Shares of Polycab India jumped nearly 5 per cent on the National Stock Exchange on Thursday morning, touching a fresh 52-week high of ₹8,940, after the wires and cables maker posted its highest-ever annual revenue and profit for FY26. The stock was trading at ₹8,830 around 10.18 am, up ₹414.50 or 4.93 per cent from Wednesday’s close of ₹8,415.50, with traded value already crossing ₹576 crore in early trade.
The strong market reaction follows results released on May 6. Polycab reported consolidated revenue of ₹2,88,838 million for FY26, up 29 per cent year-on-year, crossing the ₹285 billion mark for the first time. Full-year PAT rose 32 per cent to ₹27,084 million. For the fourth quarter alone, revenue grew 27 per cent to ₹88,645 million, while PAT came in at ₹7,856 million, up 7 per cent and ahead of analyst estimates.
Brokerages that covered the results maintained buy ratings with upgraded price targets. Motilal Oswal Financial Services raised its target to ₹9,800, valuing the stock at 40x FY28 estimated earnings, up from ₹9,350 earlier. JM Financial set a revised target of ₹9,700, pegged at 42x March 2028 estimated EPS, up from ₹9,200. Both firms lifted their FY27 and FY28 EPS estimates by roughly 3-5 per cent, citing better-than-expected FMEG margins and stronger cables and wires revenue growth.
A key highlight flagged by analysts is Polycab’s market share gains in the organized cables and wires segment, which improved to 30-31 per cent in FY26 from 26-27 per cent the previous year — a gain of around 300-400 basis points. Management guided for the company to grow at 1.5 times the industry rate and targets exports to double from approximately 5 per cent to 10 per cent of revenues by FY30.
The board proposed a dividend of ₹47 per share for FY26, up from ₹36.4 in FY25, taking the payout ratio to 27.2 per cent. Net cash on the balance sheet stood at ₹41.9 billion as of March 31, 2026. The stock has returned 50 per cent over the past year against 13 per cent for the Nifty Midcap 50 index.
Published on May 7, 2026