Polycab India jumps after strong Q3 revenue growth

Revenue from operations surged 46% YoY and 18% QoQ to Rs 7,636.1 crore in Q3 FY26, up from Rs 5,226.1 crore in Q3 FY25 and Rs 6,477.2 crore in Q2 FY26. The strong growth was driven by robust execution in Wires & Cables (W&C) business, supported by healthy growth momentum in Fast-Moving Electrical Goods (FMEG) business.

The W&C segment delivered 53% YoY growth for the quarter, driven by exceptional domestic performance with 59% growth, supported by robust demand and sustained commodity price inflation. The FMEG segment demonstrated continued momentum, recording 17% YoY growth in the quarter. The EPC business reported revenues of Rs 406.9 crore, a 4% YoY increase.

Net profit declined 9% QoQ but rose 36% YoY to Rs 630.2 crore in Q3 FY26, compared with Rs 693 crore in Q2 FY26 and Rs 464.3 crore in Q3 FY25.

Profit before tax stood at Rs 842 crore in Q3 FY26, down 9% QoQ and up 37% YoY. EBITDA came in at Rs 966 crore in Q3 FY26, down 5% QoQ but up 34% YoY, while EBITDA margin slipped to 12.7% from 15.8% in Q2 FY26 and 13.8% in Q3 FY25.

Total operating expenses increased 24.3% QoQ and 46.4% YoY to Rs 915 crore in Q3 FY26, compared with Rs 736 crore in Q2 FY26 and Rs 625 crore in Q3 FY25. Employee costs rose 2.8% QoQ and 19.2% YoY to Rs 237 crore, while other operating expenses jumped 34.3% QoQ and 59.0% YoY to Rs 678 crore. Finance costs increased 42.6% QoQ and 38.6% YoY to Rs 69 crore, while depreciation rose 9.5% QoQ and 34.9% YoY to Rs 106 crore during the quarter.

Polycab India is India's largest manufacturer of wires and cables and one of the fastest growing FMEG companies. Its business operations span across India through 27 manufacturing facilities, 15 offices and 34 warehouses.

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