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Polycab Share Price: Brokerage firm Morgan Stanley has maintained its ‘overweight’ rating with a revised target price for Polycab India Ltd, a wires and cables company. At 9:26 AM, shares of Polycab India were trading at Rs 6914.65, up 1.80 per cent from the previous trading.
A major player in the Fast Moving Electrical Goods (FMEG) segment, Polycab India claims to be one of the largest manufacturers of wires and cables. The company dominates various product categories, including fans, switches, water heaters, switchgears and luminaires tailored for residential, commercial and industrial applications. It also builds solar panels, conduits and accessories, besides home automation solutions.
Morgan Stanley’s target price on Polycab India
The brokerage firm has trimmed target price to Rs 8,707 (from Rs 9,659) for Polycab India.
Key takeaways from Morgan Stanley’s coverage on the stock:
– EPS estimates cut about 5 per cent FY26 to FY28.
– Cable wire revenue cut 4 per cent to 5 per cent.
– C&W revenue CAGR expected about 20 per cent FY25 to FY28.
– FY26 margins seen at 13.4 per cent.
– FY27 margins seen at 13.2 per cent.
– FY28 margins seen at 13 per cent.
– FMEG revenue cut 2 per cent to 3 per cent.
Polycab India reported a 55.64 per cent on-year growth in consolidated net profit at Rs 692.95 crore during the quarter ending September 30, 2025, news agency PTI reported.
The company’s net profit stood at Rs 445.20 crore during the corresponding period of previous fiscal.
Revenue from operations of the company witnessed 17.80 per cent growth during the quarter under review at Rs 6,477.21 crore, compared to Rs 5,498.42 crore in the same period of the previous year, the PTI report added.
Polycab India declared its Q3 FY25–26 financial results for the quarter ended December 31, 2025 on January 16, 2026. The company climbed 3.98 per cent to Rs 7415 after the company reported a solid top-line performance for Q3 FY26.
Revenue from operations surged 46 per cent YoY and 18 per cent 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 and cables business, supported by healthy growth momentum in FMEG business.
The W&C segment delivered 53 per cent YoY growth for the quarter, driven by exceptional domestic performance with 59 per cent growth, supported by robust demand and sustained commodity price inflation. The FMEG segment demonstrated continued momentum, recording 17 per cent YoY growth in the quarter. The EPC business reported revenues of Rs 406.9 crore, a 4 per cent YoY increase.
Net profit declined 9 per cent QoQ but rose 36 per cent 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 per cent QoQ and up 37 per cent YoY. EBITDA came in at Rs 966 crore in Q3 FY26, down 5 per cent QoQ but up 34 per cent YoY, while EBITDA margin slipped to 12.7 per cent from 15.8 per cent in Q2 FY26 and 13.8 per cent in Q3 FY25.
Total operating expenses increased 24.3 per cent QoQ and 46.4 per cent 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 per cent QoQ and 19.2 per cent YoY to Rs 237 crore, while other operating expenses jumped 34.3 per cent QoQ and 59.0 per cent YoY to Rs 678 crore. Finance costs increased 42.6 per cent QoQ and 38.6 per cent YoY to Rs 69 crore, while depreciation rose 9.5 per cent QoQ and 34.9 per cent YoY to Rs 106 crore during the quarter.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
