POLYCAB - Polycab India
📢 Recent Corporate Announcements
Polycab India Limited has announced a series of meetings with institutional investors and analysts scheduled from March 23 to March 25, 2026. The schedule includes a virtual group conference with Morgan Stanley and one-on-one physical meetings with Dalal & Broacha and Phillip Capital in Mumbai. The company stated that only publicly available information and existing corporate presentations will be discussed during these sessions. These interactions are part of the company's routine investor relations engagement.
- Virtual group conference scheduled with Morgan Stanley on March 23, 2026
- One-on-one physical meeting with Dalal & Broacha set for March 24, 2026
- One-on-one physical meeting with Phillip Capital scheduled for March 25, 2026
- Meetings will utilize existing corporate and earnings presentations already hosted on the company website
Polycab India has successfully contested an initial income tax demand for the Assessment Year 2024-25, resulting in a significant reduction of the liability. The Income Tax Authority issued a rectification order reducing the demand from ₹327.45 crore to ₹57.58 crore after correcting clerical and computational errors. The company maintains that the remaining ₹57.58 crore demand is still incorrect due to uncredited advance taxes and plans to file further rectifications. Additionally, Polycab will appeal the underlying additions of ₹41.87 crore, asserting that the demand is not legally sustainable.
- Income tax demand reduced by approximately 82% from ₹327.45 crore to ₹57.58 crore.
- The reduction follows a rectification application filed under Section 154 of the Income Tax Act.
- Remaining demand of ₹57.58 crore is attributed to non-granting of advance tax credits.
- Original additions and disallowances leading to the dispute aggregate to ₹41.87 crore.
- Company is in the process of filing an appeal against the additions, citing they are not sustainable in law.
Polycab India Limited has allotted 1,085 equity shares to eligible employees following the exercise of options under its Employee Stock Option Performance Scheme 2018. The allotment was approved by the Finance and Operations Committee on March 09, 2026. These shares carry a face value of ₹10 each. Given the extremely small quantity of shares issued, there is no meaningful impact on the company's total equity base or earnings per share.
- Allotment of 1,085 equity shares of face value ₹10 each.
- Shares issued pursuant to the Polycab Employee Stock Option Performance Scheme 2018.
- Allotment approved by the Finance and Operations Committee on March 09, 2026.
- Negligible dilution effect on existing shareholders due to the small volume of shares.
Polycab India Limited has announced a physical one-on-one meeting with PineBridge scheduled for March 11, 2026, in Mumbai. The meeting is part of the company's regular engagement with institutional investors and analysts. The company has clarified that no unpublished price-sensitive information will be shared during this interaction. Only publicly available information and existing corporate presentations will be discussed with the investor.
- One-on-one physical meeting scheduled with PineBridge on March 11, 2026
- Meeting to be held in Mumbai as per the disclosure under SEBI Regulation 30
- Company will only refer to publicly available information and existing presentations
- Disclosure made in compliance with SEBI Listing Obligations and Disclosure Requirements
Polycab India Limited has scheduled a Non-Deal Roadshow (NDR) in Singapore spanning three days from March 16 to March 18, 2026. The engagement will consist of physical, one-on-one meetings with various institutional investors and analysts. The company has clarified that only publicly available information and existing corporate/earnings presentations will be discussed during these sessions. This move indicates continued efforts by the management to engage with the global investor community and maintain transparency.
- Non-Deal Roadshow (NDR) scheduled for March 16 to March 18, 2026
- Meetings will be held in a physical, one-on-one format in Singapore
- Engagement involves institutional investors and analysts to discuss public domain information
- Compliance disclosure made under Regulation 30 of SEBI LODR Regulations, 2015
Polycab India has received an assessment order for the Assessment Year 2024-25 with a tax demand amounting to ₹327.45 crores. The Income Tax Authority made specific disallowances and additions totaling ₹41.87 crores, yet the final demand is significantly higher. The company attributes this discrepancy to computational and clerical errors and is seeking rectification under Section 154 of the Income Tax Act. Polycab intends to appeal the order and maintains that there will be no material impact on its financial position.
- Income Tax Authority raised a total demand of ₹327.45 crores for FY 2023-24.
- The demand is based on disallowances and additions aggregating to ₹41.87 crores.
- Management identifies significant computational errors in the tax demand calculation.
- Company is filing for rectification and a formal appeal against the assessment order.
