The stock hit a record high of Rs 8,988.50 during the trading session today. The rally came after the company reported robust growth despite geopolitical disruptions, demand slowdown in March and temporary channel destocking amid raw material volatility.
On a consolidated basis, profit after tax rose 7% YoY and 24.7% QoQ to Rs 785.6 crore in Q4 FY26. Revenue from operations stood at Rs 8,864.5 crore in Q4 FY26, up 26.9% YoY and 16.1% QoQ, driven by robust execution across both wires and cables (W&C) and FMEG business.
EBITDA stood at Rs 1,161.3 crore in Q4 FY26, up 13.2% YoY and 20.2% QoQ. EBITDA margin came in at 13.1% compared with 14.7% in Q4 FY25 and 12.7% in Q3 FY26.
Profit before tax stood at Rs 1,049.3 crore in Q4 FY26, up 24.6% vs Q3 FY26 and 9.2% vs Q4 FY25.
Cost of goods sold increased 30.4% YoY to Rs 6,786.7 crore in Q4 FY26. Employee cost declined 5.2% YoY to Rs 193.1 crore, while other operating expenses rose 31.2% YoY to Rs 723.3 crore during the quarter.
For FY26, revenue from operations rose 28.9% YoY to Rs 28,883.8 crore from Rs 22,408.3 crore in FY25. EBITDA for FY26 stood at Rs 4,005.7 crore, up 35.3% YoY, while PAT increased 32.4% YoY to Rs 2,708.4 crore.
Operationally, the wires and cables business revenue grew 33% YoY to Rs 25,178.9 crore in FY26, driven by strong growth across distribution and institutional segments. The international business contributed 5.4% of consolidated revenue.
The FMEG business revenue increased 25% YoY to Rs 2,069.3 crore, aided by strong traction in solar products. The EPC business revenue declined 13% YoY, though EBIT margin remained healthy at 9.9%.
The board recommended a dividend of Rs 47 per equity share of face value Rs 10 each for FY26.
Net cash flow from operating activities stood at Rs 3,810.7 crore in FY26, higher than Rs 1,808.5 crore in FY25.
Polycab's net cash position stood at Rs 4,190 crore as of 31 March 2026 compared with Rs 2,460 crore a year earlier.
Brokerages turned bullish following the results. A foreign brokerage raised its target price to Rs 10,500 from Rs 9,500 while maintaining a Buy rating, citing strong execution and market share gains. Another global brokerage lifted its target to Rs 9,770 from Rs 8,950, highlighting Polycab's rising share in the organised cables and wires market, which has climbed to 30-31%.
A domestic brokerage increased its target price to Rs 9,800 from Rs 9,350, forecasting revenue and EBITDA CAGRs of 19% and PAT growth of around 18% over FY26-28. Another brokerage raised FY27 and FY28 earnings estimates by 3-5% and revised its target to Rs 9,740 from Rs 9,420.
Polycab India is India's largest manufacturer of wires and cables and also operates a fast-growing FMEG business spanning fans, lighting, switches, solar products and home appliances.
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