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India's largest maker of electrical wires and cables, also selling fans, switches and other fast-moving electrical goods.
India's largest maker of electrical wires and cables, also selling fans, switches and other fast-moving electrical goods.
Sells wires and cables mainly through a dealer and distributor network, at prices that follow copper and aluminum costs, so metal-price swings affect inventory gains and losses as well as sales. Fans, switches and lighting add a branded consumer line. The Jaisinghani family founded and still controls the company.
In one line: India's version of a national wire-and-cable leader like Southwire.
Moat: narrow (brand, distribution, scale). Largest domestic wires-and-cables distribution network and brand recognition among electricians/contractors.
Headquarters: Mumbai, India · Founded: 1964 · Employees: 4,500
Size Polycab India (POLYCAB.NS) is an India Industrials company (Electrical Products) with a market value of $12.5B, the 91st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹7,871 on 6 Nov 2026.
Performance Over six months the shares fell 12.6%, against -24.5% for the median peer and 0.0% for the India market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 41.0% over the last twelve months (peer median +12.6%); the operating margin is 12.7% (peer median 11.6%).
Valuation It trades at 33.8× forward earnings against a peer median of 18.2× (7th most expensive of 21).
Capital Return on invested capital runs 5.8 points above its cost of capital (15.1% WACC).
Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹345B | ₹288B | ₹223B | ₹180B | ₹141B |
| Revenue growth | — | +29% | +24% | +28% | — |
| Gross profit | ₹58.6B | ₹50.5B | ₹36.6B | ₹31.3B | ₹23.9B |
| EBITDA | ₹47.9B | ₹40.7B | ₹29.1B | ₹24.5B | ₹18.4B |
| Net income | ₹31.6B | ₹26.7B | ₹20.2B | ₹17.8B | ₹12.7B |
| Free cash flow | -₹31.2B | -₹8.01B | ₹12.5B | -₹2.50B | ₹9.22B |
| Capital expenditure | ₹13.3B | ₹14.8B | ₹9.70B | ₹8.59B | ₹4.79B |
| Total debt | ₹68.3B | ₹45.0B | ₹15.1B | ₹20.2B | ₹1.09B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Polycab India POLYCAB.NS | $12.5B | -13% | +41% | 13% | 33.8× | n/a |
| Havells India HAVELLS.NS | $7.47B | -11% | +16% | 7% | 44.0× | 39.8% |
| KEI Industries KEI.NS | $4.03B | -22% | +25% | 10% | 33.9× | n/a |
| Finolex Cables FINCABLES.NS | $1.76B | 0% | +27% | 10% | 19.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | POLYCAB.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.3% | -13.1% | 8th highest of 21 |
| 6-month return | -12.6% | -24.5% | 6th highest of 20 |
| Distance from 52-week high | -22.3% | -40.1% | 6th highest of 21 |
| Revenue growth (TTM) | +41.0% | +12.6% | 2nd highest of 20 |
| Operating margin | 12.7% | 11.6% | 9th highest of 20 |
| Forward P/E | 33.8× | 18.2× | 7th most expensive of 21 |
| ROIC minus cost of capital | +5.8 pp | +6.4 pp | 10th highest of 19 |
| EV / EBITDA | 25.2× | 36.3× | 6th cheapest of 11 |
| Net debt / EBITDA | 0.5× | -0.9× | 5th most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Polycab India POLYCAB.NS | India | $12.5B | -13% | +41% | 13% | 33.8× | n/a | n/a |
| Shanghai Electric 601727.SS | China | $12.3B | -24% | +16% | n/a | 64.2× | -5.7% | -1.6% |
| Ls Electric 010120.KS | South Korea | $12.8B | -58% | +32% | 10% | 31.6× | 21.9% | +15.6% |
| Kingboard Laminates 1888.HK | Hong Kong | $12.2B | -26% | +32% | 21% | 10.8× | n/a | n/a |
| Dongfang Electric 600875.SS | China | $12.9B | -42% | +2% | 5% | 16.1× | n/a | n/a |
| CG Power & Industrial Solutions CGPOWER.NS | India | $12.9B | -10% | +24% | 12% | 72.3× | n/a | n/a |
| Nidec 6594.T | Japan | $11.7B | -33% | +4% | -22% | 11.5× | 8.4% | +10.9% |
| Siemens SIEMENS.NS | India | $13.4B | -8% | -12% | 9% | 72.7× | n/a | n/a |
| Jiangsu Zhongtian Technology 600522.SS | China | $11.7B | -30% | +22% | 8% | 11.6× | 4.1% | +4.5% |
| Nordex NDX1.DE | Germany | $11.4B | -7% | +12% | 8% | 19.6× | 3.7% | +10.2% |
| Regal Rexnord RRX | United States | $11.3B | -21% | +5% | 12% | 14.0× | 14.0% | +15.3% |
| TBEA 600089.SS | China | $14.2B | -29% | +12% | 6% | 15.2× | n/a | n/a |
| GE Vernova T&D India GVT&D.NS | India | $10.9B | -16% | +41% | 26% | 62.7× | 45.7% | +12.4% |
| Hyosung Heavy 298040.KS | South Korea | $10.8B | -60% | +13% | 13% | 18.9× | 13.5% | +14.9% |
| Siemens Energy India ENRIN.NS | India | $10.6B | -11% | n/a | 20% | 60.1× | 27.3% | n/a |
| Hengtong Optic-Electric 600487.SS | China | $14.9B | -38% | +21% | 9% | 11.8× | n/a | n/a |
| Generac GNRC | United States | $10.4B | -34% | +6% | 13% | 14.6× | 20.1% | +11.1% |
| Goneo Group Co., Ltd.Class A 603195.SS | China | $10.4B | -15% | -2% | 25% | 17.4× | -2.1% | +9.8% |
| ABB India ABB.NS | India | $15.2B | -6% | +8% | 13% | 85.7× | 47.3% | +17.8% |
| Innio INIO | United States | $10.3B | n/a | +22% | 13% | 17.5× | 6.5% | +22.1% |
| China Shipbuilding Industry Group Power 600482.SS | China | $10.3B | -21% | +13% | 7% | 23.4× | -19.6% | +16.5% |