Polycab India financials and balance sheet

NSE: POLYCABBSE: 542652Industrial ProductsLarge Cap

₹7,440.00₹231.00 (3.01%)BSE ₹7,415.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹7,671.00.

52-week range of traded prices to 23 Oct 2026

₹6,663.00Low, 27 Jan 2026₹10,126.00High, 22 Jun 2026

Market cap: ₹1,12,118 Cr82nd largest listed
P/E: 35.5
P/B: 8.6
Dividend yield: 0.63%
ROE: 26.6%
ROCE: 32.0%
Debt to equity: 0.01
Volume, NSE: 3,25,55156.8% delivered

8 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Polycab India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.3% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2022, the company's revenue for that year, ₹12,204 Cr, differs from its quarters added, ₹12,351 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue28,884
Materials and goods−20,587
Employee costs−879
Other expenses−3,412
Operating profit4,006
Depreciation−386
Other income+236
One-off items0.0
Finance costs−243
Profit before tax3,613
Tax−905
Net profit2,708

What the company owns

Plant, investments and other assets₹6,871 Cr
Inventory₹5,560 Cr
Receivables₹3,759 Cr
Current investments₹3,405 Cr
Cash and bank₹882 Cr

What pays for it: net worth and liabilities

Net worth₹12,127 Cr
Other liabilities₹6,418 Cr
Owed to suppliers₹1,799 Cr
Borrowings₹132 Cr

Polycab India business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Polycab India segment results by quarter

Revenue by segment

₹29,270 CrTotal

Wires and Cables₹25,534 Cr87.2% of total
FMEG₹2,069 Cr7.1% of total
EPC₹1,666 Cr5.7% of total

