Polycab India LimitedQ1 FY27 Results & Financial Update
Polycab India Limited: Q1 FY27 consolidated results and company financials – revenue ₹8,209.73 Cr, PAT ₹796.65 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore Polycab India Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Profit after tax was ₹796.65 Cr for the reported quarter. EPS was ₹51.94 for the reported quarter.
Polycab India reported its highest-ever first-quarter revenue, EBITDA, and profitability for Q1 FY27, driven by robust domestic demand, strong execution under Project Spring, and growth across core segments.
Wires & Cables and FMEG segments delivered exceptional growth, while international business and EPC revenues experienced temporary YoY declines due to project timing and specific export market headwinds.
Polycab reported its highest-ever first-quarter revenue and profit performance for Q1 FY27, with consolidated revenue growing 39% year-on-year to ₹82,097 million, EBITDA up 32% to ₹11,362 million, and PAT increasing 33% to ₹7,967 million.
01 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹8,209.73 Cr |
| Total income | ₹8,314.65 Cr |
| Profit before tax | ₹1,058.22 Cr |
| Profit after tax | ₹796.65 Cr |
| EPS | ₹51.94 |
02 · Why it moved
Why the quarter looked the way it did
What drove margins
EBIT margin performance improved sequentially across Wires & Cables on the back of better product mix and operational efficiencies, offsetting reduced international market contributions.
FMEG EBIT margins expanded to 8.0% due to greater operating leverage and a more premium product mix, aligning with Project Spring objectives of targeting 8-10% EBITDA margins by FY30.
03 · Demand, customers & order book
Where demand is coming from
The EPC segment remains well-positioned with a robust order book and strong execution pipeline despite a temporary 11% YoY revenue decrease.
Growth was underpinned by healthy domestic demand, sustained government infrastructure investments, and improving on-ground project implementation.
Within Wires & Cables, wires outperformed cables, and channel sales registered higher growth than institutional sales within the cables business.
04 · Segments, products & geography
Which parts of the business are doing the work
Geography and market mix
Despite a 13% YoY revenue dip in international business, the company maintains a diversified global footprint and healthy order book.
Despite a 13% YoY dip in Q1 international revenue, the company maintains a diversified global footprint spanning 94 countries and a healthy order book.
05 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company continues ongoing investments in capacity enhancement, product innovation, and distribution expansion to support long-term market leadership.
06 · Reported developments
What changed operationally
Consolidated revenue grew by 39% YoY to ₹82,097 million. EBITDA increased by 32% YoY to ₹11,362 million with margins at 13.8%, and PAT rose by 33% YoY to ₹7,967 million with margins at 9.7%.
The Fast-Moving Electrical Goods segment recorded 71% YoY growth with broad-based momentum across product categories. Solar products grew more than two-fold, remaining the largest category, and EBIT margins expanded to 8.0%.
W&C business grew 39% YoY, led by a 43% increase in domestic revenues supported by healthy market demand and execution excellence under Project Spring. Wires outperformed cables, and channel sales outpaced institutional sales within cables.
07 · Pressure points & risks
What is not going smoothly
EPC business revenues decreased by 11% YoY for the quarter, which management noted was in line with the timing of the project execution cycle.
EPC business revenues decreased by 11% year-on-year in line with the timing of the project execution cycle, though EBIT margins stood at 11.0%.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
The company maintained a strong financial position, providing a foundation for ongoing investments and strategic execution.
09 · Management guidance & targets
What management is targeting from here
Project Spring targets FMEG EBITDA margins in the range of 8% to 10% by FY30.
Project Spring targets FMEG EBITDA margins in the range of 8–10% by FY30.
10 · Management call deep dive
What management said on the conference call
Operating takeaways
12 key pointsDespite a 13% YoY revenue dip in international business, the company maintains a diversified global footprint and healthy order book.
The EPC segment remains well-positioned with a robust order book and strong execution pipeline despite a temporary 11% YoY revenue decrease.
Growth was underpinned by healthy domestic demand, sustained government infrastructure investments, and improving on-ground project implementation.
The company continues ongoing investments in capacity enhancement, product innovation, and distribution expansion to support long-term market leadership.
EBIT margin performance improved sequentially across Wires & Cables on the back of better product mix and operational efficiencies, offsetting reduced international market contributions.
FMEG EBIT margins expanded to 8.0% due to greater operating leverage and a more premium product mix, aligning with Project Spring objectives of targeting 8-10% EBITDA margins by FY30.
The company maintained a strong financial position, providing a foundation for ongoing investments and strategic execution.
Project Spring targets FMEG EBITDA margins in the range of 8% to 10% by FY30.
Despite a 13% YoY dip in Q1 international revenue, the company maintains a diversified global footprint spanning 94 countries and a healthy order book.
Within Wires & Cables, wires outperformed cables, and channel sales registered higher growth than institutional sales within the cables business.
EBIT margin performance improved sequentially across operations on the back of a better product mix and operational efficiencies, offsetting the lower contribution from international markets.
Project Spring targets FMEG EBITDA margins in the range of 8–10% by FY30.
11 · Key Q&A
The quarter, answered directly
What is the clearest takeaway from Q1 FY27?
Profit after tax was ₹796.65 Cr for the reported quarter. EPS was ₹51.94 for the reported quarter.
What drove revenue or demand?
The EPC segment remains well-positioned with a robust order book and strong execution pipeline despite a temporary 11% YoY revenue decrease.
What mattered most for margins or profitability?
EBIT margin performance improved sequentially across Wires & Cables on the back of better product mix and operational efficiencies, offsetting reduced international market contributions.
What changed operationally beyond the headline numbers?
The company continues ongoing investments in capacity enhancement, product innovation, and distribution expansion to support long-term market leadership.
What is management guiding or targeting from here?
Project Spring targets FMEG EBITDA margins in the range of 8% to 10% by FY30.
What are the main pressure points disclosed for the quarter?
EPC business revenues decreased by 11% YoY for the quarter, which management noted was in line with the timing of the project execution cycle.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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