Polycab India reported robust Q2 FY2026 results with revenue increasing by 18% year-over-year, driven by strong performance in the Wires & Cables business and healthy growth in the FMEG segment. Profit after tax (PAT) surged by 56% to ₹7.0 billion, marking the highest ever second quarter PAT. The company maintained a strong balance sheet with a net cash position of ₹29.4 billion.
Financial Performance Highlights
Polycab India announced a strong financial performance for the second quarter of fiscal year 2026. Key highlights include:
- Consolidated revenue grew by 18% year-over-year, driven by the Wires & Cables business and healthy growth in the FMEG business.
- EBITDA for the quarter increased by 62% year-over-year, resulting in a 430 bps improvement in EBITDA margin, reaching 15.8%.
- Profit after tax (PAT) reached ₹7.0 billion, reflecting a 56% year-over-year growth. PAT margins improved by approximately 260 bps to 10.7%.
Segmental Performance
Wires & Cables: The segment delivered a 21% year-over-year revenue growth, driven by volume expansion. Domestic Wires & Cables business also recorded a 21% growth. EBIT margins for Wires & Cables stood at 15.1%, improving by approximately 270 bps year-over-year.
FMEG: The Fans category faced headwinds due to the monsoon season. However, the Solar products category was a standout performer, driven by incentives. The FMEG business achieved its third consecutive profitable quarter.
EPC: EPC revenues decreased by 19% year-over-year to ₹4.024 billion due to project execution cycle. Segment’s profitability stood at ₹730 million, translating to a margin of 18.1%, including a one-time gain of approximately ₹300 million.
Project Spring Update
The company continues to make steady progress under Project Spring, with growth in Wires & Cables exceeding industry growth rate. Exports have grown 25% year-over-year in the first half of FY2026. In FMEG, the company continues to outpace industry growth.
Capex and Dividend
Capital expenditure for the first half of the year was ₹7.5 billion. The company raised its dividend payout to 26.3% for FY2025.
Leadership Transition
Mr. Niyant Maru has been appointed as the Chief Financial Officer from October 28, 2025. He will serve in the role for an interim period of 9 months.
Source: BSE
