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The strong revenue growth was driven by robust performance in the wires and cables (W&C) segment, supported by sustained growth momentum in the fast-moving electrical goods (FMEG) business.
Profit before tax was at Rs 800.59 crore in Q1 FY26, reflecting a growth of 50.10% from Rs 533.37 crore reported in Q1 FY25.
EBITDA jumped 47% YoY to Rs 857.60 crore in the quarter ended 30 June 2025. EBITDA margin improved to 14.5% in Q1 FY26 as against 12.4% in Q1 FY25, supported by strategic pricing revisions, improved operational efficiency, and a favourable business mix.
On the segmental front, wires & cables business revenue grew by 30.85% YoY to Rs 5,228.6 crore in Q1 FY26, supported by sustained demand across core sectors. Key growth drivers included higher government expenditure, better project execution and rising commodity prices.
The domestic business grew by 32% YoY, with cables growth once again outpacing wires. Both channel and institutional business showed healthy traction. The international business grew 24% YoY albeit on a low base and accounted for 5.2% of the Company’s topline. EBIT margins for the quarter expanded by 190 bps YoY to 14.7%, aided by strategic price adjustments and operating leverage.
The FMEG business continued its healthy growth trajectory to register an 18% YoY growth to Rs 454.23 crore in Q1 FY26. The fans segment witnessed a muted performance, impacted by a shorter summer season. However, categories like lights, switchgears, switches, and conduit pipes & fittings, delivered healthy growth, supported by steady demand from the real estate sector.
Solar products sustained their robust growth trajectory, clocking more than 2x YoY growth and emerging as the largest category within the FMEG portfolio.
Notably, the business continued its upward margin trend, achieving a second consecutive profitable quarter. Margin improvement was supported by portfolio-wide gross margin expansion, driven by a shift toward premium products, and better operating leverage from scaling efficiencies.
The EPC business registered a de-growth of 19% YoY during the quarter to Rs 347.40 crore, with EBIT margins at 7.7%.
As of 30 June 2025, net cash position stood at Rs 3,100 crore, against Rs 1,640 Bn in the same quarter previous year.
Commenting on the performance, Inder T. Jaisinghani, chairman and managing director, Polycab India, said: “We have started FY 2026 on a strong footing, delivering our highest-ever first-quarter revenue and profitability. Our Wires and Cables business continued to perform well, driven by sustained domestic demand, while our international business also delivered healthy year-on-year growth.
The FMEG segment maintained its positive trajectory, marking its second consecutive profitable quarter, supported by a sharper focus on premium offerings and improved operating leverage. With continued momentum in government spending and improving project execution on the ground, we are confident in our ability to capitalise on the opportunities that lie ahead.
As we progress on our five-year roadmap under Project Spring, we remain sharply focused on the strategic pillars that will drive the next phase of Polycab’s growth and transformation.”
Polycab India is the largest manufacturer of wires and cables in India and a fast-growing player in the Fast Moving Electrical Goods (FMEG) space. The Group is also in the business of engineering, procurement, and construction (EPC) projects.
Shares of Polycab India shed 0.98% to settle at Rs 6,877 on the BSE.