Q1 FY26: Polycab Revenue Increases 26% YoY to ₹ 59,060 Mn

Polycab reported a 26% year-over-year (YoY) growth in its financial results for the first quarter ended June 30, 2025. The company witnessed a surge in revenue, reaching Rs 59,060 Mn, as per its latest financial results. This growth in the company was driven by strong performance in its Wires & Cables (W&C) business and a healthy growth momentum in its Fast-Moving Electrical Goods (FMEG) business. 

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Key Highlights (Q1 FY26)

In the first quarter of the financial year 2026, Polycab's W&C segment achieved a 31% YoY growth for the quarter, supported by sustained demand across core sectors. The key drivers of its growth are higher government expenditure, better project execution, and rising commodity prices. 

Polycab's domestic business grew 32% YoY, with cable growth once again surpassing that of wires, according to its results. The company also showed healthy traction in both channel and institutional business. 

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Its international business also grew 24% YoY, albeit on a low base, and accounted for 5.2% of the company’s topline. EBIT margins for the quarter expanded by ~190 bps YoY to 14.7%, aided by strategic price adjustments and operating leverage.

Growth Across Different Segments

The company shared details of the progress made across different segments:

• The FMEG business continued its healthy growth trajectory to register an 18% YoY growth. The fans segment witnessed a muted performance, impacted by a shorter summer season. However, categories like lights, switchgears, switches, and conduit pipes & fittings delivered healthy growth, supported by steady demand from the real estate sector. 
• Solar products sustained their robust growth trajectory, clocking more than 2x YoY growth and emerging as the largest category within the FMEG portfolio. Notably, the business continued its upward margin trend, achieving a second consecutive profitable quarter. Margin improvement was supported by portfolio-wide gross margin expansion, driven by a shift toward premium products and better operating leverage from scaling efficiencies.
• The EPC business registered a decline of 19% YoY during the quarter to ₹ 3,474 Mn, with EBIT margins at 7.7% 

The company reported an improvement in the EBITDA margins by ~210 bps YoY to 14.5%. It attributed this improvement to strategic pricing revisions, improved operational efficiency, and a favourable business mix. Meanwhile, its PAT registered a strong growth of 49% YoY, with PAT margins improving ~170 bps YoY to 10.2% 

As of June 30, 2025, the net cash position stood at ₹ 31.0 Bn, against ₹ 16.4 Bn in the same quarter previous year. After receiving shareholders’ approval in the company’s 29th AGM on 1st July 2025, the company processed a dividend payout of ₹ 35 per share to its shareholders on the same day.

Commenting on the performance, Inder T. Jaisinghani, Chairman and Managing Director, Polycab India, said, “We have started FY 2026 on a strong footing, delivering our highest-ever first-quarter revenue and profitability. Our Wires and Cables business continued to perform well, driven by sustained domestic demand, while our international business also delivered healthy year-on-year growth."

He further elaborated, "The FMEG segment maintained its positive trajectory, marking its second consecutive profitable quarter, supported by a sharper focus on premium offerings and improved operating leverage. With continued momentum in government spending and improving project execution on the ground, we are confident in our ability to capitalise on the opportunities that lie ahead. As we progress on our five-year roadmap under Project Spring, we remain sharply focused on the strategic pillars that will drive the next phase of Polycab’s growth and transformation.”