Polycab India Ltd

Polycab India Limited reported strong Q2 FY27 results, with consolidated revenue growing 53% year-on-year and profit after tax reaching INR 9,900 million, a 43% increase. The Wires and Cables segment delivered 47% revenue growth, driven by robust domestic demand and favorable commodity prices, while the FMEG segment recorded 124% year-on-year growth, supported by solar product demand and government initiatives. EBITDA margins expanded to 14.4%, reflecting operational efficiencies and a favorable product mix. The company highlighted structural growth drivers in India, including infrastructure investment and domestic demand, and noted progress on its strategic initiatives under Project Spring. Management discussed ongoing legal proceedings related to Asier Metals, stating no material impact is expected. The EPC segment reported 53% revenue growth, with strong profitability. Management emphasized disciplined execution, innovation, and long-term growth opportunities in infrastructure, energy transition, and exports. Guidance for FY30 includes EBITDA margins in the 8% to 10% range, with no immediate plans to revise targets despite competitive pressures. The company also noted challenges from global copper price volatility but remains confident in its sourcing strategy and operational resilience.

The document emphasizes strong revenue and profit growth, operational efficiency improvements, and confidence in long-term strategic initiatives.