- Polycab asserts the demand is not sustainable in law and expects no material financial impact.
Polycab India Limited has scheduled a physical one-on-one meeting with the institutional investor Millennium on March 06, 2026, in Mumbai. The company clarified that the discussions will be limited to publicly available information and corporate presentations already hosted on its website. This disclosure is a routine compliance filing under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Such interactions are standard practice for maintaining institutional investor relations and do not typically involve the disclosure of unpublished price-sensitive information.
- One-on-one physical meeting scheduled with Millennium on March 06, 2026.
- The meeting will take place in Mumbai as per the regulatory filing dated March 02, 2026.
- Discussions will strictly involve publicly available corporate and earnings presentations.
- Compliance filing made under Regulation 30 of SEBI (LODR) Regulations, 2015.
Polycab India Limited has received formal approval from the NCLT Ahmedabad Bench for the merger of its wholly-owned subsidiary, Uniglobus Electricals and Electronics Private Limited, into the parent company. This vertical amalgamation is designed to simplify the corporate structure and reduce administrative and compliance overheads. The merger is being executed under Sections 230-232 of the Companies Act, 2013. The scheme will become officially effective once the certified copy of the NCLT order is filed with the Registrar of Companies.
- NCLT Ahmedabad Bench approved the amalgamation scheme on February 28, 2026.
- Uniglobus Electricals and Electronics Private Limited is a 100% wholly-owned subsidiary of Polycab.
- The merger is conducted under Sections 230 to 232 of the Companies Act, 2013.
- The effective date of the scheme is pending the filing of the certified order with the Registrar of Companies (RoC).
Polycab India Limited has announced a series of interactions with institutional investors and analysts scheduled from March 2 to March 11, 2026. The schedule includes one-on-one physical meetings in Mumbai with firms like Trinity Street Asset Management and Balyasny Asset Management. Additionally, the company will participate in virtual group conferences hosted by Ambit Capital, Nirmal Bang, and Arihant Capital. These meetings are intended to discuss publicly available corporate and earnings information.
- Scheduled 4 separate interaction dates with institutional investors between March 2 and March 11, 2026
- One-on-one physical meetings planned with Trinity Street Asset Management, Jetha Global, and Balyasny Asset Management
- Participation in virtual group investor conferences hosted by Ambit Capital, Nirmal Bang, and Arihant Capital
- Company will only refer to publicly available information and existing corporate presentations during these meets
Polycab India Limited has announced that its shareholders have approved five key resolutions through a postal ballot process concluded on February 22, 2026. The resolutions include the re-appointment of Mrs. Manju Agarwal as an Independent Director and the elevation of Mr. Bharat A. Jaisinghani and Mr. Nikhil R. Jaisinghani to Joint Managing Directors. Both Bharat and Nikhil Jaisinghani have also been re-appointed as Whole-time Directors for a five-year term starting May 13, 2026. This move signals leadership continuity and formalizes the next generation of leadership within the promoter group.
- Shareholders approved the re-appointment of Mrs. Manju Agarwal as an Independent Director for a second term.
- Mr. Bharat A. Jaisinghani and Mr. Nikhil R. Jaisinghani elevated to Joint Managing Directors effective January 16, 2026.
- Re-appointment of both Joint Managing Directors for a five-year tenure commencing from May 13, 2026.
- All resolutions were passed with the requisite majority as per the Scrutinizer’s Report dated February 23, 2026.
Polycab India Limited has announced a scheduled interaction with institutional investor Schroders on February 26, 2026. The meeting is organized as a one-on-one physical session in Mumbai to discuss the company's performance. The company clarified that only publicly available information and existing corporate presentations will be shared during this interaction. This is a standard regulatory disclosure under SEBI (LODR) Regulations, 2015.
- One-on-one physical meeting scheduled with Schroders on February 26, 2026
- The meeting will take place in Mumbai as part of regular investor relations
- Company will only refer to publicly available information and earnings presentations
- Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations
Polycab India Limited has appointed Mr. Gyan Pandey as Executive President and Chief Digital & Information Officer, effective February 16, 2026. Mr. Pandey brings over 25 years of extensive experience in IT and digital strategy from leadership roles at Voltas, Aurobindo Pharma, and Oracle. He will be responsible for driving the company's digital strategies, including IoT-led manufacturing, AI adoption, and cybersecurity. This strategic hire reflects Polycab's commitment to modernizing its operations and leveraging data-driven platforms for growth.
