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Polycab India Ltd. (POLYCAB) Q2 2027 Earnings Report
IN:POLYCAB Q2 2027 EPS Results
- Actual EPS
- INR 64.78
- Consensus EPS
- INR 53.11
- Beat/Miss
- Beat by +INR 11.67
- One Year Ago EPS
- INR 45.46
IN:POLYCAB Q2 2027 Revenue Results
- Actual Revenue
- INR 98.93B
- Expected Revenue
- INR 87.85B
- Beat/Miss
- Beat by +INR 11.08B
- YoY Revenue Growth
- +52.81%
Earnings Announcement Details
- Quarter
- Q2 2027
- Date
- 10/15/2026
- Time
- Before Open
- Conference Call
- Thursday, October 15, 2026
IN:POLYCAB Upcoming Earnings
Polycab India Ltd.'s next earnings date is estimated for January 21, 2027, based on past reporting schedules.
Q2 2027 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2027 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2027 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, led by record quarterly and half-yearly revenue and profitability, robust growth across wires and cables, breakthrough FMEG performance, improving margins, a strong cash position, and broad-based domestic demand. Management also highlighted significant long-term opportunities in infrastructure, energy transition, exports, data centers, and solar. The main concerns were macroeconomic volatility, shipping and geopolitical disruptions, a high Q3 comparison base, potential competitive pressure, margin normalization, and the pending Asier Metals legal order. Overall, the positive operating and financial trends significantly outweighed the stated challenges.
Company Guidance
Management said the outlook remains unchanged, with wires and cables medium to long term EBITDA margins guided within 11%-13%, FMEG EBITDA margins expected over the longer term to be in the range of 8%-10% through FY 2030, and the FMEG objective remaining to grow at 1.5x-2x of the industry growth rate while steadily enhancing profitability; working capital is expected to trend towards the long-term operating range of 45-50 days, EPC margins are expected over the medium to long term to remain in the high single-digit range, wires and cables are expected to grow at 1.5x of the market, with a 7.8% GDP growth assumption implying wires and cables growth at around 12%, 13%, and the EHV plant is expected to commission somewhere in FY 2028.
- Record Quarterly and Half-Yearly PerformancePolycab delivered its highest ever quarterly and half-yearly revenue and profitability. H1 FY 2027 revenue grew 46% year-on-year, crossed INR 180 billion, EBITDA increased 36% year-on-year with a 14.1% margin, and profit after tax grew 38% year-on-year with a 9.9% PAT margin.
- Strong Q2 Consolidated Growth and ProfitabilityFor the quarter ended September 30, 2026, consolidated revenue grew 53% year-on-year. EBITDA increased 39% year-on-year, EBITDA margins expanded by more than 50 basis points sequentially to 14.4%, and record PAT reached INR 9,900 million, up 43% year-on-year, with a 10% PAT margin.
- Strengthened Cash Position and Working CapitalNet cash stood at INR 45.2 billion as of September 30, 2026, compared with INR 29.4 billion a year ago. The average working capital cycle reduced to approximately 11 days in Q2 FY 2027, aided by higher payable days from increased use of letters of credit for raw material procurement.
- Continued Capacity and Growth InvestmentsThe company incurred CapEx of INR 6.1 billion during the first half, directed toward capacity expansion, supply chain capabilities, and future growth platforms. Management also remains focused on investing in innovation, talent, and capabilities under its Project Spring roadmap.
- Wires and Cables Revenue GrowthThe wires and cables segment delivered 47% year-on-year revenue growth. Domestic wires and cables revenue grew 50% year-on-year, driven by healthy demand, strong channel execution, and favorable commodity-linked realizations. Volume growth was in the mid to high single-digit range, with wires growing in the early double-digit range and cables in the mid-single-digit range.
- Wires and Cables Margin ExpansionWires and cables EBITDA margins stood at 14.2% and improved sequentially, supported by favorable product mix and operational excellence initiatives. Management cited operating leverage, wires outgrowing cables, channel sales growing faster than institutional sales, exports, and premiumization as contributors. The company remains confident of sustaining medium- to long-term EBITDA margins within its guided range of 11%-13%.
- Strong FMEG Growth and Profitability MilestoneThe FMEG segment recorded 124% year-on-year growth, with strong performance across all major product categories. It marked the 11th consecutive quarter of industry-leading growth and achieved EBITDA margins of 10.1%, crossing the double-digit mark for the first time. Management said the segment has recorded its seventh consecutive profitable quarter.
