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Polycab (POLYCAB) investor relations material

Polycab Q1 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 25/26 earnings summary18 Jul, 2025

Executive summary

  • Achieved record Q1 revenue and profitability, with revenue up 26% year-over-year to ₹59,060 million, led by strong Wires & Cables performance and robust domestic demand.

  • EBITDA increased 47% year-over-year to ₹8,576 million, with margin up 210 bps to 14.5%.

  • PAT rose 49% year-over-year to ₹5,997 million, with PAT margin improving 170 bps to 10.2%.

  • SME and FMEG segments delivered consecutive profitable quarters, reflecting successful transformation and premiumization.

  • Board approved a scheme of amalgamation with a wholly owned subsidiary, pending regulatory and shareholder approvals.

Financial highlights

  • Consolidated revenue grew 26% year-over-year to ₹59,060 million; sequentially, revenue declined 15%.

  • EBITDA margin expanded to 14.5%, up 210 bps year-over-year.

  • PAT reached ₹5,997 million, up 49% year-over-year; PAT margin improved to 10.2%.

  • Net cash position at quarter-end was ₹31,160 million; net cash flow from operations was ₹10,688 million.

  • CapEx for the quarter was ₹4,139 million, in line with annual guidance of ₹12–16 billion through FY30.

Outlook and guidance

  • Long-term EBITDA margin guidance maintained at 11–13% due to anticipated investments and increased A&P spend.

  • Expects to grow FMEG business at 1.5–2x industry growth, targeting 8–10% EBITDA margin by FY30.

  • Annual sustainable operating margin for the EPC segment expected to remain in the high single digits over the mid- to long-term.

  • Solar product demand expected to remain strong, driven by government and state-level rooftop solar schemes.

  • No plans for international manufacturing plants in the near to mid-term; focus remains on expanding domestic capacity.

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Frequently asked questions

Polycab India Limited, a fast moving electrical goods company, manufactures and sells wires and cables under the POLYCAB brand in India and internationally. It offers power cables, control and instrumentation cables, flexible/single core cables, building/house wires, thermocouple compensation/instrumentation cables, special cables, electrical/industrial rubber cables, aerial bunched cables, solar PV ribbon-high efficiency multicrystalline silicon photovoltaic module) cells primarily in domestic market. The company also manufactures electric fans; switches; switchgears; portable luminaries; wiring accessories; modular switches; wiring devices; distribution boards; flush mounted modules; industrial plugs and sockets; lighting solutions.

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