Polycab India delivered a landmark financial performance for the quarter and full year ended March 31, 2026, reporting its highest-ever quarterly and yearly revenue and profitability. The board also declared a bumper dividend of Rs 47 per share for FY26.
Q4 FY26 Highlights at a Glance
- Net Profit (Q4): Rs 786 crore — up 7% year-on-year from Rs 734 crore in Q4 FY25
- Revenue (Q4): Rs 8,864 crore — up 27% YoY from Rs 6,986 crore
- EBITDA (Q4): Rs 1,161 crore — up 13% YoY, margins at 13.1%
- EPS (Q4): Rs 52.18 per share vs Rs 48.31 in Q4 FY25
- Dividend: Rs 47 per share (470% of face value of Rs 10) for FY26, subject to AGM approval
Full Year FY26 — Record on Every Metric
FY26 was Polycab’s best year on every financial measure. For the full financial year ended March 31, 2026:
- Revenue: Rs 28,884 crore — up 29% YoY from Rs 22,408 crore in FY25
- EBITDA: Rs 4,006 crore — up 35% YoY, margins at 13.9%
- Net Profit: Rs 2,708 crore — up 32% YoY from Rs 2,046 crore
- Cash Balance: Rs 4,190 crore as of March 2026, versus Rs 2,460 crore a year ago
Consolidated revenues surpassed Rs 285 billion for the first time in the company’s history. The results were audited by B S R & Co. LLP with an unmodified opinion.
Segment Performance
The Wires and Cables segment remained the dominant revenue contributor, growing 33% YoY to Rs 25,179 crore in FY26. The FMEG (Fast Moving Electrical Goods) segment delivered Rs 2,069 crore in revenue, up 25%. The EPC segment, however, reported a 13% decline in revenues due to project timing issues.
Management Commentary
Inder T. Jaisinghani, Chairman and Managing Director, said FY26 has been a defining year marked by strong execution and the ability to capture domestic market share, which increased by approximately 3-4% during the year. He credited “Project Spring” for structurally strengthening Polycab’s competitive position.
Dividend History — A Growing Trend
The proposed Rs 47 per share payout for FY26 is a significant step up from Rs 35 per share in FY25, Rs 30 in FY24, and Rs 20 in FY23. Polycab has consistently grown its dividend payout year after year, reflecting confidence in its cash generation capacity.
Stock Reaction
Polycab India shares surged over 6% in early trade on May 7, touching an intraday high of Rs 8,940 — its 52-week high. The stock’s market capitalisation stood at approximately Rs 1.34 lakh crore at the time of writing.
Key Risks to Watch
The EPC segment decline of 13% in FY26 is something to monitor. Any slowdown in infrastructure spending or delay in project timelines could weigh on this business. Commodity price volatility in copper and aluminium (key inputs for cables) also remains a risk factor for margins.
This article is for informational purposes only and does not constitute investment advice. Please read our Disclaimer.
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