Domestic W&C Market Share
30-31%
+300-400bps YoY
Organized market share in wires and cables, up from 26-27% in FY25.
POLYCABINDIA
Other
2026-04-??
Polycab India Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
FMEG Revenue Growth
47%
+47% YoY
Ninth consecutive quarter of outperformance vs industry; solar grew 2x.
Export Countries
94
+46 countries vs FY19
Global footprint expanded from 48 countries in FY19 to 94 in FY26.
Volume Growth (Full Year)
18%
+18% YoY
Volume growth in wires & cables for FY26, outpacing estimated industry growth of 11-12%.
Management Guidance
Revenue growth 1.5-2x industry in cables & wires
Polycab targets growing at 1.5 to 2 times the industry growth rate in the wires and cables segment, consistent with Project Spring.
Management guidance growthFMEG EBITDA margin of 8-10% by FY30
The FMEG segment aims to achieve EBITDA margins of 8-10% by financial year 2030, up from 4.1% in Q4 FY26.
Management guidance marginsCapex of ₹60-80 billion over 5 years
Under Project Spring, Polycab plans capital expenditure of ₹60-80 billion over the next five years, with ~90% allocated to wires & cables capacity expansion.
Management guidance capexExport contribution >10% by FY30
Exports are targeted to contribute more than 10% of consolidated revenue by FY30, up from ~4.5% in FY26.
Management guidance revenueKey Risks
Middle East conflict impact on exports and sentiment
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.
high · management_commentaryCrude oil price surge and input cost inflation
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.
medium · data_observationInstitutional sales mix diluting margins
Higher institutional sales (3-4 ppt above normal) in Q4 moderated segment margins, as institutional margins are 3-4 ppt lower than channel sales.
medium · management_commentaryDemand moderation from high base in power sector
Analyst raised concern that renewable capacity additions and RDSS execution may moderate on a high base, potentially slowing industry growth.
low · analyst_questionNotable 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.
Frequently Asked Questions
What was Polycab India's revenue in Q4 FY26?
Polycab India reported revenue of ₹8,864 Cr in Q4 FY26, representing a +29% change compared to the same quarter last year.
What guidance did Polycab India management give for FY27?
Revenue growth 1.5-2x industry in cables & wires: Polycab targets growing at 1.5 to 2 times the industry growth rate in the wires and cables segment, consistent with Project Spring. FMEG EBITDA margin of 8-10% by FY30: The FMEG segment aims to achieve EBITDA margins of 8-10% by financial year 2030, up from 4.1% in Q4 FY26. Capex of ₹60-80 billion over 5 years: Under Project Spring, Polycab plans capital expenditure of ₹60-80 billion over the next five years, with ~90% allocated to wires & cables capacity expansion. Export contribution >10% by FY30: Exports are targeted to contribute more than 10% of consolidated revenue by FY30, up from ~4.5% in FY26.
What are the key risks for Polycab India in FY27?
Key risks include Middle East conflict impact on exports and sentiment — 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 price surge and input cost inflation — 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.; Institutional sales mix diluting margins — Higher institutional sales (3-4 ppt above normal) in Q4 moderated segment margins, as institutional margins are 3-4 ppt lower than channel sales.; Demand moderation from high base in power sector — Analyst raised concern that renewable capacity additions and RDSS execution may moderate on a high base, potentially slowing industry growth..
Did Polycab India meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Polycab India Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.