POLYCAB's Q2 FY27 numbers came in strong, with revenue of Rs. 9,898.90 Cr (+52.80% YoY) and PAT growth of +42.90% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 15, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 9,898.90 Cr (+52.80% YoY) |
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| PAT (Q2) | Rs. 990.00 Cr (+42.90% YoY) |
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| EBITDA margin | 14.37% (-139 bps YoY) |
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| EPS (Q2) | Rs. 64.87 (+42.50% YoY) |
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| Market cap | Rs. 125,940.27 Cr |
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| CMP | Rs. 8,356.65 |
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Quarter Snapshot
Revenue grew 52.8% YoY to Rs.9,898.90 Cr with PAT up 42.9% to Rs.990.00 Cr, the fastest growth among recent quarters. FMEG crossed double-digit EBIT margin (10.13%) for the first time, ahead of its FY30 target corridor of 8–10%, while W&C held the top of its guided 12–14% band despite record copper prices. EPC margin of 7.19% sits below the guided high-single-digit level, and material cost at 76.40% of revenue compressed consolidated EBITDA margin YoY to 14.37%.
Key Investment Insights
Key Positives
- Revenue grew 52.8% YoY to Rs.9,898.90 Cr, the highest growth among recent quarters (Q1 +39%, Q4 FY26 +27%, Q3 FY26 +46%)
- PAT grew 42.9% YoY to Rs.990.00 Cr; basic EPS rose 42.5% to Rs.64.87
- FMEG revenue more than doubled YoY (+119.6%) to Rs.993.11 Cr with EBIT margin of 10.13%, ahead of the FY30 target corridor of 8–10% and up from 0.49% in Q2 FY26
- W&C revenue grew 47.2% YoY with EBIT margin of 14.19%, at the top of the guided 12–14% band and up 87 bps QoQ
- EBITDA margin improved 53 bps QoQ to 14.37% despite LME copper at a record US$15,100/tonne
- EPC revenue rebounded 53.4% YoY and 101.0% QoQ to Rs.617.08 Cr
- Net cash of Rs.4,474.75 Cr (up 7.7% from March 2026); working capital contracted 41.6% to Rs.1,899.93 Cr
- H1 FCF of Rs.1,073.26 Cr; capex of Rs.597.56 Cr annualizes to ~Rs.1,195 Cr, within the guided Rs.1,200–1,600 Cr range
Risk Factors
- EPC EBIT margin fell to 7.19% from 18.14% YoY (~10% excluding a ~Rs.30 Cr one-time gain in Q2 FY26), below the guided high-single-digit sustainable level
- Material cost rose to 76.40% of revenue (+352 bps YoY) on record copper prices, compressing EBITDA margin to 14.37% from 15.76% YoY
- Finance costs nearly doubled YoY (+93.4% to Rs.93.60 Cr); H1 CFO declined to Rs.1,670.82 Cr from Rs.1,790.55 Cr with CFO/PAT at 0.94× vs 1.39×
- NCLT admitted a Rs.2.79 Cr IBC petition on October 7, 2026; stayed by NCLAT on October 9, with hearing on October 26