- Appointment of Mr. Gyan Pandey as Executive President and CDIO effective February 16, 2026.
- Mr. Pandey possesses over 25 years of experience in Information Technology and digital leadership.
- Professional background includes senior roles at prominent organizations like Voltas, Aurobindo Pharma, and Oracle.
- Focus areas include IoT-led manufacturing, Scalable AI/Gen AI adoption, and cybersecurity functions.
Polycab India Limited has announced a one-on-one physical meeting with Batlivala & Karani Securities scheduled for February 17, 2026, in Mumbai. This disclosure is a routine compliance requirement under Regulation 30 of the SEBI (LODR) Regulations, 2015. The company has clarified that only publicly available information and existing corporate/earnings presentations will be discussed. Such meetings are standard for institutional engagement and do not typically involve the disclosure of unpublished price-sensitive information.
- One-on-one physical meeting scheduled with Batlivala & Karani Securities on February 17, 2026.
- The meeting will take place in Mumbai as per the regulatory filing dated February 12, 2026.
- Company will strictly use publicly available information and existing earnings presentations during the interaction.
- Disclosure made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Polycab India Limited has announced a one-on-one virtual meeting with Balyasny Asset Management scheduled for February 13, 2026. The meeting is part of the company's routine investor relations engagement under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has explicitly stated that only publicly available information and existing corporate presentations will be discussed. This interaction aims to provide institutional investors with insights into the company's publicly disclosed performance and strategy.
- One-on-one virtual meeting scheduled with Balyasny Asset Management on February 13, 2026.
- Interaction will focus solely on publicly available information and corporate presentations.
- Compliance disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015.
- The meeting is subject to schedule changes based on participant availability.
Polycab India Limited has announced the allotment of 2,300 equity shares to eligible employees who exercised their options under the Employee Stock Option Performance Scheme 2018. The allotment was approved by the Finance and Operations Committee on February 09, 2026. Each share has a face value of ₹10. This is a routine administrative action and the volume of shares issued is negligible compared to the total outstanding equity of the company.
- Allotment of 2,300 equity shares to eligible employees
- Shares issued under the Polycab Employee Stock Option Performance Scheme 2018
- Face value of each equity share is ₹10
- Approved by the Finance and Operations Committee on February 09, 2026
Financial Performance
Revenue Growth by Segment
The Wires & Cables (W&C) segment grew 18% YoY in FY25, contributing ~87% of total revenue. The Fast Moving Electrical Goods (FMEG) segment grew 30% YoY in FY25, contributing ~7% of revenue. The Engineering Procurement & Construction (EPC) segment grew 143% YoY to INR 1,900 Cr, contributing ~9% of total sales.
Geographic Revenue Split
Domestic revenue is led by the West region (largest contributor), followed by South, North, and East. International business (exports) contributed 6% to overall turnover, reaching INR 1,345.2 Cr in FY25, despite a modest de-growth due to geopolitical challenges.
Profitability Margins
Operating margins remained healthy at 13.4% in FY25 (vs 13.9% in FY24). In H1 FY26, operating margins improved significantly to 15.4% (up from 11.92% in H1 FY25) due to premiumization and better operating leverage. FMEG segment turned EBIT positive in Q4 FY25.
EBITDA Margin
The company targets FMEG EBITDA margins of 8-10% by FY30. Overall operating margin for FY25 was 13.4%, a slight 50 bps compression YoY, but rebounded to 15.4% in H1 FY26. EPC segment EBIT margin stood at 9.41% in FY25.
Capital Expenditure
Polycab has committed a capital expenditure of INR 6,000 Cr to INR 8,000 Cr over the next five years (FY25-FY30), translating to approximately INR 1,200 Cr to INR 1,600 Cr per annum, funded primarily through internal accruals.
Credit Rating & Borrowing
CRISIL reaffirmed 'AAA/Stable' for long-term and 'A1+' for short-term facilities. Gearing is exceptionally low at 0.15x as of March 31, 2025 (down from 0.24x in FY24). Interest coverage ratio remains robust at 19.6x in FY25.
Operational Drivers
Raw Materials
Key raw materials include Copper, Aluminum (manufactured into rods in-house), and Polyvinyl Chloride (PVC). These materials constitute a significant portion of the cost of goods sold, though specific percentage splits per material are not disclosed.
