Polycab (POLYCAB) Q1 25/26 earnings summary

Executive summary

• Achieved highest-ever Q1 revenue and profitability, with consolidated revenue up 26% year-over-year to ₹59,060 million and PAT up 49% to ₹5,997 million, continuing a four-year growth trajectory.

• Wires and cables remain the primary growth engine, with strong domestic demand, favorable commodity prices, and 31% year-over-year revenue growth.

• FMEG business delivered its second consecutive profitable quarter, with solar products now the largest contributor.

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

• Unaudited standalone and consolidated financial results for the quarter ended 30 June 2025 were approved and reviewed by the Board and Audit Committee, with auditors expressing an unmodified opinion.

Financial highlights

• Consolidated revenue grew 26% year-over-year to ₹59,060 million, with EBITDA up 47% to ₹8,576 million and margin improving by 210 bps to 14.5%.

• PAT reached ₹5,997 million, up 49% year-over-year, with PAT margin at 10.2%.

• Net cash position at quarter-end was ₹31,160 million.

• Working capital cycle at 43 days, with receivable days at 35, inventory days at 91, and payable days at 83.

• Final dividend of ₹35 per share paid, totaling ₹5,267.72 million.

Outlook and guidance

• CapEx guidance of ₹12-16 billion annually through FY30, with Q1 spend at ₹4.1 billion.

• FMEG business targets 1.5-2x industry growth and EBITDA margins of 8-10% by FY30.

• Long-term EBITDA margin guidance for cables and wires remains at 11-13%.

• Annual sustainable operating margin for the EPC segment expected to remain in the high single digits.

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