Polycab India Limited has reported its highest-ever annual and quarterly financial performance for the financial year ended March 31, 2026, with revenue surpassing ₹285 billion and profitability reaching ₹27 billion. The company also delivered a strong fourth quarter, driven by robust growth across its core business segments.
For Q4 FY26, the company posted consolidated revenue of ₹88,645 million, marking a 27% year-on-year (YoY) increase, supported by strong execution in both the Wires & Cables (W&C) and Fast-Moving Electrical Goods (FMEG) segments. EBITDA rose 13% YoY with margins at 13.1%, while Profit After Tax (PAT) grew 7% YoY to achieve the company’s highest-ever quarterly PAT of approximately ₹7.9 billion, with margins at 8.9%.
The Wires & Cables segment recorded a 30% YoY growth during the quarter, led by strong domestic performance despite industry headwinds. Growth was supported by execution under Project Spring, which enabled the company to gain approximately 3–4% market share during the year. The cables segment outperformed wires, with institutional sales growing faster than channel sales. International business also posted an 18% YoY increase, contributing 4.4% to consolidated revenue. However, EBITDA margins remained within the guided range of 12%–14%, impacted by an unfavorable sales mix and operating deleverage.
The FMEG segment delivered a robust 47% YoY growth in Q4 FY26, with all product categories maintaining strong momentum. Solar products emerged as the standout category, achieving nearly twofold growth YoY and becoming the largest segment within the FMEG portfolio. Segment profitability improved due to operating leverage and a favorable product mix, despite continued investments in brand-building initiatives. The company remains aligned with its Project Spring guidance of achieving EBITDA margins of 8–10% in this segment by FY30.
The EPC business reported a 15% YoY decline in quarterly revenue due to the timing of project execution cycles, with EBIT margins standing at 7.6% for the quarter.
For the full financial year FY26, Polycab India achieved a significant milestone with consolidated revenue rising 29% YoY to ₹288,838 million, compared to ₹224,083 million in FY25. The W&C business led the growth, with revenue increasing 33% YoY to ₹251,789 million, supported by strong performance in both distribution and institutional channels. The international segment contributed 5.4% to consolidated revenue.
The FMEG segment recorded a 25% YoY growth, with revenue reaching ₹20,693 million, while the EPC business registered a 13% YoY decline, with EBIT margins at 9.9%.
On the profitability front, EBITDA for FY26 grew 35% YoY to ₹40,057 million, with margins at 13.9%. PAT increased by 32% YoY to ₹27,084 million, marking the highest-ever annual profit for the company, with margins at 9.4%.
As of March 31, 2026, the company maintained a strong financial position, with net cash rising to ₹41.9 billion from ₹24.6 billion in the previous year. The Board of Directors has proposed a dividend of ₹47 per share (470% of face value) for FY26, taking the dividend payout ratio to 27.2%, up from 26.3% last year, in line with its Project Spring objective of exceeding 30% payout by FY30.
Commenting on the performance, Mr. Inder T. Jaisinghani, Chairman and Managing Director, said, “FY26 has been a defining year for our company, marked by our strong execution and ability to capture domestic market share, which increased by approximately 3-4% during the year. This growth reflects the success of Project Spring, which has structurally strengthened our competitive position and enabled us to outperform the broader industry. We closed the year on a high note with a robust Q4 FY26 performance, delivering 27% YoY growth in consolidated revenue, driven by sustained demand across our Wires & Cables and FMEG segments. Despite a challenging external environment, we achieved our highest-ever quarterly PAT of approximately ₹7.9 billion, underscoring the resilience and strength of our operating model. Overall, FY26 stands out as a landmark year, with record revenues, EBITDA, and profitability, reinforcing our leadership in the Indian electrical industry. Backed by a strong balance sheet and continued investments in capacity expansion, innovation, and distribution, we remain confident in leveraging our enhanced market presence to drive consistent, industry-leading growth in the years ahead.”
