Polycab India Ltd - Stock Valuation and Financial Performance

BSE: 542652 | NSE: POLYCAB | Cable | Large Cap

Polycab India Share Price

5,300.25 50.55 0.96%
as on 12-Apr'24 16:59

DeciZen - make an informed investing decision on Polycab India

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Polycab India stock performance -

mw4me loader
P/E Ratio (CD):
47.90
Market Cap:
79,635.1 Cr.
52-wk low:
3,043.6
52-wk high:
5,722.9

Is Polycab India Ltd an attractive stock to invest in?

1. Is Polycab India Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Polycab India Ltd is a good quality company.

2. Is Polycab India Ltd undervalued or overvalued?

The key valuation ratios of Polycab India Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Polycab India Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Polycab India Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of Polycab India:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Polycab India Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 0%10.9%12.3%9.5%13.3%17.9%22.1%18.3%15.9%20.7%-
Value Creation
Index
NA0.00.1-0.20.20.30.60.60.40.8-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 04,7085,1875,5006,7707,9868,8308,79212,20414,10816,771
Sales YoY Gr.-NA10.2%6%23.1%18%10.6%-0.4%38.8%15.6%-
Adj EPS 011.414.91523.634.150.653.45583.3110.7
YoY Gr.-NA31.6%0.6%56.9%44.4%48.5%5.6%2.9%51.7%-
BVPS (₹) 0114.9126.5141.2166.3200.6255.9316.8368.6440.7506.6
Adj Net
Profit
01602112123334817537968211,2481,663
Cash Flow from Ops. 01501902963621,2302441,2525121,428-
Debt/CF from Ops. 03.64.22.92.20.20.60.20.20.1-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales NA15.8%16.9%15.6%
Adj EPS NA28.7%18.1%51.7%
BVPSNA21.5%19.9%19.6%
Share Price - - 57.6% 71.9%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
09.912.411.215.318.522.518.51620.523.4
Op. Profit
Mgn %
09.4108.710.812.113.212.610.313.113.9
Net Profit
Mgn %
03.44.13.94.968.69.16.88.99.9
Debt to
Equity
00.30.50.40.30.100.100-
Working Cap
Days
0015817716515716016312112074
Cash Conv.
Cycle
00606786106109112837947

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 23.40%

Sales growth is growing at healthy rate in last 3 years 16.91%

Net Profit is growing at healthy rate in last 3 years 18.12%

Sales growth is good in last 4 quarters at 23.61%

No data to display

Latest Financials - Polycab India Ltd.

Standalone Consolidated
TTM EPS (₹) 116.2 110.7
TTM Sales (₹ Cr.) 16,905 16,771
BVPS (₹.) 509.1 506.6
Reserves (₹ Cr.) 7,499 7,462
P/BV 10.41 10.46
PE 45.63 47.90
From the Market
52 Week Low / High (₹) 3043.60 / 5722.90
All Time Low / High (₹) 525.05 / 5722.90
Market Cap (₹ Cr.) 79,635
Equity (₹ Cr.) 150.3
Face Value (₹) 10
Industry PE 48.8

Management X-Ray of Polycab India:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Polycab India

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales4,7085,1875,5006,7707,9868,8308,79212,20414,108
Operating Expenses 4,2684,7015,0206,0417,0337,6957,68610,95412,259
Manufacturing Costs340458413455634879622772902
Material Costs3,4883,7224,0454,9115,6205,8776,2609,15310,122
Employee Cost 162206229259300366354407457
Other Costs 278315333416479573450622778
Operating Profit 4404864807299531,1351,1061,2501,849
Operating Profit Margin (%) 9.3%9.4%8.7%10.8%11.9%12.9%12.6%10.2%13.1%
Other Income 111275646493124105136
Interest 108116669411750433560
Depreciation 98111128133141161176202209
Exceptional Items 000000000
Profit Before Tax 2452713615677561,0101,0121,1161,707
Tax 8583128208256244170271425
Profit After Tax 1601882333595007668428451,282
PAT Margin (%) 3.4%3.6%4.2%5.3%6.3%8.7%9.6%6.9%9.1%
Adjusted EPS (₹)11.413.316.525.435.451.059.260.884.8
Dividend Payout Ratio (%)13%13%6%4%8%14%17%23%24%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 1,6221,7861,9942,3482,8323,8104,7255,5096,600
Share Capital 141141141141141149149149150
Reserves 1,4811,6441,8522,2062,6913,6614,5765,3596,450
Minority Interest0334815192537
Debt54679682172819212219380153
Long Term Debt0101162159891110434
Short Term Debt5466956595691031118977148
Trade Payables9631,0571,3549221,5201,3541,3481,2182,033
Others Liabilities 1822103814471,076660730581602
Total Liabilities 3,3123,8524,5534,4485,6285,9617,0157,4129,424

