Polycab India (POLC.NS): Strong C&W Execution Continues; FMEC Surprises Positively; Volume Acceleration Key to Re-rating

Research evidence excerpt

Polycab India (POLC.NS): Strong C&W Execution Continues; FMEC Surprises Positively; Volume Acceleration Key to Re-rating

Polycab India (POLC.NS)

16 July 2026 Citi Research

Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering of

securities of Polycab India.

Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment banking

services from Polycab India in the past 12 months.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investment

banking client(s): Polycab India.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the

services provided were non-investment-banking, securities-related: Polycab India.

services provided were non-investment-banking, non-securities-related: Polycab India.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Polycab India. (For an

explanation of the determination of significant financial interest, please refer to the policy for managing conflicts of interest

which can be found at www.citiVelocity.com.)

Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon

activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).

Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive

compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and

principal trading revenues.