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Consolidated Standalone

Polycab India

₹7542 -47.3 | 0.6%

Market Cap ₹113536 Cr.

Stock P/E 55.5

P/B 10.7

Current Price ₹7542

Book Value ₹ 703.7

Face Value 10

52W High ₹7899.5

Dividend Yield 0.46%

52W Low ₹ 4557.5

Edit Ratio

Polycab India Research see more...

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Polycab India: A Rising Giant

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Polycab India Limited (A Q1FY24 Result Analysis)

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Equity Research: Polycab India Ltd.

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.) Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Net Sales 3889 4218 4340 5592 4698 5498 5226 6986 5906 6477
Other Income 64 35 71 54 58 76 25 48 80 45
Total Income 3953 4253 4411 5646 4756 5575 5251 7034 5986 6523
Total Expenditure 3341 3609 3771 4830 4115 4867 4506 5960 5048 5456
Operating Profit 613 644 640 815 642 708 745 1073 938 1066
Interest 25 27 32 24 41 45 50 33 51 48
Depreciation 57 60 62 66 67 72 79 80 86 97
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 530 557 546 725 533 590 617 961 801 921
Provision for Tax 127 127 130 172 132 145 152 226 201 228
Profit After Tax 403 430 417 553 402 445 464 734 600 693
Adjustments -4 -4 -4 -7 -6 -5 -7 -8 -8 -8
Profit After Adjustments 400 426 413 546 396 440 458 727 592 685
Adjusted Earnings Per Share 26.7 28.4 27.5 36.3 26.3 29.2 30.4 48.3 39.3 45.5

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 Mar 2025 TTM
Net Sales 4708 5187 5500 6770 7986 8830 8792 12204 14108 18039 22408 24595
Other Income 11 12 75 64 64 93 124 105 136 221 208 198
Total Income 4719 5199 5575 6835 8049 8923 8917 12309 14244 18260 22616 24794
Total Expenditure 4268 4701 5020 6041 7033 7695 7686 10954 12259 15548 19448 20970
Operating Profit 451 498 555 793 1017 1228 1230 1355 1985 2713 3168 3822
Interest 108 116 66 94 117 50 43 35 60 108 169 182
Depreciation 98 111 128 133 141 161 176 202 209 245 298 342
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 245 271 361 567 756 1010 1012 1116 1707 2359 2701 3300
Provision for Tax 85 83 128 208 256 244 170 271 424 556 655 807
Profit After Tax 160 188 233 359 500 766 842 845 1283 1803 2046 2491
Adjustments 0 0 -0 -1 -1 -7 40 63 -12 -19 -26 -31
Profit After Adjustments 160 188 232 358 500 759 882 909 1271 1784 2020 2462
Adjusted Earnings Per Share 11.4 13.3 16.5 25.4 35.4 51 59.2 60.8 84.9 118.7 134.3 163.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 24% 22% 20% 17%
Operating Profit CAGR 17% 33% 21% 22%
PAT CAGR 13% 34% 22% 29%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 11% 40% 52% NA%
ROE Average 23% 23% 21% 18%
ROCE Average 32% 31% 28% 24%

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 Mar 2025
Shareholder's Funds 1622 1786 1994 2348 2847 3836 4754 5544 6637 8187 9825
Minority's Interest 0 3 3 4 8 15 19 25 37 56 82
Borrowings 0 101 162 159 89 11 104 3 4 23 42
Other Non-Current Liabilities 23 40 94 83 65 89 124 99 125 206 290
Total Current Liabilities 1667 1922 2300 1854 2619 2009 2015 1741 2620 3594 3510
Total Liabilities 3312 3852 4553 4448 5628 5961 7015 7412 9424 12066 13749
Fixed Assets 825 985 1128 1197 1276 1422 1870 1675 2067 2261 2932
Other Non-Current Assets 242 241 344 325 429 489 372 596 448 1091 1498
Total Current Assets 2245 2625 3079 2926 3924 4050 4773 5141 6909 8714 9319
Total Assets 3312 3852 4553 4448 5628 5961 7015 7412 9424 12066 13749

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 Mar 2025
Opening Cash & Cash Equivalents 27 19 32 23 8 179 172 238 122 119 276
Cash Flow from Operating Activities 150 190 296 362 1230 244 1252 512 1428 1296 1809
Cash Flow from Investing Activities -173 -254 -290 -188 -408 -262 -1012 -427 -1203 -752 -1239
Cash Flow from Financing Activities 15 77 -10 -190 -651 11 -175 -201 -227 -387 -628
Net Cash Inflow / Outflow -8 12 -3 -15 171 -7 66 -116 -2 157 -59
Closing Cash & Cash Equivalent 19 32 23 8 179 172 238 122 119 276 217

