BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Polycab India Ltd. has gained market share across segments (wire and cable, fan, consumer durable) over the past decade driven by expansion in its distribution network (18.2% compound annual growth rate over FY18-FY21) and steady launches of differentiated products.
We model its fast-moving electrical goods portfolio to grow ahead of the industry driven by market share gains from smaller / unorganised products and aggressive investments in brand building activities.
We also model Polycab India to expand its FMEG segment margin over FY21-FY26E due to portfolio premiumisation and operating leverage. We forecast 19.1% and 12.1% CAGRs in revenue and profit after tax, respectively, over FY21-FY24E.
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