Polycab, a prominent player in the Indian market, stands as a premier manufacturer of cables, wires, and associated products such as uPVC conduits, lugs, and glands. Renowned for its comprehensive range, Polycab offers solutions catering to diverse applications. Beyond its core expertise in cables, the company has ventured into the realm of consumer electrical products, unveiling an extensive portfolio that includes fans, switches, switchgear, LED lights, luminaries, solar inverters, and pumps.
In this article, we delve into a comprehensive exploration of Polycab, shedding light on its diverse product offerings and its impactful presence in the electrical solutions industry.
About Polycab India
Polycab’s business is strategically diversified across three key segments. In the Wires and Cables (W&C) domain, the company boasts a comprehensive portfolio serving both retail and industrial sectors, with a notable market share of 22-24% in the domestically organized W&C business. The Fast Moving Electrical Goods (FMEG) segment, initiated in FY14, has witnessed remarkable growth, offering a diverse product mix catering to a broad customer spectrum.
Additionally, the company engages in other ventures, primarily focused on the EPC business. The product mix in FY23 reflects a substantial emphasis on Wires & Cables at 89%, FMEG at 9%, and other ventures at 2%. Geographically, the company’s presence is well-distributed across North, East, West, and South zones, ensuring a balanced regional split.
Polycab India’s shares tumbled over 5% following reports of income tax raids at 50 locations, including residences and offices of top management. The nature of the investigation remains undisclosed. The stock, which had seen a 100% surge in 2023, traded at Rs 5,335 on the National Stock Exchange at 1:28 pm.
The largest manufacturer of wires and cables in India, Polycab, reported a 58.5% YoY increase in consolidated net profit to Rs 436.89 crore for the quarter ending September 2023, citing volume growth in its wires and cables business. The ongoing developments have heightened market concerns, prompting vigilant investor monitoring.
Below are the trading platforms that you can use to purchase Polycab shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| January 2024 | 5,771.52 | 5,018.71 |
| February 2024 | 5,889.31 | 5,121.14 |
| March 2024 | 6,009.50 | 5,225.65 |
| April 2024 | 5,834.46 | 5,073.45 |
| May 2024 | 5,748.24 | 4,998.47 |
| June 2024 | 5,955.18 | 5,178.41 |
| July 2024 | 5,895.62 | 5,126.63 |
| August 2024 | 6,131.45 | 5,331.69 |
| September 2024 | 6,376.71 | 5,544.96 |
| October 2024 | 6,251.67 | 5,436.24 |
| November 2024 | 6,439.22 | 5,599.32 |
| December 2024 | 6,600.20 | 5,739.31 |
Polycab India’s share price projections for 2024 reveal a dynamic trajectory, with estimates ranging from a minimum of ₹5,018.71 to a maximum of ₹6,600.20 by December. The company’s current market capitalization stands at ₹80,279 crore, with a current stock price of ₹5,344 as of January 8th, 2024.
Notably, the stock has experienced fluctuations, reaching a high of ₹5,733 and a low of ₹2,615. The stock’s P/E ratio is reported at 49.9, and its book value is ₹480, indicating the company’s standing in the market.
| When | Maximum Price | Minimum Price |
| January 2025 | 6,732.21 | 5,178.62 |
| February 2025 | 6,904.83 | 5,311.41 |
| March 2025 | 7,174.12 | 5,518.55 |
| April 2025 | 7,033.45 | 5,410.34 |
| May 2025 | 6,828.59 | 5,252.76 |
| June 2025 | 7,135.88 | 5,489.14 |
| July 2025 | 6,995.96 | 5,381.51 |
| August 2025 | 7,212.33 | 5,547.94 |
| September 2025 | 7,464.76 | 5,742.12 |
| October 2025 | 7,658.84 | 5,891.42 |
| November 2025 | 7,850.31 | 6,038.70 |
| December 2025 | 8,046.57 | 6,189.67 |
Polycab India’s share price projections for 2025 indicate a promising outlook, with estimates ranging from a minimum of ₹5,178.62 to a maximum of ₹8,046.57 by December.
