Polycab India Limited Largely in-line C&W print; NT risk/reward balanced: export rebound, domestic volume growth recovery key monitorables

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Polycab India Limited Largely in-line C&W print; NT risk/reward balanced: export rebound, domestic volume growth recovery key monitorables

Rishabh Gupta AC Asia Pacific Equity Research

(91-22) 6157-3429 16 July 2026 J P M O R G A N

rishabh.x.gupta@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

Polycab offers ‘picks and shovels’ exposure to the structural

themes of electrification and energy transition with applications

across power, renewables, infrastructure, data centers, mobility

electrification and exports. Polycab’s capacity footprint and

distribution edge should continue to drive market share gains in

cables, with exports a major upside optionality (India has just a

low single-digit share of US/Europe C&W imports).

Valuation

We value Polycab (POLYCAB) at 40x FY28E EPS (slightly

YTD 1m 3m 12m

Abs 20.1% -3.9% 16.6% 32.6% above the last 3-year average [FY2024-FY2026]) to arrive at our

Rel 28.0% -4.3% 17.1% 37.1% Mar-27 PT of Rs10,000. While we expect growth momentum to

be sustained over the next 2-3 years, we see longer-term margin/Company Data

growth uncertainty from new entrants in the industry, which

Shares O/S (mn) 151

52-week range (Rs) 10,128.60-6,620.00 could keep valuation multiples below recent peaks, in our view.

Market cap ($ mn) 14,420 We note that Polycab’s average 1 yr forward P/E multiple prior

Exchange rate 96.27 to the announcement of large conglomerates entering the C&W

Free float (%) 35.6%

3M ADV (mn) 0.42 industry was c.45x.

3M ADV ($ mn) 39.5

Volatility (90 Day) 35

Index NIFTY Performance Drivers

BBG ANR (Buy | Hold | Sell) 24|8|2

Key Metrics (FYE Mar)

Rs in millions FY26A FY27E FY28E FY29E

Financial Estimates

Revenue 288,838 362,372 410,761 459,581

Adj. EBITDA 40,058 49,264 56,267 63,645

Adj.