Polycab India Ltd. (IN:POLYCAB)
:POLYCAB
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Polycab India Ltd.
(POLYCAB)
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Rating:59Neutral
Price Target:
₹9,408.00
▲(14.94% Upside)
Action:Reiterated
Date:05/08/26
The score is held back primarily by weak latest-year cash generation (negative free cash flow) and higher leverage, despite strong multi-year growth and resilient profitability. Technicals are supportive but overbought, while valuation is a headwind due to a high P/E and low dividend yield.
Positive Factors
Multi-year Revenue Scaling
Sustained multi-year revenue growth demonstrates durable market demand and successful scaling of manufacturing and distribution. Growing top line across distinct end-markets (residential, commercial, industrial, infrastructure) supports long-term capacity utilization benefits and operating leverage.
Negative Factors
Weakening Cash Generation
A material deterioration in operating cash and a negative free cash flow year reduce financial flexibility to fund capex, working capital, or shareholder returns. If driven by structural working-capital build or sustained higher capex, this can persist and necessitate external financing, raising long-term risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year Revenue Scaling
Sustained multi-year revenue growth demonstrates durable market demand and successful scaling of manufacturing and distribution. Growing top line across distinct end-markets (residential, commercial, industrial, infrastructure) supports long-term capacity utilization benefits and operating leverage.
Read all positive factors
Polycab India Ltd. (POLYCAB) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.46T
Dividend Yield0.46%
Average Volume (3M)8.71K
Price to Earnings (P/E)53.8
Beta (1Y)1.31
Revenue Growth29.08%
EPS Growth32.16%
CountryIN
Employees4,843
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)178.38
Shares Outstanding150,583,710
10 Day Avg. Volume8,734
30 Day Avg. Volume8,706
Financial Highlights & Ratios
PEG Ratio1.20
Price to Book (P/B)8.58
Price to Sales (P/S)3.57
P/FCF Ratio-128.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹10,013.00Price Target Upside22.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)213.48
Revenue Forecast (FY)₹349.20B
Polycab India Ltd. Business Overview & Revenue Model
Company Description
Polycab India Limited manufactures and sells wires and cables under the POLYCAB brand in India and internationally. The company offers rubber cable, fire survival cables, and wires. It also provides ceiling, table, pedestal, wall, exhaust, farrata...
How the Company Makes Money
Polycab makes money mainly by manufacturing, branding, and distributing electrical products, generating revenue from the sale of (1) wires and cables and (2) FMEG products.
1) Wires and cables (core revenue stream)
- Product sales: The company se...
Polycab India Ltd. Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
64
Positive
Cash Flow
38
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 288.84B | 224.08B | 180.39B | 141.08B | 122.04B |
| Gross Profit | 60.37B | 55.40B | 47.30B | 35.77B | 27.13B |
| EBITDA | 40.06B | 29.43B | 24.71B | 18.38B | 12.52B |
| Net Income | 26.72B | 20.20B | 17.84B | 12.71B | 9.09B |
Balance Sheet | |||||
| Total Assets | 204.76B | 137.73B | 120.79B | 94.25B | 74.12B |
| Cash, Cash Equivalents and Short-Term Investments | 42.87B | 25.45B | 22.34B | 20.50B | 11.71B |
| Total Debt | 45.01B | 2.40B | 20.23B | 1.91B | 1.18B |
| Total Liabilities | 83.49B | 38.66B | 38.36B | 27.57B | 18.43B |
| Stockholders Equity | 120.09B | 98.25B | 81.87B | 66.31B | 55.44B |
Cash Flow | |||||
| Free Cash Flow | -8.01B | 8.39B | 4.38B | 9.48B | -150.82M |
| Operating Cash Flow | 6.79B | 18.09B | 12.96B | 14.28B | 5.12B |
| Investing Cash Flow | -29.14B | -12.39B | -7.52B | -12.03B | -4.27B |
| Financing Cash Flow | 23.97B | -6.28B | -3.87B | -2.24B | -2.01B |
Polycab India Ltd. Technical Analysis
Positive
8184.95
Price Trends
8358.31
Positive
7988.48
Positive
7701.90
Positive
Market Momentum
351.41
Positive
73.70
Negative
78.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:POLYCAB, the sentiment is Positive. The current price of 8184.95 is below the 20-day moving average (MA) of 9326.89, below the 50-day MA of 8358.31, and above the 200-day MA of 7701.90, indicating a bullish trend. The MACD of 351.41 indicates Positive momentum. The RSI at 73.70 is Negative, neither overbought nor oversold. The STOCH value of 78.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:POLYCAB.
Polycab India Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹510.13B | 55.54 | ― | 0.09% | 20.83% | 27.47% | |
69 Neutral | ₹557.12B | 57.06 | ― | 0.57% | 23.25% | 18.95% | |
68 Neutral | ₹161.73B | 22.67 | ― | 1.04% | 18.84% | 1.84% | |
68 Neutral | ₹251.24B | 51.09 | ― | 0.49% | 27.62% | 57.80% | |
66 Neutral | ₹721.82B | 42.71 | ― | 0.70% | 3.44% | 14.78% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | ₹1.46T | 53.76 | ― | 0.46% | 29.08% | 32.16% |
* Industrials Sector Average
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Polycab India Ltd. Corporate Events
Polycab Plans One-on-One Investor Meet With PineBridge in Mumbai
Mar 6, 2026
Polycab India Limited has scheduled a physical one-on-one meeting with institutional investor PineBridge in Mumbai on March 11, 2026, under the SEBI disclosure framework. During this interaction, the company will restrict itself to corporate and e...
Polycab Plans Series of March Investor Meets With Global and Domestic Institutions
Feb 25, 2026
Polycab India Limited has scheduled a series of meetings and investor conferences with institutional investors and analysts in early March 2026, including one-on-one sessions with Trinity Street Asset Management and Balyasny Asset Management in Mu...
Polycab Shareholders Clear Board and Leadership Resolutions via Postal Ballot
Feb 23, 2026
Polycab India Ltd. has reported the results of a postal ballot e-voting process, confirming shareholder approval of several key board and management resolutions. The company disclosed that all items on the ballot secured the requisite majority as ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.