On July 17, 2025, Polycab India shares rose ~3%, reaching a day high of ₹7,080.00 at 10:55 AM, after opening at ₹6,998.00 on BSE. The gain in Polycab share price came after the wire manufacturer released its results for the quarter ended June 30, 2025.
Polycab India reported a robust 26% year-on-year (YoY) increase in revenue for the quarter ended June 30, 2025, reaching ₹59,060 million. This impressive growth was primarily driven by a stellar performance in the Wires & Cables (W&C) segment, along with consistent momentum in the Fast-Moving Electrical Goods (FMEG) business.
The Company’s strong execution, market demand, and strategic positioning enabled it to capitalise on key growth opportunities across domestic and international markets.
Polycab achieved significant margin expansion during the quarter, with EBITDA margins improving by approximately 210 basis points YoY to 14.5%. This improvement was the result of strategic pricing actions, operational efficiencies, and a favourable product mix. Profit After Tax (PAT) surged by 49% YoY, with PAT margins rising by 170 basis points to 10.2%. The Company’s financial position was further strengthened, with its net cash balance reaching ₹31.0 billion as of June 30, 2025—up from ₹16.4 billion a year earlier—reflecting strong internal accruals and prudent capital management.
Following the shareholders’ approval during Polycab’s 29th Annual General Meeting held on July 1, 2025, the Company declared and processed a dividend payout of ₹35 per share on the same day. This move reflects Polycab’s consistent commitment to delivering value to its shareholders while maintaining a solid financial foundation to support future growth.
The W&C segment led the charge, delivering a strong 31% YoY growth during the quarter. This performance was underpinned by steady demand from core sectors such as infrastructure, real estate, and industrials. Growth was further supported by increased government expenditure, improved project execution, and rising commodity prices.
The domestic market witnessed a 32% YoY expansion, with cables continuing to outperform wires. Both channel and institutional sales channels showed strong traction. International revenues grew 24% YoY, contributing 5.2% to the overall topline, albeit from a lower base. EBIT margins for this segment improved by approximately 190 basis points YoY to 14.7%, aided by effective price optimisation and operating leverage.
The FMEG division maintained its growth trajectory, posting an 18% YoY rise in revenues. While the fans category saw softer performance due to a shortened summer season, other product categories such as lighting, switches, switchgears, and conduit pipes & fittings demonstrated strong growth. This was largely supported by consistent demand from the real estate sector.
Notably, the solar products category more than doubled its revenue YoY, becoming the largest contributor within the FMEG portfolio. The segment achieved its second consecutive profitable quarter, driven by improved gross margins through a portfolio shift toward premium offerings and enhanced operating leverage from increased scale.
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The Engineering, Procurement, and Construction (EPC) segment reported a 19% YoY decline in revenues, amounting to ₹3,474 million for the quarter. The decline was attributed to project delays and a high base in the previous year. EBIT margins stood at a stable 7.7%, reflecting operational discipline despite the top-line pressure. The Company continues to remain focused on streamlining its EPC operations while selectively targeting quality projects to restore growth in the segment.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Jul 18, 2025, 11:28 AM IST
Sachin Gupta
Sachin Gupta is a Content Writer with 6+ years of experience in the stock market, including global markets like the US, Canada, and Australia. At Angel One, Sachin specialises in creating financial content that simplifies complex market trends. Sachin holds a Master's in Commerce, specialising in Economics.
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