Profit by segment

Wires and Cables₹3,478 Cr94.0% of total
FMEG₹55 Cr1.5% of total
EPC₹166 Cr4.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Wires and Cables
Revenue, ₹ crore
7,064
7,590
7,603
10,794
12,778
16,107
19,237
25,534
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
835
931
919
1,054
1,672
2,361
2,620
3,478
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
FMEG
Revenue, ₹ crore
643
836
1,034
1,254
1,261
1,299
1,682
2,069
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
7
17
57
20
−6
−94
−39
55
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
EPC
Revenue, ₹ crore
1,919
1,666
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
181
166
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	8,171	9,022	9,470	12,418	14,503	18,507	22,838	29,270
Company revenue, as in its results	7,956	8,830	8,927	12,204	14,108	18,039	22,408	28,884
Revenue	7,064	7,590	7,603	10,794	12,778	16,107	19,237	25,534
Revenue growth	–	7.4%	0.2%	42.0%	18.4%	26.1%	19.4%	32.7%
Profit	835	931	919	1,054	1,672	2,361	2,620	3,478
Profit growth	–	11.5%	−1.3%	14.8%	58.6%	41.2%	11.0%	32.7%
Margin	11.8%	12.3%	12.1%	9.8%	13.1%	14.7%	13.6%	13.6%
Return on capital	34.2%	30.9%	29.0%	27.0%	43.0%	48.2%	45.6%	56.4%
Assets	4,104	4,327	4,428	4,940	5,742	7,437	8,000	11,545
Liabilities	1,660	1,319	1,264	1,028	1,850	2,534	2,251	5,383
Capital employed	2,445	3,008	3,163	3,912	3,892	4,902	5,749	6,162
Revenue	643	836	1,034	1,254	1,261	1,299	1,682	2,069
Revenue growth	–	29.9%	23.8%	21.3%	0.5%	3.0%	29.5%	23.0%
Profit	7	17	57	20	−6	−94	−39	55
Profit growth	–	125.8%	236.3%	−65.3%	–	–	–	–
Margin	1.2%	2.0%	5.5%	1.6%	−0.4%	−7.3%	−2.3%	2.7%
Return on capital	1.9%	4.4%	17.5%	3.9%	−1.1%	−18.1%	−8.1%	12.7%
Assets	499	538	590	775	750	777	844	951
Liabilities	100	159	267	270	246	256	365	519
Capital employed	399	379	323	506	503	520	479	433
Revenue	–	–	–	–	–	–	1,919	1,666
Revenue growth	–	–	–	–	–	–	–	−13.2%
Profit	–	–	–	–	–	–	181	166
Profit growth	–	–	–	–	–	–	–	−8.4%
Margin	–	–	–	–	–	–	9.4%	9.9%
Return on capital	–	–	–	–	–	–	15.0%	11.9%
Assets	–	–	–	–	–	–	1,724	2,719
Liabilities	–	–	–	–	–	–	518	1,332
Capital employed	–	–	–	–	–	–	1,206	1,386
	–	–	0	0	0	0	0	–
Profit	–	–	0	0	0	0	0	–
Return on capital	–	–	0.0%	0.0%	–	–	–	–
Assets	–	–	12	9	0	0	0	–
Liabilities	–	–	0	0	0	0	0	–
Capital employed	–	–	12	9	0	0	0	–
Revenue	464	596	300	370	465	1,101	–	–
Revenue growth	–	28.6%	−49.7%	23.5%	25.5%	136.9%	–	–
Profit	20	90	46	50	52	125	–	–
Profit growth	–	356.3%	−49.5%	9.4%	3.6%	141.4%	–	–
Margin	4.3%	15.1%	15.2%	13.5%	11.1%	11.3%	–	–
Return on capital	14.9%	28.3%	28.1%	65.2%	23.8%	24.1%	–	–
Assets	669	629	500	349	453	987	–	–
Liabilities	536	309	338	273	236	470	–	–
Capital employed	132	319	163	77	218	517	–	–
Revenue	–	–	533	–	–	–	–	–
Profit	–	–	56	–	–	–	–	–
Margin	–	–	10.5%	–	–	–	–	–
Return on capital	–	–	37.7%	–	–	–	–	–
Assets	–	–	331	–	–	–	–	–
Liabilities	–	–	183	–	–	–	–	–
Capital employed	–	–	149	–	–	–	–	–
	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	−48
Assets	–	–	–	–	–	–	–	0
Liabilities	–	–	–	–	–	–	–	0
Revenue	–	0	0	0	−356	0	−377	–
Profit	–	−16	−19	−20	−37	−45	−47	–
Assets	–	0	0	0	0	0	3,205	–
Liabilities	–	0	0	0	0	0	731	–
Revenue	–	–	–	0	−9	0	0	–
Profit	–	–	–	0	−9	0	0	–
Assets	–	–	–	0	0	0	0	–
Liabilities	–	–	–	0	0	0	0	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Polycab India quarterly results

₹ crore	Mar 2019Filed 15 May	Mar 2020Filed 1 Jun	Mar 2021Filed 14 May	Mar 2022Filed 11 May	Mar 2023Filed 13 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
Revenue from operations	7,956	8,830	8,927	12,204	14,108	18,039	22,408	28,884
	7,033	7,695	7,760	10,939	12,256	15,548	19,448	24,878
Materials and goods bought	5,712	6,051	6,498	9,354	10,376	12,806	15,573	20,587
Employee costs	300	366	360	407	457	610	737	879
Other expenses	1,021	1,278	901	1,178	1,423	2,132	3,138	3,412
Operating profit before depreciation	923	1,135	1,167	1,265	1,852	2,492	2,960	4,006
Operating margin	11.6%	12.9%	13.1%	10.4%	13.1%	13.8%	13.2%	13.9%
Materials, % of revenue	71.8%	68.5%	72.8%	76.7%	73.5%	71.0%	69.5%	71.3%
Employee costs, % of revenue	3.8%	4.1%	4.0%	3.3%	3.2%	3.4%	3.3%	3.0%
Other expenses, % of revenue	12.8%	14.5%	10.1%	9.7%	10.1%	11.8%	14.0%	11.8%
Depreciation and amortisation	141	161	187	202	209	245	298	386
Operating profit after depreciation	782	974	980	1,064	1,643	2,247	2,662	3,620
Other income	93	93	128	90	133	221	208	236
Finance costs	117	50	53	35	60	108	169	243
Profit before one-off items and tax	758	1,017	1,055	1,118	1,717	2,359	2,701	3,613
One-off items	0	0	10	0	0	0	0	0
Profit before tax	758	1,017	1,065	1,118	1,717	2,359	2,701	3,613
	256	244	179	271	425	556	655	905
Current tax	288	245	157	281	412	554	615	939
Deferred tax	−32	0	22	−10	13	3	40	−34
Share of profit of joint ventures and associates	−2	−7	0	−3	−9	–	–	–
Profit from discontinued businesses	–	–	–	72	–	–	–	–
	500	766	886	917	1,282	1,803	2,046	2,708
Belonging to the company's shareholders	499	759	886	917	1,270	1,784	2,020	2,672
Belonging to outside owners of subsidiaries	1	7	–	–	12	19	26	36
Other comprehensive income	0	−16	16	0	3	−10	−7	0
Total comprehensive income	500	749	902	917	1,286	1,793	2,039	2,708
Net margin	6.3%	8.7%	9.9%	7.5%	9.1%	10.0%	9.1%	9.4%
Net margin without joint ventures and associates	6.3%	8.8%	9.9%	7.5%	9.2%	–	–	–

