Polycab India (POLYCAB IN) – Q2FY27 Result Update – Expanding growth momentum across segments – BUY
Published on 16 Oct 2026
Management remains optimistic about the medium-term demand outlook, supported by investments in T&D, renewables, manufacturing, railways, logistics, data centres, defense, EV charging infrastructure and a revival in private capex. We expect revenue/EBITDA/PAT CAGR of 24.3%/24.6%/24.6% over FY26-29E. We upward revise our FY28/FY29 earnings estimates by 2.9%/1.8%, factoring in stronger-than-expected domestic demand and a positive demand outlook. We assign a SOTP-based target price of INR11,083 (earlier INR10,786), based on 35x Sep’28E EPS, Maintain “BUY.
