POLYCAB · Capital Goods
Polycab India Ltd. reported revenue of ₹9,899 cr for July to September 2026, +52.8% on the year and +20.6% on the quarter. That is faster than this quarter has grown in recent years (+24.1% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹34,609 cr, +40.7% on the four before.
Operating profit (EBITDA) was ₹1,422 cr, a margin of 14.4%, −140 bps on the year and +53 bps on the quarter. Over the last 8 quarters the margin has ranged from 12.7% to 15.8%, averaging 14.1%. Operating costs grew +55.4%, faster than revenue at +52.8%, so operating profit grew less than sales.
Net profit was ₹990 cr, +42.9% on the year and +24.2% on the quarter, with earnings per share of ₹64.86. Profit before other income, one-offs and tax grew 39.0%, so 4 points of the headline growth came from outside the core business. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹3,203 cr, +28.6% on the four before.
Of the 58 companies in Capital goods and EPC that have reported Q2 FY27 so far, Polycab India Ltd. ranks 7th on revenue growth; the sector median is +18.8%. Its margin moved −140 bps on the year against a sector median of +6 bps.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹209.56 over the last four quarters, the stock at ₹7,832.50 trades at 37.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,340 cr | ₹5,592 cr | ₹4,698 cr | ₹5,498 cr | ₹5,226 cr | ₹6,986 cr | ₹5,906 cr | ₹6,477 cr | ₹7,636 cr | ₹8,864 cr | ₹8,210 cr | ₹9,899 cr |
| YoY | — | — | +21% | +30% | +20% | +25% | +26% | +18% | +46% | +27% | +39% | +53% |
| EBITDA margin | 13.1% | 13.6% | 12.4% | 11.5% | 13.8% | 14.7% | 14.5% | 15.8% | 12.7% | 13.1% | 13.8% | 14.4% |
| Other income, % of PBT | 13% | 7% | 11% | 13% | 4% | 5% | 10% | 5% | 6% | 6% | 10% | 7% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 24% | 25% | 25% | 25% | 24% | 25% | 25% | 25% | 25% | 25% | 24% |
| Net profit | ₹417 cr | ₹553 cr | ₹402 cr | ₹445 cr | ₹464 cr | ₹734 cr | ₹600 cr | ₹693 cr | ₹630 cr | ₹786 cr | ₹797 cr | ₹990 cr |
| YoY | — | — | −0% | +3% | +11% | +33% | +49% | +56% | +36% | +7% | +33% | +43% |
| Core profit YoY | — | — | +2% | −2% | +25% | +36% | +52% | +70% | +34% | +8% | +32% | +39% |
| EPS | ₹27.49 | ₹36.34 | ₹26.34 | ₹29.24 | ₹30.42 | ₹48.31 | ₹39.34 | ₹45.54 | ₹41.30 | ₹51.33 | ₹52.07 | ₹64.86 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Polycab India Ltd. reported revenue of ₹9,899 cr (+52.8% on the year) and net profit of ₹990 cr (+42.9% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +39.0% on the year, against +42.9% for reported profit.
None of the 7 checks that could run raised a question.
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