Polycab India spurts as Q4 PAT jumps 33% YoY to Rs 734 cr; declares dividend of Rs 35/sh

The growth in revenue was driven by robust growth across business segments.

Profit before tax was at Rs 960.60 crore in Q4 FY25, reflecting a growth of 32.44% from Rs 725.30 crore reported in Q4 FY24.

EBITDA jumped 34.65% YoY to Rs 1,025.4 crore in the quarter ended 31 March 2025. EBITDA margin improved to 14.7% in Q4 FY25 as against 13.6% in Q4 FY24, driven by a profitable turnaround in the FMEG business and stronger margins in the EPC segment off a lower base.

On the segmental front, wires & cables business revenue grew by 22.34% YoY to Rs 6,019.1 crore in Q4 FY25, driven by sustained momentum across key sectors. Key contributors included increased government spending, improved project execution, continued strength in real estate, and an inflationary trend in commodity prices.

The domestic business grew by 27% YoY, with cables growth once again outpacing wires. Both channel and institutional business showed healthy traction. The international business however experienced a temporary decline due to the rollover of a large order into the next quarter. EBIT margins for the quarter expanded by ~140 bps QoQ to 15.1%, driven by operating leverage and a favourable product mix, although partially offset by the lower contribution from the international business.

The Fast-Moving Electrical Goods (FMEG) business registered a strong 33% YoY growth, with all product categories maintaining a robust growth trajectory. The fans segment delivered impressive growth despite a delayed summer, reflecting the effectiveness of our strategic initiatives and continued focus on premiumization. The lights and luminaires business sustained its momentum from the previous quarter, achieving strong volume and value growth, even amidst ongoing pricing deflation. Switchgears, conduit pipes & fittings, and switches also posted healthy growth, supported by steady demand from the real estate sector.

Significantly, the business achieved break-even in Q4FY25 ' its first profitable quarter after ten successive quarters of strategic investments in talent, product innovation, and brand building. This milestone is a testament to our long-term vision and the effectiveness of its business strategy.

The EPC business registered a strong growth of 47% YoY during the quarter to Rs 602.80 crore, on the back of robust execution of the RDSS order book.

As of 31 March 2025, Polycab India's net cash position stood at Rs 2457.2 crore, up 14.77% from Rs 2,140.8 crore in the previous quarter.

Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said: 'We have concluded FY25 on a historic high, delivering record revenues for both the fourth quarter and the full year, driven by strong, broad-based growth across business segments. Exceeding our Project Leap FY26 revenue goal a year ahead of committed schedule is a testament to our focused execution, market leadership, and strategic resilience.

Our core Wires and Cables business maintained its strong momentum, the FMEG business grew ahead of industry as well as achieved quarterly profitability, and the EPC business scaled new heights, all contributing to making Polycab the largest Company by revenue in the Indian electrical industry, as well as reaffirming our position as the most profitable Company for the third consecutive year.

With a sharpened strategic focus, robust fundamentals, and a culture of innovation and excellence, we are poised to build on this momentum and shape the next phase of Polycab's growth journey, under Project Spring, with confidence and purpose.'

Meanwhile, the company recommended dividend of Rs 35/- per equity share for the financial year 2024-25 subject to approval of members at the ensuing annual general meeting.

Polycab India is the largest manufacturer of wires and cables in India and a fast-growing player in the Fast Moving Electrical Goods (FMEG) space. The Group is also in the business of engineering, procurement, and construction (EPC) projects.

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