Polycab India (POLY) ticked 0.2% to ₹7,766 after the National Company Appellate Tribunal dismissed the insolvency petition filed by Asier Metals on October 7.
The dismissal lifts the 12‑month cooling‑off period that would have forced the company into a Futures & Options exclusion from December 30, 2026—an exclusion that, per precedent, can be reversed as Zee Entertainment did in 2023 within three days.
MSCI said it will defer Polycab’s removal from its indices until further clarification, noting it will monitor the company’s status on the insolvency list.
Polycab’s September quarter revenue surged to ₹1,500 crore, beating consensus; however, operating margin fell from 35% last year to 33.4%—a 160‑basis‑point slide driven by a high base, lower export volume and a shift in product mix.
Market share in the cable and wire segment rose to 30‑31% for FY 2026 from 26‑27% in FY 2025, reflecting a 4% increase. Analysts now view the company as a potential play if the F&O exclusion is reversed.
The next key event is the CIRP resolution deadline on November 30, 2026, after which Polycab could re‑enter the F&O market and potentially regain index weight. Traders will watch the NCLAT’s next order for any signal.