Polycab India Q2 Revenue Jumps 53% to ₹9,899 Crore as Cables and Electrical Goods Drive Growth

Polycab India reported a 53% year-on-year increase in consolidated revenue to ₹9,899 crore in the second quarter of Financial Year 2026–27, supported by strong demand for wires, cables and electrical products. Operating EBITDA grew 39% to ₹1,423 crore, while the company reported an EBITDA margin of 14.4%.

The performance reflects continued activity across India’s infrastructure, industrial and real estate sectors, which remain important markets for electrical wiring and cabling products. The company’s fast-moving electrical goods (FMEG) business also recorded a sharp increase in revenue during the quarter.

Revenue from Polycab’s wires and cables division rose 47% year-on-year, while the FMEG segment registered growth of 124%. The figures indicate that the company’s expansion beyond its core cabling business is contributing more significantly to overall revenue.

The FMEG segment’s earnings before interest and taxes (EBIT) margin reached 10.1%, crossing the 10% mark for the first time, according to the reported results. The improvement comes as the company continues implementing Project Spring, its initiative aimed at strengthening growth and profitability across its businesses.

Polycab’s revenue growth also accelerated compared with the 17.8% year-on-year increase recorded in the corresponding quarter of the previous financial year. However, the strong performance sets a higher comparison base for subsequent quarters, making sustained growth and margin stability important factors to watch.

In a separate development, the National Company Law Appellate Tribunal (NCLAT) stayed insolvency proceedings relating to an operational debt claim of ₹2.79 crore. The proceedings followed an order by the National Company Law Tribunal’s Ahmedabad bench. Polycab had disclosed the development to stock exchanges on October 13, 2026, stating that the matter had no adverse financial or operational impact.

The company also has net cash exceeding ₹4,000 crore, according to the supplied market analysis, providing financial flexibility amid business and legal uncertainties.

Looking ahead, demand from infrastructure projects, industrial investment and residential construction is expected to remain important for the domestic wires and cables industry. For Polycab, the key indicators will include raw material costs, particularly copper and aluminium, competition in electrical goods, and the ability to sustain margins as revenue expands.

The latest quarterly performance highlights growth across both institutional cabling and consumer-facing electrical products. Whether this momentum continues will depend on demand conditions, cost management and the company’s execution of its expansion strategy.