Polycab India LimitedQ2 FY27 Results & Financial Update
Polycab India Limited: Q2 FY27 consolidated results and company financials – revenue ₹9,898.90 Cr, PAT ₹990.00 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Polycab India Q2 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
Polycab India reported its highest-ever second quarter revenue and profitability for Q2 FY27, driven by robust operational execution across its core Wires & Cables and FMEG segments.
Consolidated revenue for the quarter stood at ₹9,898.9 crore, reflecting a sequential expansion of 20.36% over the ₹8,224.15 crore recorded in Q1 FY27.
Profit after tax (PAT) reached ₹990.0 crore, marking a sequential increase of 24.27% compared to ₹796.65 crore in the preceding quarter, with PAT margin improving to 10.00%.
EBITDA stood at ₹1,422.5 crore, with consolidated EBITDA margins improving by approximately 53 basis points sequentially to reach 14.37%, aided by sequential margin expansion across business segments.
The domestic demand environment remained supportive, backed by healthy infrastructure spending, increasing electrification opportunities, and improving private sector investment activity.
The international business sustained its growth momentum despite a challenging global macroeconomic environment, aided by a diversified geographic presence and expanding customer base.
01 · Business model
What does Polycab India do?
Polycab India Limited is India's largest manufacturer of wires and cables and a growing player in fast-moving electrical goods (FMEG). The company provides innovative, safe, and energy-efficient products across diverse customer segments.
Operations span an extensive distribution network across India consisting of over 3,900 authorized dealers and more than 190,000 retail outlets, supported by 26 manufacturing facilities, 15 offices, and 35 warehouses.
Polycab also maintains an international footprint, serving customers across 94 countries globally, and employs over 4,500 personnel dedicated to governance, customer-centricity, and ecological consciousness.
02 · Historical context
What shaped the business before this quarter
Polycab entered FY27 with a consolidated turnover exceeding ₹285 billion achieved previously in FY26.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹9,898.90 Cr | ₹8,224.15 Cr |
| EBITDA | ₹1,422.50 Cr | — |
| Profit after tax | ₹990.00 Cr | ₹796.65 Cr |
| EBITDA margin | 14.37% | — |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
The Wires & Cables business registered a 47% year-on-year growth during the quarter, supported by a 50% increase in domestic revenues driven by healthy demand across key end-user segments and grounded execution under Project Spring initiatives.
Within the W&C business, the wires segment outperformed the cables segment, while channel sales expanded at a faster pace than institutional sales.
The Fast-Moving Electrical Goods (FMEG) segment more than doubled its revenues year-on-year (+124%), led by strong demand across all key product categories with solar leading the growth story as the largest contributor.
The EPC business demonstrated strong momentum with a 53% year-on-year revenue growth during the quarter, supported by a healthy order book.
What drove margins
FMEG EBIT margins surpassed the double-digit threshold for the first time, reaching an all-time high of 10.1%, driven by a scale-driven growth strategy, enhanced portfolio mix, and operational excellence.
Consolidated EBITDA margins expanded by approximately 53 basis points sequentially to 14.37%, supported by operational efficiencies and a favourable business mix.
EBIT margins in the EPC business remained healthy at 7.2% during the quarter.
05 · Demand, customers & order book
Where demand is coming from
The business is supported by a strong order book position across divisions, particularly aiding the sustained growth momentum in the EPC and international wire and cable operations.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Experienced robust domestic demand and solid execution under Project Spring, with wires outperforming cables and channel sales leading institutional sales.
Delivered breakthrough growth with revenues more than doubling year-on-year; solar products drove the growth and remained the largest contributor to segment revenue.
Achieved 53% year-on-year revenue growth backed by a healthy order book and maintained steady EBIT margins at 7.2%.
Geography and market mix
Recorded a healthy 17% year-on-year growth despite a challenging global macroeconomic environment, supported by a diversified geographic presence and expanding customer base.
07 · Strategy & new businesses
How the company is trying to change its growth mix
The company continued advancing its Project Spring initiatives, focusing on accelerating growth, driving premiumization, deepening market penetration, and enhancing customer value.
08 · Reported developments
What changed operationally
Delivered highest-ever second quarter and half-yearly revenue and profitability in the company's history.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
As of September 30, 2026, the company's net cash position stood at ₹45.2 billion, compared to ₹29.4 billion as of the same period in the previous year.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Governance and network reach
The company maintained operations across 26 manufacturing facilities, 15 offices, 35 warehouses, and served customers in 94 countries globally.
11 · Previous-quarter changes
What changed since the previous quarter
Consolidated revenue grew by 20.36% sequentially from ₹8,224.15 crore in Q1 FY27 to ₹9,898.90 crore in Q2 FY27.
PAT rose by 24.27% sequentially from ₹796.65 crore in Q1 FY27 to ₹990.00 crore in Q2 FY27.
12 · Key Q&A
The quarter, answered directly
What does Polycab India do?
Polycab India Limited is India's largest manufacturer of wires and cables and a growing player in fast-moving electrical goods (FMEG). The company provides innovative, safe, and energy-efficient products across diverse customer segments.
What is the clearest takeaway from Q2 FY27?
Polycab India reported its highest-ever second quarter revenue and profitability for Q2 FY27, driven by robust operational execution across its core Wires & Cables and FMEG segments.
What drove revenue or demand?
The Wires & Cables business registered a 47% year-on-year growth during the quarter, supported by a 50% increase in domestic revenues driven by healthy demand across key end-user segments and grounded execution under Project Spring initiatives.
What mattered most for margins or profitability?
FMEG EBIT margins surpassed the double-digit threshold for the first time, reaching an all-time high of 10.1%, driven by a scale-driven growth strategy, enhanced portfolio mix, and operational excellence.
What changed operationally beyond the headline numbers?
The company continued advancing its Project Spring initiatives, focusing on accelerating growth, driving premiumization, deepening market penetration, and enhancing customer value.
What should the next disclosure help confirm?
Continued execution and scaling of Project Spring initiatives across domestic and international markets.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Project Spring progress: Continued execution and scaling of Project Spring initiatives across domestic and international markets.
- 02
FMEG margin sustainability: Ability to sustain FMEG EBIT margins above the double-digit threshold achieved in Q2 FY27.
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