- Broad-Based FMEG Portfolio MomentumSolar products were the primary FMEG growth driver and recorded multi-fold growth, supported by the PM Surya Ghar Yojana, state-level support programs, and consumer adoption of renewable energy solutions. Fans, lighting, switches, switchgear, conduits, pipes, and fittings also delivered healthy growth. Premium fans represented around 33% of the mix and premium lights reached 38%.
- FMEG Strategic ExpansionFMEG growth was supported by product innovation, distribution expansion, deeper customer engagement, regional strategies, improved product availability, and a solution-driven portfolio approach. Management continues to target growth of 1.5x-2x the industry growth rate while enhancing profitability, with a longer-term FY 2030 EBITDA margin range of 8%-10%.
- Export Recovery and DiversificationExports grew 17% year-on-year and 85% quarter-on-quarter during the quarter. Management said exports increased approximately 25% sequentially between Q1 and Q2, supported by demand from the U.S., Europe, LATAM, and Asia. The company now exports to 94 countries and maintains a strong export order pipeline.
- EPC Segment Growth and Order PipelineThe EPC segment reported Q2 FY 2027 revenue of INR 6,171 million, up 53% year-on-year. Segment profitability was INR 444 million, representing a 7.2% EBITDA margin. Management indicated an order book of approximately INR 9,000 crore-INR 10,000 crore and expects sustainable medium- to long-term margins in the high single-digit range.
- Positive Domestic Demand EnvironmentManagement highlighted India's Q1 FY 2027 GDP growth of 7.8%, GST collections growing 15% year-on-year, bank credit growth trending close to 15%-20%, and government capital expenditure of INR 5.10 lakh crore during April to August 2026, up 18% year-on-year. Urban and rural demand were described as healthy.
- Infrastructure and Energy Transition OpportunityThe government approved INR 1.9 lakh crore of capital outlay for Green Corridor phase III, including evacuation of 135 GW of renewable energy and deployment of battery energy storage systems. Management identified infrastructure, energy transition, manufacturing, urbanization, and exports as significant long-term opportunities.
- Data Center and AI-Related OpportunityManagement described data centers as a significant opportunity and said the company is working on the segment through its innovation and R&D team. Polycab currently supplies conventional data center cables, including LV, MV, and HV products, while management cited demand related to data centers, AI, and energy transformation in the U.S.
- Market Share Gains and Competitive PositionManagement said Polycab has gained market share by around 1%-1% every year and gained 3-4 percentage points in the previous year. The company stated that it is continuing with its Project Spring plan and is not taking pricing action in response to new competition as of the call.
- EHV Plant Commissioning TimelineThe company expects its extra-high-voltage plant to be commissioned in FY 2028, potentially beginning in April or May of that fiscal year.
- Solar Inverter Business ExpansionWithin solar, Polycab currently sells inverters through a trading model and is not manufacturing solar panels or conducting rooftop installations. Management said the inverter category is growing multifold, is driving FMEG growth, and is expected to represent an increasing share of the portfolio.
- Project Spring ProgressManagement said initiatives under Project Spring are progressing in line with plan and are beginning to yield meaningful results. The company remains focused on strengthening brands, deepening distribution, expanding categories, and building its innovation and talent ecosystem.
IN:POLYCAB Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 21, 2027 | 2027 (Q3) | 60.90- | 41.19 | ― | ― |
| Oct 15, 2026 | 2027 (Q2) | 53.1164.78 | 45.46 | 42.50% (+19.32) | |
| Jul 16, 2026 | 2027 (Q1) | 46.6551.94 | 39.21 | 32.47% (+12.73) | |
| May 06, 2026 | 2026 (Q4) | 48.9951.40 | 48.13 | 6.79% (+3.27) | |
| Jan 16, 2026 | 2026 (Q3) | 42.2041.19 | 30.31 | 35.90% (+10.88) | |
| Oct 17, 2025 | 2026 (Q2) | 41.0145.46 | 29.14 | 56.01% (+16.32) | |
| Jul 17, 2025 | 2026 (Q1) | 33.3339.21 | 26.26 | 49.31% (+12.95) | |
| May 06, 2025 | 2025 (Q4) | 40.3048.13 | 36.26 | 32.74% (+11.87) | |
| Jan 22, 2025 | 2025 (Q3) | 31.2030.31 | 27.4 | 10.62% (+2.91) | |
| Oct 17, 2024 | 2025 (Q2) | 30.3529.14 | 28.5 | 2.25% (+0.64) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed