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Motilal Oswal Report
Polycab India Ltd. continues to outperform its targeted growth trajectory, supported by strong demand momentum and ongoing market share gains. With channel inventory normalising and underlying offtake remaining healthy, management expects a strong Q4 FY26.
Further, raw material cost uptrend has moderated in Feb'25 (copper/aluminum prices down ~1%/3% in Feb'26 so far), with key input prices stabilizing after the sharp run-up in Q3 FY26. This easing trend is expected to reduce cost pressures and support sequential margin improvement going forward.
Its cumulative opreating cash flow is estimated at Rs 8,220 crore during FY26-28, which supports its capex requirement of ~Rs 1,400 crore-1,500 crore annually for future growth.
The brokerage remains structurally positive on Polycab, supported by its leadership in the cable and wires segment, favorable industry outlook, a strong balance sheet, and healthy return ratios, which provide visibility for strong growth and capital efficiency.
Motilal Oswal reiterates its Buy rating with a target price of Rs 9,600 (based on 40x FY28E earnings per share).
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