• Event Type: Q2 FY27 Earnings Conference Call held on October 15, 2026, followed by a question-and-answer session.
  • Date and Time: The call was held on October 15, 2026; specific time and time zone were not mentioned in the disclosure.
  • Purpose: Discussion of Q2 FY27 results approved in the Board meeting held earlier on the same day (October 15, 2026).
  • Earnings Timing: The meeting was scheduled after the earnings announcement, as the results were approved in the Board meeting earlier that day.
  • Management Participants: Mr. Nikhil Jaisinghani (Joint Managing Director), Mr. Niyant Maru (Chief Financial Officer), and Mr. Aditya Nathany (Head, Investor Relations).
  • Availability of Materials: The earnings presentation, financial results, and financial statements were referenced as available on the stock exchanges and the investor relations page of the company's website. The transcript itself was submitted to the exchanges.
  • UPSI Statement: The company did not include any specific statement regarding unpublished price sensitive information in this disclosure.

Financial Highlights and Business Updates

Consolidated Financial Performance (Q2 FY27):

  • Revenue grew by 53% year-on-year
  • EBITDA increased by 39% year-on-year
  • EBITDA margins expanded by more than 50 basis points sequentially to 14.4%
  • Profit After Tax reached INR 9,900 million (INR 990 crore), representing 43% year-over-year increase
  • PAT margins stood at 10.0% for the quarter

Segment-wise Performance:

Wires and Cables Business:

  • Delivered 47% year-on-year revenue growth
  • Domestic business grew by 50% year-on-year
  • Volume growth in mid-to-high single-digit range
  • Wires outpaced cables in terms of growth
  • Channel sales grew faster than institutional sales
  • Regional contribution: West (largest), followed by South, North and East
  • Exports grew 17% year-on-year and 85% quarter-on-quarter
  • EBIT margins stood at 14.2%

FMEG Business:

  • Remarkable 124% year-on-year growth
  • 11th consecutive quarter of industry-leading growth
  • Solar products (largest category) registered multi-fold growth
  • Broader portfolio (fans, lighting, switches, switchgear, conduits, pipes and fittings) delivered healthy growth
  • EBIT margins crossed double-digit mark for the first time at 10.1%
  • Premium mix: fans at 33% premium category, lights at 38% premium

EPC Business:

  • Revenues of INR 6,171 million, representing 53% year-on-year growth
  • Segment profitability at INR 444 million
  • EBIT margin of 7.2%

Financial Position:

  • Net cash stood at INR 45.2 billion as of September 30, 2026 (vs. INR 29.4 billion a year ago)
  • Working capital cycle reduced to approximately 11 days in Q2 FY27
  • Capital expenditures of INR 6.1 billion during first half of the year

H1 FY27 Performance:

  • Strongest first half performance in company's history
  • Revenue grew by 46% year-on-year, crossing INR 180 billion
  • EBITDA increased by 36% year-on-year
  • EBITDA margins remained healthy at 14.1%
  • Profit after tax grew by 38% year-on-year
  • PAT margins of 9.9%

Strategic Updates:

  • Project Spring initiatives progressing in line with plan and yielding meaningful results
  • FMEG business achieved seventh consecutive profitable quarter
  • Company maintaining medium-to long-term EBITDA margin guidance of 11-13% for Wires and Cables
  • Expect FMEG margins in 8-10% range by FY30
  • EPC business expected to maintain high single-digit margins medium-to long-term
  • Export order pipeline remains strong with presence in 94 countries
  • EHV plant commissioning expected in FY28

Legal Matter Update:

  • Company filed appeal before NCLAT regarding Asier Metals matter (commercial dispute of INR 2.79 crores)
  • NCLAT stayed the order of admission and initiation of Corporate Insolvency Resolution Process (CIRP)
  • Early hearing completed on October 15, 2026
  • Order reserved, awaiting judgment
  • Company expressed reasonable confidence in favorable outcome
  • No expected adverse or material impact on financial or business operations

Additional Notes Section

  • The document represents the submission of the earnings conference call transcript to the stock exchanges as required under Regulation 30 of SEBI LODR Regulations, 2015.
  • The transcript includes detailed financial data and business performance metrics for Q2 FY27 and H1 FY27.
  • The call included extensive Q&A session with analysts covering margins, competition, growth outlook, segment performance, and legal matters.
  • Management provided detailed commentary on market conditions, demand trends, and strategic initiatives under Project Spring.
  • The document was digitally signed by Manita Carmen A. Gonsalves, Vice President Legal and Company Secretary of Polycab India Limited.