Polycab is India’s leading manufacturers of cables and wires and allied products such as uPVC conduits and lugs and glands. We have a range of cables and wires for practically every application. More recently Polycab has also launched a wide range of consumer electrical products like Fans, Switches, Switchgear, LED lights and Luminaries, Solar Inverters, and Pumps.
Business Segments1) Wires & Cables (W&C) (84% in FY25 vs 89% in FY23):[1][2][3]The company is India's largest manufacturer of wires and cables. Its product portfolio includes flexible wires, building wires, optical-fiber cables, rubber cables, control cables, special purpose cables, etc.[4]The company is India’s largest manufacturer of wires and cables, offering 10,600+ SKUs for retail and industrial use, and holds a 26-27% share in the organized domestic market.[4][3]Its product portfolio includes flexible wires, building wires, optical fiber cables, rubber cables, control cables, special purpose cables, etc. The segment revenue grew by 18% YoY in FY25, driven by momentum across both distribution and institutional channels.[5][6]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Polycab India | 7795.50 | 48.37 | 117352.27 | 0.45 | 674.80 | 56.69 | 6339.96 | 18.15 | 29.73 | 23990.81 | 14.55 | 2426.28 | 674.80 | 11.18 | 15.21 | 0.01 |
| 2. | KEI Industries | 4526.20 | 54.73 | 43270.74 | 0.09 | 203.51 | 31.46 | 2726.35 | 19.38 | 21.29 | 10703.71 | 10.04 | 790.62 | 203.51 | 6.99 | 11.70 | 0.04 |
| 3. | R R Kabel | 1541.20 | 43.17 | 17429.31 | 0.39 | 116.26 | 134.73 | 2163.77 | 19.54 | 19.77 | 8222.35 | 7.57 | 403.73 | 116.26 | 7.45 | 9.49 | 0.17 |
| 4. | Finolex Cables | 781.90 | 19.88 | 11958.33 | 1.02 | 186.89 | 27.93 | 1375.79 | 4.88 | 16.21 | 5548.00 | 10.26 | 601.51 | 186.89 | 2.49 | 11.25 | 0.00 |
| 5. | Universal Cables | 932.90 | 22.15 | 3236.73 | 0.43 | 47.68 | 160.83 | 814.29 | 27.61 | 8.58 | 2696.05 | 8.62 | 146.11 | 47.68 | 1.73 | 2.66 | 0.54 |
| 6. | KSH Internationa | 377.75 | 30.24 | 2559.47 | 0.00 | 29.59 | 128.85 | 712.15 | 50.73 | 21.45 | 1928.29 | 6.39 | 67.99 | 29.59 | – | 11.08 | 1.40 |
| 7. | V-Marc India | 681.05 | 27.19 | 1663.17 | 0.00 | 36.44 | 220.49 | 691.54 | 100.32 | 26.43 | 1251.20 | 11.27 | 61.17 | 36.44 | 7.36 | 6.60 | 1.07 |
| – | Median: 20 Co. | 315.67 | 22.15 | 1277.28 | 0.0 | 11.52 | 36.3 | 239.69 | 20.92 | 20.19 | 728.56 | 9.33 | 31.84 | 11.23 | 3.32 | 9.69 | 0.3 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 3,665 | 4,513 | 5,105 | 3,849 | 4,601 | 5,704 | 4,288 | 5,433 | 6,841 | 3,261 | 4,256 | 5,366 | 6,340 |
Expenses | 3,170 | 3,892 | 4,406 | 3,305 | 4,042 | 4,899 | 3,687 | 4,796 | 5,839 | 2,847 | 3,625 | 4,761 | 5,355 |
Operating Profit | 495 | 621 | 699 | 545 | 559 | 805 | 601 | 637 | 1,002 | 414 | 631 | 605 | 985 |
Other Income | 40 | 71 | 25 | 64 | 60 | 82 | 54 | 52 | 57 | -2 | 36 | 78 | 51 |
Profit before tax | 476 | 602 | 601 | 529 | 515 | 756 | 575 | 603 | 952 | 348 | 584 | 571 | 896 |
Tax % | 25% | 24% | 25% | 24% | 25% | 25% | 25% | 24% | 23% | 25% | 23% | 25% | 25% |
Net Profit | 358 | 459 | 453 | 402 | 388 | 568 | 432 | 458 | 731 | 261 | 450 | 431 | 675 |
EPS in Rs | 23.89 | 30.58 | 30.11 | 26.86 | 25.78 | 37.73 | 28.86 | 30.49 | 48.57 | 17.41 | 29.98 | 28.64 | 44.83 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 3,833 | 4,697 | 5,203 | 5,500 | 6,759 | 7,940 | 8,807 | 8,736 | 12,098 | 13,914 | 18,051 | 21,914 | 23,991 |
Expenses | 3,554 | 4,263 | 4,709 | 5,023 | 6,035 | 6,992 | 7,689 | 7,645 | 10,857 | 12,103 | 15,614 | 19,046 | 20,500 |
