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The exchange said no new futures and options (F&O) contracts will be issued for Polycab India upon the expiry of existing contract months. However, existing unexpired contracts for October, November and December 2026 will remain available for trading until their respective expiry dates. The NSE will also introduce new strike prices in these existing contract months.
No Polycab India contracts will be available for trading in the equity derivatives segment from 30 December 2026, the exchange said.
Polycab India Ltd lost 3.19% today to trade at Rs 8145.9. The BSE Capital Goods index is down 1.1% to quote at 73437.68. The index is down 5.29 % over last one month. Among the other constituents of the index, Hitachi Energy India Ltd decreased 2.89% and GE Vernova T&D India Ltd lost 2.8% on the day. The BSE Capital Goods index went up 6.49 % over last one year compared to the 12.6% fall in benchmark SENSEX.
Polycab India Ltd has lost 1.26% over last one month compared to 5.29% fall in BSE Capital Goods index and 3.78% drop in the SENSEX. On the BSE, 965 shares were traded in the counter so far compared with average daily volumes of 17163 shares in the past one month. The stock hit a record high of Rs 10128.6 on 22 Jun 2026. The stock hit a 52-week low of Rs 6660.5 on 27 Jan 2026.
In a circular dated 12 October 2026, the NSE said Polycab had been shortlisted under the Insolvency and Bankruptcy Code (IBC) framework. The exchange also announced a 100% margin requirement on all existing and new derivative positions in the stock from 14 October 2026. Further surveillance measures, including price bands and gross settlement, are to apply from 1 January 2027 under the IBC framework.
The development follows insolvency proceedings initiated against Polycab by Asier Metals Private Limited over an alleged operational debt of Rs 2.79 crore. On 7 October 2026, the National Company Law Tribunal (NCLT), Ahmedabad Bench, admitted a petition seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the company under Section 9 of the IBC.
However, the National Company Law Appellate Tribunal (NCLAT), on 9 October 2026, stayed and kept the NCLT order in abeyance pending further orders. It directed the appellant to deposit the amount stated in the insolvency petition through a fixed deposit receipt in the name of the tribunal’s Registrar within one week. The appeal is scheduled for hearing on 26 October 2026.
Despite the NCLAT’s interim order, the NSE’s circular placed Polycab under the IBC-related derivatives framework. The F&O exclusion and enhanced margin requirement may affect derivatives trading and investor positioning in the stock.
Polycab India is India’s largest manufacturer of wires and cables and one of the fastest growing FMEG companies. It reported 33% rise in consolidated net profit to Rs 7,96.7 crore on a 39% increase in revenue to Rs 8,209.7 crore in Q1 FY27 over Q1 FY26.
In September, a foreign brokerage retained its 'Buy' rating on Polycab with a target price of Rs 11,100, citing growth prospects in the wires and cables industry. The stock had come under pressure following UltraTech Cement’s entry into the wires and cables market with its Ultravolt brand. The company announced an investment of Rs 1,800 crore and plans to distribute products across 500 districts through more than one lakh retailers.
The broker viewed Polycab’s correction as a potential opportunity, noting that the wires and cables market was expected to grow at 11%-12% annually. The brokerage also highlighted that cables account for around 70%-75% of Polycab’s wires and cables revenue, while Ultravolt’s initial focus appeared to be on wires and low-tension cables. High entry barriers in large power transmission and industrial cable projects could help protect Polycab’s position.
The stock has come under pressure since UltraTech Cement entered the wires and cables market with its Ultravolt brand. UltraTech launched Ultravolt last Thursday with an investment of Rs 1,800 crore, of which Rs 900 crore had been incurred as of June 2026.
UltraTech plans to roll out Ultravolt products across 500 districts through more than 1 lakh retailers. The company has started commercial production at the first phase of its facility in Bharuch, Gujarat, with an installed capacity of 1.1 million kilometres. Capacity is eventually expected to reach around 4 million kilometres.
