Polycab (POLYCAB) Q1 26/27 earnings summary

Executive summary

• Consolidated revenue grew 39% year-on-year to ₹82,097.32 million in Q1 FY27, with strong momentum in both Wires & Cables and FMEG segments, and net profit at ₹7,966.54 million.

• EBITDA increased 32% year-on-year to ₹11,362 million, reflecting operational efficiency and favorable business mix.

• PAT margin stood at 9.7%, with the highest ever quarterly PAT at ₹7,967 million.

• The Board approved and paid a final dividend of ₹47 per share, totaling ₹7,079.85 million.

• Focus remains on operational excellence, disciplined capital allocation, and innovation to support future growth.

Financial highlights

• Consolidated revenues grew 39% year-on-year to ₹82,097 million; EBITDA increased 32% year-on-year to ₹11,362 million with margins at 13.8%.

• PAT was ₹7,967 million, up 33% year-on-year; PAT margin at 9.7%.

• Net cash position at ₹39,900 million; working capital cycle improved to 15 days due to increased payable days.

• Capital expenditure for the quarter was ₹3,166 million.

• Basic EPS (consolidated) for the quarter was ₹52.09, up from ₹39.36 in Q1 FY26.

Outlook and guidance

• Medium-term outlook for the Indian economy remains robust, supported by resilient domestic demand and strong policy focus on infrastructure and manufacturing.

• FMEG segment targets 8%-10% EBITDA margin by FY30; wires and cables business maintains EBIT margin guidance of 11%-13%.

• Exports expected to contribute over 10% of overall top line by 2030, with strong order book and expansion into new geographies.

• The company is monitoring the impact of new Extended Producer Responsibility (EPR) rules for recycling non-ferrous metal scrap.