Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹8,864 Cr
verified against source
Revenue YoY
29%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Polycab delivered a record Q4 with consolidated revenue growing 27% YoY to ₹285 billion for FY26, driven by 30% growth in wires & cables and 47% growth in FMEG. EBITDA margins expanded to 13.9% for the full year, while PAT hit a record ₹7.9 billion in Q4. Market share in domestic organized wires & cables rose to 30-31%, up 300-400 bps YoY. Management reiterated Project Spring targets: 1.5-2x industry growth in cables, FMEG margins of 8-10% by FY30, and capex of ₹60-80 billion over 5 years. Key risk: Middle East escalation and crude above $100/bbl could pressure input costs and trade sentiment.
Colored figures show movement against the previous available record.
Guidance to track
- Polycab targets growing at 1.5 to 2 times the industry growth rate in the wires and cables segment, consistent with Project Spring.
- The FMEG segment aims to achieve EBITDA margins of 8-10% by financial year 2030, up from 4.1% in Q4 FY26.
- Under Project Spring, Polycab plans capital expenditure of ₹60-80 billion over the next five years, with ~90% allocated to wires & cables capacity expansion.
- Exports are targeted to contribute more than 10% of consolidated revenue by FY30, up from ~4.5% in FY26.
Risks flagged
- The escalation in the Middle East disrupted exports (16% of export sales) and dampened domestic trade sentiment, leading to lower-than-expected volume growth in Q4.
- Crude oil above $100/bbl and PVC price spikes (60-80% in March) could pressure margins if not fully passed through, though management claims full pass-through.
- Higher institutional sales (3-4 ppt above normal) in Q4 moderated segment margins, as institutional margins are 3-4 ppt lower than channel sales.
- Analyst raised concern that renewable capacity additions and RDSS execution may moderate on a high base, potentially slowing industry growth.
Key quotes
- We have retained our position as the largest company in the Indian electrical industry by revenue for the second consecutive year.
- Our domestic wire and cable organized market share has now increased to 30 to 31%, up from 18 to 19% in financial year 2019.
- The demand doesn't extinguish; it can only differ by one week, two weeks here and there.
Research modules