The Aditya Birla Group company's entry is expected to intensify competition in the retail wires and cables segment. Its focus on building a pan-India distribution and retail network has also raised concerns for established players.
However, the brokerage said Polycab's recent correction could present an opportunity rather than signal a major competitive threat. The stock declined over 12% in the five trading sessions following the Ultravolt launch.
The brokerage said the fast-growing wires and cables market has enough room for another meaningful player. The market is expected to expand at around 11%-12% annually.
Polycab derives around 70%-75% of its cables and wires revenue from cables. In comparison, Ultravolt's initial focus appears to be on wires and low-tension cables. This provides some protection to Polycab, as large power transmission and industrial cable projects often require two to four years of pre-qualification, creating higher entry barriers.
The brokerage also noted that the cables and wires industry operates at average operating margins of 10%-12% and net margins of 5%-7%. These margins are lower than those typically seen in branded paints, limiting the scope for sustained aggressive pricing by new entrants.
The brokerage expects Polycab to deliver a 22% PAT CAGR over FY26-FY29E, driven by volume growth and improving FMEG margins. It retained its annual capex estimate of around Rs 1,400-1,500 crore for FY26-FY29E.
Supply-chain disruptions, weaker demand and sharp copper-price volatility remain key risks, the brokerage said.
Polycab India (PIL) is India’s largest manufacturer of wires and cables and one of the fastest growing FMEG companies. It reported 33% rise in consolidated net profit to Rs 7,96.7 crore on a 39% increase in revenue to Rs 8,209.7 crore in Q1 FY27 over Q1 FY26.
KEI Industries Ltd fell 6.26% today to trade at Rs 4961. The BSE Capital Goods index is down 0.27% to quote at 78175.43. The index is up 0.17 % over last one month. Among the other constituents of the index, Polycab India Ltd decreased 4.48% and PTC Industries Ltd lost 1.64% on the day. The BSE Capital Goods index went up 16.64 % over last one year compared to the 5.03% fall in benchmark SENSEX.
KEI Industries Ltd has lost 9.55% over last one month compared to 0.17% gain in BSE Capital Goods index and 2.45% drop in the SENSEX. On the BSE, 5745 shares were traded in the counter so far compared with average daily volumes of 14149 shares in the past one month. The stock hit a record high of Rs 5931.4 on 18 Aug 2026. The stock hit a 52-week low of Rs 3730 on 22 Jan 2026.
Total operating expenses for the period under review rose 12.6% YoY to Rs 821.5 crore from Rs 729.6 crore in the same period last year.
While EBITDA improved by 32.5% YoY to Rs 1,136.2 crore, EBITDA margin contracted by 70 basis points YoY to 13.8% in Q1 FY27.
Profit before tax in Q1 FY27 stood at Rs 1,058.2 crore, up by 32.2% from Rs 800.6 crore in Q1 FY26.
Inder T. Jaisinghani, chairman and managing director, Polycab India, said: 'We have entered FY2027 with strong momentum, achieving our highest-ever first-quarter revenue and profit performance.
The Wires and Cables segment maintained its robust growth trajectory, supported by healthy domestic demand and effective operational execution.
Our FMEG business delivered an outstanding quarter, continuing to strengthen its profitability through a strong product portfolio, enhanced operational efficiencies and a growing shift towards premium products.
Our international business continues to be a key driver of the next phase of growth, supported by a strong order book.
Meanwhile, the EPC segment remains on a solid footing, underpinned by a healthy order backlog and a strong project execution pipeline. Looking ahead, sustained government infrastructure investments and improving on-ground project implementation are expected to create significant growth opportunities.
Supported by a strong financial position and ongoing investments in capacity enhancement, innovation, and distribution expansion, we are well-positioned to strengthen our market leadership and deliver sustainable, industry-leading growth over the long term.'
Polycab India (PIL) is India’s largest manufacturer of wires and cables and one of the fastest growing FMEG companies.
The scrip fell 3.93% to currently trade at Rs 8854 on the BSE.