Belonging to outside owners of subsidiaries is left blank for the year to Mar 2021: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 15 May	Mar 2020Filed 1 Jun	Mar 2021Filed 14 May	Mar 2022Filed 11 May	Mar 2023Filed 13 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May	Sep 2026Half yearFiled 15 Oct
	2,855	3,851	4,773	5,569	6,669	8,243	9,907	12,127	13,237
	2,847	3,836	4,754	5,544	6,631	8,187	9,825	12,009	13,094
Share capital	141	149	149	149	150	150	150	151	151
Reserves	2,706	3,688	4,605	5,394	6,481	8,037	9,675	11,858	12,943
Belonging to outside owners of subsidiaries	8	15	19	25	37	56	82	118	143
	192	122	193	83	155	90	109	132	112
Repayable after a year	89	11	104	3	4	23	42	39	26
Repayable within a year	103	111	89	80	151	67	67	93	86
	2,619	2,009	2,015	1,741	2,627	3,578	3,510	7,965	10,041
Trade payables	1,520	1,354	1,348	1,218	2,033	2,863	1,430	1,799	1,967
Other financial liabilities	181	132	198	79	100	289	1,628	4,288	6,895
Other liabilities	626	269	328	323	282	315	308	1,574	829
Provisions	21	24	24	25	27	31	63	134	145
Tax owed	167	119	28	16	35	13	16	77	120
	154	101	227	102	130	258	356	384	517
Other financial liabilities	0	30	23	24	22	78	81	345	176
Other liabilities	9	17	34	21	17	2	89	–	199
Provisions	16	26	25	26	45	60	41	0	74
Deferred tax	23	17	42	27	42	54	103	–	42
	5,628	5,962	7,015	7,412	9,425	12,079	13,773	20,476	23,795
Held for sale or for a demerger	0	–	–	–	–	–	–	3	3
	1,703	1,912	2,242	2,271	2,517	3,365	4,454	5,816	6,473
Plant in use, after depreciation	1,272	1,420	1,860	1,652	2,047	2,241	2,791	3,505	–
Plant being built	193	241	99	375	251	578	708	1,139	–
Intangible assets	3	2	7	18	16	16	141	147	3
Goodwill	0	0	2	5	5	5	0	0	0
Property held to earn rent	0	0	0	0	0	76	79	88	102
Investments	0	0	0	0	0	0	0	0	19
Stakes in joint ventures and associates	29	25	12	9	0	0	0	–	0
Loans given	0	5	4	0	0	0	0	0	0
Other financial assets	5	1	58	17	32	31	71	57	347
Deferred tax	0	1	0	0	1	13	24	–	15
Trade receivables	135	166	128	80	53	119	299	448	536
Other assets	65	49	72	114	113	286	340	431	376
	3,925	4,050	4,773	5,141	6,909	8,714	9,319	14,658	17,319
Inventories	1,996	1,925	1,988	2,200	2,951	3,675	3,661	5,560	6,963
Trade receivables	1,334	1,434	1,436	1,296	1,247	2,047	2,596	3,759	3,459
Cash and cash equivalents	179	172	238	122	153	307	217	390	211
Other bank balances	139	109	294	285	542	95	553	492	362
Current investments	0	40	623	764	1,350	1,822	1,749	3,405	4,013
Loans given	18	24	17	13	10	11	11	11	11
Other financial assets	72	144	21	42	30	34	115	263	265
Other assets	187	201	156	419	625	723	416	778	2,033
Net debt	−126	−199	−962	−1,088	−1,891	−2,135	−2,411	−4,155	−4,475

