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Polycab (POLYCAB) investor relations material
Polycab Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary17 Oct, 2025
Executive summary
Achieved record Q2 and half-yearly revenue, with Q2 FY26 consolidated revenue at ₹64,772.11 million, up 18% YoY, and PAT at ₹6,930 million, marking a 56% YoY growth, driven by strong wires, cables, and FMEG performance.
EBITDA grew 62% YoY to ₹10,207 million, with margin improvement to 15.8% due to stronger W&C margins and a one-off EPC gain.
Leadership transition: Niyant Maru appointed as CFO and interim CEO, bringing over four decades of experience.
Market capitalization has grown from INR 8,000 crore in FY 2019 to over INR 110,000 crore.
Board approved unaudited financial results for Q2 and H1 FY26, with a clean review report from auditors.
Financial highlights
H1 FY26 revenue at ₹1,23,832 million, up 21% YoY; H1 EBITDA at ₹18,784 million, up 55% YoY; H1 PAT at ₹12,927 million, up 53% YoY.
Q2 EBITDA margin improved to 15.8%, up 430 bps YoY; PAT margin at 10.7%, up 260 bps YoY.
Net cash from operations in H1 FY26 was ₹17,905 million; capex spends at ₹7,486 million.
Net cash position at ₹29,416 million as of Q2 FY26; working capital cycle reduced to 31-33 days.
Basic EPS for Q2 FY26 stood at ₹45.54, up from ₹29.25 in Q2 FY25.
Outlook and guidance
Project Spring targets 1.5x-2x market growth in core W&C and FMEG segments by FY30, with annual capex planned at ₹12-16 billion.
W&C EBITDA margin guidance at 11-13%; FMEG EBITDA at 8-10%; export contribution expected to exceed 10% by FY30.
Dividend payout increased to 26.3%, aiming for >30% by FY30.
Expectation of strong demand in H2, with inventory build-up to support anticipated growth.
Board and auditors expressed confidence in the financial statements, with no material misstatements identified.
CFO search status and timeline for permanent hire?
FMEG segment profitability outlook and drivers?
Explain the significant inventory increase?
Impact of new entrants on W&C margins?
FMEG margin drivers to 8-10% by FY30?
EHV plant commissioning timeline & sales?
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Next Polycab earnings date
Q3 25/2622 Jan, 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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