{"id":173168,"date":"2026-01-16T07:19:11","date_gmt":"2026-01-16T12:19:11","guid":{"rendered":"https:\/\/alphastreet.com\/india\/?p=173168"},"modified":"2026-01-16T07:19:11","modified_gmt":"2026-01-16T12:19:11","slug":"polycab-q3-fy26-earnings-results","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/polycab-q3-fy26-earnings-results\/","title":{"rendered":"Polycab Q3 FY26 Earnings Results"},"content":{"rendered":"\n<p>Polycab is India\u2019s 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.<\/p>\n\n\n\n<div style=\"height:33px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Q3 FY26 Earnings Results<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue from Operations: \u20b976,361 million, up 46% YoY from \u20b952,261 million; up 18% QoQ from \u20b964,772 million in Q2 FY26.<\/li>\n\n\n\n<li>EBITDA: \u20b99,661 million, up 34% YoY from ~\u20b97,210 million; EBITDA margin 12.7% vs 13.8% in Q3 FY25 and ~15.8% in Q2 FY26, indicating margin compression despite strong growth.<\/li>\n\n\n\n<li>Profit After Tax (PAT): \u20b96,302 million, up 35\u201336% YoY from \u20b94,643 million; PAT margin ~8.3% vs ~8.9% in Q3 FY25.<\/li>\n\n\n\n<li>Nine\u2011month (9M FY26) performance:\n<ul class=\"wp-block-list\">\n<li>Revenue: \u20b92,00,193 million, up ~30% YoY from \u20b91,54,225 million.<\/li>\n\n\n\n<li>EBITDA: \u20b928,444 million, up ~47% YoY from \u20b919,349 million.<\/li>\n\n\n\n<li>PAT: \u20b919,228 million, up ~47% YoY from \u20b913,112 million; 9M EBITDA margin 14.2%, PAT margin 9.6%.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Segment performance \u2013 Q3 FY26:\n<ul class=\"wp-block-list\">\n<li>Wires &amp; Cables: Revenue up ~53% YoY; continues to be the primary growth driver and largest contributor to sales.cms.<\/li>\n\n\n\n<li>FMEG (Fast\u2011Moving Electrical Goods): Revenue up ~17% YoY, maintaining healthy double\u2011digit growth.<\/li>\n\n\n\n<li>EPC: Revenues softer YoY, but EBIT improved due to mix and one\u2011off gains in earlier quarter (base effect).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<div style=\"height:35px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Management Commentary &amp; Strategic Decisions<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Management highlighted Q3 FY26 as a <a href=\"https:\/\/www.bseindia.com\/xml-data\/corpfiling\/AttachLive\/00a8907d-dd97-4538-9d96-94621c5f7969.pdf\" target=\"_blank\" rel=\"noopener\">record quarter across revenue<\/a>, EBITDA and PAT, driven by robust demand in both domestic distribution and institutional businesses within wires &amp; cables, and continued scale\u2011up in FMEG.<\/li>\n\n\n\n<li>Margin compression QoQ and YoY at EBITDA level was attributed mainly to higher raw\u2011material costs, elevated advertising and sales\u2011promotion spends (ad spends up sharply to about \u20b99.1 billion from ~\u20b93.7 billion YoY), and increased logistics and finance costs as the business scaled.<\/li>\n\n\n\n<li>Strategic focus areas reiterated:\n<ul class=\"wp-block-list\">\n<li>Sustained investment in brand building and distribution expansion, especially for FMEG and retail wires, to strengthen long\u2011term franchise despite near\u2011term margin impact.<\/li>\n\n\n\n<li>Continued emphasis on premiumisation, channel depth and export growth in the Wires &amp; Cables business.cms.<\/li>\n\n\n\n<li>Tight working\u2011capital management and cost optimisation to support profitability as scale increases.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Governance &amp; leadership: Board actions included re\u2011appointment of Manju Agarwal as Independent Director and redesignation of key Executive Directors as Joint Managing Directors, signaling continuity and strengthening of top management.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"839\" height=\"1024\" src=\"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/Polycab-Q3-FY26-Earnings-Results-839x1024.png\" alt=\"Polycab Q3 FY26 Earnings Results\" class=\"wp-image-173169\" srcset=\"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/Polycab-Q3-FY26-Earnings-Results-839x1024.png 839w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/Polycab-Q3-FY26-Earnings-Results-246x300.png 246w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/Polycab-Q3-FY26-Earnings-Results-768x937.png 768w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/Polycab-Q3-FY26-Earnings-Results-1259x1536.png 1259w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/Polycab-Q3-FY26-Earnings-Results.png 1489w\" sizes=\"auto, (max-width: 839px) 100vw, 839px\" \/><\/figure>\n\n\n\n<div style=\"height:34px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Q2 FY26 Earnings Results<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue from Operations: \u20b964,772 million, up 18% YoY from \u20b954,847 million in Q2 FY25; then grew a further 18% QoQ into Q3 FY26.\u200b<\/li>\n\n\n\n<li>EBITDA: \u20b910,207 million, up 62% YoY; EBITDA margin ~15.8% vs ~11.7% in Q2 FY25 and ~14.2% in Q1 FY26.