Polycab (POLYCAB) Q4 25/26 earnings summary

Executive summary

• Achieved record-high quarterly and annual revenues and profitability in FY 2026, with consolidated revenue up 27% YoY for Q4 and 29% YoY for the year, driven by strong growth in wires & cables and FMEG segments.

• Demonstrated resilience amid Middle East geopolitical disruptions, maintaining industry-leading performance.

• Market share in domestic wires and cables rose to 30%-31%, gaining ~4% during the year.

• Board recommended a final dividend of ₹47 per equity share for FY 2025-26, subject to shareholder approval.

• Key senior management redesignations and extension of CFO tenure were announced.

Financial highlights

• Q4 FY 2026 consolidated revenue grew 27% YoY to ₹88,645 Mn; EBITDA up 13% YoY with 13.1% margin; PAT reached ₹7,856 Mn, up 7% YoY.

• Full-year consolidated revenue was ₹288,838 Mn, up 29% YoY; EBITDA up 35% YoY to ₹40,057 Mn with 13.9% margin.

• Full-year PAT rose 32% YoY to ₹27,084 Mn; PAT margin at 9.4%.

• Earnings per share (consolidated, basic) for FY 2025-26 was ₹177.53, up from ₹134.34 in the prior year.

• Operating cash flow for FY 2025-26 was ₹38,106.67 million (consolidated), a substantial increase from the previous year.

Outlook and guidance

• Project Spring targets 1.5x-2x industry growth in cables and wires, and 8%-10% EBITDA margin in FMEG by FY 2030.

• Export contribution to reach over 10% of revenue by FY 2030; currently at 4.5%.

• CapEx guidance of ₹12-16 billion per annum, with ₹60-80 billion planned over five years.

• Dividend payout ratio to exceed 30% by FY 2030; current payout at 27.2%.

• Management continues to monitor regulatory changes, including new labor codes, for potential financial impact.