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. Presenting below are its Q2 FY26 earnings results.
Q2 FY26 Earnings Results
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Consolidated Revenue from Operations: ₹6,477.2 crore, up 17.8% YoY from ₹5,498.4 crore in Q2 FY25, driven by strong domestic and export demand in wires and cables.
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Net Profit (PAT): ₹692.96 crore, up 55.6% YoY from ₹445.2 crore, and 15.6% sequentially from ₹599.7 crore in Q1 FY26.
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EBITDA: ₹1,020.7 crore, up 62% YoY, with EBITDA margin improving to 15.8% (up 130 bps QoQ) mainly due to operating leverage and higher W&C segment profitability.
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EPS: ₹45.54.
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Wires & Cables Segment: ₹5,691 crore revenue, contributing ~88% of total sales. Grew 21% YoY, led by stronger government and private infrastructure demand; international business grew 25% YoY and contributes 6.5% to consolidated revenue.
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FMEG (Fast-Moving Electrical Goods): ₹452.18 crore revenue, up 14% YoY. Fans faced short-term inventory pressure, but lights, solar, and switchgear products recorded high growth.
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EPC (Engineering, Procurement & Construction): ₹402.4 crore revenue, down 19% YoY, but EBIT grew 42% YoY aided by one-off project gains and cost optimization.
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EBIT Margin: 15.1%, up 40 bps sequentially but down 270 bps YoY due to higher ad spend in FMEG and raw material cost volatility in cables.
Management Commentary & Strategic Highlights
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Inder Jaisinghani, CMD:
“We are pleased to report another strong quarter of growth powered by the domestic infra boom and export expansion. The W&C segment continues to perform robustly with healthy volume growth, and the FMEG business has begun showing steady traction. Our efforts to diversify product lines and expand capacity are yielding results.”. -
Management emphasized capacity enhancement in the Halol plant to cater to high-voltage and renewable application cables.
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The solar and power EPC verticals are increasingly contributing due to government-backed rooftop and grid projects.
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International expansion continues across the Middle East, Africa, and Southeast Asia to tap solar and industrial cable demand.
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The company also announced the appointment of Mr. Niyant Maru as Executive President – Finance and designated CFO effective October 28, 2025.
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Polycab remains focused on executing its LEAP strategy (Leadership through Efficiency, Agility & Performance), targeting double-digit growth and margin consistency over the next fiscal year.
Q1 FY26 Earnings Results
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Revenue: ₹5,906 crore, up 26% YoY but down 15% QoQ due to seasonality.
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EBITDA: ₹857.6 crore, up 47% YoY; margin stood at 14.5%, +210 bps YoY.
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PAT: ₹599.7 crore, up 49% YoY, margin 10.2%.
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Business Drivers: Strong wires and cables volume growth, pricing discipline, and focus on operational efficiencies supported profitability in Q1.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.