Polycab (POLYCAB) Q4 24/25 earnings summary

Executive summary

• Achieved record annual revenue of ₹224,083 million in FY25, up 24% year-on-year, surpassing Project Leap FY26 target a year early and maintaining leadership as the largest and most profitable company in the Indian electrical industry.

• Q4 FY25 revenue grew 25% year-on-year to ₹69,858 million, with PAT up 33% year-on-year to ₹7,344 million.

• All business segments contributed to robust growth, with wires and cables maintaining leadership, FMEG achieving profitability, and EPC scaling up significantly.

• Board approved audited standalone and consolidated financial results for FY25, with unmodified audit opinions from statutory auditors.

• Final dividend of ₹35 per equity share recommended for FY25, subject to AGM approval.

Financial highlights

• FY25 consolidated revenue was ₹224,083 million, up from ₹180,394 million year-over-year; EBITDA rose 19% year-on-year to ₹29,602 million, with margin expansion to 14.7% in Q4.

• FY25 PAT reached ₹20,455 million, up 13% year-on-year; Q4 PAT margin improved to 10.5%.

• Net cash position at ₹24.6 billion; working capital cycle improved to 44-49 days in Q4.

• Dividend payout ratio increased to 26.3%, progressing toward 30% target by FY 2030.

• Basic EPS (consolidated) for FY25 was ₹134.34, up from ₹118.93 in the previous year.

Outlook and guidance

• Project Spring targets 1.5x-2x industry growth for FMEG and 8%-10% EBITDA margins in FMEG by FY 2030.

• Cables and wires EBITDA margin guidance remains at 11%-13% over the near to mid-term.

• Export revenue contribution targeted to rise from 6% to 10% of total revenue by FY 2030.

• Board approved a scheme of amalgamation with Uniglobus Electricals and Electronics Private Limited, effective 1 April 2025, pending regulatory approvals.

• FMEG business expects sustained profitability after achieving break-even in Q4 FY25.