Polycab India announced robust Q3 FY26 results, highlighted by a 46% year-over-year increase in consolidated revenues. The growth was propelled by strong performance in the Wires and Cables (W&C) segment and healthy expansion in the Fast Moving Electrical Goods (FMEG) business. The company reported its highest-ever Q3 PAT at ₹6.3 billion. Management anticipates continued growth and profitability, driven by strategic initiatives and favorable market conditions.
Exceptional Q3 FY26 Performance
Polycab India reported outstanding financial results for the quarter ended December 31, 2025, with consolidated revenues growing by 46% year-over-year. This growth was primarily fueled by strong execution in the Wires and Cables (W&C) segment and solid progress in the Fast Moving Electrical Goods (FMEG) business.
Key Financial Highlights
Key highlights from the Q3 FY26 earnings report include:
- EBITDA: Grew by 34% year-over-year, with EBITDA margins at 12.7%. Excluding a one-off gratuity provision impact, EBITDA margins would have been approximately 13%.
- Profit After Tax (PAT): The company achieved its highest-ever Q3 PAT, reaching ₹6.3 billion, which translates to a 36% year-over-year growth. PAT margins stood at 8.3% for the quarter.
- Wires and Cables (W&C): The W&C business demonstrated exceptional performance, with a 53% year-over-year revenue growth during the quarter. Domestic W&C business posted a 59% year-over-year growth.
- Fast Moving Electrical Goods (FMEG): The FMEG segment sustained its growth momentum, delivering a 17% year-over-year increase in Q3 FY26.
Strategic Developments
Polycab India announced the redesignation of Mr. Bharat Jaisinghani and Mr. Nikhil Jaisinghani from Executive Directors to Joint Managing Directors, effective immediately. This decision underscores their integral role in shaping the company’s growth trajectory.
Segmental Performance
The Wires and Cables (W&C) segment exhibited strong performance, driven by robust demand and commodity price inflation. Domestic W&C business recorded volume growth of nearly 40%, showcasing healthy underlying demand.
The FMEG segment continued its impressive growth, consistently outperforming industry standards, and is on track to achieve Project Spring targets with EBITDA margins projected in the range of 8% to 10% by FY30.
The EPC business saw revenues grow by 4% year-over-year, reaching ₹4.069 billion in Q3 FY26, driven by the execution of existing orders under the BharatNet scheme.
Outlook and Future Strategies
The company remains confident in sustaining growth momentum, driven by healthy demand across key sectors and strategic initiatives under Project Spring. Polycab is focused on optimizing its supply chain and improving operational efficiencies to further enhance profitability and deliver sustained value creation.
Source: BSE
