Polycab India Q2FY2026 results

• Revenues for Q2FY26 grew by 18% yoy to Rs 5,477 crore slightly below our estimates of Rs 6,598 crore. The revenue growth was led by strong growth across all segments. For cables segment international business grew by 25% yoy. FMEG segment grew by 14% yoy but margins were lower due to higher advertisement spend compared to last quarter.
• Margins remained strong at 15.8% vs 11.5% in Q2F25 showing an improvement of 427 bps. The margins are way higher due to one off gain in EPC segment. Operating profit grew by 62% to Rs 1,021 crore. Led by higher sales growth and margins improvement PAT was higher by 58%.
• View: Polycab had had a decent set of results with improvement in margins. We shall review our earnings estimates and come out with a detailed note post the conference call. Currently we have a Buy rating on the stock. 

Results (consolidated)                                                                                             Rs crore

Actual vs. estimates                                                Rs. Crore