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PL Capital Report
Polycab India Ltd.'s shares could remain in focus after PL Capital upgraded the stock to 'Buy' from 'Accumulate' and raised its target price to Rs 10,764 from Rs 10,503 following a strong Q1 FY27 performance and improved earnings outlook. [
The brokerage said the upgrade was driven by the recent correction in the stock price and an upward revision in earnings estimates, while maintaining a positive view on the company's medium-term growth prospects.
Polycab Q1 FY27 financial performance:
Sales grew 39.0% YoY to Rs 8,210 crore (brokerage estimate: Rs 7,840 crore). Wiers and cables business grew 39.4% YoY to Rs 7,160 crore.
International business declined 12.7% YoY. Gross margins contracted 300 bps YoY to 23.8% (brokerage estimate: 25.6%). Ebitda grew 32.5% YoY to Rs 1,140 crore (brokerage estimate: Rs 1,070 crore).
Ebitda margin contracted 70 bps YoY to 13.8% (brokerage estimate:: 13.7%). PAT grew 32.5% YoY to Rs 780 crore (brokerage estimate:: Rs 710 crore).
The W&C segment's Ebit rose 26.4% YoY to Rs 950 crore, while margins contracted 140 bps YoY to 13.3%. FMEG revenue surged 70.7% YoY to Rs 760 crore and reported Ebit of Rs 60.6 crore, compared with Rs 9.6 crore in Q1 FY26.
EPC revenue declined 11.4% YoY to ₹310 crore, while Ebit increased 26.4% YoY to Rs 33.8 crore and Ebit margin expanded 330 bps YoY to 11.0%.
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