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Middle East conflict impact on exports and sentiment
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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.
bullish
high
✓ Verified against BSE filing
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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.
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Domestic W&C Market Share
30-31%
+300-400bps YoY
Organized market share in wires and cables, up from 26-27% in FY25.
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%.
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Guidance and risk preview
Polycab targets growing at 1.5 to 2 times the industry growth rate in the wires and cables segment, consistent with Project Spring.
The escalation in the Middle East disrupted exports (16% of export sales) and dampened domestic trade sentiment, leading to lower-than-expected vol...
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