Jefferies has reiterated its ‘Buy’ rating on Polycab with a target price of ₹9,220, projecting an upside potential of 50.5% from the current market price of ₹6,125.00.
The brokerage highlighted that wire demand has slackened due to softening copper prices and higher channel inventory at the start of Q3. However, Polycab has provided healthy guidance for the medium term, making it a favorable play on capex and housing growth. Jefferies expects a robust FY24-27 sales/PAT CAGR of 24% and 25%, respectively, driven by steady demand across its segments.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
