Polycab Q1: consolidated PAT ₹797 Cr +33% YoY on 39% revenue jump, margins ease

Polycab opened FY27 with consolidated revenue from operations of ₹8,210 Cr, up 39% YoY off a ₹5,906 Cr base, and profit for the period of ₹797 Cr (₹784 Cr attributable to the parent), up 33% YoY. Sequentially, revenue slipped 7% and profit was near-flat (+1%) against a seasonally stronger Q4 — the year-on-year step-up, not the QoQ softness, is the signal here. There were no exceptional items on either side, so reported and underlying growth are identical. Basic EPS was ₹52.09. The soft spot is margins. Cost of materials consumed rose 56% YoY — faster than the 39% revenue growth — dragging the EBITDA margin to ~13.8% (from 14.5% a year ago) and net margin to 9.7% (from 10.0%). The squeeze sits in the core Wires & Cables segment, where margin eased to 13.3% from 14.7% as copper/aluminium input costs outran pricing, even as W&C revenue still grew 38% to ₹7,202 Cr. The standout is FMEG: revenue up 68% to ₹761 Cr with segment margin expanding to 8.0% from just 2.1% a year earlier — already inside the 8-10% band management had guided to reach only by FY2030. EPC was the laggard, down 11% YoY to ₹308 Cr. The quarter ran well ahead of the FY27 street pace (~21% revenue / ~18% profit growth on consensus trackers); no company-specific quarterly consensus was published pre-print, so this reads as a beat on run-rate rather than against a hard number. Measured against management's own 'Project Spring' framing from the May concall — W&C growing 1.5x the market, FMEG margins toward 8-10%, exports above 10% of revenue by FY30 — the print tracks ahead: FMEG margin has essentially hit the long-term band early, and the concurrent USA investor/analyst meet underscores the export push. Management issued no formal quarterly guidance figure. Board actions alongside results were routine: a ₹47/share final dividend (₹708 Cr) was paid on 30 June, and 84,545 ESOP shares were allotted, lifting capital marginally. The standalone entity earned ₹766 Cr PAT on ₹8,034 Cr revenue, with the same ~33% PAT growth as consolidated — no divergence to flag. Into Q2 the question is whether the metal-cost-driven compression in cables reverses and whether FMEG's newly-earned ~8% margin holds.