Polycab Q1 FY27 Revenue Jumps 39% YoY

Financial Performance Overview

Consolidated Profit and Loss Statement (₹ Mn)

Revenue from Operations: Q1FY27: ₹82,097 (100.0%); Q4FY26: ₹88,645 (100.0%); Q1FY26: ₹59,060 (100.0%)
Cost of Goods Sold: Q1FY27: ₹62,520 (76.2%); Q4FY26: ₹67,867 (76.6%); Q1FY26: ₹43,188 (73.1%)
Contribution (A): Q1FY27: ₹19,577 (23.8%); Q4FY26: ₹20,777 (23.4%); Q1FY26: ₹15,872 (26.9%)
Employee Cost: Q1FY27: ₹2,615 (3.2%); Q4FY26: ₹1,931 (2.2%); Q1FY26: ₹2,189 (3.7%)
Other Operating Expenses: Q1FY27: ₹5,601 (6.8%); Q4FY26: ₹7,233 (8.2%); Q1FY26: ₹5,107 (8.6%)
Total Operating Expenses (B): Q1FY27: ₹8,215 (10.0%); Q4FY26: ₹9,164 (10.3%); Q1FY26: ₹7,296 (12.4%)
EBITDA (A-B): Q1FY27: ₹11,362 (13.8%); Q4FY26: ₹11,613 (13.1%); Q1FY26: ₹8,576 (14.5%)
Other Income: Q1FY27: ₹1,049 (1.3%); Q4FY26: ₹604 (0.7%); Q1FY26: ₹799 (1.4%)
Depreciation: Q1FY27: ₹1,029 (1.3%); Q4FY26: ₹978 (1.1%); Q1FY26: ₹857 (1.5%)
Finance Cost: Q1FY27: ₹800 (1.0%); Q4FY26: ₹746 (0.8%); Q1FY26: ₹513 (0.9%)
PBT: Q1FY27: ₹10,582 (12.9%); Q4FY26: ₹10,493 (11.8%); Q1FY26: ₹8,006 (13.6%)
Income Tax: Q1FY27: ₹2,616 (3.2%); Q4FY26: ₹2,637 (3.0%); Q1FY26: ₹2,009 (3.4%)
PAT: Q1FY27: ₹7,967 (9.7%); Q4FY26: ₹7,856 (8.9%); Q1FY26: ₹5,997 (10.2%)

Segment Performance

Wires & Cables Business

Domestic W&C business recorded 39% YoY growth driven by resilient demand, improved execution under Project Spring, and higher commodity prices
Wires outpaced cables during the quarter supported by strong on-ground execution
International business recorded 13% YoY degrowth
Margins improved sequentially due to favorable business mix and operational efficiencies
Diversified global footprint and healthy order book underscore strong forward momentum

FMEG Business

Reported exceptional performance with 71% YoY growth
Achieved highest-ever quarterly revenue of ₹7,612 Mn
Growth momentum robust across all product categories
Solar products standout performer with over 2x YoY growth, largest growth driver within FMEG portfolio
Segment profitability continued to improve supported by operating leverage and growing premium product mix
Business on track to achieve Project Spring target of reaching EBITDA margins of 8-10% by FY30

EPC Segment

Revenue declined by 11% YoY, primarily due to timing of project execution cycle
EBIT margin improved by approximately 330 bps YoY and 340 bps QoQ
Company maintains healthy order book supporting upcoming execution
Annual sustainable operating margin expected to be in high single digit over mid-to-long term

Consolidated Balance Sheet (₹ Mn)

