Polycab Posts Q2 Revenue Of ₹9,900 Crore And Net Profit Of ₹1,000 Crore

Market snapshot: Polycab India Limited reported its Q2 financial results, beating analyst expectations across revenue, profitability, and operating metrics. Revenue from operations increased significantly year-on-year to ₹9,900 crore, while consolidated net profit surged to ₹1,000 crore.

Data Snapshot

• Consolidated Net Profit: ₹1,000 crore vs ₹690 crore YoY (Consensus estimate: ₹820 crore)
• Consolidated Revenue: ₹9,900 crore vs ₹6,500 crore YoY (Consensus estimate: ₹8,889 crore)
• EBITDA: ₹1,420 crore vs ₹1,020 crore YoY (Consensus estimate: ₹1,221 crore)
• EBITDA Margin: 14.37% vs 15.76% YoY (Consensus estimate: 13.7%)

What's Changed

• Revenue grew by 52.31% YoY to ₹9,900 crore compared to ₹6,500 crore in the year-ago quarter.
• Consolidated net profit expanded by 44.93% YoY to ₹1,000 crore compared to ₹690 crore previously.
• EBITDA margin contracted by 139 basis points YoY to 14.37% from 15.76%, but beat market expectations of 13.7%.

Key Takeaways

• Polycab beat market expectations across revenue, operating profit, and net profit metrics in Q2.
• Revenue surpassed consensus estimates by over 11%, reaching ₹9,900 crore.
• Net profit of ₹1,000 crore comfortably exceeded street projections of ₹820 crore by nearly 22%.
• Operating margin of 14.37% beat the street estimate of 13.7%, demonstrating strong cost pass-through capabilities.

SAHI Perspective

Polycab's Q2 earnings reflect robust volume execution and market leadership in wires and cables. While EBITDA margins moderated compared to the high base of the previous year, operational leverage and top-line expansion helped deliver earnings well above market estimates.

Market Implications

The beat on both revenue and margin projections signals resilient demand across institutional infrastructure, real estate, and consumer segments. Strong earnings delivery could support valuation multiples for leading electrical equipment play manufacturers.

Trading Signals

Market Bias: Bullish

Polycab's Q2 net profit of ₹1,000 crore beat street estimates by nearly 22%, driven by a 52.31% YoY surge in top-line revenue to ₹9,900 crore.

Overweight: Capital Goods, Wires & Cables / Electrical Equipment

Trigger Factors:

• Sustained government infrastructure outlay and real estate demand
• Raw material price movement across copper and aluminum
• Management outlook during post-earnings analyst call

Time Horizon: Near-term (0-3 months)

Industry Context

The Indian wires and cables sector continues to benefit from institutional infrastructure creation, private capital expenditure in industrial real estate, and steady residential development momentum.

Key Risks to Watch

• Volatility in global raw material prices, particularly copper and aluminum
• EBITDA margin pressure from competitive intensity in retail fast-moving electrical goods

Recent Developments

Polycab India scheduled its Board of Directors meeting on October 15, 2026, to review and approve the unaudited standalone and consolidated quarterly results for the period ended September 30, 2026.

Closing Insight

Polycab's top-line acceleration and operational control affirm its strong competitive positioning, turning strong volume demand into solid bottom-line profitability.

High Performance Trading with SAHI.