Polycab India Limited (NSE:POLYCAB) filed a press release on 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 for Q1 FY27, representing a 39% year-on-year increase, which the company described as its highest-ever first-quarter revenue, EBITDA, and profitability performance.
Key Highlights
- Consolidated Q1 FY27 revenue came in at Rs 82,097 million, up 39% year-on-year, marking the highest-ever first-quarter revenue recorded by the company.
- Consolidated EBITDA for Q1 FY27 stood at Rs 11,362 million, a 32% year-on-year increase, with EBITDA margins at 13.8%.
- Profit after tax (PAT) for Q1 FY27 grew 33% year-on-year to Rs 7,967 million, with PAT margins at 9.7%.
- The Wires and Cables segment reported 39% year-on-year revenue growth, led by a 43% increase in domestic revenues, supported by channel sales outperforming institutional sales.
- The FMEG segment 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 FMEG category.
- The EPC segment reported an 11% year-on-year revenue decrease due to project execution cycle timing, while EBIT margins for the segment stood at 11.0%.
- International business within the Wires and Cables segment recorded a 13% year-on-year degrowth, though the company cited a diversified global footprint and a healthy order book.
About the Company
Polycab India Limited (BSE: 542652, NSE: POLYCAB), headquartered at Dadar (West), Mumbai, with its registered office in Halol, Panchmahal, Gujarat, is India's largest manufacturer of wires and cables. The company also operates a fast-growing Fast-Moving Electrical Goods (FMEG) business and an Engineering, Procurement and Construction (EPC) segment. As of FY26, Polycab reported a consolidated turnover exceeding Rs 285 billion. It operates 26 manufacturing facilities, 15 offices, and 35 warehouses across India, distributes through 3,900-plus authorised dealers and 190,000-plus retail outlets, and has served customers in 94 countries. The company is listed on both BSE and NSE under the sector of electrical and capital goods.
Announcement in Detail
Polycab India Limited submitted its press release to BSE and NSE on July 16, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, covering unaudited standalone and consolidated financial results for Q1 FY27. The filing was signed by Manita Carmen A. Gonsalves, Vice President, Legal and Company Secretary (Membership No. A18321). Consolidated revenue for the quarter ended June 30, 2026, reached Rs 82,097 million, up 39% year-on-year, which the company characterised as its highest-ever Q1 performance across revenue, EBITDA, and profitability metrics.
The Wires and Cables segment was the primary revenue driver, posting 39% year-on-year growth overall, with domestic revenues rising 43% year-on-year under the company's Project Spring initiative. Within the segment, channel sales grew faster than institutional sales. The international business within this segment contracted by 13% year-on-year, though the company noted a healthy order book and diversified geographic presence as supporting factors for forward momentum. EBIT margin in this segment improved sequentially, attributed to a better product mix and operational efficiencies that offset the lower international contribution.
The FMEG segment posted 71% year-on-year revenue growth, with solar products achieving more than two-fold growth and retaining the position of the largest category within the FMEG portfolio. EBIT margins for FMEG reached 8.0% during the quarter, which the company stated is consistent with the Project Spring target of EBITDA margins of 8 to 10% by FY30. The EPC segment saw revenues decline 11% year-on-year due to the timing of the project execution cycle, while maintaining EBIT margins of 11.0%, supported by a healthy order backlog.
Impact on Investors
Investors will note that Polycab India's Q1 FY27 results reflect broad-based growth across its two largest business segments, Wires and Cables and FMEG, with both revenue and profitability metrics improving on a year-on-year basis. The disclosed terms indicate that consolidated PAT margins of 9.7% and EBITDA margins of 13.8% for the quarter are reported on an unaudited basis, meaning these figures remain subject to audit confirmation before finalisation. Shareholders will observe that the 33% year-on-year growth in PAT to Rs 7,967 million represents the company's strongest Q1 PAT performance to date as stated in the filing.
The filing shows that the international Wires and Cables business recorded a 13% year-on-year degrowth, which investors may consider as a near-term headwind to consolidated revenue growth if global demand conditions do not improve. The EPC segment also reported an 11% year-on-year revenue decline, though the company disclosed a healthy order backlog and project pipeline. The results are unaudited; investors are advised to review the detailed financial statements filed with the exchanges for a complete picture of segment-level performance, working capital position, and balance sheet metrics before drawing conclusions.
Sector / Market Context
India's wires and cables industry has been a direct beneficiary of increased government capital expenditure on power infrastructure, housing, and industrial capacity. The Government of India's continued emphasis on renewable energy capacity additions, smart grid upgrades, and housing programmes under schemes such as PM Awaas Yojana has sustained demand for both power cables and building wires. According to industry data cited in FICCI reports, the Indian cables and wires market has been among the faster-growing segments within the broader electrical equipment sector, supported by rising electrification rates and infrastructure spending.
The FMEG segment, which includes fans, lighting, switches, solar products, and allied electrical goods, has seen competitive intensity rise as organised players expand distribution. Solar products in particular have witnessed rapid volume growth as residential and commercial rooftop adoption accelerates. The EPC segment operates in a project-driven environment where quarterly revenue recognition is subject to execution timelines, making year-on-year comparisons for individual quarters less indicative of underlying order momentum than the order book position.