Polycab India Ltd shares jumped nearly 3% in morning trade after global brokerage Jefferies reaffirmed its ‘Buy’ rating and set a target price of ₹7,150 per share. The firm cited strong growth across Polycab’s core and emerging business verticals, along with solid future earnings visibility.
Since March 2025, Polycab shares have rallied 25%, currently trading at 34x FY26 earnings—only slightly higher than its 5-year average valuation, according to Jefferies. A key factor behind this growth is Polycab’s consistent expansion in its core Cables & Wires (C&W) segment, where it gained 1% market share in FY25.
The brokerage highlighted that Polycab has invested ₹2,800 crore in capex over the past four years, fueling a 26% CAGR in sales within the C&W segment. Meanwhile, the FMEG (Fast-Moving Electrical Goods) business turned profitable in FY25 after 10 straight loss-making quarters, signaling a major turnaround.
Polycab’s FY25 annual report also spotlighted Project ‘Spring’ and ambitious FY30 growth plans. Jefferies projects a 26% CAGR in EPS from FY25 to FY28, driven by an expanding order book, improving margins in FMEG, and enhanced operational efficiency.
Polycab stock opened at ₹6,000.50, touched a high of ₹6,178.50, and a low of ₹5,975.00 during the session. Currently, the 52-week high stands at ₹7,605.00, while the 52-week low is ₹4,555.00.
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