Polycab India earnings calls.

Polycab delivered 39% revenue YoY growthCurrent 39% vs previous available quarter 21%. in Q1 FY27 with consolidated PAT of Rs 796.7 croreCurrent 796.7 crore vs previous available quarter 693 crore. (33Current 33 crore vs previous available quarter 56 crore.% YoY), marking the highest-ever quarterly profit. Wires & Cables maintained steady 39% YoY growth with domestic business growing 43% YoYCurrent 43% YoY. Reported change: +43pp YoY., though volume growth was low-to-mid single digitsCurrent volume growth was low-to-mid single digits. Reported change: Deceleration from 26% base. on a high base of 26% in Q1 FY26. FMEG posted 71% YoY growthCurrent 71% YoY growth. Reported change: +71pp YoY. for the 10th consecutive quarter of outperformance, with solar business delivering 2x growth and EBITDA margins at 8%Current 8%. Reported change: +500bps YoY trajectory.—ahead of FY30 guidance timeline. EBITDA margins of 13.8Current 13.8 crore vs previous available quarter 16 crore.% showed ~70bps sequential improvement. Working capital temporarily compressed to 15 days (from normal 45-50 days) due to LC-driven payables. Management remains confident of sustaining 1.5x market growth through FY30, driven by T&D capex (17,000 circuit km expected in FY27), data center opportunity (Rs 20,000-25,000 crore potential market), and B2B/private sector recovery. Key risks include potential T&D project execution delays, geopolitical impact on exports (Middle East still recovering), and raw material price volatility impacting channel stocking behavior.