Noteworthy is the company’s robust geographical revenue mix in FY23, with 90% stemming from the domestic market and 10% from international sources. Polycab’s global expansion spans over 76 countries, with 46% of exports directed to North America and approximately 20% to Europe. These diversified revenue streams, coupled with the optimistic share price targets, underscore Polycab’s strategic positioning and potential for continued growth in the electrical solutions industry.
| When | Maximum Price | Minimum Price |
| January 2026 | 8,287.97 | 6,375.36 |
| February 2026 | 8,500.48 | 6,538.83 |
| March 2026 | 8,832.00 | 6,793.85 |
| April 2026 | 8,658.82 | 6,660.63 |
| May 2026 | 8,406.62 | 6,466.63 |
| June 2026 | 8,784.92 | 6,757.63 |
| July 2026 | 8,612.67 | 6,625.13 |
| August 2026 | 8,879.04 | 6,830.03 |
| September 2026 | 9,189.81 | 7,069.08 |
| October 2026 | 9,428.74 | 7,252.88 |
| November 2026 | 9,664.46 | 7,434.20 |
| December 2026 | 9,906.07 | 7,620.05 |
In 2026, Polycab India’s share price is anticipated to showcase a robust performance, with estimates ranging from a minimum of ₹6,375.36 to a maximum of ₹9,906.07 by December. This optimistic trajectory reflects the company’s solid market positioning and potential for sustained growth in the electrical solutions sector.
Moreover, Polycab’s strategic investments are evident in its major expenditures for FY23, with approximately ₹460 crore dedicated to capital expenditures and around ₹125 crore allocated to advertising.
With 25 manufacturing sites across India, including facilities in Halol, Daman, Roorkee, Nashik, and Chennai, the company demonstrates a diversified production capability, spanning wires and cables, fans, switches, switchgear, pipes, and conduits. This multifaceted approach, coupled with the promising share price targets, underscores Polycab’s resilience and forward-looking strategies in the industry.
| When | Maximum Price | Minimum Price |
| January 2027 | 10,104.19 | 7,772.46 |
| February 2027 | 10,363.27 | 7,971.75 |
| March 2027 | 10,767.44 | 8,282.65 |
| April 2027 | 10,556.32 | 8,120.24 |
| May 2027 | 10,248.85 | 7,883.73 |
| June 2027 | 10,710.05 | 8,238.50 |
| July 2027 | 10,500.05 | 8,076.96 |
| August 2027 | 10,824.79 | 8,326.76 |
| September 2027 | 11,203.66 | 8,618.20 |
| October 2027 | 11,494.95 | 8,842.27 |
| November 2027 | 11,782.33 | 9,063.33 |
| December 2027 | 12,076.89 | 9,289.91 |
Polycab India’s share price is poised for an impressive trajectory in 2027, with projections ranging from a minimum of ₹7,772.46 to a maximum of ₹12,076.89 by December. These estimates underscore the company’s strong market position and potential for substantial growth in the electrical solutions sector. Notably, Polycab embarked on a brand refresh in H1FY24, unveiling a new logo and adopting the tagline “Ideas Connected.” The company’s extensive network, boasting 4300+ distributors, 205,000+ retail outlets, 23 warehouses and depots, 4 regional offices, 9 local offices, and 17 experience centers, underscores its wide-reaching presence across India. With a revenue target of Rs. 20,000 crore by FY26 through Project Leap, Polycab remains committed to ambitious growth and innovation in the industry.
