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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Polycab
Polycab (POLYCAB) investor relations material
Polycab Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary16 Jan, 2026
Executive summary
Achieved record quarterly revenue of ₹76,361 million in Q3FY26, up 46% year-on-year and 18% quarter-on-quarter, with nine-month revenue surpassing ₹200 billion, reflecting strong business momentum.
Q3FY26 PAT reached ₹6,302 million, up 36% year-on-year, with PAT margins at 8.3%; nine-month PAT up 47% year-on-year.
Board approved re-designation of Bharat and Nikhil Jaisinghani as Joint Managing Directors and re-appointment of Mrs. Manju Agarwal as Independent Director.
Maintained a net cash position of ₹30,316 million and a strong balance sheet.
Paid-up equity share capital increased to 150,538,473 shares due to ESOP allotment.
Financial highlights
Q3FY26 revenue: ₹76,361 million (46% YoY, 18% QoQ); nine-month revenue: ₹201,952 million (30% YoY).
Q3FY26 EBITDA: ₹9,661 million (34% YoY, -5% QoQ); nine-month EBITDA: ₹28,444 million (47% YoY).
Q3FY26 PAT: ₹6,302 million (36% YoY, -9% QoQ); nine-month PAT: ₹19,228 million (47% YoY).
Q3FY26 EBITDA margin: 12.7% (13% excluding one-off); PAT margin: 8.3%.
Basic EPS for the quarter was ₹41.30, and for nine months was ₹126.20.
Outlook and guidance
Confident in sustaining growth trajectory, supported by a healthy order book and robust demand.
FMEG segment on track for 1.5-2x industry growth and 8%-10% EBITDA margins by FY30.
Project Spring guidance: annual capex of ₹12-16 billion through FY30.
Annual sustainable operating margin for EPC segment expected in high single digits over the mid- to long-term.
The company continues to monitor the impact of new labour codes and will account for any additional impact as required.
Future Labour Code impact on employee costs
Strategic rationale for segment reclassifications
Strategic intent behind JMD redesignations
Path to W&C margin recovery post-Q3 strategy?
Solar's role in FMEG profitability and growth?
Underlying drivers of W&C volume growth?
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Next Polycab earnings date
Q4 25/266 May, 2026
Polycab
Next Polycab earnings date
Q4 25/266 May, 2026
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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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