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Polycab India Ltd - Stock Valuation and Financial Performance

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

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Polycab India Share Price

 ₹6,034.60 -14.00 -0.23%
as on 13-Jun'25 16:59

DeciZen - make an informed investing decision on Polycab India

Overall Rating ⓘ
Bole Toh

1. Quality

Very Good
Check detailed 10 Yrs performace

2. Valuation

Somewhat overvalued
Check 10 Yrs Valuation charts

3. Price Trend

Strong
Check Price chart

Polycab India stock performance -

PE Chart Key Ratios
mw4me loader
P/E Ratio (CD):
44.95
Market Cap:
90,804 Cr.
52-wk low:
4,557.5
52-wk high:
7,607.2

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 Somewhat 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
Standalone Basis P Consolidated Basis P
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'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ16.3%15.7%22%27.9%29.8%23.5%21.7%28.7%32.9%31.5%-
Value Creation
Index ⓘ		0.50.41.01.01.21.10.91.61.91.8-

Growth Parameters ⓘ

Growth Parameters Colour Code Guide ⓘ

Sales ⓘ5,1875,5006,7707,9868,8308,79212,20414,10818,03922,40822,408
Sales YoY Gr.-6%23.1%18%10.6%-0.4%38.8%15.6%27.9%24.2%-
Adj EPS ⓘ14.91523.634.150.653.45583.4115.8133134.2
YoY Gr.-0.6%56.9%44.4%48.5%5.6%2.9%51.8%38.9%14.8%-
BVPS (₹) ⓘ126.5141.2166.3200.6255.9316.8368.6441.1540.3646.4646.2
Adj Net
Profit ⓘ		2112123334817537968211,2491,7402,0002,020
Cash Flow from Ops. ⓘ1902963621,2302441,2525121,4281,2961,809-
Debt/CF from Ops. ⓘ4.22.92.20.20.60.20.20.10.10.1-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ17.7%20.5%22.5%24.2%
Adj EPS ⓘ27.5%21.3%34.3%14.8%
BVPSⓘ19.9%20.4%20.6%19.7%
Share Price - 51.8% 41.4% -14.8%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		12.411.215.318.522.518.51620.523.522.220.8
Op. Profit
Mgn % ⓘ		108.710.812.113.212.610.313.113.913.213.2
Net Profit
Mgn % ⓘ		4.13.94.968.69.16.88.99.899
Debt to
Equity ⓘ		0.50.40.30.100.100000
Working Cap
Days ⓘ		15817716515716016312112012111870
Cash Conv.
Cycle ⓘ		6067861061091128379797539

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 22.45%

Net Profit is growing at healthy rate in last 3 years 34.25%

Sales growth is good in last 4 quarters at 24.12%

Return on Equity has declined versus last 3 years average to 20.80%

Latest Financials - Polycab India Ltd.

Standalone Consolidated
TTM EPS (₹) 133.1 134.2
TTM Sales (₹ Cr.) 21,914 22,408
BVPS (₹.) ⓘ 642.1 646.2
Reserves (₹ Cr.) ⓘ 9,511 9,574
P/BV ⓘ 9.40 9.34
PE ⓘ 45.36 44.95
From the Market
52 Week Low / High (₹) 4557.45 / 7607.15
All Time Low / High (₹) 525.05 / 7607.15
Market Cap (₹ Cr.) 90,804
Equity (₹ Cr.) 150.5
Face Value (₹) 10
Industry PE ⓘ 43.6

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 (%)

Valuation of Polycab India

Event Update

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Analyst's Notes

Polycab India: Q1FY24 Result Update - 07 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

3,889

 

+42%

Revenue grew by 42% YoY on back of strong volume growth in wires & cables business

EBITDA

549

+77%

 

EBITDA Margin

   14.1%

+280 bps

Price revisions, better operating leverage and favourable business mix contributed to margin improvement

PAT

403

+82%

 

Revenues have fallen QoQ by 10% due to seasonality, big beat YoY, margin improvement is commendable.

 

Polycab India Q2FY23 Earnings Update - 24 Nov 2022

Market Cap = INR 37,881 cr

CMP =   INR 2,531

P/E = 33.7 X TTM

Results

INR Crore

YoY Growth

Comments

Revenue

3332

10.81%

Growth coming in because of good performance of wires & cable business which provided with double digit volume growth.

EBITDA

427

45.73%

Due to increased share of exports and judicious pass through of decrease in commodity prices.

Click here for 10 year X-ray

Key Highlights:-

PAT for the quarter increasedby 37% year-on-year with PAT margin improving by 154 bps year-on-year to 8.1%.

Our wires and cablebusiness continued the strong momentum, with sales growing 13% year-on-year on a
relatively healthy base.

Revenue growth was driven by volumesales growth, which grew in double-digits on YoY basis. The highlight of the quarter was the strong momentum in the exports business which exhibited a remarkable growth of 75% year-on-year on a healthy base.

Overall, exports business contributed to 13% of the consolidated revenue inQ2 FY23, up from 6.7% last quarter.

The quarter was soft for FMEGbusiness as it de-grew 12% year-on-year on account of subdued demand environment due to high inflation, especially from rural markets. This was further exacerbated by the re-alignment of distribution strategy.

Took two very important strategic decisions duringthe quarter of merging the Fans vertical with Lights & Luminaries vertical; and merging the Retail wires vertical with Switches and Switchgear vertical.

Management Outlook:-

Strong sales momentum in switch business expected to continue in H2FY23 as well.

Identified gaps and opportunitiesand have created a product portfolio roadmap of 300+ new products to be launched in the coming future across large B2C businesses.

