Polycab India Ltd (NSE: POLYCAB) has established itself as one of India’s fastest-growing electrical manufacturing companies, leading the wires and cables market while steadily expanding into the FMEG (Fast-Moving Electrical Goods) segment. As of October 2025, Polycab’s share price trades around ₹7,658, marking an impressive ~40% gain over the past six months.
Investors remain bullish on Polycab, driven by strong government investments in power and infrastructure, a recovery in housing demand, and the company’s solid debt-free balance sheet. While short-term challenges like copper price fluctuations and inventory adjustments may cause some volatility, the long-term outlook stays strong — supported by India’s ongoing electrification and renewable energy growth story.
In this article, we’ll break down Polycab India’s fundamentals, financial performance, and detailed share price targets from 2025 to 2050, along with the key growth drivers and challenges shaping its future.
About the Company
Founded in 1968, Polycab India Ltd is India’s largest wire and cable manufacturer, holding a market share of about 25 % in the organized sector.
- Core Business: Wires & Cables (~84 % of revenue)
- FMEG Segment: Fans, lighting, switches, and solar products (~16 %)
- Presence: 25+ manufacturing facilities, 190,000+ retail touchpoints, and exports to 60+ countries.
The company benefits from trends such as smart city projects, EV infrastructure, and renewable integration across India.
Fundamental Analysis
Revenue & Profit Trends
- FY25 Revenue: ₹2,20,000 Cr (+28 % YoY)
- FY25 Net Profit: ₹20,000 Cr (+37 % YoY)
- FY26 guidance: 20–25 % revenue growth, PAT CAGR ~ 25 %.
Polycab has delivered consistent double-digit earnings supported by premiumization and capacity expansion.
Valuation Metrics
- P/E (FY26E): ~47× (industry avg ≈ 35×)
- ROE: 28 % ROCE: > 30 %
- EPS (FY26E): ₹160–165
The premium valuation reflects strong earnings visibility and leadership.
Balance Sheet Strength
- Debt: Zero long-term borrowings
- Cash & Equivalents (Sep 2025): ₹24,300 Cr
- Current Ratio: ~2.0
A clean balance sheet supports expansion and dividend payouts.
Shareholding Pattern (Sep 2025)
- Promoters: 61.5 %
- FIIs: 17 %
- DIIs: 13 %
- Public: 8.5 %
High promoter and institutional confidence indicates stable ownership.
Past Stock Performance
Polycab has been a multibagger performer —
- +519 % in 5 years,
- +122 % in 2 years,
outperforming Nifty by > 2×.
The stock recently corrected ~11 % amid inventory buildup, offering potential re-entry opportunities for long-term investors.
Polycab Share Price Target 2025–2050
| Year | Minimum (₹) | Average (₹) | Maximum (₹) |
|---|---|---|---|
| 2025 | 6,500 | 7,738 | 9,220 |
| 2026 | 8,000 | 9,500 | 11,053 |
| 2027 | 9,800 | 11,700 | 13,600 |
| 2028 | 11,500 | 13,900 | 16,800 |
| 2029 | 12,900 | 15,800 | 18,900 |
| 2030 | 12,850 | 16,000 | 19,100 |
| 2035 | 18,500 | 23,000 | 28,500 |
| 2040 | 22,000 | 24,900 | 34,322 |
| 2045 | 26,000 | 31,000 | 40,000 |
| 2050 | 24,179 | 35,800 | 91,103 |
Polycab Share Price Target & Prediction 2025, 2026, 2027, 2028, 2029, 2030, 2035, 2040, 2045, and 2050
Polycab Share Price Target 2025
Analysts expect Polycab to close FY26 with 20–25 % PAT growth, strong capex recovery, and higher wire volume.
- Target range: ₹6,500 – ₹9,220
- Catalysts: Infrastructure demand, government spending (~₹11 lakh cr), and export growth.
Polycab Share Price Target 2026
Growth in the FMEG business to 20 % of revenue and new manufacturing lines could drive re-rating.
- Target range: ₹8,000 – ₹11,053
- Assumption: 24 % sales CAGR (FY24–27).
Polycab Share Price Target 2027
By 2027, sustained volume growth, rising exports, and premium product launches may lift valuations.
