Polycab India Ltd.Record Q3 Despite Margin Pressure

Polycab India delivered exceptional Q3 FY26 performance with consolidated revenues surging 46% year-on-year to ₹76.0 billion and PAT reaching a record ₹6.3 billion, up 36% YoY.

The Wires and Cables segment drove growth with 53% revenue expansion and exceptional 59% domestic growth, powered by nearly 40% volume growth reflecting significant market share gains. Management strategically staggered commodity price pass-through amid steep copper and aluminium inflation of 21% and 11% respectively, accepting near-term margin pressure at 12.7% EBITDA margin to protect volumes and strengthen distributor relationships.

The FMEG segment sustained 17% growth with fourth consecutive profitable quarter, while solar business more than doubled. Nine-month revenues crossed the ₹200 billion milestone with 30% YoY growth. Management remains confident in demand sustainability backed by robust government capex and real estate activity. The company maintains a strong ₹30.3 billion net cash position and remains on track for Project Spring targets of achieving 8-10% FMEG EBITDA margins by FY30. Promoters were redesignated as Joint Managing Directors, reinforcing leadership commitment.