Polycab India Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 11.35 13.31 16.46 25.35 35.39 50.98 59.15 60.8 84.85 118.75 134.28
CEPS(Rs) 18.26 21.18 25.54 34.81 45.45 62.23 68.27 70.04 99.64 136.32 155.8
DPS(Rs) 1.5 1.75 1 1 3 7 10 14 20 30 35
Book NAV/Share(Rs) 114.85 126.45 141.18 166.25 200.56 255.88 316.84 368.61 441.07 540.27 646.44
Core EBITDA Margin(%) 8.61 8.5 7.94 10.54 11.93 12.85 12.58 10.24 13.11 13.81 13.21
EBIT Margin(%) 6.92 6.76 7.06 9.55 10.93 12 12 9.43 12.53 13.68 12.81
Pre Tax Margin(%) 4.8 4.73 5.97 8.2 9.47 11.44 11.51 9.14 12.1 13.08 12.05
PAT Margin (%) 3.14 3.29 3.85 5.19 6.27 8.67 9.57 6.93 9.09 9.99 9.13
Cash Profit Margin (%) 5.04 5.23 5.96 7.11 8.04 10.49 11.58 8.58 10.58 11.35 10.46
ROA(%) 4.84 5.25 5.54 7.97 9.93 13.21 12.98 11.72 15.24 16.78 15.85
ROE(%) 9.89 11.03 12.32 16.52 19.32 23.06 19.73 16.52 21.18 24.49 22.93
ROCE(%) 16.32 16.29 15.72 22.03 27.85 29.79 23.45 21.66 28.65 32.93 31.52
Receivable days 77.46 77.68 76.13 65.04 59.99 57.21 59.56 40.86 32.9 33.32 37.82
Inventory Days 64.53 60.13 75.46 76.15 76.82 81.03 81.22 62.62 66.63 67.04 59.75
Payable days 100.75 99.06 108.8 67.48 38.28 39.03 35.98 25.43 25.03 26.15 28.9
PER(x) 0 0 0 0 0 14.55 23.33 38.9 33.92 42.66 38.34
Price/Book(x) 0 0 0 0 0 2.9 4.36 6.42 6.53 9.38 7.96
Dividend Yield(%) 0 0 0 0 0 0.94 0.72 0.59 0.69 0.59 0.68
EV/Net Sales(x) 0.14 0.17 0.18 0.14 0.01 1.24 2.31 2.87 3.01 4.2 3.43
EV/Core EBITDA(x) 1.46 1.78 1.74 1.17 0.1 8.89 16.5 25.84 21.4 27.94 24.24
Net Sales Growth(%) 0 10.17 6.04 23.09 17.95 10.57 -0.43 38.8 15.6 27.87 24.22
EBIT Growth(%) 0 9.35 10.4 54.7 32.14 21.4 -0.44 9.12 53.51 39.65 16.3
PAT Growth(%) 0 17.24 23.83 54.06 39.53 53.03 9.95 0.41 51.8 40.51 13.46
EPS Growth(%) 0 17.23 23.7 53.99 39.58 44.07 16.02 2.78 39.56 39.95 13.08
Debt/Equity(x) 0.34 0.45 0.43 0.34 0.1 0.04 0.05 0.02 0.01 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 2.42 2.65
Quick Ratio(x) 0.8 0.86 0.68 0.84 0.74 1.06 1.38 1.69 1.51 1.4 1.61
Interest Cover(x) 3.26 3.33 6.47 7.05 7.48 21.39 24.71 32.71 29.57 22.78 16.99
Total Debt/Mcap(x) 0 0 0 0 0 0.01 0.01 0 0 0 0

Polycab India Shareholding Pattern

# Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Promoter 65.99 65.91 65.79 65.24 65.02 63.06 63.05 63.04 63.01 61.52
FII 9.64 12.4 13.41 11.94 13.62 13.48 12.75 11.11 11.44 13.97
DII 9.76 8.1 7.62 7.23 6.94 9.36 10.66 10.94 11.59 11.67
Public 14.61 13.59 13.18 15.58 14.42 14.11 13.54 14.91 13.96 12.84
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 21% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 23%
  • Company is almost debt free.

Cons

  • Debtor days have increased from 26.15 to 28.9days.
  • Stock is trading at 10.7 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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