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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.
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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