Polycab's Q1FY26 beat, near-term prospects baked in its rich valuation

Polycab's Q1 FY26 revenue and profit grew 26% and 50% YoY, driven by strong performance in its C&W and FMEG segments. However, the stock's rich valuation factors in its near-term prospects

In the first quarter of the financial year 2026 (Q1FY26), Polycab’s revenue beat consensus, growing 26 per cent year-on-year (Y-o-Y) to ₹5,910 crore.

 

The cable & wire (C&W) segment grew 31 per cent and fast moving electrical goods (FMEG) segment grew 18 per cent on year. The Ebitda (earnings before interest, taxes, depreciation, and amortisation) rose 47 per cent Y-o-Y to ₹860 crore and the margin was up 210 bps Y-o-Y to 14.5 per cent.

 

The profit after tax (PAT) grew 50 per cent Y-o-Y to ₹590 crore. Overall gross margin stood at 26.9 per cent versus 24.6 per cent