Polycab Delivers Its Strongest Year on Record; Net Profit Up 32% YoY

Synopsis: On the back of a 29 percent jump in consolidated revenue to Rs. 28,837 crore and a 32 percent rise in net profit to Rs. 2,708 crore for FY2025–26, Polycab India’s board declared a final dividend of Rs. 47 per share while simultaneously announcing a sweeping leadership redesignation that splits the business into distinct CEO-led verticals.

Shares of India’s largest wires and cables manufacturer moved into focus on Wednesday after the company’s board disclosed audited results for the full year ended March 2026, alongside a record dividend recommendation and a significant reshuffle of its senior management structure.

With a market capitalisation of Rs. 1,26,829.34 crore, the shares of Polycab India Ltd were trading at Rs. 8,424 per share, up 1.04 per cent from the previous session’s close of Rs. 8,337 apiece. It is trading at a P/E of approximately 47.24.

Polycab’s consolidated revenue from operations for FY2025–26 came in at Rs. 28,884 crore, a 29 per cent rise over Rs. 22,408 crore in FY2024–25. Net profit attributable to equity shareholders of the parent stood at Rs. 2,672 crore, up 32 per cent year-on-year from Rs. 2,020 crore. For the March 2026 quarter alone, consolidated revenue hit Rs. 8,864 crore, a 27 percent jump over the same quarter last year  with quarterly net profit at Rs. 773 crore.

At the segment level, the Wires and Cables business, which accounts for the bulk of group revenues, delivered Rs. 25,534 crore for the full year, a 33 percent increase. The FMEG segment turned in Rs. 2,069 crore in revenue and posted a segment profit of Rs. 55 crore for FY26, reversing a loss of Rs. 39 crore in FY25, a meaningful inflection after several quarters of pressure from commodity cost pass-through lags and competitive pricing. The EPC segment contracted to Rs. 1,666 crore from Rs. 1,919 crore in the prior year, reflecting both a deliberate selectivity in project ordering and some execution-linked delays.

The board recommended a final dividend of Rs. 47 per equity share of face value Rs. 10, amounting to a payout of 470 percent for FY2025–26. The prior year’s final dividend was Rs. 35 per share, making this a 34 percent increase in the per-share payout. The dividend remains subject to shareholder approval at the ensuing Annual General Meeting, with payment within 30 days of that date.

On the leadership side, the company announced a reorganisation that segments operations into distinct CEO-led verticals: Ishwinder Khurana takes charge as CEO – B2C, Hetal Shah as CEO – EPC, and Ashish D. Jain as CEO – Telecom, while Rakesh Talati is designated Director (Non-board member) – Operations and Chief Operations Officer. The structure signals that Polycab intends to manage its increasingly divergent business lines (mass consumer electricals, large infrastructure projects, and the newer telecom cables vertical) through separate accountability chains rather than a unified commercial leadership. Alongside this, the CFO’s tenure was extended from July 2026 to April 2027, ensuring continuity through the next annual cycle.

Business Overview

Polycab India Limited was incorporated in January 1996 and is listed on the BSE and NSE. The company is India’s largest integrated manufacturer of wires and cables, commanding a 26–27 percent share of the organised domestic market, with additional operations in FMEG products and EPC services.

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