Polycab India (POLYCAB IN) – Q4FY26 Result Update – Soft quarter though core growth trajectory remains intact – BUY
Published on 07 May 2026
Management highlighted that demand outlook remains robust over the medium term, supported by strong investments in utilities, renewables, data centers, manufacturing, railways and infrastructure, while exports are expected to become a key growth lever going ahead, with contribution targeted to exceed 10% of total revenue by FY30. We expect revenue/EBITDA/PAT CAGR of 20.1%/20.6%/20.2% over FY26-28E. We upward revise our FY27/FY28 earnings estimates by 3.2%/7.0% factoring margin improvement and stronger sales growth. We assign SOTP-based target price of INR10,282 (INR 9,611 earlier), implying PE of 40x FY28E.
