How high can the Polycab India share price go? Three analysts see it past ₹11,000

Shares of Polycab India Ltd. recovered from the lows of the day on Friday, to trade with gains after its September quarter results that were reported a day prior. 86% of the 36 analysts who have coverage on the stock continue to maintain a “buy” recommendation on the stock.

CLSA and Macquarie have “outperform” ratings on the stock, while HSBC and Jefferies have “buy” recommendations as well.

Three analysts expect the stock price to cross the mark of ₹11,000 over the next 12 months. Citi leads the way with a target of ₹11,600, which is the highest on the street for the stock, followed by Prabhudas Lilladher (₹11,083), and Jefferies (₹11,040).

CLSA Sees Polycab Shares Crossing The ₹10,000 Mark

CLSA has an “outperform” rating on Polycab with a target price of ₹10,240 per share. This indicates an upside of 24.8% from its previous closing price.

It said Polycab delivered strong second quarter results with revenue and EBITDA rising 53% and 39%, respectively, which were also ahead of estimates, led by growth across segments.

The cables and wires segment grew 47% from last year, it said.

Fast Moving Electrical Goods (FMEG) more than doubled with broad-based growth across categories, reporting its highest-ever margin. The company’s appeal in NCLAT has been heard and orders have been reserved, as per the management.

CLSA expects Polycab to post industry-leading growth and margins. While high comps in the third quarter are likely to weigh on volume growth, the recent weakness in its stock price factors in this and competition risk, CLSA added.

Macquarie Bullish On Polycab

Macquarie too has an “outperform” rating on Polycab, with a target price of ₹10,156 per share, indicating an upside of 23.7% from its previous close.

Polycab’s second quarter earnings beat Macquarie’s estimates, driven by higher revenue and better cables and wires margins. The C&W demand remains strong, driven by power and infrastructure capex, it said.

FMEG growth and margins are improving off a low base, the investment banking firm added.

HSBC Sees 28.5% Upside For Polycab

HSBC has a “buy” rating on Polycab and a target price of ₹10,550 per share, indicating an upside potential of 28.5% from its previous closing price.

It said commodity inflation, strong execution and margin expansion across wires and cables and FMEG drove around 19% earnings beat.

HSBC expects robust earnings growth for Polycab to continue, although intensifying wires and cables competition poses a key risk.

Jefferies

Jefferies has a “buy” rating and a target price of ₹11,040 per share, the third highest on the street. This indicates an upside of 34.5% from its previous close.

It said that amid the Ultravolt launch, Polycab shares fell 20% from their June 2026 peak and are now trading at 35 times their one-year forward price-to-earnings and 8% below its historic five-year average.

For the last 16 quarters, Polycab has delivered double-digit cables and wires sales growth and steady 12%-15% EBIT margins.

In the September quarter, the company’s cables and wires segment posted 50% rise in sales growth in domestic while FMEG sales grew more than 2x.

Jefferies views Polycab as play on power / capex and estimates FY28-29 earnings per share (EPS) to grow at a compound annual growth rate (CAGR) of over 22%.

While cables and wires EBIT margin narrowed to 14.2% on a high base last year, FMEG EBIT rose notably to a high of 10%, Jefferies said.

Buy Or Sell Polycab?

Of the 36 analysts who have coverage on Polycab, 30 have a “buy” rating, five have a “hold” rating and one has a “sell” rating. The consensus estimate of price targets implies an upside potential of 21.3% from last year.

Shares of Polycab are trading 0.3% higher on Friday, having recovered from the lows of the day at ₹8,219. The stock is up 7% so far this year.

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