Polycab India Limited Earnings Summary — Q1 FY2027
Polycab India Reports 39% Revenue Growth and Robust Profit Expansion in Q1 FY2027
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 7.4% sequentially in Q1 FY2027.
- Revenue of ₹8,210 Cr is 39.0% higher year-on-year.
- Revenue has compounded at 18.6% annualised over the last 10 quarters.
- Net profit has reached its highest level in 10 quarters.
- Net profit of ₹784 Cr is 32.5% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 17.5% annualised across the period.
- Operating margin stands at 13.8% in Q1 FY2027.
- Operating margin compressed by 68 bps year-on-year.
- Over the last two years operating margin has expanded by 142 bps.
- PBT margin is 12.9%.
- Expenses grew 40.1% against revenue growth of 39.0%.
- Operating profit of ₹1,136 Cr is 32.5% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 70/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 8,210 | 8,864 | 7,636 | 6,477 | 5,906 | 6,986 | 5,226 | 5,498 | 4,698 | 5,592 |
| Expenses | Improving | 7,074 | 7,703 | 6,670 | 5,456 | 5,048 | 5,960 | 4,506 | 4,867 | 4,115 | 4,830 |
| Operating Profit | Improving | 1,136 | 1,161 | 966 | 1,021 | 858 | 1,025 | 720 | 632 | 583 | 762 |
| Operating Margin | Stable | 13.8% | 13.1% | 12.7% | 15.8% | 14.5% | 14.7% | 13.8% | 11.5% | 12.4% | 13.6% |
| Other Income | Volatile | 105 | 60 | 50 | 45 | 80 | 48 | 25 | 76 | 58 | 54 |
| Interest | Strong Uptrend | 80 | 75 | 69 | 48 | 51 | 33 | 50 | 45 | 41 | 24 |
| Depreciation | Improving | 103 | 98 | 106 | 97 | 86 | 80 | 79 | 72 | 67 | 66 |
| Profit Before Tax | Improving | 1,058 | 1,049 | 842 | 921 | 801 | 961 | 617 | 590 | 533 | 725 |
| Tax | Improving | 262 | 264 | 212 | 228 | 201 | 226 | 152 | 145 | 132 | 172 |
| Net Profit | Improving | 784 | 773 | 622 | 685 | 592 | 727 | 458 | 440 | 396 | 546 |
| Net Margin | Stable | 9.6% | 8.7% | 8.1% | 10.6% | 10.0% | 10.4% | 8.8% | 8.0% | 8.4% | 9.8% |
Key Takeaways
- Revenue from operations grew by 39% YoY to ₹82,097 million, driven by strong performance across core segments.
- The Wires and Cables segment remains the primary revenue driver, contributing ₹72,018 million (approx. 87% of gross segment revenue).
- FMEG segment showed significant momentum, with revenue increasing to ₹7,612 million compared to ₹5,098 million in the same quarter last year.
- Profit for the period reached ₹7,967 million, maintaining a healthy margin despite a sequential decline in overall revenue.
- The company effectively managed material costs, which rose to ₹65,124 million, reflecting increased scale and production activity.
- Total comprehensive income for the period stood at ₹7,884.24 million, a sharp rise from ₹5,902.53 million in Q1 FY26.
Management Guidance
Management maintains a positive outlook on infrastructure-led demand in India. The company continues to focus on the 'Project Leap' initiative aimed at achieving ₹200 billion in sales by FY26, which has been significantly exceeded, shifting focus now to premiumization and B2C segment expansion.
Sentiment Shift
Improving
The company continues to demonstrate high-quality compounding with strong YoY growth in both the core W&C segment and the developing FMEG vertical.
Outlook
The outlook remains strong supported by massive government infrastructure spending and a healthy real estate cycle. The company's net-debt-free status and high ROCE provide ample room for continued capacity expansion.
From the Annual Report (Key Quotes)
“The Amalgamation of Uniglobus Electricals and Electronics has been accounted for with the appointed date of April 01, 2025.”
“During the quarter, the Parent Company has allotted 84,545 equity shares upon exercise of options under the ESOP Scheme 2018.”
“Extended Producer Responsibility (EPR) obligations have been imposed effective 1 April 2026, though the detailed implementation framework is yet to be notified.”
Official Quarterly Documents
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This summary is AI-generated from Polycab India Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.