Financial Performance Overview

Q2 FY27 Performance:

  • Consolidated Revenue: ₹98,989 Mn, up 53% YoY
  • EBITDA: ₹14,225 Mn, up 39% YoY
  • PAT: ₹9,900 Mn, up 43% YoY
  • PAT Margins: 10.0%
  • EBITDA Margins: 14.4% (improved ~53 bps sequentially)

H1 FY27 Performance:

  • Revenue: ₹181,086 Mn, up 46% YoY from ₹123,832 Mn in H1 FY26
  • EBITDA: ₹25,587 Mn, up 36% YoY from ₹18,784 Mn in H1 FY26
  • PAT: ₹17,867 Mn, up 38% YoY from ₹12,927 Mn in H1 FY26
  • PAT Margins: 9.9%
  • EBITDA Margins: 14.1%

Segment-wise Performance (Q2 FY27)

Wires & Cables Business:

  • Revenue growth: 47% YoY
  • Domestic revenue growth: 50% YoY
  • International business growth: 17% YoY
  • Wires segment outperformed cables segment
  • Channel sales grew faster than institutional sales
  • EBIT margins improved sequentially
  • International business contributed 4.2% of consolidated revenue in H1 FY27

FMEG Business:

  • Revenue growth: 124% YoY (more than doubled)
  • EBIT Margins: 10.1% (all-time high, first time crossing double-digit threshold)
  • Solar segment led growth with multifold expansion
  • Solar retained position as largest contributor to segment revenues
  • Strong demand across all key product categories

EPC Business:

  • Revenue growth: 53% YoY
  • EBIT Margins: 7.2%
  • Healthy order book position
  • H1 FY27 EBIT Margins: 8.5%
  • H1 FY27 Revenue growth: 23% YoY

H1 FY27 Segment Revenue Details

  • Wires & Cables Business: ₹154,557 Mn, up 44% YoY from ₹107,641 Mn in H1 FY26
  • FMEG Business: ₹17,543 Mn, up 97% YoY from ₹8,897 Mn in H1 FY26

Balance Sheet and Liquidity

  • Net cash position as of September 30, 2026: ₹45.2 Bn
  • Net cash position as of September 30, 2025: ₹29.4 Bn
  • Strong cash generation supporting growth initiatives

Management Commentary

Mr. Inder T. Jaisinghani, Chairman and Managing Director, commented on the performance:

  • Q2 FY27 marked another quarter of strong execution and meaningful progress
  • Delivered highest-ever second quarter and half-yearly revenue and profitability
  • Strength of market position and robust performance of Wires & Cables business
  • Continued strengthening of FMEG business
  • Domestic demand environment remains encouraging
  • Supported by healthy infrastructure spending, increasing electrification opportunities, and improving private sector investment activity
  • International business maintained growth momentum despite uncertain geopolitical environment
  • Project Spring initiatives driving growth acceleration, premiumization, and market penetration
  • Diversified geographic presence and expanding customer base
  • Strong order book position for continued growth
  • Scale-driven growth strategy and enhanced portfolio mix driving profitability
  • Commitment to delivering superior value to customers, partners, and shareholders

Operational Highlights

  • Growth supported by sustained infrastructure activity
  • Strong execution on the ground under Project Spring initiatives
  • Operational efficiencies and favorable business mix supporting margin improvement
  • Diversified geographic presence across 94 countries globally
  • Expanding customer base and strong order book

Company Background

Polycab India Limited is India's largest manufacturer of Wires and Cables and one of the fastest growing FMEG companies with:

  • Consolidated turnover of ₹285+ Bn in FY26
  • Distribution network: 3,900+ authorized dealers and 190,000+ retail outlets
  • Manufacturing: 26 facilities across India
  • Offices: 15 locations
  • Warehouses: 35 facilities
  • Employees: 4,500+
  • Global presence: Served customers in 94 countries