Import Sources
Not disclosed in available documents; however, the company mentions exposure to global commodity price volatility and trade route challenges affecting international business.
Capacity Expansion
The company is undertaking consistent capacity additions to meet growing domestic demand, supported by the INR 6,000-8,000 Cr five-year capex plan. Specific MTPA/unit capacity figures are not provided.
Raw Material Costs
Raw material costs are managed through embedded derivatives and forward contracts to ensure margin stability. The company utilizes backward integration for aluminum rods and PVC to optimize costs and quality.
Manufacturing Efficiency
Efficiency is driven by integrated operations and 'Project Spring' initiatives. Operating leverage contributed to a 348 bps margin improvement in H1 FY26.
Logistics & Distribution
The company maintains an extensive pan-India distributor network. Advertising and Promotion (A&P) spends for the B2C segment are targeted at 3-5% of B2C turnover.
Strategic Growth
Expected Growth Rate
14-15%
Growth Strategy
Growth will be driven by 'Project Spring' and 'Project LEAP'. Strategy includes growing W&C at 1.5x the industry rate, expanding the FMEG business to achieve 8-10% EBITDA margins by FY30, and transitioning to a hybrid distribution-institutional model in international markets like the U.S.
Products & Services
Wires, Cables (specialized and general), Fans, Switches, Switchgears, Lighting solutions, and EPC services for power distribution (RDSS).
Brand Portfolio
Polycab, Etira (value switches), Levanna (premium switches), Silvan (innovation/automation).
New Products/Services
Launched 6kA MCBs (contributing 12% of switchgear sales) and the Etira/Levanna switch series. FMEG growth of 30% was driven by these new product verticals.
Market Expansion
Targeting expansion in the U.S., Middle East, Australia, Europe, and LATAM (Chile/Brazil) for specialized cable applications in renewables, data centers, and mining.
Market Share & Ranking
Polycab is the market leader in the organized Indian W&C industry with a 25-26% market share (up from 18-19% in FY19). It is also among the Top 5 Indian B2C switchgear companies.
Strategic Alliances
Acquired Silvan Innovation Labs Pvt Ltd to enhance R&D and product innovation in the FMEG and automation space.
External Factors
Industry Trends
The Indian W&C industry is in a multi-year upcycle, expected to reach INR 1.5 trillion by 2034. Global W&C industry is projected to grow at a 7.4% CAGR through FY30, driven by renewables and data centers.
Competitive Landscape
Faces competition from both organized and unorganized players. Organized players are gaining share due to brand trust and safety compliance (fire-safe solutions).
Competitive Moat
Moat is built on a 25-26% market share, extensive distribution network, and high backward integration (Aluminum/PVC), which provides a cost and quality advantage over unorganized players.
Macro Economic Sensitivity
W&C industry growth is linked to real GDP, typically expanding at 1.5-2x the GDP growth rate. Private capex and Gross Fixed Capital Formation (GFCF) trends directly impact B2B demand.
Consumer Behavior
Shift toward branded, certified, and premium products (e.g., Levanna switches) and increasing demand for energy-efficient/smart solutions in the residential segment.
Geopolitical Risks
Structural and geopolitical challenges led to a modest de-growth in exports in FY25. Trade route challenges are cited as a primary headwind for international volumes.
Regulatory & Governance
Industry Regulations
Compliance with safety and quality standards is mandatory. The company benefits from government schemes like the Revamped Distribution Sector Scheme (RDSS) and the National Electricity Plan.
Environmental Compliance
The company reports zero instances of complaints related to child or forced labor and maintains an Ethics Framework and Code of Conduct.
Legal Contingencies
Management evaluated internal controls as of March 31, 2025, and noted no significant deficiencies or material weaknesses impacting financial statements.
Risk Analysis
Key Uncertainties
Raw material price volatility and intense competition in the FMEG segment are key risks. A sustained decline in operating margins below 10% is a CRISIL downward rating factor.
Geographic Concentration Risk
Domestic revenue is concentrated in the West and South regions. International revenue is currently low at 6%, creating a dependency on the Indian infrastructure cycle.
Technology Obsolescence Risk
The company is mitigating this through R&D investments and the acquisition of Silvan for smart/new-age innovative solutions.
Credit & Counterparty Risk
Receivables quality is supported by a diverse client base and institutional/distribution models. EPC contract assets increased by INR 71.7 Cr in FY25.