Polycab India reported a 53% year-on-year (YoY) increase in consolidated revenue to ₹9,899 crore in the second quarter of FY 2026-27, supported by strong demand for wires and cables and growth in its fast-moving electrical goods (FMEG) business. The company’s operating EBITDA rose 39% YoY to ₹1,423 crore, with an EBITDA margin of 14.4%.
The wires and cables segment recorded 47% YoY revenue growth during the quarter, reflecting continued demand from infrastructure development, industrial activity and residential construction. Meanwhile, revenue from the FMEG business increased 124% YoY, indicating a significant expansion in the company’s electrical products segment.
Polycab’s FMEG business also reported an EBIT margin of 10.1%, crossing the 10% mark for the first time. The improvement reflects progress in the company’s efforts to expand its product portfolio, strengthen distribution and improve profitability under Project Spring.
The company’s domestic cabling business continued to drive performance, supported by infrastructure projects and real estate activity. Revenue from domestic cables and wires reportedly grew 50% year-on-year, highlighting sustained demand in India’s electrical equipment market.
In a separate legal development, the National Company Law Appellate Tribunal (NCLAT) stayed proceedings initiated by the National Company Law Tribunal (NCLT) in Ahmedabad in connection with an insolvency petition involving an operational debt claim of ₹2.79 crore. According to the company’s disclosure to stock exchanges on October 13, 2026, the order has no adverse financial or operational impact on the business.
Polycab’s financial position also remains supported by net cash exceeding ₹4,000 crore, providing liquidity for its operational requirements and business expansion.
The company’s quarterly performance comes amid continued investment in India’s infrastructure, industrial capacity and residential construction, which supports demand for wires, cables and electrical products. However, fluctuations in copper and aluminium prices, increased competition in the electrical goods market and higher year-on-year comparison bases could influence performance in subsequent quarters.
Polycab’s Q2 FY27 results highlight growth across its core wires and cables business and FMEG segment, alongside improved profitability in electrical goods and continued expansion in the domestic market.
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