- Target range: ₹9,800 – ₹13,600
- Scenario: Margins stable at 11–12 %, copper volatility easing.
Polycab Share Price Target 2028
Expansion into EV cables, solar, and smart grids could boost revenues further.
- Target range: ₹11,500 – ₹16,800
- Assumption: 18 % revenue CAGR, ROE > 25 %.
Polycab Share Price Target 2029
Stronger exports and rural electrification demand expected to drive new highs.
- Target range: ₹12,900 – ₹18,900
- Support: Higher government power distribution budgets.
Polycab Share Price Target 2030
Analysts forecast the stock around ₹16,000 (avg) by 2030.
- Target range: ₹12,850 – ₹19,100
- Reason: Smart infrastructure and renewable wiring boom; FMEG profitability scaling up.
Polycab Share Price Target 2035
Assuming sustained 15 % CAGR, Polycab could trade around ₹23,000 – ₹28,500.
- Driver: Expansion to global EV cable markets; India’s $5 trillion economy vision.
Polycab Share Price Target 2040
By 2040, Polycab may emerge as a global green-tech electrical brand.
- Target range: ₹22,000 – ₹34,322
- Catalysts: Energy-efficient products, IoT-enabled devices.
Polycab Share Price Target 2045
If it maintains a 12 % long-term CAGR, shares could reach ₹31,000 (avg).
- Driver: Global diversification and tech-led growth.
Polycab Share Price Target 2050
Under an aggressive-growth scenario (CAGR 20–25 %), Polycab could reach ₹35,800 – ₹91,103, driven by renewable expansion, exports, and smart energy leadership.
- Base case: ₹35,800 Upside: ₹91,000+
Growth Drivers
- Government Infrastructure Spending – Capex of ₹11 lakh cr (FY26) supports cable demand.
- FMEG Expansion – Entry into fans, lighting, and switches improving margins.
- EV & Renewable Push – EV charging cables, solar products, and smart grids.
- Technological Edge – Automation, quality control, and wide distribution.
- Debt-Free Balance Sheet – High ROCE and flexibility for new plants.
- Export Growth – Penetration into 60+ countries and OEM collaborations.
Expert Views
- Jefferies: Buy | Target ₹9,220
- Nuvama: Buy | Target ₹8,340
- Macquarie: Positive | 24 % sales CAGR (FY24–27)
Over 73 % of analysts rate the stock a Buy, citing strong fundamentals and leadership in the electrification space.
Risks & Challenges
- Copper price volatility impacting margins.
- Slower FMEG adoption due to weak consumer sentiment.
- Rising competition from new entrants (e.g., UltraTech Cables).
- Potential global recession affecting exports.
- Promoter stake dilution and execution delays in EPC orders.
Investment Suitability
✅ Ideal for: Long-term investors (3–10 yrs) seeking growth in India’s infrastructure and electrification theme.
⚠️ Avoid for: Short-term traders sensitive to commodity volatility.
With zero debt, strong earnings visibility, and leadership in its segment, Polycab suits aggressive and moderate long-term portfolios.
FAQs
1. What will be Polycab’s share price in 2030?
By 2030, Polycab’s average target is ₹16,000, with a potential high of ₹19,100 if growth sustains at ~15–18 % CAGR.
2. Can Polycab reach ₹10,000 by 2028?
Yes, under a bullish scenario driven by strong infra orders and export growth, the stock could surpass ₹10,000 before 2028.
3. Is Polycab a good long-term investment?
Yes. Its zero-debt status, high ROE, and dominant market position make it one of India’s best long-term manufacturing plays.
4. What are the risks to watch?
Copper price volatility, demand slowdown in FMEG, and competitive pricing could impact near-term margins.
Conclusion
Polycab India stands as a powerhouse in India’s electrification journey, combining strong fundamentals with visionary expansion. Short-term corrections offer opportunities for long-term investors. With continued focus on renewables, FMEG diversification, and export momentum, Polycab could easily maintain double-digit growth for decades — potentially achieving ₹30,000+ levels by 2045 and ₹90,000+ by 2050 under aggressive conditions.
Sources
- Polycab Annual Report FY25–26
- BSE Filings