Operating Profit | 279 | 434 | 494 | 477 | 724 | 948 | 1,118 | 1,091 | 1,241 | 1,811 | 2,436 | 2,868 | 3,491 |
Other Income | 8 | 5 | 32 | 75 | 67 | 64 | 92 | 120 | 214 | 136 | 220 | 216 | 215 |
Interest | 90 | 108 | 147 | 65 | 92 | 116 | 48 | 41 | 33 | 56 | 100 | 159 | 172 |
Depreciation | 63 | 97 | 111 | 127 | 132 | 140 | 159 | 174 | 197 | 206 | 237 | 287 | 328 |
Profit before tax | 133 | 234 | 267 | 360 | 567 | 757 | 1,003 | 995 | 1,225 | 1,685 | 2,319 | 2,639 | 3,205 |
Net Profit | 85 | 157 | 186 | 232 | 358 | 501 | 761 | 831 | 931 | 1,269 | 1,770 | 2,002 | 2,426 |
EPS in Rs | 12.10 | 11.13 | 13.21 | 16.45 | 25.38 | 35.51 | 51.10 | 55.75 | 62.32 | 84.73 | 117.79 | 133.09 | 161.24 |
Dividend Payout % | 8% | 9% | 13% | 6% | 4% | 8% | 14% | 18% | 22% | 24% | 25% | 26% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 71 | 141 | 141 | 141 | 141 | 141 | 149 | 149 | 149 | 150 | 150 | 150 | 151 |
Reserves | 1,294 | 1,484 | 1,638 | 1,853 | 2,207 | 2,708 | 3,691 | 4,558 | 5,371 | 6,456 | 7,994 | 9,612 | 10,346 |
Borrowings | 445 | 545 | 794 | 844 | 789 | 258 | 146 | 125 | 111 | 36 | 51 | 76 | 80 |
Other Liabilities | 762 | 1,154 | 1,305 | 1,722 | 1,287 | 2,488 | 1,942 | 1,894 | 1,676 | 2,585 | 3,562 | 3,554 | 6,111 |
Total Liabilities | 2,572 | 3,325 | 3,878 | 4,561 | 4,424 | 5,595 | 5,928 | 6,727 | 7,307 | 9,227 | 11,758 | 13,393 | 16,688 |
Fixed Assets | 693 | 822 | 984 | 1,113 | 1,180 | 1,255 | 1,395 | 1,581 | 1,619 | 2,026 | 2,275 | 2,893 | 3,270 |
Gross Block | 948.72 | 1,220.21 | 1,095.47 | 1,350.22 | 1,548.89 | 1,762.53 | 2,044.01 | 2,388.59 | 2,601.32 | 3,200.26 | 3,670.65 | 4,547.58 | – |
Accumulated Depreciation | 256.08 | 397.80 | 111.05 | 237.66 | 368.96 | 507.52 | 648.94 | 807.94 | 982.20 | 1,173.96 | 1,395.16 | 1,654.44 | – |
CWIP | 113 | 179 | 132 | 165 | 135 | 186 | 241 | 98 | 374 | 249 | 537 | 701 | 840 |
Investments | 13 | 2 | 4 | 37 | 39 | 43 | 86 | 697 | 813 | 1,382 | 1,824 | 1,757 | 1,704 |
Other Assets | 1,753 | 2,322 | 2,758 | 3,246 | 3,070 | 4,112 | 4,206 | 4,351 | 4,500 | 5,569 | 7,121 | 8,042 | 10,874 |
Total Assets | 2,572 | 3,325 | 3,878 | 4,561 | 4,424 | 5,595 | 5,928 | 6,727 | 7,307 | 9,227 | 11,758 | 13,393 | 16,688 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | – | 207 | 221 | 283 | 352 | 1,224 | 234 | 1,175 | 461 | 1,452 | 1,292 | 1,810 |
Cash from Investing Activity | – | -176 | -251 | -269 | -178 | -396 | -257 | -1,038 | -360 | -1,188 | -762 | -1,210 |
Cash from Financing Activity | – | -37 | 41 | -19 | -189 | -657 | 16 | -110 | -185 | -256 | -396 | -664 |
Net Cash Flow | – | -6 | 10 | -5 | -15 | 171 | -8 | 27 | -84 | 8 | 133 | -65 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 79 | 84 | 95 | 80 | 70 | 62 | 60 | 60 | 39 | 32 | 46 | 46 |
Inventory Days | 70 | 95 | 94 | 134 | 97 | 127 | 115 | 111 | 84 | 102 | 92 | 78 |
Days Payable | 75 | 103 | 102 | 119 | 66 | 97 | 81 | 75 | 46 | 71 | 79 | 64 |
Cash Conversion Cycle | 74 | 76 | 86 | 94 | 101 | 92 | 93 | 97 | 77 | 63 | 59 | 60 |
Working Capital Days | 82 | 50 | 49 | 52 | 57 | 45 | 71 | 75 | 67 | 59 | 60 | 56 |
ROCE % | – | 17% | 18% | 16% | 22% | 28% | 29% | 23% | 21% | 27% | 31% | 30% |
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Stock Analysis
Polycab is India’s leading manufacturer of cables and wires and allied products such as uPVC conduits and lugs and glands. It offers a wide range of cables and wires for practically every application and has also launched a broad range of consumer electrical products like Fans, Switches, Switchgear, LED lights and Luminaries, Solar Inverters, and Pumps.
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