Polycab Q2 FY2025-26 Results: Strong Growth, Record Profit, and Positive Guidance from Management
Polycab Q2 FY2025-26 Financial Results Overview
Polycab India Ltd, one of the leading manufacturers of wires and cables, has reported a stellar performance for the second quarter (Q2) of FY2025-26. The company achieved its highest-ever quarterly revenue and net profit, supported by robust demand in the wires and cables segment and improving margins across businesses.
The management has expressed confidence in sustaining this momentum for the rest of the fiscal year, driven by domestic infrastructure demand, government capex, and growing export orders.
Detailed Financial Summary of Polycab Q2 FY2025-26
| Particulars (₹ in crore) | Q2 FY2025-26 | Q1 FY2025-26 | Q2 FY2024-25 |
|---|---|---|---|
| Revenue from Operations | ₹6,477.21 | ₹5,905.98 | ₹5,498.42 |
| Other Income | ₹45.43 | ₹79.95 | ₹76.16 |
| Total Expenses | ₹5,601.64 | ₹5,185.33 | ₹4,984.23 |
| Profit Before Tax (PBT) | ₹921.00 | ₹800.59 | ₹590.35 |
| Profit After Tax (PAT) | ₹692.96 | ₹599.70 | ₹445.21 |
| Basic EPS (₹) | ₹45.54 | ₹39.36 | ₹29.25 |
| Wires & Cables Revenue | ₹5,691.13 | ₹5,228.65 | ₹4,771.97 |
| FMEG Segment Revenue | ₹452.18 | ₹454.23 | ₹397.51 |
Source: Company Financial Report and Market Disclosures
Key Highlights and Analysis
1. Revenue Growth
Polycab’s consolidated revenue for Q2 FY26 stood at ₹6,477 crore, marking a 17.8% year-on-year (YoY) growth and a 9.7% quarter-on-quarter (QoQ) rise. The strong growth was primarily driven by higher demand in the wires and cables segment, which contributed about 88% of total revenue.
2. Profit Surge
Net profit (PAT) jumped 55.7% YoY to ₹692.96 crore compared to ₹445.21 crore in Q2 FY25. Sequentially, profits increased by 15.6% over Q1 FY26, showcasing strong operating performance and better margin management.
3. Margin Expansion
EBITDA reached ₹1,020 crore with a margin of 15.8%, up by 130 basis points sequentially. The improvement was driven by operating leverage, lower input cost pressure, and a richer product mix in cables and electrical solutions.
4. Segmental Performance
Wires & Cables (W&C): Revenue rose 21% YoY to ₹5,691 crore, fueled by strong domestic demand from real estate, infrastructure, and renewables.
FMEG (Fast Moving Electrical Goods): Grew 14% YoY to ₹452 crore, with growth led by lighting and switches, though fan sales were impacted by seasonal weakness.
EPC (Engineering, Procurement & Construction): Revenue dipped 19%, but margins improved sharply with better project execution and cost optimization.
5. Balance Sheet Strength
Polycab continues to maintain a healthy cash balance of ₹2,940 crore as of September 30, 2025, compared to ₹2,430 crore last year. This strong liquidity position gives the company ample room for expansion and investment in new capacities.
Management Commentary and Future Guidance
In the post-result statement, Chairman & MD Mr. Inder T. Jaisinghani said:
“Our Q2 FY26 results mark another milestone with record revenue and profit. The domestic demand environment remains healthy, and our international business continues to expand steadily. We remain committed to long-term growth and operational excellence.”
Management highlighted:
Sustained domestic growth in infrastructure, housing, and renewable projects.
Continuous focus on improving profitability through premium product offerings.
Plans to increase export contribution in the coming quarters.
A positive long-term outlook for both Wires & Cables and FMEG segments.
Expert and Market Analysis
Market experts believe Polycab’s strong results reaffirm its leadership in the cables industry. Analysts expect double-digit revenue growth to continue in FY26, supported by government capex and expansion in exports.
Margins are expected to stay firm due to operational efficiency and product diversification. However, some analysts also caution about commodity price volatility (copper, aluminium) and competitive pressure in the FMEG segment.
Future Outlook for FY2025-26
Growth Drivers: Infrastructure spending, renewable energy projects, and housing electrification will continue to support demand.
Challenges: Commodity price swings and inventory adjustments in the FMEG segment.
Overall Outlook: Polycab remains well-positioned for sustainable growth with a strong balance sheet and clear strategic direction.
Conclusion
Polycab India Ltd has once again delivered a strong quarterly performance in Q2 FY2025-26, achieving record profits and revenue growth. With solid fundamentals, a diversified business model, and management’s confident outlook, the company looks poised to sustain its leadership in India’s rapidly growing electrical and cable industry.
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