INR 400 cr of CAPEX expected to be incurred every year.

FMEG slowed down because of operational restructuring, growth expected to be reinstated in the coming years.

Out of this incremental CAPEX, 2/3rd will go towards wires & cables & 1/3rd towards FMEG.

Within cable and wire, it would be broad-based including in some facilities which arerequired for export businesses, a bit of backward integration as well as some amount of maintenance capex and on FMEG it is primarily for adding new capacity

 

Key Ratios of Polycab India

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales5,1875,5006,7707,9868,8308,79212,20414,10818,03922,408
Operating Expenses ⓘ 4,7015,0206,0417,0337,6957,68610,95412,25915,54819,448
Manufacturing Costs4584134556348796227729021,3682,288
Material Costs3,7224,0454,9115,6205,8776,2609,15310,12212,61815,350
Employee Cost 206229259300366354407457610737
Other Costs ⓘ 3153334164795734506227789521,073
Operating Profit ⓘ 4864807299531,1351,1061,2501,8492,4922,960
Operating Profit Margin (%) 9.4%8.7%10.8%11.9%12.9%12.6%10.2%13.1%13.8%13.2%
Other Income ⓘ 1275646493124105136221208
Interest ⓘ 116669411750433560108169
Depreciation ⓘ 111128133141161176202209245298
Exceptional Items ⓘ 0000000000
Profit Before Tax ⓘ 2713615677561,0101,0121,1161,7072,3592,701
Tax ⓘ 83128208256244170271424556655
Profit After Tax 1882333595007668428451,2831,8032,046
PAT Margin (%) 3.6%4.2%5.3%6.3%8.7%9.6%6.9%9.1%10.0%9.1%
Adjusted EPS (₹)13.316.525.435.451.059.260.884.9118.8134.3
Dividend Payout Ratio (%)13%6%4%8%14%17%23%24%25%26%

Balance Sheet

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 1,7861,9942,3482,8323,8104,7255,5096,6068,1179,724
Share Capital ⓘ 141141141141149149149150150150
Reserves ⓘ 1,6441,8522,2062,6913,6614,5765,3596,4567,9679,574
Minority Interest3348151925375682
Debt79682172819212219380708599
Long Term Debt1011621598911104342342
Short Term Debt6956595691031118977666257
Trade Payables1,0571,3549221,5201,3541,3481,2182,0332,8632,736
Others Liabilities ⓘ 2103814471,0766607305816789451,108
Total Liabilities ⓘ 3,8524,5534,4485,6285,9617,0157,4129,42412,06613,749

Fixed Assets

Gross Block1,0961,3671,5681,7862,0662,6992,6693,2473,6684,604
Accumulated Depreciation1112383705106448299931,1801,4071,672
Net Fixed Assetsⓘ 9851,1281,1971,2761,4221,8701,6752,0672,2612,932
CWIP ⓘ 13816513619324199375251578708
Investmentsⓘ 0333229656357731,3501,8221,749
Inventories9801,5201,3661,9961,9251,9882,2002,9513,6753,661
Trade Receivables1,3491,1731,2911,3341,4341,4361,2961,2472,0472,596
Cash Equivalents 513011317281531407695402771
Others Assetsⓘ 3485034164845924566858631,2791,331
Total Assets ⓘ 3,8524,5534,4485,6285,9617,0157,4129,42412,06613,749

Cash Flow

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ 1902963621,2302441,2525121,4281,2961,809
PBT ⓘ 2713615677561,0101,0651,2111,7072,3592,701
Adjustment ⓘ 250210277350158168132182320351
Changes in Working Capital ⓘ -213-173-342305-622260-497-92-809-610
Tax Paid ⓘ -119-102-140-181-301-241-334-370-574-633
Cash Flow From Investing Activity ⓘ -254-290-188-408-262-1,012-427-1,203-752-1,239
Capex -246-278-183-281-289-191-520-458-858-956
Net Investments -11116-1362-807-76-76762-306
Others ⓘ 3-23-10925-14169224422
Cash Flow From Financing Activityⓘ 77-10-190-65111-175-201-227-387-628
Net Proceeds from Shares ⓘ 300440000000
Net Proceeds from Borrowing ⓘ 21710034-70-124-83-1402124
Interest Paid ⓘ -117-67-94-78-43-46-31-51-106-175
Dividend Paid ⓘ -260-17-3-1790-149-209-300-451
Others ⓘ 0-43-113-504-42-45-633-2-26
Net Cash Flow ⓘ 12-3-15171-766-116-2157-59

Finance Ratio

Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)11.0312.3216.5219.3223.0619.7316.5221.1824.4922.93
ROCE (%)16.2915.7222.0327.8529.7923.4521.6628.6532.9331.52
Asset Turnover Ratio1.61.441.541.591.521.361.691.681.681.74
PAT to CFO Conversion(x)1.011.271.012.460.321.490.611.110.720.88
Working Capital Days
Receivable Days78766560576041333338
Inventory Days60757677818163676760
Payable Days991096738393625252629

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 13-Jun-2025 16:59 is ₹6,034.6.
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 13-Jun-2025 16:59 the market cap of Polycab India stood at ₹90,804.
The latest P/E ratio of Polycab India as of 13-Jun-2025 16:59 is 45.36.
The latest P/B ratio of Polycab India as of 13-Jun-2025 16:59 is 9.40.
The 52-week high of Polycab India is ₹7,607.2 and the 52-week low is ₹4,557.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Polycab India is ₹21,914 ( 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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