Polycab shares jump 6% in FY26 Q4; targets to ₹10,500

Stock reaction: 6% jump and a fresh 52-week high

Polycab India shares rallied sharply on Thursday after the company reported a stronger-than-expected March quarter (Q4 FY26) performance and issued upbeat commentary on demand. The stock opened at ₹8,499 and moved higher through the session. It touched an intraday high of ₹8,988.50 and was also reported around ₹8,950 in late-morning trade, up about 6.3%. Another update pegged the day’s high near ₹8,940.

The surge pushed the stock to a fresh 52-week high during the session. At around 11:30 am on BSE, Polycab’s market capitalisation was cited at ₹1,34,748.65 crore. The move came as investors positioned for continued demand in cables and electrical equipment amid infrastructure, housing and power-related spending.

What drove the move: earnings beat and management guidance

The immediate trigger was Polycab’s Q4 FY26 earnings, which were described as better than Street expectations on key metrics. Despite references to a soft quarter in parts of the business, multiple brokerage notes highlighted that the company’s core growth trajectory remained intact. The company also pointed to constraints such as commodity price volatility and a demand slowdown in March, but still posted record quarterly revenue and profit for FY26.

Alongside the reported numbers, sentiment improved on expectations that organised players in wires and cables could keep benefiting from sector demand. Brokerages raised target prices, and the stock began trading around the upper end of the ranges mentioned in those notes.

Q4 FY26: revenue, profit, margins and EPS

For the quarter ended March 2026, Polycab reported consolidated revenue from operations of ₹8,864.48 crore. This represented a quarter-on-quarter increase of 16.09% from ₹7,636.13 crore reported in the preceding quarter. Another line item in the source also expressed the quarter’s revenue as ₹88,645 million, which is equivalent to about ₹8,864.5 crore.

Net consolidated profit for Q4 FY26 rose 6.98% year-on-year to ₹785.6 crore. EBITDA increased 13% year-on-year to ₹1,161 crore, with consolidated margins at 13.1%. Profit before tax (PBT) was cited at ₹1,049.30 crore, up 24.59% sequentially. EPS was reported at 51.33.

Segment signals: domestic growth, exports and international mix

Brokerage commentary pointed to steady traction in the core wires and cables (W&C) segment, with domestic revenue in W&C rising 30.3% year-on-year. Exports grew 17.8%, aided by strong cable demand, according to a PL Capital report referenced in the source.

The same note stated that international business contributed 4.4% to consolidated revenue. W&C segment EBIT margin was cited at 13.1%, with the report attributing pressure to lower export contribution, higher institutional mix, and operating deleverage.

Dividend and corporate updates in focus

Polycab announced a 470% dividend for FY26. Another company update cited in the source said the company recommended a dividend of ₹47 per equity share. These announcements added to the positive tone around the results.

Separately, Reuters updates listed in the source also noted that Polycab extended the tenure of CFO Niyant Maru to April 2027, and referenced the company’s earnings call held on May 06, 2026.

Brokerage target hikes: Citi, Jefferies, Motilal, HSBC, PL Capital

Following the results, multiple brokerages raised their target prices. Citi maintained a ‘Buy’ rating and increased its target to ₹10,500 from ₹9,500. Jefferies raised its target price to ₹9,770 from ₹8,950.

Motilal Oswal raised its target to ₹9,800 from ₹9,350 and said it expects strong revenue and profit growth for FY26 to FY28. HSBC maintained a ‘Buy’ rating and lifted its target price to ₹9,500 from ₹8,500.

PL Capital gave a ‘Buy’ rating with a target price of ₹10,282 in the long term.

Key numbers snapshot

Market impact: where investors are watching the stock

The stock is now being monitored for whether it can sustain momentum in the ₹9,500 to ₹10,500 zone referenced by multiple brokerages. The move also reflects broader investor positioning around infrastructure, housing and power themes, which are important end markets for wires, cables and electrical equipment.

Performance figures cited in the source showed Polycab up 19.42% over one month, and another update said the stock had gained 23.9% in the last month. The same performance table showed gains of 10.39% over three months and 10.85% over six months.

Analysis: what the Q4 print says about demand and risks

The March quarter numbers underscored that Polycab managed to deliver growth even amid commodity volatility and reported March demand softness. Segment commentary also suggests the mix of domestic demand, exports, and institutional versus retail channels remains a key driver of margins.

Risks highlighted in the source included sharp fluctuations in commodity prices, especially copper and aluminium. The article also cited that, among 34 analysts covering Polycab, 25 had ‘Buy’ ratings, seven had ‘Hold’, and two had ‘Sell’.

Conclusion: upgraded targets meet stronger earnings momentum

Polycab’s Q4 FY26 results, dividend announcement, and positive brokerage revisions pushed the stock to a fresh 52-week high in Thursday’s session. With targets ranging up to ₹10,500, the near-term focus is on whether the stock holds above key levels mentioned by brokerages and how management commentary translates into subsequent quarters.

The next clear signposts are follow-through from the May 06, 2026 earnings call, subsequent quarterly execution, and how margins behave amid commodity price moves and demand conditions.