Polycab India Delivers Record Q1 FY27 Results: Revenue Jumps 39% to ₹82,097 Million, Solar Drives FMEG Surge

Polycab India Limited (BSE: 542652, NSE: POLYCAB), India's leading manufacturer of electrical infrastructure, today announced its financial results for the first quarter of fiscal year 2027 ended June 30, 2026. The company achieved its highest-ever first-quarter performance across revenue, operational earnings, and net profitability, driven by domestic infrastructure demand and expanding consumer product sales.

Key Financial Highlights: Q1 FY27

Polycab's financial trajectory during the quarter highlights strong volume expansions and stable margin management:

Consolidated Revenue: Climbed to ₹82,097 Million, marking a strong 39% year-on-year (YoY) growth over Q1 FY26.

Operating Profit (EBITDA): Grew 32% YoY to reach ₹11,362 Million. Consolidated EBITDA margins settled at a healthy 13.8%, supported by scale efficiencies.

Profit After Tax (PAT): Surged 33% YoY to stand at ₹7,967 Million, yielding a 9.7% net profit margin.

Segment Performance Breakdown

The company's performance was led by strong core execution across its key business divisions:

Wires & Cables (W&C) Business

The core Wires and Cables division reported a 39% YoY revenue expansion for the quarter, anchored by a robust 43% increase in domestic revenues. The performance reflects on-ground execution under Project Spring, alongside sustained institutional and real estate demand. Within this block:

The retail wires segment outperformed the heavy industrial cables segment.Channel partner sales grew faster than direct institutional bookings within the cables division.

The international business experienced a 13% YoY decline during the quarter. However, management noted that its diversified global footprint and a healthy pipeline indicate solid structural support moving forward.

EBIT margins for the segment improved sequentially, as a superior domestic product mix and cost efficiencies offset the impact of lower export volumes.

Fast-Moving Electrical Goods (FMEG) Business

The FMEG vertical delivered a standout 71% YoY revenue growth during the quarter, showing broad-based momentum across all retail categories.

Solar Lead: Solar products acted as the main category driver, achieving more than a two-fold growth over the previous year to retain its position as the largest product block in the FMEG portfolio.

Margin Expansion: Greater operating leverage and premium product additions pushed the division's EBIT margin up to 8.0%. This performance aligns closely with Project Spring's long-term target of achieving FMEG EBITDA margins between 8% and 10% by FY30.

Engineering, Procurement, and Construction (EPC) Business

EPC segment revenues decreased 11% YoY, which the company attributed to the typical layout and timing of large infrastructure project execution cycles. Despite the minor drop in quarterly billings, the division locked in a healthy EBIT margin of 11.0% and maintains a strong project execution pipeline.

Strategic Growth Framework

The quarterly performance shows that Polycab's multi-year structural transformation under Project Spring is continuing to deliver results. The company successfully navigated a minor slowdown in international shipments by capturing higher-margin domestic channel distribution and scaling up its green-energy solar offerings. Supported by strong internal capacity utilization and stable raw material conversion, Polycab India starts FY27 well-positioned to maintain its volume growth trajectory in both consumer and industrial electrical ecosystems.

Commenting on the performance, Mr. Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said: "We have entered FY2027 with strong momentum, achieving our highest-ever first-quarter revenue and profit performance. The Wires and Cables segment maintained its robust growth trajectory, supported by healthy domestic demand and effective operational execution. Our FMEG business delivered an outstanding quarter, continuing to strengthen its profitability through a strong product portfolio, enhanced operational efficiencies and a growing shift towards premium products. Our international business continues to be a key driver of the next phase of growth, supported by a strong order book. Meanwhile, the EPC segment remains on a solid footing, underpinned by a healthy order backlog and a strong project execution pipeline. Looking ahead, sustained government infrastructure investments and improving on-ground project implementation are expected to create significant growth opportunities. Supported by a strong financial position and ongoing investments in capacity enhancement, innovation, and distribution expansion, we are well-positioned to strengthen our market leadership and deliver sustainable, industry-leading growth over the long term."

Shares of Polycab India Limited was last trading in BSE at Rs. 9216.10 as compared to the previous close of Rs. 9328.75. The total number of shares traded during the day was 45482 in over 16122 trades.

The stock hit an intraday high of Rs. 9408.00 and intraday low of 9073.65. The net turnover during the day was Rs. 421315260.00.

Source : Equity Bulls

Keywords

PolycabIndia INE455K01017 Q1FY27 Q1FY2027 ResultUpdate