| When | Maximum Price | Minimum Price |
| January 2028 | 12,318.42 | 9,475.71 |
| February 2028 | 12,634.28 | 9,718.68 |
| March 2028 | 13,127.02 | 10,097.71 |
| April 2028 | 12,869.63 | 9,899.71 |
| May 2028 | 12,494.78 | 9,611.37 |
| June 2028 | 13,057.05 | 10,043.88 |
| July 2028 | 12,801.03 | 9,846.94 |
| August 2028 | 13,196.93 | 10,151.49 |
| September 2028 | 13,658.83 | 10,506.79 |
| October 2028 | 14,013.96 | 10,779.97 |
| November 2028 | 14,364.31 | 11,049.47 |
| December 2028 | 14,723.41 | 11,325.70 |
- January 2028: ₹9,475.71 (Minimum)
- December 2028: ₹14,723.41 (Maximum)
| When | Maximum Price | Minimum Price |
| January 2029 | 15,017.88 | 11,552.22 |
| February 2029 | 15,402.96 | 11,848.43 |
| March 2029 | 16,003.67 | 12,310.52 |
| April 2029 | 15,689.87 | 12,069.13 |
| May 2029 | 15,232.89 | 11,717.61 |
| June 2029 | 15,918.37 | 12,244.90 |
| July 2029 | 15,606.24 | 12,004.80 |
| August 2029 | 16,088.91 | 12,376.08 |
| September 2029 | 16,652.02 | 12,809.25 |
| October 2029 | 17,084.97 | 13,142.29 |
| November 2029 | 17,512.10 | 13,470.84 |
| December 2029 | 17,949.90 | 13,807.62 |
- January 2029: ₹11,552.22(Minimum)
- December 2029: ₹17,949.90 (Maximum)
| When | Maximum Price | Minimum Price |
| January 2030 | 18,308.90 | 14,083.77 |
| February 2030 | 18,778.36 | 14,444.89 |
| March 2030 | 19,510.71 | 15,008.24 |
| April 2030 | 19,128.15 | 14,713.96 |
| May 2030 | 18,571.02 | 14,285.40 |
| June 2030 | 19,406.72 | 14,928.24 |
| July 2030 | 19,026.19 | 14,635.53 |
| August 2030 | 19,614.63 | 15,088.18 |
| September 2030 | 20,301.14 | 15,616.26 |
| October 2030 | 20,828.97 | 16,022.29 |
| November 2030 | 21,349.70 | 16,422.84 |
| December 2030 | 21,883.44 | 16,833.42 |
- January 2030: ₹14,083.77 (Minimum)
- December 2030: ₹21,883.44 (Maximum)
Financial Condition of Polycab India: Last 5 Years
| Financials | 2019 | 2020 | 2021 | 2022 | 2023 TTM |
|---|---|---|---|---|---|
| Sales | 7,986 | 8,830 | 8,792 | 12,204 | 14,108 |
| Expenses | 7,035 | 7,701 | 7,681 | 10,940 | 12,265 |
| Operating Profit | 950 | 1,129 | 1,111 | 1,264 | 1,843 |
| OPM (%) | 12% | 13% | 13% | 10% | 13% |
| Other Income | 64 | 91 | 164 | 161 | 133 |
| Interest | 117 | 50 | 43 | 35 | 60 |
| Depreciation | 141 | 161 | 176 | 202 | 209 |
| Profit Before Tax | 756 | 1,010 | 1,056 | 1,188 | 1,707 |
| Tax (%) | 34% | 24% | 16% | 23% | 25% |
| Net Profit | 500 | 766 | 886 | 917 | 1,282 |
| EPS (Rs) | 35.39 | 50.97 | 59.15 | 60.80 | 84.80 |
| Dividend Payout (%) | 8% | 14% | 17% | 23% | 24% |
- Polycab India’s financial performance over the last five years has been robust, with notable growth in key metrics.
- Sales have experienced a substantial increase, rising from ₹7,986 crore in 2019 to ₹14,108 crore in the TTM of 2023.
- Compounded Sales Growth has been impressive: 10 Years: %, 5 Years: 16%, 3 Years: 17%, TTM: 20%.
- The company has effectively managed expenses, maintaining a healthy operating profit margin (OPM) ranging from 10% to 13%.
- Net profit has steadily risen, reaching ₹1,282 crore in the TTM of 2023, resulting in an impressive earnings per share (EPS) of ₹84.80.
- The dividend payout percentage has increased over the years, indicating a commitment to shareholder returns.
- Compounded Profit Growth over the last five years stands at 28%, showcasing strong financial health.
- The stock has delivered outstanding returns with a one-year Compound Annual Growth Rate (CAGR) of 104%.
