Polycab India Limited is a manufacturer of wires and cables and stands as India's largest manufacturer of wires and cables. Polycab India was founded in 1996 and is headquartered in Mumbai, India. The company has established itself as a comprehensive electrical solutions provider, operating across multiple segments with a diversified product portfolio that caters to both retail and industrial customers.
The Company operates through three segments: Wires and Cables, FMEG (Fast-Moving Electrical Goods), and Other. The Wire and Cable segment is engaged in the manufacturing and selling of wires and cables, while the FMEG segment is engaged in fans, light-emitting diode (LED) lighting and luminaires, switches, switchgear, solar products, pumps, conduits, and domestic appliances. The Others segment is comprised of the engineering, procurement, and construction (EPC) business, which includes design, engineering, supply of materials, survey, execution, and commissioning of power distribution and rural electrification projects.
The Company owns approximately 25 manufacturing facilities, located across the states of Gujarat, Maharashtra, Uttarakhand, and the union territory of Daman. This extensive manufacturing network enables the company to serve customers across India efficiently while maintaining quality standards and reducing logistics costs.
The company is India's largest manufacturer of wires and cables, offering 10,600+ SKUs for retail and industrial use, and holds a 26-27% share in the organized domestic market. This comprehensive product range includes flexible wires, building wires, optical-fiber cables, rubber cables, control cables, special purpose cables, etc. The company has also diversified its offerings beyond traditional wires and cables to include a wide range of consumer electrical products like Fans, Switches, Switchgear, LED lights and Luminaries, Solar Inverters, and Pumps.
The Company's revenues soared past ₹180 billion and profitability surpassed ₹18 billion, marking all-time highs in its history in FY24. The market capitalization of Polycab India Ltd (POLYCAB) is ₹1,01,102.51 Crore as of July 4, 2025. Polycab India has 16,884 total employees, reflecting the company's substantial scale of operations.
The company has demonstrated strong financial performance across quarters. Polycab India Limited reported a consolidated net profit of ₹730.3 Crore for the quarter ended on March 31, 2025 (Q4 FY25). This marks a 34.3% rise year-on-year (YoY) from ₹544 Crore. Polycab India Ltd's revenue jumped 24.59% since the last year same period to ₹7,033.87 Crore in Q4 FY2024-2025.
For Q3 FY25, The company achieved its highest-ever third-quarter revenue of ₹5,226 Crore, marking a robust 20% year-on-year growth. Profitability also improved, with PAT increasing by 11% YoY to ₹464 Crore. The company's Q1 FY25 results showed net profit was ₹401.6 Crore, below CNBC-TV18 poll estimate of ₹458 Crore. Company's consolidated revenue for the quarter increased by 21% year-on-year to ₹4,698 Crore.
Key financial metrics as of July 2025 include:
* Market Cap: ₹1,01,102.51 Crore (as of July 4, 2025)
* Revenue (FY25): ₹22,408 Crore
* Net Profit (FY25): ₹2,046 Crore
* 52-week High: ₹7,605
* 52-week Low: ₹4,555
* P/E Ratio: 50.05
* Dividend Yield: 0.52%
Wires & Cables (W&C) (84% in FY25 vs 89% in FY23) remains the core business segment. The Wires and Cables business reported a 23% YoY revenue growth, reaching ₹4,719.7 Crore, driven by favorable commodity prices and strong domestic demand in Q2 FY25. W&C business revenue for Q1 FY25 grew by 11% YoY to ₹3,857.2 Million.
The FMEG segment has shown remarkable growth momentum. FMEG Business: Registered a 45% YoY revenue increase, driven by strong demand and premiumization in Q3 FY25. Revenue: ₹423.17 Crore, a 42.5% YoY increase. Lights, fans, and switches drove growth, supported by festive demand and premiumization strategies.
Includes EPC projects with revenue growth of 101% YoY. EBIT margin for the segment stood at 11.3% in Q3 FY25, showing strong profitability in this segment.
"We have concluded FY25 on a historic high, delivering record revenues for both the fourth quarter and the full year, driven by strong, broad-based growth across business segments. Exceeding our Project Leap FY26 revenue goal a year ahead of committed schedule is a testament to our focused execution, market leadership, and strategic resilience."
"Notably, we have achieved a remarkable milestone of successfully surpassing our first five-year guidance of reaching a ₹200 Billion top-line by FY26 ahead of time — delivering ₹210 billion in revenue for calendar year 2024. Building on this success, we are excited to embark on our next transformative journey to unlock our growth potential for FY30 and further solidify our leadership in the industry with our new vision—Project Spring."
Past 10 year's financial track record analysis by Moneyworks4me indicates that Polycab India Ltd is a good quality company. The key valuation ratios of Polycab India Ltd currently, when compared to its past, seem to suggest it is in the Overvalued zone. However, The Price Trend analysis by MoneyWorks4Me indicates it is Strong, which suggests that the price of Polycab India Ltd is likely to Rise in the short term.
Analysts have set a Polycab target price of ₹6770.52, indicating a slight upside of 10.2% compared to the current price of ₹6138, according to 29 analyst ratings. The company's strong market position, diversified product portfolio, and consistent growth trajectory make it an attractive investment proposition for long-term investors seeking exposure to India's electrical infrastructure sector.
The company's ability to maintain market leadership while expanding into new segments positions it well to capitalize on India's growing infrastructure development and urbanization trends.
