Polycab Q1 FY26: Profit up 50%, shares jump 3%

Why Polycab’s quarterly print mattered

Polycab India Ltd reported a strong set of Q1 FY26 numbers, led by year-on-year growth in revenue, profit and operating metrics. The update also triggered a sharp reaction in the market, with the stock rising nearly 3% on the BSE after the results. Investors tracked the improvement in profitability, changes in margins, and the pace of growth in the company’s core wires and cables business.

The latest quarter also sits alongside a broader run of strong prints through FY25 and into FY26, including record Q3 and strong nine-month performance up to December 2025. Across disclosures in the provided data, Polycab’s growth has been linked to demand in key segments and internal execution efforts, including cost controls and pricing.

Q1 FY26 revenue and profit: the headline numbers

In Q1 FY26, Polycab’s revenue from operations stood at ₹5,906 crore, compared with ₹4,698 crore in Q1 FY25. The company’s year-on-year revenue growth for the quarter was stated as 26%.

On profitability, two profit figures are cited in the provided information for Q1 FY26. One set of numbers states net profit of ₹600 crore in Q1 FY26 versus ₹402 crore in Q1 FY25, along with EPS of ₹39.34 versus ₹26.34. Another set states consolidated net profit (PAT) of ₹592 crore, up 50% from ₹396 crore in Q1 FY25.

Even with this variation in reported profit numbers, both sets point to a strong year-on-year jump in earnings in Q1 FY26, alongside higher EPS.

Margins and EBITDA: operating leverage in focus

Polycab’s Q1 FY26 EBITDA was ₹858 crore, with 47.1% year-on-year growth as per the data. The quarter’s EBITDA margin was 14.5%, described as an improvement of over 200 basis points compared to Q1 FY25.

The update also cited a gross margin improvement of 230 basis points year-on-year, and a PAT margin rise of 170 basis points, taking Q1 FY26 PAT margin to 10.2%. Separately, the provided Q4 highlight table referenced an EBITDA margin of 26% for that quarter, indicating margin levels can vary meaningfully across quarters.

Sequential trend: Q1 decline versus Q4 FY25

While Q1 FY26 was stronger year-on-year, it was lower sequentially on revenue. The quarter recorded a 15% quarter-on-quarter decline from ₹6,986 crore in Q4 FY25 to ₹5,906 crore in Q1 FY26, as per the data.

This sequential drop is important context for investors who track seasonality and quarterly volatility, particularly in businesses tied to project execution cycles and product mix.

Stock reaction: nearly 3% rise after results

Polycab shares rose nearly 3% after the Q1 FY26 results, as per the provided price action. On the BSE, the stock:

• Opened at ₹6,998 per share
• Hit an intraday high of ₹7,080
• Touched an intraday low of ₹6,939.05

The move was linked in the data to the profit surge, EBITDA growth, and stronger margins, with wires and cables performance and operational efficiency highlighted as key drivers.

FY25 annual performance: revenue above ₹22,000 crore

For FY24-25, Polycab’s revenue was reported at ₹22,408 crore, compared with ₹18,039 crore in FY23-24. Net profit for FY24-25 was ₹2,046 crore, compared with ₹1,803 crore in FY23-24, while EPS was ₹134.28 versus ₹118.75.

In a separate annual snapshot (labelled FY24 in the provided data), Polycab’s revenue was stated at ₹18,000 crore, net profit at ₹1,900 crore, and EPS at ₹115.41. These figures broadly align with the FY23-24 scale but are presented as a distinct summary.

The company commentary in the supplied text also described FY25 as a “landmark year”, citing revenues surpassing ₹220 billion (₹22,000 crore) and profitability surpassing ₹20 billion (₹2,000 crore).

Segment performance signals: wires and cables lead

The provided Q4 highlight table noted wires and cables grew by 19.3%, while the FMEG segment increased 17.3%, with seasonal products referenced as contributors.

Another section, focused on the December quarter (Q3 FY26), stated the core wires and cables business grew 46% YoY, and that the company delivered 46% YoY revenue growth for the quarter, ahead of consensus estimates of around 30%.

Q3 FY26 and 9M FY26: record quarter and milestone revenue

Polycab’s Q3 FY26 performance (quarter ended December 31, 2025) was described as its best-ever, with revenue of ₹7,636.1 crore (₹76,361 million) and EBITDA of ₹966.1 crore (₹9,661 million). Profit after tax (PAT) for the quarter was ₹630.2 crore (₹6,302 million). The quarter’s EBITDA margin was 12.7%, and PAT margin was 8.3%.

For 9M FY26, Polycab reported revenue of ₹20,019.3 crore (₹2,00,193 million), EBITDA of ₹2,844.4 crore (₹28,444 million), and PAT of ₹1,922.8 crore (₹19,228 million). The company also noted that nine-month revenue crossed ₹200 billion (₹20,000 crore) for the first time.

Balance sheet and key market metrics cited

The dataset also included select market and balance sheet indicators: cash of ₹699.71 crore, debt of ₹0 crore, promoter holding of 61.5%, and EPS (TTM) of ₹172.11. It also cited ROE of 22.58%, along with a note that the company has maintained healthy ROE of 22.5945% over the past three years.

In another disclosure for the December 2025 quarter, Polycab’s net cash position was stated at ₹3,030 crore (₹30.3 billion), up from ₹1,710 crore (₹17.1 billion) in the year-ago quarter.

Key numbers at a glance

Broker views and targets mentioned

Following the December-quarter results, multiple brokerages were cited as maintaining positive ratings and raising targets. Citi maintained a ‘Buy’ rating with a target price of ₹9,500, and Jefferies kept a ‘Buy’ rating with a target of ₹9,225. Morgan Stanley’s target price was stated as ₹9,373 with an ‘Overweight’ stance.

The data also noted that Jefferies flagged the stock’s near 50% rally since March 2025, while still trading at a slight discount to its five-year average valuation.

Market impact and why investors tracked it

The market reaction in Q1 FY26 was tied to a mix of higher year-on-year profit, faster EBITDA growth than revenue, and reported improvements in gross and PAT margins. The sequential revenue decline from Q4 FY25 to Q1 FY26 remained a key counterpoint, but the year-on-year trend was clearly positive.

Across the broader FY25 and FY26 updates, investors also received signals on segment momentum, with wires and cables repeatedly described as the primary growth driver. Additional data points such as the company’s cash position, zero debt, and cited ROE metrics added to the overall assessment of financial strength.

What to watch next

Polycab’s next checkpoints, based on the provided timeline references, include monitoring quarterly performance through FY26, especially around margins and segment-level growth. The dataset also referenced an earnings date for Q3 FY25-26 on 16 January 2026, which aligns with the December-quarter disclosures included in the text.

Future updates on wires and cables demand, FMEG momentum, and any shifts in margin trajectory remain central to how the market prices Polycab’s earnings strength.