- Return on Equity (ROE) has consistently hovered around 20%, emphasizing Polycab’s ability to generate value for shareholders.
- Overall, Polycab India’s financial condition reflects a trajectory of sustained growth, profitability, and robust shareholder value creation.
FAQs
What is Polycab India’s current market cap?
Polycab India’s current market capitalization stands impressively at ₹80,279 crore.
As of January 8th, 2024, the current share price of Polycab India is ₹5,344.
The company envisions a promising future, with projected share prices ranging from ₹5,178.62 to ₹8,046.57 by December 2025.
What is the company’s geographical revenue mix as of FY23?
Polycab India’s revenue mix in FY23 illustrates a robust domestic contribution of 90%, complemented by a 10% share from international markets.
What is the targeted revenue for Polycab India through Project Leap by FY26?
With ambitious aspirations, Polycab India aims to achieve a revenue milestone of ₹20,000 crore by FY26 through its visionary Project Leap.
Anticipate a flourishing market performance, with share prices estimated to range from ₹7,772.46 to ₹12,076.89 by December 2027.
How has Polycab India’s net profit grown in the last five years?
Polycab India’s net profit has seen a commendable ascent, reaching ₹1,282 crore in the TTM of 2023 from ₹500 crore in 2019.
What is Polycab India’s one-year Stock Price Compound Annual Growth Rate (CAGR)?
Investors have witnessed stellar returns, with Polycab India’s stock achieving an outstanding one-year Compound Annual Growth Rate (CAGR) of 104%.
The envisioned share prices for Polycab India in December 2030 range from a minimum of ₹14,083.77 to a maximum of ₹21,883.44.
What is the company’s Stock P/E ratio?
As of 8th January, 2024, Polycab India’s Stock P/E ratio is reported at 49.9.
Also Read
Conclusion: Polycab India’s Resilient Growth, Financial Prudence, and Future Potential
In conclusion, Polycab India emerges as a stalwart in the electrical solutions industry, with a diverse product portfolio that extends beyond its core expertise in cables and wires. The company’s strategic diversification across Wires and Cables, Fast Moving Electrical Goods (FMEG), and other ventures underscores its adaptability and innovative approach.
Despite recent challenges, including a 5% dip in share prices amid income tax raids, Polycab’s solid financial foundation remains evident. The company reported a robust 58.5% YoY increase in consolidated net profit for Q3 2023, driven by volume growth in its wires and cables business. The share price projections for 2024 to 2030 further accentuate Polycab’s optimistic outlook, with estimates reflecting a dynamic trajectory and potential for substantial growth.
Noteworthy is the company’s prudent financial management, with a near debt-free status, a commendable dividend payout of 24%, and an improvement in debtor days from 43.5 to 32.2 days. Additionally, the stock’s attractive valuation, trading at 11.1 times its book value, positions Polycab as an enticing investment opportunity.
In summary, Polycab India stands as a beacon of stability, innovation, and financial prudence in the electrical solutions sector, offering investors a compelling opportunity for long-term value creation.
What did we learn?
- 1 About Polycab India
- 2 Polycab India Shares Plunge 5% Amid Income Tax Raids at Multiple Locations
- 3 How to Purchase Polycab India Shares?
- 4 Polycab India Share Price Target 2024 To 2030
- 5 Financial Condition of Polycab India: Last 5 Years
- 6 FAQs
- 6.1 What is Polycab India’s current market cap?
- 6.2 What is the current share price of Polycab India?
- 6.3 What is the projected share price target for Polycab India in 2025?
- 6.4 What is the company’s geographical revenue mix as of FY23?
- 6.5 What is the targeted revenue for Polycab India through Project Leap by FY26?
- 6.6 What is the projected share price target for Polycab India in 2027?
- 6.7 How has Polycab India’s net profit grown in the last five years?
- 6.8 What is Polycab India’s one-year Stock Price Compound Annual Growth Rate (CAGR)?
- 6.9 What is the maximum and minimum projected share price for Polycab India in 2030?
- 6.10 What is the company’s Stock P/E ratio?
- 7 Conclusion: Polycab India’s Resilient Growth, Financial Prudence, and Future Potential
