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Polycab India Ltd.
(POLYCAB)
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Rating:52Neutral
Price Target:
₹8,065.00
▼(-9.44% Downside)
Action:Reiterated
Date:07/20/26
The score is pulled down primarily by very weak recent cash-flow conversion (negative TTM operating and free cash flow) and a bearish technical setup (below key moving averages with negative MACD). Strong profitability and ROE partially offset these risks, but the high P/E and low dividend yield further cap the score.
Positive Factors
Strong profitability and returns
Polycab maintains strong profitability across gross, operating, and net income levels, while high ROE indicates efficient use of shareholder capital. This earnings quality can support reinvestment, reinforce competitiveness, and provide a durable foundation for growth over the next several quarters.
Negative Factors
Weak recent cash conversion
Negative operating and free cash flow means reported profits are not currently converting into liquidity, increasing reliance on balance-sheet funding for expansion. If this persists, it could constrain investment flexibility, weaken resilience, and raise execution risk over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and returns
Polycab maintains strong profitability across gross, operating, and net income levels, while high ROE indicates efficient use of shareholder capital. This earnings quality can support reinvestment, reinforce competitiveness, and provide a durable foundation for growth over the next several quarters.
Read all positive factors
Polycab India Ltd. (POLYCAB) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.20T
Dividend Yield0.59%
Average Volume (3M)21.74K
Price to Earnings (P/E)41.8
Beta (1Y)1.41
Revenue Growth32.39%
EPS Growth29.13%
CountryIN
Employees4,843
SectorGeneral
Sector StrengthN/A
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)191.11
Shares Outstanding150,691,590
10 Day Avg. Volume19,156
30 Day Avg. Volume21,739
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
₹11,100.00Price Target Upside24.64% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)222.19
Revenue Forecast (FY)₹361.57B
Polycab India Ltd. Business Overview & Revenue Model
Company Description
Polycab India Limited, established in 1996 and headquartered in Mumbai, India, operates as a significant manufacturer and global distributor of diverse electrical goods. Trading under its widely recognized POLYCAB brand, the company's primary busi...
How the Company Makes Money
Polycab makes money primarily by manufacturing and selling electrical products, earning revenue from (1) Wires & Cables and (2) FMEG (fast-moving electrical goods). In Wires & Cables, it generates sales from power cables (used in utilities, indust...
Polycab India Ltd. Financial Statement Overview
Summary
Income Statement
83
Very Positive
Balance Sheet
74
Positive
Cash Flow
36
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 311.62B | 288.84B | 224.08B | 180.39B | 141.08B | 122.04B |
| Gross Profit | 62.43B | 60.37B | 55.40B | 47.30B | 35.77B | 27.13B |
| EBITDA | 45.46B | 42.42B | 29.43B | 24.71B | 18.38B | 12.52B |
| Net Income | 28.64B | 26.72B | 20.20B | 17.84B | 12.71B | 9.09B |
Balance Sheet | ||||||
| Total Assets | 214.50B | 204.76B | 137.73B | 120.79B | 94.25B | 74.12B |
| Cash, Cash Equivalents and Short-Term Investments | 40.28B | 42.87B | 25.45B | 22.34B | 20.50B | 11.71B |
| Total Debt | 53.53B | 45.01B | 15.09B | 20.23B | 1.91B | 1.18B |
| Total Liabilities | 92.18B | 83.49B | 38.66B | 38.36B | 27.57B | 18.43B |
| Stockholders Equity | 121.01B | 120.09B | 98.25B | 81.87B | 66.31B | 55.44B |
Cash Flow | ||||||
| Free Cash Flow | -18.55B | -8.01B | 8.39B | 4.38B | 9.48B | -150.82M |
| Operating Cash Flow | -4.76B | 6.79B | 18.09B | 12.96B | 14.28B | 5.12B |
| Investing Cash Flow | -21.24B | -29.14B | -12.39B | -7.52B | -12.03B | -4.27B |
| Financing Cash Flow | 25.50B | 23.97B | -6.28B | -3.87B | -2.27B | -2.01B |
Polycab India Ltd. Technical Analysis
Negative
8905.40
Price Trends
8777.47
Negative
9102.15
Negative
8356.46
Negative
Market Momentum
-196.62
Positive
28.67
Positive
9.26
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:POLYCAB, the sentiment is Negative. The current price of 8905.4 is above the 20-day moving average (MA) of 8292.85, above the 50-day MA of 8777.47, and above the 200-day MA of 8356.46, indicating a bearish trend. The MACD of -196.62 indicates Positive momentum. The RSI at 28.67 is Positive, neither overbought nor oversold. The STOCH value of 9.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:POLYCAB.
Polycab India Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹222.86B | 27.72 | ― | 0.62% | 26.53% | 29.17% | |
70 Outperform | ₹284.69B | 46.99 | ― | 0.38% | 37.66% | 80.22% | |
69 Neutral | ₹653.04B | 39.94 | ― | 0.96% | 10.10% | 15.60% | |
69 Neutral | ₹430.97B | 43.17 | ― | 0.10% | 20.39% | 31.64% | |
68 Neutral | ₹738.99B | 60.11 | ― | 0.34% | 23.96% | 34.01% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹1.20T | 41.81 | ― | 0.59% | 32.39% | 29.13% |
* General Sector Average
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Polycab India Ltd. Corporate Events
Polycab Plans Mumbai Investor Meeting with Institutional Funds
Sep 23, 2026
Polycab India Ltd. has notified the stock exchanges that it will hold an in-person investor and analyst meeting in Mumbai on September 29, 2026, with participants including Select Equity Group and Sohum AMC. The company stated that only its existi...
Polycab Plans U.S. Non-Deal Roadshow to Engage Global Investors
Jul 8, 2026
Polycab India Ltd. has scheduled an institutional investor and analyst engagement in the U.S. through a non-deal roadshow organised by Jefferies between July 20 and July 27, 2026. The meetings will be held in person and structured as group and one...
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.