Well, the numbers are in, and it looks like Polycab India has kicked off the 2026 financial year with a serious bang. The company just dropped its June quarter results, and to put it mildly, they're impressive. We're talking about a massive 50% leap in net profit and a revenue figure that comfortably outpaced what all the experts were predicting. It's the kind of report that makes everyone in the market sit up and take notice.
Key Highlights
- ✓ Net profit soared by an incredible 50% year-on-year to nearly ₹600 crore.
- ✓ Revenue from operations jumped 25.7% to a staggering ₹5,906 crore for the quarter.
- ✓ EBITDA margins expanded significantly by over 200 basis points to a healthy 14.5%.
- ✓ The core Wires and Cables business was the star, growing its revenue by 31% YoY.
- ✓ The FMEG segment reported its second consecutive profitable quarter, showing a strong positive turnaround.
A Staggering Performance by the Numbers
Let's get right into the juicy details, because they tell quite a story. For the first quarter of FY26, Polycab reported a consolidated revenue from operations of ₹5,906 crore. That’s a robust 25.7% increase compared to the same period last year. To give you some context, a CNBC-TV18 poll had estimated a 20% rise to ₹5,651 crore, so Polycab didn't just meet expectations; it flew right past them.
The good news doesn't stop there. The company's net profit saw a jaw-dropping 50% year-on-year surge, landing at a cool ₹600 crore (or ₹592 crore attributable to shareholders, as one report clarified). Again, this comfortably surpassed the analyst consensus, which was pegged around ₹518 crore. It’s a testament to the company’s strong operational control and ability to capitalize on market demand.
Profitability metrics were just as strong. Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) shot up by 47.1% to ₹858 crore. The really eye-catching number here is the EBITDA margin, which expanded by over 200 basis points to 14.5%. Analysts had been hoping for 13.5%, so this outperformance points to some serious efficiency gains and smart pricing strategies at play.
The Engine Room: Wires & Cables Powers Ahead
So, where did all this incredible growth come from? The undisputed hero of the quarter was Polycab’s core Wires and Cables (W&C) business. This segment alone posted a massive 31% year-on-year growth, with revenues climbing to ₹5,228 crore from ₹3,995 crore in the same quarter last year. It’s clear this is the powerhouse driving the company forward.
The company cited several key factors for this stellar performance, including sustained demand across core sectors, a pickup in government spending, and better project execution on the ground. It seems the broader economic momentum is providing some very strong tailwinds. It was also mentioned that both their channel and institutional businesses showed healthy traction, indicating broad-based demand.
Interestingly, the segment also got a boost from the formal inclusion of Dwells Cable Accessories Pvt. Ltd. and Tirupati Reels Pvt. Ltd. into its reporting. These were previously listed under the "others" category, and their integration into the main W&C segment helps provide a clearer picture of the business's true scale. The domestic business, in particular, grew by an impressive 32%, with the international side growing 24% and accounting for 5.2% of the total topline.
FMEG and EPC: The Supporting Cast
While Wires and Cables stole the show, the other parts of the business also had important stories to tell. The Fast Moving Electrical Goods (FMEG) segment continued its positive trend. Its revenue grew to ₹454 crore from ₹385 crore last year. More importantly, this was its second consecutive profitable quarter, a sign that the company's strategic reset in this division is paying off.
Mr. Jaisinghani pointed to a "sharper focus on premium offerings and improved operating leverage" as the reasons for this success. It’s a classic case of focusing on quality and efficiency to drive profitability. Meanwhile, the Engineering, Procurement, and Construction (EPC) business is now being reported as a separate segment for the first time, having met the threshold for disclosure. Its revenue came in at ₹347 crore, down from ₹427 crore last year, but the new reporting structure gives investors better clarity on its performance.
A Balanced View: The Market Reaction and QoQ Data
Now, if you only looked at the year-on-year numbers, you'd think the stock would have skyrocketed. But the market is a funny thing. After the results were announced on July 17, shares of Polycab were actually trading about 1% lower at ₹6,826. What gives? Well, one key thing to remember is that the stock had already rallied 14% in the month leading up to the announcement. This could be a classic "buy the rumor, sell the news" situation, where investors who anticipated the great results decided to take some profits off the table.
It's also worth looking at the sequential, or quarter-on-quarter, numbers for a complete picture. Compared to the preceding quarter (Q4FY25), the net profit actually declined by 19% and revenue fell by 15%. While that might sound alarming, it’s not unusual for many businesses to have seasonal variations, and it doesn't take away from the phenomenal year-on-year growth, which is often a better indicator of a company's long-term health and trajectory.
Conclusion
When you zoom out, the story for Polycab's Q1 FY26 is overwhelmingly positive. The company delivered its best-ever first-quarter performance, smashing analyst expectations with massive growth in both revenue and profit. The core Wires and Cables business is firing on all cylinders, fueled by strong domestic demand and government spending. Furthermore, the turnaround in the FMEG segment is gaining solid momentum.
The minor dip in the stock price post-results seems more like short-term market noise than a reflection of the underlying business strength. With a confident management team and strong market fundamentals, Polycab has certainly set a high bar for the rest of the financial year. It's definitely a company to watch as it continues to capitalize on the opportunities ahead.
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