Polycab India extends fall, down 5% in two days post Q1 results

Polycab India traded with a loss of 4% on Friday despite reported upbeat Q1 earnings. Analysts at JM Financial maintain a 'Buy', while Equirus assign an 'Add' rating on the stock.

Polycab India share price movement

  Polycab India stock extended its fall, and dropped to a low of ₹8,861 - down 3.8 per cent in Friday's intra-day trade on the NSE. In the process, the stock shed 5 per cent in the last two trading sessions, after the company reported its Q1 results.  The stock has shed 11 per cent thus far in July, after an astounding 48 per cent rally in the preceding three months. The stock hit a record high at ₹10,126 on June 22, 2026. From its high, the stock is down 12.5 per cent. It hit a 52-week low of ₹6,620 on August 12, 2025.  At 11:40 AM, Polycab India traded near the day's low, with a loss of 3.8 per cent at ₹8,865, amid trades of around 4.33 lakh shares on the NSE. In comparison, the Nifty 50 was up 0.8 per cent at 24,260 levels. 

Polycab India Q1 results

  Polycab reported a 32.8 per cent year-on-year (YoY) growth in consolidated net profit at ₹796.65 crore for the quarter ended June 30, 2026 as against ₹599.70 crore reported in the corresponding quarter a year ago.  According to the company's BSE filing, the company's achieved its highest-ever Profit after Tax (PAT), revenue and or Earnings Before Interest, Taxes, Depreciation, and Amortization (Ebitda) in Q1FY27. Revenue grew by 39 per cent YoY to ₹8,209.70 crore, and Ebitda by 32 per cent YoY to ₹1,136.20 crore.  Revenue from its wires and cables segment, Polycab's largest business, increased by 37.7 per cent to ₹7,201.79 crore from ₹5,228.65 crore. Fast-moving electrical goods (FMEG) revenue rose 67.6 per cent YoY to ₹761.15 crore. Engineering, procurement and construction revenue, however, declined 11.4 per cent YoY to ₹307.74 crore. READ MORE  The company announced a final dividend of ₹47 per equity share. 

Brokerages on Polycab stock

  Analysts at JM Financial Institutional Securities believe that Polycab's Q1 performance was ahead of the brokerage and Street's estimates on the back of stronger-than-expected growth in the C&W (wires >cables) and FMEG (solar +2x YoY) businesses, further supported by an unexpected (and unsustainable) bump in FMEG margin.  That said, C&W margin declined 160 bps off an extremely high base in Q1FY26, along expected lines. Industry tailwinds in the form of investments power T&D (additions of 20,000–21,000ckm annually over next five years), infrastructure and data centres (INR 250bn opportunity, spread over seven–eight years) inspire confidence in meeting C&W growth guidance of 1.5x industry growth, said JM Financial.  The brokerage has maintained a 'Buy' rating on the stock based on 42x Jun’28E Earnings Per Share (EPS) (rolled over from Mar’28E), with a target price of ₹10,700.  On similar lines, analysts at Equirus Securities assigned an 'Add' rating on Polycab, with a target price of ₹10,213.  The brokerage reckons that the company delivered another earnings beat in 1QFY27. Going ahead, scale, execution and capacity-led readiness keep Polycab well placed, with data-centre, T&D and private-capex demand setting up the next leg over FY27-30 in W&C.  "We believe 2Q volume growth to be extremely strong while 3Q volumes might witness some softness mainly due to base effect. Despite our continuous positive view over the mid-to-long term growth prospects, we believe that current valuations factor in most of the positives. Also, we do not see any major earnings surprises for FY27E which is unlikely to result in valuation re-rating. We assign ADD on the name," said Equirus.  Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Reader's discretion is advised.