Polycab India Ltd shares have shown resilience, recovering 1.4% to trade at ₹8,235 from the previous close of ₹8,121.50 as of 17 September 2026. This recovery comes despite ongoing concerns about competition from UltraTech Cement Ltd's Ultravolt launch on 3 September, which had initially caused shares to decline 7.5%. The stock's recent performance suggests investor confidence in the company's ability to navigate competitive pressures while maintaining its market position.
Polycab India Ltd shares have declined 7.5% since UltraTech Cement Ltd launched Ultravolt on 3 September, according to reports from Stock Market News. Investors are concerned about the impact on Polycab's 30-31% share of the organized wires and cables market and potential margin pressure. However, Ultravolt aims to be the second largest player in wires by capacity, backed by an investment of ₹1,800 crore. The immediate competitive risk may be limited as UltraTech's initial focus appears on wires, while cables where entry barriers are higher make up a significant portion of Polycab's business mix.
According to JM Financial Institutional Securities analysts, Polycab's September quarter results are expected to benefit from strong copper prices, as reported by Stock Market News. The analysts noted that a quarter-end surge in copper prices could drive pre-buying in anticipation of price hikes and result in slightly higher volume growth quarter-on-quarter. While margins may trend flat to slightly higher sequentially but lower year-on-year, the company's consolidated revenue rose 39% year-on-year in Q1FY27 to ₹8,210 crore.
As reported by Stock Market News, Polycab's W&C business contributed 87% of Q1 revenues, followed by 9.2% from fast moving electrical goods and the rest from engineering, procurement and construction. However, W&C volume growth was in the low- to mid-single-digit range, which was a concern for investors. The company's Ebitda margin fell 70 basis points to 13.8%, partly due to weak exports, though this also means future recovery in exports should support margin improvement.
According to Stock Market News, Polycab's shares have gained 10% over the last year, factoring in recent losses. The stock currently trades at almost 38 times estimated FY27 earnings as per Bloomberg consensus. Jefferies India analysts noted that cables represent 70-75% of Polycab's business mix, offering some insulation from competition as power transmission and industrial cables require 2-4 years for pre-qualification, while wire sales may not counter material entry barriers.
