Polycab Q4 FY26 Results: Revenue +27%, Dividend Rs 47

What Polycab reported for the March 2026 quarter

Polycab India reported a strong March-quarter performance, led by its core wires and cables business and sustained growth in fast-moving electrical goods (FMEG). For the quarter ended March 31, 2026 (Q4 FY26), consolidated revenue rose 27% year-on-year to INR 8,865 crore. Profit after tax (PAT) increased 7% year-on-year to INR 786 crore. EBITDA rose 13% year-on-year to INR 1,161 crore, with an EBITDA margin of 13.1%. The company said execution across segments supported the quarterly growth.

Segment performance: Wires and cables remained the growth engine

Polycab said the wires and cables (W&C) business, its largest contributor, delivered 30% year-on-year growth in Q4 FY26. The company attributed this to strong domestic demand and improved execution. Within W&C, cables grew faster than wires during the quarter. Polycab also highlighted that institutional sales grew faster than channel sales in this segment. This mix matters because institutional volumes can influence the overall margin profile.

FMEG momentum continued, led by solar products

The FMEG segment posted 47% year-on-year revenue growth in Q4 FY26, described by the company as broad-based across product categories. Solar products stood out as a key driver, delivering nearly two-fold growth during the quarter. The update signals that newer categories within FMEG are contributing meaningfully to the growth mix. Polycab positioned the quarter’s performance as a continuation of momentum rather than a one-off spike.

EPC slipped as execution cycles shifted

In contrast to the core segments, Polycab’s engineering, procurement and construction (EPC) business saw a decline in Q4 FY26. Segment revenue fell 15% year-on-year, which the company linked primarily to the timing of project execution cycles. The EPC segment reported an EBIT margin of 7.6% during the quarter. This indicates that while profitability was disclosed, the top line was affected by project timing.

Margins stayed within guidance, but mix was a headwind

Polycab said EBITDA margins remained within its guided range of 12% to 14% during Q4 FY26. Still, the company acknowledged pressure from an unfavourable mix shift toward higher institutional sales and some operating deleverage. The reported EBITDA margin for the quarter was 13.1%. The margin commentary suggests that the company is balancing growth with mix and cost effects, especially when institutional volumes rise.

FY26 was Polycab’s highest-ever annual performance

For the full year FY26, Polycab reported what it called its highest-ever annual performance. Revenue rose 29% year-on-year to INR 28,884 crore. EBITDA increased 35% to INR 4,006 crore. PAT grew 32% to INR 2,708 crore, and the company reported margins improving to 9.4%. Alongside the annual results, the board recommended a dividend of INR 47 per share for FY26.

Balance sheet: net cash strengthened year-on-year

Polycab reported a net cash position of INR 4,190 crore as of March-end, compared with INR 2,460 crore a year earlier. The change points to stronger cash generation and a solid liquidity buffer. The company described the balance sheet as strong, supported by the higher net cash level at the end of FY26.

Project Spring and market share narrative

Polycab said it continued to gain market share during the year. It linked this to execution under its “Project Spring” strategy and sustained demand across both domestic and international markets. The company’s commentary focused on operational execution and demand conditions rather than issuing a forward numerical target in the provided text.

Stock reaction: multiple trading updates around results

Separate market updates in the provided text reported positive stock moves after quarterly results. One update said Polycab shares rose 0.8% to trade at INR 5,840 and hit the day’s high following a quarterly performance that surpassed analyst expectations. Another update noted shares rising as much as 1.6% to INR 5,892 after results. A further update cited a 4.21% jump to INR 6,042.95, and another report mentioned the stock rising over 2% to INR 5,942. Since these figures likely reflect different sessions and reports, the common signal is that results-triggered sentiment was positive in the immediate aftermath.

Key numbers at a glance

Why the results matter for investors tracking electricals

The Q4 FY26 numbers show Polycab extending double-digit growth while keeping EBITDA margin within its stated guidance band. The segment split also matters: W&C growth of 30% and FMEG growth of 47% helped offset a 15% decline in EPC revenue. For investors, the FY26 outcome is notable because the company reported record annual revenue (INR 28,884 crore) and PAT (INR 2,708 crore), alongside a higher dividend recommendation of INR 47 per share. The net cash improvement to INR 4,190 crore adds to balance-sheet comfort, especially in a sector where working capital and commodity-linked cycles can influence cash flows.

Conclusion

Polycab’s Q4 FY26 performance was led by strong growth in wires and cables and a sharp increase in FMEG revenue, while EPC softened due to project timing. The company closed FY26 with record revenue, higher profits, a recommended dividend of INR 47 per share, and stronger net cash. The next key milestones for shareholders will be dividend-related approvals and any additional strategy or demand commentary as the company continues executing “Project Spring.”