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Polycab's hit Q2 hides weak links
Mint Chennai
|October 24, 2025
Exceeding expectations Polycab India's Ebitda margin touched a multi-quarter high in Q2FY26, aided by the wires & cables segment's robust performance.
Polycab India Ltd could well deliver around 25% revenue growth for the third year in a row in FY26. Consolidated revenue increased 21% year-over-year (yo-y) for HIFY26, and a pickup is anticipated, which is expected to boost growth rates in H2.
Polycab put up a stellar show in Q2FY26. Consolidated Ebitda beat analysts' estimates, jumping 62% yo-y to ₹1,021 crore, even as revenue growth was much slower at 18% to ₹6,500 crore.
Ebitda performance was driven by strong demand across both domestic and export markets, and a better product mix in its key segment, wires & cables (W&C), which contributed 87% of Q2 revenue and increased by 21%. W&C earnings before interest and taxes (Ebit) expanded 270 basis points (bps) to 15.1%, aided by a higher share of premium wires. Exports grew faster at 25% despite the tariff-led uncertainties in the US market, which formed 20% of total exports.
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