Polycab India Reports Record FY26 Revenue and Profit

Consolidated Revenue (FY26): ₹2,91,200.44 million (vs ₹2,26,159.49 million in FY25)
Consolidated Profit After Tax (FY26): ₹27,084.27 million (vs ₹20,455.37 million in FY25)

Financial Highlights

Polycab India Limited announced its audited financial results for the fiscal year ending March 31, 2026. The company posted consolidated revenue of ₹2,91,200.44 million, marking a substantial 29% increase from ₹2,26,159.49 million in FY25.

Profit After Tax (PAT) for FY26 saw a significant jump of 32%, reaching ₹27,084.27 million, up from ₹20,455.37 million in the previous fiscal year. Earnings Per Share (EPS) rose to ₹177.53 from ₹134.34 in FY25.

In a move to reward shareholders, the Board of Directors has proposed a final dividend of ₹47 per equity share (470% of face value ₹10), subject to shareholder approval at the Annual General Meeting (AGM).

Furthermore, Ernst & Young LLP and R. Nanabhoy & Co. were re-appointed as the Internal and Cost Auditors, respectively, for FY 2026-27. Several senior management personnel have been redesignated, and the Chief Financial Officer's tenure was extended.

Why This Matters

This strong FY26 performance highlights Polycab's market position and effective strategies in the competitive electrical goods sector. The substantial increase in revenue and profit, alongside a healthy dividend payout, reflects successful operations and robust demand for its products.

Investors will also closely watch the proposed dividend and management changes, alongside any ongoing impact from past regulatory scrutiny.

Company Background

Polycab India is India's largest manufacturer of wires and cables, with a significant presence in Fast Moving Electrical Goods (FMEG) and EPC segments. In FY25, the company reported consolidated revenue of ₹22,408.3 crore and PAT of ₹2,045.5 crore.

In January 2024, allegations of unaccounted cash sales (around ₹1,000 crore) and other financial irregularities surfaced following an Income Tax Department raid, which led to a sharp drop in its stock price. Polycab has since reported strong growth in subsequent periods, demonstrating resilience.

Key Developments for Shareholders

Shareholders can expect a significant dividend payout, pending AGM approval.
The newly redesignated senior management team will guide the company's strategic direction and operational execution.
Financial leadership continuity is secured by the CFO's extended tenure.
Re-appointed auditors provide stability in financial oversight.

Potential Risks

The lingering impact of the Income Tax Department's investigation into alleged unaccounted sales and expenses, despite the company's denials and focus on corporate governance.
Intense competition from established players and new entrants in the wires, cables, and FMEG sectors.
Fluctuations in raw material prices, which can affect input costs and margins.

Peer Performance Comparison

Peers like Havells India (₹22,527.77 crore revenue, ₹1,689.25 crore profit) and RR Kabel (₹9,778.78 crore revenue, ₹492.21 crore profit) also posted strong FY26 results. KEI Industries reported double-digit growth. This indicates a generally positive market environment for the electrical goods and infrastructure sector.

Previous Year Metrics

For FY25, Polycab India reported consolidated revenue of ₹2,26,159.49 million and consolidated Profit After Tax of ₹20,455.37 million.

What to Track Next

Shareholder approval of the ₹47 dividend at the upcoming AGM.
Notification of the book closure and record date for the dividend payment.
Management's outlook on future growth drivers and strategies during investor calls.
Performance updates from peers and overall sector trends.