Polycab India Ltd. delivered its highest-ever revenue and profitability for both Q2 and H1 FY27, significantly exceeding market expectations across all key parameters. The wires and cables company reported consolidated net profit of ₹9,900 million for the quarter, representing a 43% growth from the same quarter last year and surpassing the Zee Business poll expectation of ₹804 crore. Revenue from operations grew by nearly 53% year-on-year to ₹98,989 million from ₹6,467 crore in the corresponding quarter last year, also beating the poll expectation of ₹8,791 crore. For the half-year period, revenues surpassed ₹180 billion for the first time, marking a 46% year-on-year growth with EBITDA rising 36% to ₹25,587 million and PAT increasing 38% to ₹17,867 million.
The company's Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at ₹14,225 million, marking a 39% growth from the year-ago quarter and significantly higher than the Zee Business poll projection of ₹1,205 crore. EBITDA margins improved by 260 basis points year-over-year and 50 basis points quarter-over-quarter to 14.7%, demonstrating the company's ability to enhance operational efficiency despite absorbing higher raw material costs. This margin expansion reflects the company's focus on operational excellence and value creation, with the improvement exceeding market expectations as the poll had estimated margins at 13.7%. The EBITDA growth of 39.4% trailed revenue growth of 52.8%, indicating that operating profitability did not keep pace with the increase in sales, though the margin expansion shows effective cost management strategies.
The Wires & Cables business recorded 44% growth in the first half of FY27, with segment results increasing to ₹1,188.74 crore from ₹859.26 crore a year ago, supported by strong domestic demand and international expansion. The FMEG segment delivered impressive results with a 97% increase in revenue, rising sharply to ₹100.60 crore from ₹2.20 crore in the corresponding quarter last year, led by strong demand across key product categories. The EPC division saw 53% revenue growth with segment results declining to ₹44.39 crore from ₹72.98 crore year-on-year. The total segment results increased to ₹1,323.22 crore from ₹925.77 crore in the year-ago quarter. Chairman and Managing Director, Mr. Inder T. Jaisinghani, attributed the company's success to its strong market position and the robust performance of its core businesses, highlighting the favourable domestic demand environment supported by infrastructure spending and increasing electrification opportunities.
Inder T. Jaisinghani, Chairman and Managing Director, emphasized that Q2 FY27 marked another quarter of strong execution and meaningful progress for Polycab, reflecting the strength of its market position and robust performance across business segments. He noted that the domestic demand environment continues to be encouraging, supported by healthy infrastructure spending, increasing electrification opportunities, and improving private sector investment activity. The company's international business maintained its growth momentum despite an uncertain geopolitical environment. As the company advances its Project Spring initiatives, management remains committed to accelerating growth, driving premiumization, deepening market penetration, and consistently delivering superior value to customers, partners, and shareholders. The strong financial performance, coupled with healthy order book and diversified geographic presence, positions Polycab well for sustained growth in the coming quarters.