Assets

Total Assets: Jun-26: ₹214,499; Mar-26: ₹204,762; Jun-25: ₹157,648
Non-current Assets: Jun-26: ₹61,493; Mar-26: ₹58,157; Jun-25: ₹50,379
Fixed Assets: Jun-26: ₹50,965; Mar-26: ₹48,794; Jun-25: ₹39,489
Deposits: Jun-26: ₹9,854; Mar-26: ₹8,971; Jun-25: ₹8,281
Other Non-current Assets: Jun-26: ₹675; Mar-26: ₹392; Jun-25: ₹2,610
Current Assets: Jun-26: ₹153,005; Mar-26: ₹146,605; Jun-25: ₹107,269
Inventories: Jun-26: ₹33,194; Mar-26: ₹37,585; Jun-25: ₹44,870
Trade Receivables: Jun-26: ₹35,441; Mar-26: ₹34,048; Jun-25: ₹25,922
Investments: Jun-26: ₹4,835; Mar-26: ₹8,825; Jun-25: ₹9,153
Cash and Bank Balances: Jun-26: ₹62,044; Mar-26: ₹55,596; Jun-25: ₹20,453
Other Current Assets: Jun-26: ₹17,491; Mar-26: ₹10,551; Jun-25: ₹6,872

Equity and Liabilities

Total Shareholder's Funds: Jun-26: ₹121,010; Mar-26: ₹120,086; Jun-25: ₹104,229
Share Capital: Jun-26: ₹1,506; Mar-26: ₹1,506; Jun-25: ₹1,505
Reserves and Surplus: Jun-26: ₹119,504; Mar-26: ₹118,580; Jun-25: ₹102,724
Minority Interest: Jun-26: ₹1,305; Mar-26: ₹1,182; Jun-25: ₹893
Non-current Liabilities: Jun-26: ₹4,267; Mar-26: ₹3,842; Jun-25: ₹3,610
Borrowings: Jun-26: ₹3,909; Mar-26: ₹3,449; Jun-25: ₹3,218
Other Non-current Liabilities: Jun-26: ₹358; Mar-26: ₹393; Jun-25: ₹392
Current Liabilities: Jun-26: ₹87,917; Mar-26: ₹79,652; Jun-25: ₹48,916
Short-term Borrowings: Jun-26: ₹694; Mar-26: ₹932; Jun-25: ₹663
Acceptances: Jun-26: ₹408; Mar-26: ₹42; Jun-25: ₹25
Trade Payables: Jun-26: ₹16,978; Mar-26: ₹17,988; Jun-25: ₹13,461
Other Current Liabilities: Jun-26: ₹18,838; Mar-26: ₹18,076; Jun-25: ₹9,124
LC/VBD: Jun-26: ₹51; Mar-26: ₹656; Jun-25: ₹668

Consolidated Cash Flow Statement (₹ Mn)

Cash Flow from Operating Activities: Q1FY27: ₹8,185; Q4FY26: ₹15,982; Q1FY26: ₹10,688
Cash Flow from/(used in) Investing Activities: Q1FY27: ₹-2,821; Q4FY26: ₹-14,203; Q1FY26: ₹-10,831
Cash Flow from/(used in) Financing Activities: Q1FY27: ₹-8,162; Q4FY26: ₹-1,261; Q1FY26: ₹-530
Net Increase/(Decrease) in Cash and Cash Equivalents: Q1FY27: ₹-2,798; Q4FY26: ₹519; Q1FY26: ₹-673

Other Key Data Points

Advertisement and Sales Promotion Expense: Q1FY27: ₹328; Q4FY26: ₹520; Q1FY26: ₹150,139
Capex Spends: Q1FY27: ₹3,166; Q4FY26: ₹3,906; Q1FY26: ₹4
Cash Position*: Jun-26: ₹39,900; Mar-26: ₹41,940; Jun-25: ₹31,160
Net Goods in Transit*: Jun-26: ₹4,340; Mar-26: ₹2,703; Jun-25: ₹3,770
Exports Revenue: Q1FY27: ₹2,671 (3.3%); Q4FY26: ₹3,859 (4.4%); Q1FY26: ₹3,061 (5.2%)

