Shares of Polycab India gained 2% in early trade after global brokerage UBS reiterated its ‘Buy’ rating on the stock and raised the target price to ₹8,100, up from ₹7,150 earlier. As of 10:59 AM, the shares were trading 1.87% higher at Rs 7,015.00.
UBS noted that the company continues to demonstrate strong leadership in the Q1 FY26 performance. It highlighted that the FMEG (Fast-Moving Electrical Goods) segment recorded profitable growth for the second straight quarter, indicating consistent momentum in its non-wire and cable business.
UBS also said it remains constructive on the demand outlook, citing robust fundamentals and resilient consumption trends, which continue to support the stock’s upside potential.
Polycab India Q1 results
Polycab India posted a solid performance in Q1 FY26. Revenue from operations rose 26% year-on-year to ₹5,906 crore, up from ₹4,698 crore in the same quarter last year. Including other income, total income stood at ₹5,986 crore versus ₹4,756 crore YoY.
EBITDA jumped 47% YoY to ₹858 crore, well above street estimates of ₹762 crore. The EBITDA margin expanded to 14.52%, compared to 12.42% in Q1 FY25, showcasing improved operating leverage.
Net profit surged ~49% to ₹600 crore from ₹401 crore a year earlier. Profit before tax also rose nearly 50% YoY to ₹801 crore.
While total expenses grew 23% YoY to ₹5,185 crore due to higher input and employee costs, the company managed to offset the impact through strong execution and operating efficiency.
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