What Polycab filed
Polycab India released its unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026. The company described the period as its highest-ever second quarter and half year for revenue, EBITDA and profitability, and attributed the headline growth to execution across both its Wires & Cables (W&C) and Fast-Moving Electrical Goods (FMEG) businesses.
Where the growth came from
Within the quarter, the W&C business grew 47% year-on-year, supported by a 50% rise in domestic revenue, with the international business up 17% despite what Polycab described as a challenging global macroeconomic environment. The FMEG segment was the standout, with revenue more than doubling year-on-year (+124%); the company said solar led this growth and remained the largest contributor to segment revenue. Polycab added that FMEG EBIT margins crossed the double-digit threshold for the first time, reaching an all-time high. The EPC business grew 53% year-on-year in the quarter, with EBIT margins of 7.2%.
For the half year, the company said revenue surpassed ₹180 billion for the first time, with the FMEG business nearly doubling over H1 FY26. Management tied the broader demand picture to infrastructure spending, electrification and improving private-sector investment, and referenced its 'Project Spring' initiatives.
Balance-sheet position
The company reported an improved net cash position year-on-year as of 30 September 2026. Consolidated EBITDA margins improved roughly 53 bps sequentially to 14.4% in Q2 FY27, with PAT margin at 10.0%, per the filing.