Polycab (POLYCAB) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly revenue of ₹76,361 million in Q3FY26, up 46% year-on-year and 18% quarter-on-quarter, with nine-month revenue surpassing ₹200 billion, reflecting strong business momentum.

• Q3FY26 PAT reached ₹6,302 million, up 36% year-on-year, with PAT margins at 8.3%; nine-month PAT up 47% year-on-year.

• Board approved re-designation of Bharat and Nikhil Jaisinghani as Joint Managing Directors and re-appointment of Mrs. Manju Agarwal as Independent Director.

• Maintained a net cash position of ₹30,316 million and a strong balance sheet.

• Paid-up equity share capital increased to 150,538,473 shares due to ESOP allotment.

Financial highlights

• Q3FY26 revenue: ₹76,361 million (46% YoY, 18% QoQ); nine-month revenue: ₹201,952 million (30% YoY).

• Q3FY26 EBITDA: ₹9,661 million (34% YoY, -5% QoQ); nine-month EBITDA: ₹28,444 million (47% YoY).

• Q3FY26 PAT: ₹6,302 million (36% YoY, -9% QoQ); nine-month PAT: ₹19,228 million (47% YoY).

• Q3FY26 EBITDA margin: 12.7% (13% excluding one-off); PAT margin: 8.3%.

• Basic EPS for the quarter was ₹41.30, and for nine months was ₹126.20.

Outlook and guidance

• Confident in sustaining growth trajectory, supported by a healthy order book and robust demand.

• FMEG segment on track for 1.5-2x industry growth and 8%-10% EBITDA margins by FY30.

• Project Spring guidance: annual capex of ₹12-16 billion through FY30.

• Annual sustainable operating margin for EPC segment expected in high single digits over the mid- to long-term.

• The company continues to monitor the impact of new labour codes and will account for any additional impact as required.