Polycab (POLYCAB) Q4 24/25 earnings summary

Executive summary

• Achieved record annual revenue of ₹224,083 million in FY25, up 24% year-on-year, surpassing Project Leap FY26 target a year early and maintaining leadership as the largest and most profitable company in the Indian electrical industry for the third consecutive year.

• All business segments—wires and cables, FMEG, and EPC—delivered strong growth, with FMEG turning profitable after 10 quarters of investment and EPC scaling up significantly.

• Board approved audited standalone and consolidated financial results for FY25 with unmodified audit opinions from statutory auditors.

• Final dividend of ₹35 per equity share recommended for FY25, subject to AGM approval.

• Re-appointments of Ernst & Young LLP as Internal Auditors and R. Nanabhoy & Co. as Cost Auditors for FY26; BNP & Associates appointed as Secretarial Auditors for five years.

Financial highlights

• FY25 consolidated revenue was ₹224,083.13 million, up from ₹180,394.44 million year-over-year; Q4 revenue grew 25% year-on-year to ₹69,857.98 million.

• FY25 EBITDA rose 19% year-on-year to ₹29,602 million, with margin at 13.2%; Q4 EBITDA up 35% year-on-year, margin at 14.7%.

• FY25 PAT reached ₹20,455.37 million, up 13% year-on-year; Q4 PAT at ₹7,343.62 million, margin improved to 10.5%.

• Net cash position at ₹24.6 billion; working capital cycle improved to 44-49 days in Q4.

• Basic EPS (consolidated) for FY25 was ₹134.34, up from ₹118.93 in the previous year.

Outlook and guidance

• Project Spring targets include growing cables and wires at 1.5x industry growth and FMEG EBITDA margins of 8%-10% by FY30.

• Export revenue contribution targeted to rise from 6% to 10% of total revenue; positive outlook on exports despite global trade tensions.

• Board approved a scheme of amalgamation with Uniglobus Electricals and Electronics Private Limited, effective 1 April 2025, pending regulatory approvals.

• CapEx roadmap of ₹60-80 billion over five years to support scale and innovation.

• Dividend payout, if approved, will be completed within 30 days of the AGM.