Q3 2026 Polycab India Ltd Earnings Call Transcript
Key Points
- Polycab India Ltd (BOM:542652) reported a 46% year-on-year growth in consolidated revenues for Q3 FY26, driven by strong execution in the Wire and Cable segment and healthy growth in the FMEG business.
- The company achieved its highest ever quarter-three PAT at INR6.3 billion, reflecting a 36% year-on-year growth.
- The Wires and Cables business recorded a 53% year-on-year revenue growth during the quarter, with the domestic wire and cable business posting an exceptional 59% year-on-year growth.
- The FMEG segment sustained its impressive growth momentum, delivering a 17% year-on-year increase in Q3 FY26 and remained profitable for the fourth consecutive quarter.
- Polycab India Ltd (BOM:542652) maintained a strong balance sheet, closing the quarter with a net cash position of INR30.3 billion.
- EBITDA margins were impacted, standing at 12.7%, and would have been approximately 14% excluding a one-off impact of INR219 million due to gratuity provisioning.
- Segment profitability was affected by continued commodity price inflation and depreciation of the Indian rupee, with copper and aluminum prices increasing significantly.
- The international business growth was modest at 5% year-on-year, contributing only 6% to consolidated revenues.
- There was a strategic decision to pass on the increase in raw material prices in a staggered manner, resulting in near-term margin pressure.
- The company faced challenges in the US market due to tariff-related issues, impacting export growth.
Ladies and gentlemen, good evening, and welcome to the Polycab India Limited Q3 FY26 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Niyant Maru, Chief Financial Officer, Polycab India Limited. Thank you, and over to you, sir.
Thank you. Good afternoon, everyone, and thank you for joining us today. I hope all of you are staying healthy and safe. I am Niyant Maru, CFO at Polycab India Limited. On today's call, we will be discussing the Q3 FY26 results, which were approved by the Board of Directors earlier today. We will be referring to the earnings presentation, financial results, and financial statements, all of which are available on the stock exchanges and on the Investor Relations section of our website. Joining me today from the management team are Shashank Yagnick, Head Strategy; Chirayu Upadhyaya, Head Investor Relations.
Before we get into quarterly performance, I would like to share a
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