Polycab beats Street as consolidated PAT jumps 43% YoY to ₹990 Cr on 53% revenue surge

Polycab's consolidated revenue came in at ₹9,898.9 Cr, up 52.8% YoY and 20.6% QoQ, with consolidated PAT (profit for the period) of ₹990.0 Cr, up 42.9% YoY and 24.3% QoQ (basic EPS ₹64.87). Both figures run well ahead of the Street: PL Research's pre-results note had pencilled in ~₹8,110 Cr revenue (+25.3% YoY) and ~₹1,130 Cr EBITDA, versus actual EBITDA of roughly ₹1,511 Cr — a clear beat on both lines. Standalone PAT of ₹965.2 Cr (+43.8% YoY) tracks the consolidated growth closely, so the two bases tell the same story this quarter.

The beat came with a margin trade-off: net profit margin compressed to 9.91% from 10.62% a year ago as revenue outgrew profit, and operating margin (EBIT/revenue) eased to roughly 14.1% from ~15.0% YoY, even though both improved sequentially from Q1 FY27's 9.58%/13.86%. The topline surge was driven by FMEG, where revenue more than doubled YoY to ₹993.1 Cr (+119.6%) and segment margin swung from a near-breakeven 0.49% a year ago to 10.13% this quarter — already at the top of management's own 8-10% EBITDA-margin-by-FY30 target, years ahead of schedule. Core Wires & Cables grew revenue 47.2% YoY to ₹8,376.8 Cr with a 14.19% segment margin, above the company's 11-13% medium-to-long-term EBIT guidance band. The smaller EPC segment bucked the trend: margin fell to 7.19% from an unusually rich 18.14% a year ago despite 53% YoY revenue growth to ₹617.1 Cr.

The stock went into the print at ₹8,353.5, up 2.6% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 3 consecutive quarters; revenue is at a 6-quarter high.

Management's July (Q1 FY27) concall had guided for 1.5-2x industry growth in FMEG and reiterated the 11-13% W&C and 8-10% FMEG margin bands; this quarter's segment prints run ahead of both, consistent with the confident tone struck then. No separate formal quarterly guidance was on record beyond these medium-term bands. Separately, just days before results the NCLT's Ahmedabad bench admitted an insolvency petition against the company over an alleged ₹2.79 Cr operational debt (Oct 7); the company appealed and the NCLAT stayed the order on Oct 9, with the next hearing around Oct 26. Management frames it as a commercial dispute with no expected material impact — a claim size consistent with that view against ₹9,899 Cr of quarterly revenue.