\u200b<\/li>\n\n\n\n<li>Profit After Tax (PAT): \u20b96,930 million, up 56% YoY; highest\u2011ever quarterly PAT at that time.<\/li>\n\n\n\n<li>H1 FY26 highlights:\n<ul class=\"wp-block-list\">\n<li>Revenue: >\u20b91,20,000 million, up 21% YoY.\u200b<\/li>\n\n\n\n<li>Wires &amp; Cables: H1 revenue \u20b91,07,641 million, up 26% YoY.\u200b<\/li>\n\n\n\n<li>FMEG: H1 revenue \u20b98,897 million, up 16% YoY.\u200b<\/li>\n\n\n\n<li>EPC: H1 revenue down 19% YoY, though EBIT grew 11\u201342% YoY supported by mix and one\u2011off gains.\u200b<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<div style=\"height:34px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Management Commentary &amp; Strategic Directions<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Management described Q2 FY26 as the \u201chighest ever second quarter and half\u2011year\u201d for revenue and profitability, with wires &amp; cables margins particularly strong and aided by favourable commodity trends and mix.\u200b<\/li>\n\n\n\n<li>EBITDA growth of 62% YoY was driven by operating leverage, better product mix, and a one\u2011off benefit in the EPC segment, even after higher marketing spends.\u200b<\/li>\n\n\n\n<li>Strategic themes:\n<ul class=\"wp-block-list\">\n<li>Deepening distribution reach in Tier\u20112\/3 markets and expanding the product portfolio in fans, lighting and other FMEG categories.<\/li>\n\n\n\n<li>Scaling the international business (around 6% of revenues) with focus on select high\u2011potential geographies.\u200b<\/li>\n\n\n\n<li>Maintaining a structurally strong balance sheet while investing in capacity, brand and technology to support the next leg of growth.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>To view the company\u2019s previous earnings and latest concall transcripts,&nbsp;<a href=\"https:\/\/alphastreet.com\/india\/\">click here<\/a>&nbsp; to visit the Alphastreet India news channel.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Polycab is India\u2019s 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, [&hellip;]<\/p>\n","protected":false},"author":1863,"featured_media":173169,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[105,6351],"tags":[9170],"class_list":["post-173168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infographics","category-consumer-stocks","tag-consumer-electronics"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/Polycab-Q3-FY26-Earnings-Results.png","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":171595,"url":"https:\/\/alphastreet.com\/india\/polycab-q2-fy26-earnings-results\/","url_meta":{"origin":173168,"position":0},"title":"Polycab Q2 FY26 Earnings Results","author":"Chirag Gupta","date":"October 17, 2025","format":false,"excerpt":"Polycab is India\u2019s 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. 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For almost any application, we provide a variety of cables and wires. A variety of consumer electrical goods, including fans, switches, switchgear, LED lights and luminaries, solar inverters, and pumps, have also recently\u2026","rel":"","context":"In &quot;Earnings&quot;","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"SHARDAMOTR Q1 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/04\/iStock-1443507250.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/04\/iStock-1443507250.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/04\/iStock-1443507250.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/04\/iStock-1443507250.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":178856,"url":"https:\/\/alphastreet.com\/india\/rr-kabel-q3-fy26-earnings-results\/","url_meta":{"origin":173168,"position":2},"title":"RR Kabel Q3 FY26 Earnings Results","author":"Chirag Gupta","date":"February 2, 2026","format":false,"excerpt":"Incorporated in 1995, RR Kabel provides consumer electrical products used for residential, commercial, industrial, and infrastructure purposes in two major segments, namely wires and cables including house wires, industrial wires, power cables, and special cables; and FMEG including fans, lighting, switches, and appliances. 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Q&A Highlights: Ravi Swaminathan from Spark Capital asked about the volume\/value mix. Gandharv Tongia CFO said that there is\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/173168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1863"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=173168"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/173168\/revisions"}],"predecessor-version":[{"id":173170,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/173168\/revisions\/173170"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/173169"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=173168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=173168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=173168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}