Polycab IndiaNSE:POLYCAB -2.48%95 Gross Margin % is 23.44% as of Mar. 2026, which is 9% above its 10-year median of 21.47. GuruFocus rates NSE:POLYCAB with a GF Score™ of 95/100 and a GF Value™ of ₹9,473.97 (Fairly Valued). The stock has 6 warning signs investors should review. Among 2,997 Industrial Products companies, Polycab India ranks worse than 55.99% on this metric.
The historical rank and industry rank for Polycab India's Gross Margin % or its related term are showing as below:
NSE:POLYCAB'
s Gross Margin % Range Over the Past 10 Years
Min: 18.73 Med: 21.47 Max: 24.37
Current: 24.37
During the past 11 years, the highestGross Margin % of Polycab India was 24.37%. The lowest was 18.73%. And the median was 21.47%.
NSE:POLYCAB's Gross Margin % is ranked worse than 55.99% of 2997
companies
in the Industrial Products industry
Industry Median: 26.79
vs NSE:POLYCAB: 24.37
Polycab India had a gross margin of 23.44% for the quarter that ended in Mar. 2026 => Competition eroding margins
The 5-Year average Growth Rate of Gross Margin for Polycab India was 1.30% per year.
Polycab India (NSE:POLYCAB) Gross Margin % Explanation
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
Polycab India had a gross margin of 23.44% for the quarter that ended in Mar. 2026 => Competition eroding margins
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
Polycab India Gross Margin % Related Terms
Polycab India Gross Margin % Historical Data
* Premium members only.
The historical data trend for Polycab India's Gross Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Electrical Equipment & Parts subindustry, Polycab India's Gross Margin %, along with its competitors' market caps and Gross Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Polycab India Gross Margin % vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Polycab India's Gross Margin % distribution charts can be found below:
* The bar in red indicates where Polycab India's Gross Margin % falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
Polycab India (NSE:POLYCAB) has a Gross Margin % of 23.44% as of Mar. 2026. Gross margin is the ratio of total gross profit to net sales. View historical data on Polycab India and its competitors. This is near median its historical median of 21.47. Over the past decade, Polycab India's Gross Margin % has ranged from 18.73 to 24.37. According to the industry distribution chart, Polycab India ranks #1678 out of 2997 companies in the Industrial Products industry, placing it in the top 56%.
Is Polycab India's Gross Margin % too high?
Polycab India's current Gross Margin % of 23.44% is near median its 10-year median of 21.47. Over the past 10 years, this metric has ranged from a low of 18.73 to a high of 24.37. The Industrial Products industry median Gross Margin % is 26.79. Polycab India's value of 23.44% is 12.5% below this industry median. Based on the distribution chart, Polycab India ranks #1678 out of 2997 companies in the Industrial Products industry, which is below the industry midpoint. Overall, Polycab India has a GF Score™ of 95/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Polycab India's Gross Margin % compare to VRT and BE?
According to the Industrial Products industry distribution chart, Polycab India ranks #1678 out of 2997 companies for Gross Margin %. This places Polycab India in the lower half of its industry. The industry median Gross Margin % is 26.79. Polycab India's value of 23.44% is 12.5% below this benchmark. Historically, Polycab India's own Gross Margin % has ranged from 18.73 to 24.37 over the past decade. While the company's 10-year median is 21.47 vs. the industry median of 26.79, Polycab India has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Gross Margin % for an Industrial Products company?
The median Gross Margin % among Industrial Products companies is 26.79, based on 2,997 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Polycab India's current Gross Margin % of 23.44% is 12.5% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on Polycab India and its competitors. For the Industrial Products industry, the median Gross Margin % is 26.79 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Polycab India's current Gross Margin % is 23.44%, which is near median its own 10-year median of 21.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Polycab India stock overvalued right now?
Based on GuruFocus' analysis, Polycab India (NSE:POLYCAB) is currently considered Fairly Valued. The stock's GF Value™ is ₹9,473.97, compared to a current price of ₹9,713.50 — trading 2.5% above its estimated fair value. The current Gross Margin % is 23.44%, which is near median its 10-year median of 21.47 and 12.5% below the Industrial Products industry median of 26.79. Polycab India's overall GF Score™ is 95/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For Polycab India (NSE:POLYCAB), the current Gross Margin % is 23.44% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Polycab India (NSE:POLYCAB) Overvalued in 2026?
Based on GuruFocus' analysis, Polycab India stock appears to be overvalued.
The current stock price of ₹9,713.50 is trading 2.5% above its estimated GF Value™ of ₹9,473.97.
GuruFocus considers Polycab India to be Fairly Valued.
Key valuation signals for NSE:POLYCAB:
Gross Margin %: 23.44% (near median its 10-year median of 21.47)
GF Value™: ₹9,473.97 vs. price of ₹9,713.50 (2.5% above fair value)
Industry Position: 12.5% below the Industrial Products median (#1678 of 2997)
No single metric tells the full story. See the NSE:POLYCAB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Polycab India Ltd is engaged in the business of manufacturing and selling wires and cables and fast moving electrical goods under the POLYCAB brand. The business activities are carried out through Wires and cables, Fast moving electrical goods (FMEG), and the EPC segment. It generates maximum revenue from the Wires and cables segment. Geographically, it derives a majority of revenue from India, and also has its presence Overseas. Some of its products include Power cables, Control Cables, Instrumentation Cables, Optical Fibre Cables (OFC), Solar Cables, Building Cables, Flexible Wires, and others.
95GF Score
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Gross Margin % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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