According to ET Now brokerage recommendations, Polycab India receives a BUY rating from Motilal Oswal Financial Services with a target price of ₹9,600. The cable and wires manufacturer demonstrated exceptional performance with 55.64% year-on-year growth in consolidated net profit at ₹692.95 crore during Q2 FY26, compared to ₹445.20 crore in the corresponding period of the previous fiscal. Pidilite Industries also earns a BUY rating from Nuvama Institutional Equities with a target of ₹1,915, supported by repair and renovation demand anchoring growth. BEML Limited receives a BUY recommendation from Nirmal Bang Institutional Equities with a target of ₹2,201, implying 30% upside from current levels.
Polycab India delivered robust Q3 FY26 results with revenue from operations surging 46% year-on-year and 18% quarter-on-quarter to ₹7,636.1 crore, up from ₹5,226.1 crore in Q3 FY25 and ₹6,477.2 crore in Q2 FY26. The strong growth was driven by robust execution in wires and cables business, supported by healthy growth momentum in FMEG business. The W&C segment delivered 53% year-on-year growth for the quarter, driven by exceptional domestic performance with 59% growth, supported by robust demand and sustained commodity price inflation. The FMEG segment demonstrated continued momentum, recording 17% year-on-year growth in the quarter, while the EPC business reported revenues of ₹406.9 crore, a 4% year-on-year increase.
According to The Hindu BusinessLine, Polycab has gained meaningful market share in 9MFY26, growing well ahead of industry performance and reiterating its 1.5x industry growth target till FY30 under Project Spring. The company's channel inventory, which had risen to 40-45 days in Q3FY26 versus normal 21-24 days, normalized within the first 20 days of January 2026 amid strong demand recovery. Polycab has now passed on the entire cost increase (versus about 70% in Q3), driving margin recovery in Q4-FY26. The company holds about 30% share in organised wires, aided by a strong network of dealers and distributors (200k+ electricians/retailers), structured loyalty programmes, and 34 warehouses enabling 24-hour replenishment.
As reported by ET Now, Polycab India is projected to achieve revenue, EBITDA and PAT CAGR of 16-19% through FY28, driven by distribution-led expansion and market share gains. Pidilite Industries targets 10% volume growth with margins toward the upper 20-24% band, supported by waterproofing and tile adhesives strength. BEML Limited is well-positioned across defence, rail and mining equipment segments, with strong domestic capex momentum supporting growth visibility. The company's exports form about 6% of revenue, providing diversification opportunities.
Garden Reach Shipbuilders & Engineers faces a REDUCE rating from Elara Capital with a target of ₹2,300, despite robust order inflows with NGC value up 32% and potential orderbook reaching ₹500 billion by FY26. The brokerage cites valuation concerns after sharp gains limiting near-term upside. SRF Limited maintains an UNDERWEIGHT rating from Morgan Stanley with a target of ₹2,209, as chemicals benefit from refrigerant gas strength while packaging EBITDA faces pressure from weak demand and pricing challenges. Morgan Stanley retained an UNDERWEIGHT stance on SRF despite a marginal hike in its target price, citing steady Chemicals performance but continued pressure in the Packaging segment.
