Polycab India Limited, one of India’s leading manufacturers of wires, cables, and fast-moving electrical goods (FMEG), announced its Q2 FY2025 results on October 17, 2025. The company delivered strong revenue growth driven by robust demand in its Wires & Cables (W&C) segment and stable momentum in the FMEG and international business divisions.
These results underline Polycab’s operational resilience and leadership in the electrical infrastructure market, supported by sustained investments across real estate, industrial, and infrastructure sectors.
Key Financial Highlights
| Metric | Q2 FY2025 | Q2 FY2024 | YoY Growth |
|---|---|---|---|
| Revenue | ₹5,498 crore | ₹4,221 crore | +30% |
| Net Profit | ₹445 crore | ₹429 crore | +3.7% |
| EBITDA | ₹990 crore (est.) | ₹850 crore (est.) | +16.4% |
| EPS | ₹29.14 | ₹28.25 | +3.1% |
Note: EBITDA values are estimated based on implied margins of 18–20%.
Management Commentary
Chairman and Managing Director Inder Jaisinghani expressed confidence in the company’s long-term growth trajectory. He stated that demand continues to remain healthy across industrial, residential, and government projects, supported by India’s infrastructure development momentum.
“We are pleased with the consistent growth across our product categories. The continued push for electrification and smart infrastructure projects will further strengthen Polycab’s leadership position in the sector,”
said Jaisinghani during the earnings announcement.
The management also reaffirmed its focus on operational efficiency, supply chain optimization, and expanding the FMEG portfolio to drive sustained profitability.
Segment Performance
1. Wires & Cables (W&C) Segment
- Revenue: Over ₹4,600 crore, up 23% YoY
- Growth was driven by robust volume demand in the industrial, construction, and power distribution sectors.
- Export orders and institutional business continued to perform well, contributing significantly to overall growth.
2. FMEG Segment
- Revenue grew 18% YoY, led by strong sales of fans, lighting, and switches.
- Focus on product innovation and brand visibility continues to boost market share.
3. International Business
- Contributed around 6.1% of total revenue.
- Growth in Middle East, Africa, and Southeast Asia markets remained stable, reflecting Polycab’s strengthening global presence.
Market Reaction
Following the results, Polycab shares traded positively on both NSE and BSE. The stock rose nearly 2.5% intraday, as investors welcomed the company’s double-digit revenue growth and consistent margins despite raw material cost pressures.
Analysts noted that Polycab’s strong balance sheet, low debt, and robust order pipeline make it a preferred pick in the capital goods and power infrastructure sector.
Peer Comparison
Compared to peers like KEI Industries and Finolex Cables, Polycab continues to maintain its dominance in market share and topline performance. While KEI has shown margin stability, Polycab’s diversified product base and FMEG expansion give it a broader growth runway.
Future Outlook
Analysts expect Polycab’s growth momentum to continue into FY2026, supported by:
- Rising government and private investments in power and housing infrastructure.
- Expansion in rural electrification and renewable energy projects.
- Continued scaling of its FMEG business with new product launches.
Brokerages remain bullish on the stock, projecting mid-teen earnings growth over the next few quarters, backed by strong cash flow and disciplined capital allocation.
FAQs
1. What was Polycab’s net profit in Q2 FY2025?
Polycab reported a net profit of ₹445 crore, a 3.7% increase compared to ₹429 crore in Q2 FY2024.
2. Did Polycab beat market expectations?
Yes. The company’s revenue growth of 30% YoY surpassed analyst estimates, driven by strong wire and cable sales.
3. How did Polycab’s margins perform this quarter?
EBITDA margins were maintained around 18–20%, indicating strong operational efficiency despite rising input costs.
Conclusion
Polycab India’s Q2 FY2025 results reflect a healthy balance of growth, efficiency, and financial strength. With robust performance in the Wires & Cables segment, expanding FMEG presence, and a strong international footprint, the company remains well-positioned to benefit from India’s ongoing infrastructure and electrification boom.
Investors can view Polycab as a long-term growth story in India’s manufacturing and power ecosystem.
Sources: Polycab India presentations