Fixed Assets

Gross Block1,2211,0961,3671,5681,7862,0662,6992,6693,247
Accumulated Depreciation3961112383705106448299931,180
Net Fixed Assets8259851,1281,1971,2761,4221,8701,6752,067
CWIP 17713816513619324199375251
Investments 00333229656357731,350
Inventories9049801,5201,3661,9961,9251,9882,2002,951
Trade Receivables1,0851,3491,1731,2911,3341,4341,4361,2961,247
Cash Equivalents 27513011317281531407695
Others Assets294348503416484592456685863
Total Assets 3,3123,8524,5534,4485,6285,9617,0157,4129,424

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 1501902963621,2302441,2525121,428
PBT 2452713615677561,0101,0651,2111,707
Adjustment 241250210277350158168132196
Changes in Working Capital -276-213-173-342305-622260-497-106
Tax Paid -60-119-102-140-181-301-241-334-370
Cash Flow From Investing Activity -173-254-290-188-408-262-1,012-427-1,203
Capex -203-246-278-183-281-289-191-520-458
Net Investments 0-11116-1362-807-76-767
Others 303-23-10925-1416922
Cash Flow From Financing Activity 1577-10-190-65111-175-201-227
Net Proceeds from Shares 03004400000
Net Proceeds from Borrowing 13421710034-70-124-83-140
Interest Paid -103-117-67-94-78-43-46-31-48
Dividend Paid -17-260-17-3-1790-149-209
Others 00-43-113-504-42-45-630
Net Cash Flow -812-3-15171-766-116-2
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)9.8911.0312.3216.5219.3223.0619.7316.5221.18
ROCE (%)16.3216.2915.7222.0327.8529.7923.4521.6628.47
Asset Turnover Ratio1.541.61.441.541.591.521.361.691.68
PAT to CFO Conversion(x)0.941.011.271.012.460.321.490.611.11
Working Capital Days
Receivable Days777876656057604133
Inventory Days656075767781816367
Payable Days10199109673839362525

Polycab India Ltd Stock News

Polycab India Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Polycab India on 12-Apr-2024 16:59 is ₹5,300.3.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Apr-2024 16:59 the market cap of Polycab India stood at ₹79,635.1.
The latest P/E ratio of Polycab India as of 12-Apr-2024 16:59 is 45.63.
The latest P/B ratio of Polycab India as of 12-Apr-2024 16:59 is 10.41.
The 52-week high of Polycab India is ₹5,722.9 and the 52-week low is ₹3,043.6.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Polycab India is ₹16,905 ( Cr.) .

About Polycab India Ltd

The company was incorporated as ‘Polycab Wires Private Limited’ on January 10, 1996 at Mumbai as a private limited company under the Companies Act, 1956. The company became a deemed public limited company under Section 43A (1) of the Companies Act, 1956, and the word ‘private’ was struck off from the name of company with effect from June 30, 2000. Thereafter, the company was converted into a private limited company under section 43A(2A) of the Companies Act, 1956, and the word ‘private’ was added in the name of company with effect from June 15, 2001. Subsequently, the company was converted into a public limited company, the word ‘private’ was struck off from the name of company and consequently, a fresh certificate of incorporation dated August 29, 2018 was issued by the Registrar of Companies, National Capital Territory of Delhi and Haryana (RoC), recording the change of company’s name to ‘Polycab Wires Limited’. Thereafter, the name of company was changed from ‘Polycab Wires Limited’ to ‘Polycab India Limited’, and a fresh certificate of incorporation dated October 13, 2018 was issued by the RoC.

