Polycab Q1 profit jumps 33% to ₹7.97 bn
Revenue grew 39% to a record ₹82.10 bn, driven by strong wires & cables demand. FMEG surged 68%.
— 4 earlier stories on Polycab India Ltd. →What's new
- Q1 net profit rose 33% to ₹7.97 bn, revenue up 39% to ₹82.10 bn
- Wires & cables segment grew 38%; FMEG jumped 68%
- EPS increased to ₹52.09 from ₹39.36; final dividend of ₹47/share paid
Why this matters
Polycab's Q1 numbers confirm the strong demand trajectory in cables and a rapid ramp-up in the smaller FMEG business. For a company with a trailing P/E of 53.7, sustaining this growth is key to justifying the valuation. The 68% FMEG growth suggests the diversification push is gaining traction.
What we're watching
- Whether FMEG's high growth rate is sustainable or a one-off from a low base
- Gross margin trajectory in a volatile commodity environment
- Any capacity expansion announcements given the demand momentum
The full read
Polycab kicked off FY27 with Q1 net profit of ₹7.97 bn, up 33% from last year, while revenue hit ₹82.10 bn — a 39% gain and a record. The core wires & cables business grew 38%, and the fast-moving electrical goods segment surged 68%. Earnings per share rose to ₹52.09 from ₹39.36. The board had already guided these numbers on July 16; today’s filing is the formal board approval. For a stock trading at 53.7x trailing earnings, growth of this magnitude is necessary to hold the multiple. The 68% FMEG spike is the wild card: if it persists, Polycab’s growth story gains a second engine. If not, the focus will return to margins in the core cables business.
Questions answered
- What drove the 39% revenue growth in Q1?
- Robust demand in wires & cables, the main segment (38% growth), and a 68% surge in fast-moving electrical goods (FMEG) from a smaller base.
- How does the ₹47 final dividend fit into Polycab’s payout policy?
- The dividend was approved by shareholders in June and paid in the quarter. Polycab has a track record of regular dividends, but this is a final dividend for the previous fiscal year, not a new declaration.
- Is the FMEG business meaningful for overall earnings?
- Yes, though still small relative to wires & cables. The 68% growth indicates strong market acceptance, and if sustained, it could diversify Polycab's revenue base.
- Why is the Q1 filing considered routine despite strong growth?
- Quarterly earnings are a standard disclosure. The results were in line with the prior presentation and did not contain unexpected strategic moves, making it a routine transparency update.
Story so far
All notes on POLYCAB →- 16 Jul 2026 · 1:56 PM IST Polycab Q1 profit jumps 33% to ₹7.97 bn
- today Polycab Q1 concall confirms record revenue, flags no new triggers
- today Polycab's Q1 filing confirms known numbers, no new surprises
- today Polycab's Q1 presentation reaffirms 39% revenue growth, no new data
- today Polycab posts record Q1 revenue of ₹82,097 million, up 39% YoY