Polycab India Limited (NSE:POLYCAB) filed a press release with BSE and NSE on July 16, 2026, disclosing its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company reported consolidated revenue of Rs 82,097 million, EBITDA of Rs 11,362 million, and profit after tax of Rs 11,362 million and Rs 7,967 million respectively, each representing the highest-ever figures for a first quarter in the company's history.
Key Highlights
- Consolidated Q1 FY27 revenue stood at Rs 82,097 million, reflecting 39% year-on-year growth and the highest-ever first-quarter revenue for Polycab India.
- EBITDA for Q1 FY27 reached Rs 11,362 million, up 32% year-on-year, with consolidated EBITDA margins at 13.8%.
- Profit after tax for the quarter was Rs 7,967 million, a 33% increase year-on-year, with PAT margins at 9.7%.
- The Wires and Cables segment grew 39% year-on-year, driven by a 43% rise in domestic revenues, supported by healthy market demand and execution under Project Spring.
- The FMEG business recorded 71% year-on-year growth, with EBIT margins expanding to 8.0%; solar products more than doubled year-on-year and remained the largest category within FMEG.
- The EPC segment revenues declined 11% year-on-year due to project execution cycle timing, though EBIT margins for the quarter stood at 11.0%.
- International business within Wires and Cables recorded a 13% year-on-year degrowth; however, the company cited a diversified global footprint and healthy order book as forward indicators.
About the Company
Polycab India Limited (BSE: 542652, NSE: POLYCAB), headquartered in Mumbai with its registered office in Halol, Gujarat, is India's largest manufacturer of wires and cables. The company also operates a fast-growing Fast-Moving Electrical Goods (FMEG) segment covering fans, lighting, switches, switchgear, solar products, and other electrical goods. Polycab serves customers across 94 countries through 26 manufacturing facilities, 15 offices, and 35 warehouses in India, along with a distribution network of over 3,900 authorised dealers and 190,000-plus retail outlets. The company reported consolidated turnover exceeding Rs 285 billion in FY26.
Announcement in Detail
Polycab India filed the press release under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, signed by Manita Carmen A. Gonsalves, Vice President-Legal and Company Secretary. The submission covered unaudited standalone and consolidated financial results for Q1 FY27, the quarter ended June 30, 2026. The company described the results as its highest-ever first-quarter performance across revenue, EBITDA, and profitability metrics.
Within the Wires and Cables business, domestic revenues rose 43% year-on-year, with the wires segment outperforming cables. Channel sales registered higher growth compared to institutional sales within the cables category. EBIT margins improved sequentially, attributed to a better product mix and operational efficiencies, partially offset by lower international business contribution. The international Wires and Cables business declined 13% year-on-year, though the company noted a diversified global footprint and a healthy order book as positive forward indicators.
The FMEG business posted 71% year-on-year growth, with solar products achieving more than two-fold growth over the prior year and retaining their position as the largest category within the FMEG portfolio. EBIT margins for FMEG expanded to 8.0%, which the company aligned with Project Spring's target of EBITDA margins in the range of 8-10% by FY30. The EPC segment, by contrast, reported an 11% year-on-year revenue decline due to project execution cycle timing, while maintaining EBIT margins of 11.0%. The segment was described as well-positioned, supported by a strong order backlog.
Impact on Investors
Investors will note that Polycab India's Q1 FY27 results represent a material step-up in absolute profitability, with PAT of Rs 7,967 million and EBITDA of Rs 11,362 million both described as all-time quarterly highs for a first quarter. The filing shows EBITDA margins at 13.8% and PAT margins at 9.7%, which shareholders will observe reflects broad-based segment-level execution. The strong FMEG EBIT margin of 8.0% is a data point investors may track against the company's stated Project Spring target range of 8-10% EBITDA by FY30, as disclosed in the press release.
The disclosed terms also indicate that the EPC segment's 11% year-on-year revenue decline and the international Wires and Cables business's 13% degrowth are areas that investors will want to monitor against future filings. The company cited the international business decline as a near-term factor that reduced the overall EBIT margin contribution in Wires and Cables. Shareholders will observe that these segments, while currently underperforming relative to domestic Wires and FMEG, have been presented alongside order book and execution pipeline data as forward indicators, which investors should verify in subsequent filings.
Sector / Market Context
India's wires and cables industry has benefited from sustained government investment in power transmission, distribution infrastructure, and renewable energy capacity addition. The Union Budget for FY26 and FY27 both allocated significant capital expenditure toward power sector infrastructure, and the government's push for solar energy and rural electrification has supported demand across both the cables and FMEG segments. The Bureau of Indian Standards and the Ministry of Power have also implemented quality control orders that have tightened the organised market, generally favouring larger, compliant manufacturers.
The FMEG segment operates within a broader consumer electricals market that industry bodies such as FICCI and CII have identified as a high-growth category, driven by rising residential construction activity and a shift toward energy-efficient products. Polycab's disclosure that solar products more than doubled year-on-year within its FMEG portfolio is consistent with the accelerating residential and commercial solar adoption trend supported by government subsidy programmes such as the PM Surya Ghar scheme.