Polycab India Q2 profit rises 43% to ₹990 crore as infrastructure demand lifts revenue

Polycab India posted a 42.9 percent rise in consolidated net profit to ₹990 crore for the second quarter ended 30 September 2026, up from ₹692.96 crore a year earlier, powered by strong domestic demand and rising infrastructure activity.

Revenue from operations jumped 52.8 percent year-on-year to ₹9,898.9 crore, exceeding analyst projections of ₹8,889 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew 39.4 percent to ₹1,422.5 crore. Both revenue and net earnings marked the company's highest-ever totals for a second quarter and half-year period.

The sharp expansion in business activity mirrors India’s broader capital expenditure drive, with sustained public investment in power distribution and transport infrastructure feeding healthy order books across industrial suppliers.

Core segments drive expansion

The wires and cables division remained the company's primary growth engine, delivering ₹8,376.8 crore in quarterly revenue compared to ₹5,691.1 crore during the same quarter last year, yielding segment profits of ₹1,188.7 crore.

The fast moving electrical goods (FMEG) business registered an even sharper turn around. Revenue from the segment more than doubled to ₹993.1 crore from ₹452.1 crore in the previous year, generating ₹100.6 crore in operating profit against ₹2.19 crore a year earlier. Operating margins in the FMEG business crossed double digits for the first time, reaching 10.1 percent.

Engineering, procurement, and construction (EPC) turnover rose to ₹617 crore from ₹402.3 crore in the year-ago period.

Execution and infrastructure momentum

Inder T. Jaisinghani, chairman and managing director of Polycab India, attributed the quarter's momentum to disciplined execution and strong domestic fundamentals.

"The domestic demand environment continues to be encouraging, supported by healthy infrastructure spending, increasing electrification opportunities, and improving private sector investment activity," Jaisinghani said. He noted that the company's international business sustained its trajectory despite external geopolitical headwinds.

While higher raw material expenses pushed the share of project and material costs to 76.4 percent of revenue from 72.9 percent a year earlier—moderating EBITDA margin to 14.4 percent from 15.8 percent—profitability recovered sequentially from 13.8 percent in the first quarter.

Half-year figures and outlook

For the first half of FY27, Polycab’s revenue rose 46.2 percent to ₹18,108.6 crore. Half-year EBITDA increased 36.2 percent to ₹2,558.7 crore, while profit after tax climbed 38.2 percent to ₹1,786.7 crore.

The company’s balance sheet strengthened alongside operating gains, with net cash rising to ₹4,520 crore by the end of September 2026, up from ₹2,940 crore a year prior.

Brokerage firms maintained constructive ratings following the release. CLSA retained an Outperform call with a target price of ₹10,240, while HSBC maintained a Buy recommendation with a price target of ₹10,550, citing operational scale and execution gains while noting competitive pressures in the cable category.

Polycab is preparing an Extra High Voltage plant due to begin operations in FY28 to support volume growth running ahead of general market rates.