Polycab India shares closed 0.3% higher at ₹8,219 after reporting a 53% YoY increase in Q3 revenue and a 39% rise in EBITDA, beating analyst consensus.
Revenue growth was driven primarily by the cables & wires segment, which expanded 47% versus last year, while Fast Moving Electrical Goods doubled in sales and posted its highest margin to date.
86% of the 36 analysts covering the stock retain a buy stance. CLSA, Macquarie and HSBC have set target prices of ₹10,240, ₹10,156 and ₹10,550 respectively, all implying upside of 24.8%, 23.7% and 28.5% from the current close. Jefferies, the only broker with a higher target, has projected ₹11,040, a 34.5% lift.
Polycab’s EBIT margin has hovered between 12% and 15% over the past 16 quarters, hitting 14.2% last year; the cables & wires EBIT margin narrowed to 14.2% on a high base, while FMEG’s margin climbed to 10% from a lower prior level. The firm’s strong performance comes against a backdrop of intensifying competition in the power and infrastructure segments.
Looking ahead, Jefferies forecasts a compound annual growth rate of over 22% for FY28‑29 earnings per share, and analysts expect the share price to cross ₹11,000 within the next twelve months. The next earnings release is slated for Q4 FY27, which will be closely watched for signs of sustained momentum.