2619	2009	2015	1741	2620	3578
Total Liabilities	3312	3852	4553	4448	5628	5961	7015	7412	9424	12066
Fixed Assets	825	985	1128	1197	1276	1422	1870	1675	2067	2261
Other Non-Current Assets	242	241	344	325	429	489	372	596	448	1091
Total Current Assets	2245	2625	3079	2926	3924	4050	4773	5141	6909	8714
Total Assets	3312	3852	4553	4448	5628	5961	7015	7412	9424	12066

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	Mar 2024
Opening Cash & Cash Equivalents	27	19	32	23	8	179	172	238	122	119
Cash Flow from Operating Activities	150	190	296	362	1230	244	1252	512	1428	1296
Cash Flow from Investing Activities	-173	-254	-290	-188	-408	-262	-1012	-427	-1203	-752
Cash Flow from Financing Activities	15	77	-10	-190	-651	11	-175	-201	-227	-387
Net Cash Inflow / Outflow	-8	12	-3	-15	171	-7	66	-116	-2	157
Closing Cash & Cash Equivalent	19	32	23	8	179	172	238	122	119	276

Polycab India Ratios

#	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Earnings Per Share (Rs)	11.35	13.31	16.46	25.35	35.39	50.98	59.15	60.8	84.85	118.75
CEPS(Rs)	18.26	21.18	25.54	34.81	45.45	62.23	68.27	70.04	99.64	136.32
DPS(Rs)	1.5	1.75	1	1	3	7	10	14	20	30
Book NAV/Share(Rs)	114.85	126.45	141.18	166.25	200.56	255.88	316.84	368.61	441.07	540.27
Core EBITDA Margin(%)	8.61	8.5	7.94	10.54	11.93	12.85	12.58	10.24	13.11	13.81
EBIT Margin(%)	6.92	6.76	7.06	9.55	10.93	12	12	9.43	12.53	13.68
Pre Tax Margin(%)	4.8	4.73	5.97	8.2	9.47	11.44	11.51	9.14	12.1	13.08
PAT Margin (%)	3.14	3.29	3.85	5.19	6.27	8.67	9.57	6.93	9.09	9.99
Cash Profit Margin (%)	5.04	5.23	5.96	7.11	8.04	10.49	11.58	8.58	10.58	11.35
ROA(%)	4.84	5.25	5.54	7.97	9.93	13.21	12.98	11.72	15.24	16.78
ROE(%)	9.89	11.03	12.32	16.52	19.32	23.06	19.73	16.52	21.18	24.49
ROCE(%)	16.32	16.29	15.72	22.03	27.85	29.79	23.45	21.66	28.65	32.93
Receivable days	77.46	77.68	76.13	65.04	59.99	57.21	59.56	40.86	32.9	33.32
Inventory Days	64.53	60.13	75.46	76.15	76.82	81.03	81.22	62.62	66.63	67.04
Payable days	100.75	99.06	108.8	67.48	38.28	39.03	35.98	25.43	25.03	26.15
PER(x)	0	0	0	0	0	14.55	23.33	38.9	33.92	42.66
Price/Book(x)	0	0	0	0	0	2.9	4.36	6.42	6.53	9.38
Dividend Yield(%)	0	0	0	0	0	0.94	0.72	0.59	0.69	0.59
EV/Net Sales(x)	0.14	0.17	0.18	0.14	0.01	1.24	2.31	2.87	3.01	4.2
EV/Core EBITDA(x)	1.46	1.78	1.74	1.17	0.1	8.89	16.5	25.84	21.4	27.94
Net Sales Growth(%)	0	10.17	6.04	23.09	17.95	10.57	-0.43	38.8	15.6	27.87
EBIT Growth(%)	0	9.35	10.4	54.7	32.14	21.4	-0.44	9.12	53.51	39.65
PAT Growth(%)	0	17.24	23.83	54.06	39.53	53.03	9.95	0.41	51.8	40.51
EPS Growth(%)	0	17.23	23.7	53.99	39.58	44.07	16.02	2.78	39.56	39.95
Debt/Equity(x)	0.34	0.45	0.43	0.34	0.1	0.04	0.05	0.02	0.01	0.01
Current Ratio(x)	1.35	1.37	1.34	1.58	1.5	2.02	2.37	2.95	2.64	2.44
Quick Ratio(x)	0.8	0.86	0.68	0.84	0.74	1.06	1.38	1.69	1.51	1.41
Interest Cover(x)	3.26	3.33	6.47	7.05	7.48	21.39	24.71	32.71	29.57	22.78
Total Debt/Mcap(x)	0	0	0	0	0	0.01	0.01	0	0	0

Polycab India Shareholding Pattern

#	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Promoter	68.08	67.99	67.97	66.61	66.2	65.99	65.91	65.79	65.24	65.02
FII	5.75	5.71	6.44	8.11	9.77	9.64	12.4	13.41	11.94	13.62
DII	9.18	9.03	10.36	10.12	9.36	9.76	8.1	7.62	7.23	6.94
Public	16.98	17.27	15.23	15.15	14.67	14.61	13.59	13.18	15.58	14.42
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Promoter	10.17	10.17	10.17	9.97	9.91	9.89	9.89	9.88	9.8	9.78
FII	0.86	0.85	0.96	1.21	1.46	1.45	1.86	2.01	1.79	2.05
DII	1.37	1.35	1.55	1.52	1.4	1.46	1.22	1.14	1.09	1.04
Public	2.54	2.58	2.28	2.27	2.2	2.19	2.04	1.98	2.34	2.17
Others	0	0	0	0	0	0	0	0	0	0
Total	14.94	14.96	14.97	14.97	14.98	14.99	15	15.02	15.02	15.03

Pros

Company has delivered good profit growth of 29% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 21%
Company is almost debt free.

Cons

Debtor days have increased from 25.03 to 26.15days.
Stock is trading at 11.6 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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Polycab India

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Polycab India Research see more...

Overview Inc. Year: 1996Industry: Cable

Polycab India Share Price

Alert Data

Quarterly Price

Peer Comparison

Polycab India Quarterly Results

Polycab India Profit & Loss

Growth Rates

Polycab India Balance Sheet

Polycab India Cash Flow

Polycab India Ratios

Polycab India Shareholding Pattern

Polycab India News

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