Working Capital Metrics

Average Working Capital Days

Receivable Days: Q1FY27: 35; FY26: 40; FY25: 38; FY24: 33
Inventory Days: Q1FY27: 83; FY26: 78; FY25: 80; FY24: 91
Payable Days*: Q1FY27: 103; FY26: 93; FY25: 73; FY24: 81
Net Working Capital: Q1FY27: 15; FY26: 25; FY25: 44; FY24: 44

Closing Working Capital Days

Receivable Days: Q1FY27: 39; FY26: 47; FY25: 42; FY24: 41
Inventory Days: Q1FY27: 96; FY26: 94; FY25: 79; FY24: 101
Payable Days*: Q1FY27: 132; FY26: 130; FY25: 72; FY24: 94
Net Working Capital: Q1FY27: 3; FY26: 12; FY25: 49; FY24: 48

*Including Acceptances

Other Financial Details

Other Income Breakdown (₹ Mn)

Interest Income: Q1FY27: ₹168; Q4FY26: ₹134; Q1FY26: ₹189
Gain/(Loss) on Redemption of Investment: Q1FY27: ₹737; Q4FY26: ₹363; Q1FY26: ₹424
Fair Value (MTM) of Financial Assets: Q1FY27: ₹-; Q4FY26: ₹1; Q1FY26: ₹-
Exchange Differences (net): Q1FY27: ₹-; Q4FY26: ₹-; Q1FY26: ₹149
Miscellaneous Income: Q1FY27: ₹144; Q4FY26: ₹106; Q1FY26: ₹37
Total Other Income: Q1FY27: ₹1,049; Q4FY26: ₹604; Q1FY26: ₹799

Finance Cost Breakdown

Bank Interest on Borrowings: Q1FY27: ₹19; Q4FY26: ₹20; Q1FY26: Not specified
Interest on LC/VBD/Leases and Other Borrowing Costs: Q1FY27: ₹667; Q4FY26: ₹646; Q1FY26: ₹381
Other Costs: Q1FY27: ₹114; Q4FY26: ₹80; Q1FY26: ₹118
Total Finance Cost: Q1FY27: ₹800; Q4FY26: ₹746; Q1FY26: ₹513

Shareholding Pattern

As of June 30, 2026, with DII (Domestic Institutional Investors) including Mutual Funds, and FII (Foreign Institutional Investors) including Foreign Portfolio - Corp and Foreign Corporate Bodies. QIB/AIF stands for Qualified Institutional Buyer/Alternative Investment Fund. Specific percentages not provided in the document.

Safe Harbour Statement

The document contains forward-looking statements based on certain expectations, assumptions, and factors including but not limited to fluctuations in earnings, market growth, intense competition, pricing environment, consumption levels, ability to maintain customer relationships and supply chain sources, changes in regulatory environments, political instability, changes in international copper, aluminum, oil prices and input costs, and new or changed priorities of trade. The company cannot guarantee realization of forward-looking statements and may alter them based on subsequent developments.

Definitions

1. Numbers on consolidated basis in ₹ million

2. Revenue: Revenue from operations

3. Segment Revenue: Total income (external sales) excluding finance income

4. EBITDA: Excludes other income

5. EBITDA Margin: EBITDA/Revenue

6. Segment EBIT: Includes other income and excludes finance income

7. Segment EBIT margin: Segment EBIT divided by Segment Revenue

8. PAT: Profit After Tax on reported basis excluding exceptional items and discontinued operations

9. PAT Margin: PAT for the period divided by Revenue

10. Net Cash: Cash & equivalents + Investments + Non-current Deposits Debt

11. Working Capital: Working capital days on Average basis calculated using average of balance sheet number and sum of trailing 12 months P&L number. Closing basis uses period close balance sheet number and sum of trailing 12 months P&L number

12. ROCE (Return on Capital Employed): (Profit before tax plus finance cost) divided by closing value of (Debt plus total equity including non-controlling interest)

as at period end