Polycab India Ltd

Meeting Details

• Date: October 15, 2026
• Type: group meeting; Mode: virtual earnings conference call
• Event: Earnings Conference Call organized by Polycab India Limited

Participants

• Key participants: Senior Management of Polycab India Limited

Purpose

• Purpose: discuss performance for quarter and half-year ended September 30, 2026
• Interactive Q&A session followed the presentation

Additional Notes

• Audio recording of the earnings call uploaded to the company website

Filing scope & dates

• Unaudited interim condensed standalone and consolidated financials for HY ended 30 Sep 2026 approved by Board.

HY consolidated highlights

• HY consolidated revenue from operations ₹181,086.33m; PBT ₹23,644.43m; PAT ₹17,866.51m.

HY standalone highlights

• HY standalone revenue ₹178,741.55m; PBT ₹22,918.21m; PAT ₹17,314.48m.

Regulatory event

• NCLT admitted IBC petition for ₹27.9m; NCLAT stayed; no material impact.

Tax matters

• Nil tax demand AY 2014-15 to 2023-24; ITAT dismissed; AY 2024-25 appeal filed.

EPR obligations

• EPR obligations under 2025 Rules; framework not notified; impact not estimable.

Dividend

• Final dividend ₹47 per share approved; ₹7,079.85m paid on 30 Jun 2026.

Scheme of amalgamation

• Scheme of Amalgamation with Uniglobus Electricals and Electronics Pvt Ltd approved; appointed 01-Apr-2025; restatement provided.

Group funding facilities

• Group facilities: fund-based and non-fund-based limits about ₹118,000m; unutilised ₹26,570m.

Overview

• Q2 FY27 consolidated revenue ₹98,989 Mn; up 53% YoY and 21% QoQ.
• Q2 PAT ₹9,900 Mn; H1 ₹17,867 Mn; PAT margins 10.0% Q2, 9.9% H1.

Wires & Cables performance

• W&C quarterly revenue grew 47% YoY; cables and wires led growth.
• International business grew 17% YoY, contributing 5.0% to revenue; margin 14.2% QoQ.

FMEG performance

• FMEG Q2 FY27 revenue ₹9,931 Mn; double-digit YoY growth; solar products drove growth.
• Q2 FMEG EBIT margin 10.1%.

EPC performance

• EPC Q2 revenue up 53% YoY; H1 up 23% YoY.
• EBITDA declined 39% YoY; order book remains healthy; mid-term margins in high single digits.

Liquidity and capex

• Net cash position ₹45,199 Mn as of Sep-26.
• Capex spends ₹2,924 Mn in Q2 FY27; ₹6,090 Mn in H1 FY27.

Financial highlights

• H1 FY27 revenue ₹1,81,086 Mn, up 46% YoY.
• H1 FY27 EBITDA ₹25,587 Mn, up 36% YoY.
• H1 FY27 PAT ₹17,867 Mn, up 38% YoY.
• Q2 FY27 revenue ₹98,989 Mn, up 53% YoY.
• Q2 FY27 EBITDA ₹14,225 Mn, up 39% YoY.
• Q2 FY27 PAT ₹9,900 Mn, up 43% YoY.
• Consolidated EBITDA margin 14.4% in Q2 FY27.
• Q2 FY27 PAT margin 10.0%.
• H1 FY27 PAT margin 9.9%.

Business mix and liquidity

• Half-year revenue surpassed ₹180,000 Mn for the first time.
• W&C revenue grew 47% YoY; domestic revenues rose 50%.
• FMEG revenue grew 124% YoY; FMEG EBIT margin 10.1%.
• EPC revenue grew 53% YoY; EPC EBIT margin 7.2%.
• International business grew 17% YoY; accounts for 4.2% of revenue.
• EBITDA margin expanded to 14.4% (Q2 FY27).
• Net cash ₹45.2 Bn as of 30 Sep 2026, vs ₹29.4 Bn prior year.

Financials

• Consolidated quarterly revenue from operations ₹98,989.01 mn; total income ₹99,872.68 mn; PAT ₹9,899.97 mn.
• Standalone quarterly revenue from operations ₹98,396.62 mn; total income ₹99,257.39 mn; PAT ₹9,651.73 mn.
• Six-month consolidated PAT ₹17,866.51 mn; EPS basic ₹116.97; diluted ₹116.67.
• Six-month standalone PAT ₹17,314.48 mn; EPS basic ₹114.96; diluted ₹114.66.

Segment performance

• Consolidated Q2 Wires & Cables revenue ₹83,768.41 mn; standalone ₹83,178.42 mn.
• Consolidated Q2 FMEG revenue ₹9,931.13 mn; standalone ₹9,931.13 mn.
• Consolidated Q2 EPC revenue ₹6,170.81 mn; standalone ₹6,170.81 mn.
• Total income (excluding finance income) consolidated Q2 ₹99,106.63 mn.

Capex, balance sheet & liquidity

• Equity share capital increased to ₹1,506.92 mn after ESOP exercise of 141,080 shares.
• Standalone cash & cash equivalents ₹1,780.08 mn as at 30 Sep 2026.

Regulatory & risk notes

• EPR obligations under 2025 Rules; CPCB portal not yet operational; impact not reliably estimable.
• NCLT insolvency petition admitted; NCLT order stayed by NCLAT; management expects no material impact.
• Auditors' reports on both standalone and consolidated results are unmodified.

NCLAT appeal update

• NCLAT granted early listing; hearing Oct 15, 2026 in Asier Metals vs Polycab.
• Company will continue notifying stock exchanges of material events.

Litigation update

• NCLAT stayed the NCLT admission order; hearing set for October 26, 2026.
• Operations and management continue as usual with no material impact expected.

Financial position

• Net cash position above ₹4,000 crore; net worth ₹11,682 crore as of 31 March 2026.
• FY26 consolidated turnover ₹285+ billion.

Polycab India Limited — Trading window closed from Oct 01, 2026 till the end of 48 hours after the announcement / declaration of the Unaudited (standalone & consolidated) financial results for the quarter and half year ending September 30, 2026.

Investor meeting schedule

• Date Sept 29, 2026 (subject to changes); one-on-one in-person meeting with Select Equity Group Sohum AMC in Mumbai.
• Earnings presentation to be hosted on Polycab's website and shared as public information.

ESOP allotment

• Date of allotment: September 18, 2026.
• 4,885 equity shares (face value ₹10) allotted to eligible employees.
• Under Polycab Employee Stock Option Performance Scheme 2018.