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Polycab Q4 Results Review: ICICI Securities Maintains 'Hold', Revises Target Price Post Strong Performance
With competitive intensity likely to inch up in cables and wires with the entry of Ultratech and Adani in FY27-28, ICICI Securities models Polycab to focus on market share gains.
07 May 2025, 10:58 AM IST 
Polycab has likely expanded its market share in domestic organised cables and wires industry by ~100 bps in FY25. (Source: Company website)
Polycab has reported revenue, Ebitda and PAT growth of 24.9%, 34.6% and 33.1%, respectively, YoY. Gross margin was up 22 bps YoY, whereas Ebitda margin was up 106bps led by operating leverage and 26bps reduction in ad-spend as % of net sales. Other income declined 10.7% YoY.
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