Polycab (POLYCAB) Corporate Presentation summary

Financial performance and business highlights

• Achieved record Q3 and nine-month revenue, surpassing INR 210 billion in CY2024, with 20% YoY quarterly revenue growth and 26% YoY EBITDA growth; PAT margin reached 8.9%.

• FY24 revenue was ₹180,394Mn, EBITDA ₹24,918Mn (13.8% margin), PAT ₹18,029Mn (10% margin); strong cash flows and net cash position.

• Wires and cables segment grew 12% YoY; international business surged 62% YoY, now contributing 8.3% to Q3 revenue; FMEG business grew 45% YoY, with losses curtailed.

• CapEx for Q3 FY25 was INR 2.5 billion, totaling INR 8.3 billion for nine months; net cash position at INR 17.1 billion; working capital cycle at 51 days.

• Board changes: Mr. Rakesh Talati stepped down, Mr. Vijay Pandya elevated as executive director, and Mr. Sumit Malhotra joined as independent director.

Company overview and market position

• Leading manufacturer in India's wires and cables market with a 25-26% organized market share and 3,800+ dealers, 205,000+ retail outlets.

• Diverse product portfolio with 6,000+ SKUs and strong backward integration across 28 facilities in 7 locations.

• FMEG business growing at 25% CAGR over 8 years, leveraging synergies in manufacturing and distribution.

• Five-year CAGR: revenue 18%, EBITDA 21%, PAT 29%, reflecting robust financial performance.

• Blend of entrepreneurial and professional management with proven execution and deep industry relationships.

Industry and macro opportunities

• India’s GDP growth moderated to 5.4% YoY in Q2 FY25, with industrial growth at 6.2% YoY; GST collections remain robust, indicating strong domestic demand.

• Indian cable & wire industry projected to grow at 1.5-2x GDP, driven by infrastructure, energy transition, real estate, and sunrise sectors like EVs and data centers.

• Power T&D and renewables to attract ₹9Tn+ investments over 7 years; real estate sector expected to reach $1Tn by 2030.

• Manufacturing sector grew 5.8% in Nov 2024; composite PMI rose to 59.2 in Dec 2024, signaling expansion.

• Real estate launches and sales in 2024 hit a 12-year high, supporting wires and cables demand.