It is the largest manufacturer in the wires and cables industry in India, in terms of revenue from the wires and cables segment and provide one of the most extensive range of wires and cables in India.

Business area of the company

Polycab India is engaged in the business of manufacturing and selling wires and cables and fast moving electrical goods (FMEG) under the ‘POLYCAB’ brand. Apart from wires and cables, it manufactures and sells FMEG such as electric fans, LED lighting and luminaires, switches and switchgears, solar products and conduits and accessories.

Products:

  • Cable and wires
  • Fans
  • Lighting and Luminaries
  • Switches
  • Solar products
  • Switchgears
  • Conduits and Accessories
  • Pumps
  • Appliances
  • EPC

Awards and Recognition:

  • 2018: National Best Employer Brand, 2018 - Employer Branding Institute - India.
  • 2017: Superbrands 2017 by the Superbrands India Private Limited.
  • 2015: 29th Annual Chapter Convention on Quality Concepts - CCQC - 2015, Gold Trophy.
  • 2015: 29th Annual Chapter Convention on Quality Concepts - CCQC - 2015, Silver Award.
  • 2015: 29th Annual Chapter Convention on Quality Concepts - CCQC, Excellence Award.
  • 2014: 28th Annual Chapter Convention on Quality Concepts - CCQC -2014, Gold Trophy.
  • 2014: 28th Annual Chapter Convention on Quality Concepts - CCQC - 2014, Silver Trophy.
  • 2014: 28th National Convention on Quality Concepts - NCQC - 2013, Par Excellence Award.
  • 2014: 28th National Convention on Quality Concepts - NCQC, Excellence Award.
  • 2018: Polycab honoured with ACETECH Grand Stand Awards for stall design in Delhi in Dec 2018.
  • 2019: Polycab honoured with ACETECH Grand Stand Special Jury Recognition for stall design in Mumbai in 2019.

Major Events & Milestones:

  • 1996: The company was incorporated on January 10, 1996 at Mumbai.
  • 1998: The company set up a manufacturing facility for PVC insulated power cables house wires, polyethylene insulated jelly filled telephone cables, optical fibre cables, switch board cables and quad cables at Daman.
  • 2008: The turnover of company increased from over Rs 10,000 million in Fiscal 2006 to over Rs 21,000 million in Fiscal 2008.
  • 2009: Investment from IFC in Company of Rs 4,017.50 million.
  • 2011 Polycab Industries Private Limited was amalgamated into company pursuant to a scheme of amalgamation.
  • 2011: The turnover of company increased to over Rs 31,000 million.
  • 2013: The company entered into the switch and switchgears segment.
  • 2014: The company entered into the fans and LED lighting segment.
  • 2014: The company set up manufacturing facilities for MCBs at Nashik, Maharashtra.
  • 2016: The company set up manufacturing facilities for ceiling fans at Roorkee, Uttarakhand.
  • 2016: The company entered into an agreement with Trafigura Pte. Limited to form a joint venture, Ryker Base Private Limited for setting up a copper rod manufacturing plant.
  • 2016: The company set up a modernized facility for manufacture of higher voltage cables up to 220 kV at Halol, Gujarat.
  • 2017: The company entered into an agreement with former promoters of Techno Electromech Private Limited in respect of acquisition of a joint venture, Techno Electromech Private Limited for manufacturing LED lighting products.
  • 2019: Polycab India inaugurates Polycab Experience Centre in Pune.
  • 2019: Polycab India inks agreement with Adfactors PR
  • 2020: Polycab India has incorporated a wholly owned subsidiary (WOS) company named Polycab USA LLC with effect from January 27, 2020.
  • 2020: Polycab India launches Experience Centre & Branch Office in Kerala.
  • 2020: Polycab India has incorporated a Wholly Owned Subsidiary in Australia under the name and style of ‘Polycab Australia’ on July 1, 2020.
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