Polycab India shares jumped 5% to ₹8,940 on Thursday morning, touching a fresh 52-week high after the company posted its highest-ever annual revenue and profit for FY26. According to The Hindu BusinessLine, the wires and cables maker reported consolidated revenue of ₹2,88,838 million for FY26, up 29% year-on-year, crossing the ₹285 billion mark for the first time. Full-year PAT rose 32% to ₹27,084 million, while Q4 revenue grew 27% to ₹88,645 million and PAT came in at ₹7,856 million, up 7% and ahead of analyst estimates. The strong performance came despite facing challenges including geopolitical disruptions, weak March demand, and channel destocking amid raw material volatility.
Polycab India announced significant organizational changes effective May 06, 2026, with four senior management personnel redesignated under Regulation 30 of SEBI (LODR) Regulations, 2015. The restructuring includes new CEO appointments for B2C, EPC, and Telecom divisions, along with a new Chief Operations Officer. Mr. Ishwinder Khurana was redesignated as Chief Executive Officer - B2C, Mr. Hetal Shah as Chief Executive Officer - EPC, Mr. Rakesh Talati as Director (Non-board member) - Operations and Chief Operations Officer, and Mr. Ashish D. Jain as Chief Executive Officer - Telecom. Additionally, two executives were removed from the Senior Management Personnel list due to a change in organizational structure, though they will continue as employees of the company. The company confirmed this information is available on its official website, with the filing digitally signed by Manita Carmen Albert Gonsalves, Vice President - Legal & Company Secretary.
The market rally was accompanied by significant target price upgrades from major brokerages. Motilal Oswal Financial Services raised its target to ₹9,800 from ₹9,350, valuing the stock at 40x FY28 estimated earnings, up from ₹9,350 earlier. JM Financial set a revised target of ₹9,700, pegged at 42x March 2028 estimated EPS, up from ₹9,200. Both firms lifted their FY27 and FY28 EPS estimates by roughly 3-5%, citing better-than-expected FMEG margins and stronger cables and wires revenue growth. Citi had previously set the highest target at ₹10,500, raising its price from ₹9,500 while maintaining a Buy rating, and Jefferies raised its target to ₹9,770 from ₹8,950.
Polycab's market position continues to strengthen with organised cables and wires market share rising to 30-31% in FY26, marking a gain of 300-400 basis points year-on-year from 26-27% in the previous year. According to The Hindu BusinessLine, C&W volume grew 18% in FY26, with management guiding for the company to grow at 1.5 times the industry rate. The company demonstrated operational resilience by passing on the entire impact of raw material costs by the first fortnight of January with no inventory gains due to hedging. Management targets exports to double from approximately 5% to 10% of revenues by FY30. The Wires and Cables segment remained the dominant revenue contributor, with FY26 revenues growing 33% YoY to ₹2,51,789 million from ₹1,88,881 million in FY25, while the FMEG segment reported revenue of ₹20,693 million for FY26, up 25% YoY.
Beyond cables and wires, the FMEG segment is emerging as a meaningful second engine with FMEG surging 39% YoY, driven by solar products and turning EBIT positive in FY26 for the first time. As reported by The Hindu BusinessLine, this turnaround removes a long-standing drag on overall profitability. Looking ahead, Citi flagged that Polycab's extra-high voltage capacity is set to be commissioned by year-end, with revenue expected to start flowing in FY28, potentially serving as a re-rating catalyst. The FMEG segment reported revenue of ₹20,693 million for FY26, up 25% YoY from ₹16,535 million in FY25, with solar products emerging as the standout performer, delivering nearly 2x growth YoY and becoming the largest category within the FMEG portfolio.