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 14 May	Mar 2022Filed 11 May	Mar 2023Filed 13 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May	Sep 2026Half yearFiled 15 Oct
	1,238	512	1,428	1,296	1,809	3,811	1,671
	1,479	846	1,798	1,871	2,442	4,694	2,202
	246	−524	−106	−809	−610	−375	−398
Receivables	25	121	85	−889	−736	−1,376	205
Inventories	−59	−220	−752	−724	14	−1,898	−1,404
Payables	14	−28	798	814	−103	3,328	187
Other working capital	265	−397	−237	−10	215	−428	614
Tax paid	−241	−334	−370	−574	−633	−883	−532
Capital spending	187	527	477	853	970	1,480	598
Free cash flow	1,051	−15	950	443	839	2,330	1,073
	−1,012	−427	−1,203	−752	−1,239	−2,850	−951
Plant and property sold	2	7	21	1	14	10	2
Companies bought	−30	0	0	0	0	0	0
Interest received	18	23	20	45	22	65	21
	−161	−201	−227	−387	−628	−799	−896
Borrowings raised	3	0	0	23	0	23	3
Borrowings repaid	−111	−17	33	−4	50	−10	−21
Interest paid	−46	−31	−48	−102	−168	−237	−157
Lease payments	−15	0	0	−25	−66	−33	−20
Dividends paid	0	149	209	300	451	547	708
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	66	−116	−2	157	−59	162	−176

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Polycab India dividend history

₹ per share	Mar 2019Filed 15 May	Mar 2020Filed 1 Jun	Mar 2021Filed 14 May	Mar 2022Filed 11 May	Mar 2023Filed 13 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
Earnings per share	₹35.39	₹51.16	₹59.20	₹60.87	₹84.87	₹118.93	₹134.34	₹177.53
Diluted earnings per share	₹35.39	₹50.97	₹58.96	₹60.61	₹84.61	₹118.49	₹133.80	₹176.95
Dividend per share	₹3.00	₹7.00	₹10.00	₹14.00	₹20.00	₹30.00	₹35.00	₹47.00
Book value per share	₹201.62	₹257.69	₹318.80	₹370.96	₹442.77	₹544.95	₹653.15	₹797.64
Dividend payout	8.5%	13.7%	16.8%	22.8%	23.6%	25.3%	26.1%	26.5%
Shareholder yield	–	–	0.0%	0.4%	0.5%	0.4%	0.6%	0.5%
Market cap at the year end (₹ crore)	–	11,044	20,565	35,322	43,116	76,059	77,435	1,03,021

Ratios

Consolidated, years to March.Polycab India PE ratio and valuation

Ratio	Mar 2019Filed 15 May	Mar 2020Filed 1 Jun	Mar 2021Filed 14 May	Mar 2022Filed 11 May	Mar 2023Filed 13 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
Revenue growth	–	11.0%	1.1%	–	15.6%	27.9%	24.2%	28.9%
Operating profit growth	–	22.9%	2.8%	–	46.4%	34.5%	18.8%	35.3%
Net profit growth	–	53.0%	15.7%	3.5%	39.8%	40.6%	13.5%	32.4%
Earnings per share growth	–	44.6%	15.7%	2.8%	39.4%	40.1%	13.0%	32.1%
	17.5%	22.7%	20.6%	17.8%	20.9%	24.1%	22.4%	24.5%
	–	5.2 pts	−2.1 pts	−2.8 pts	3.0 pts	3.2 pts	−1.6 pts	2.0 pts
From the net margin	–	6.5 pts	3.5 pts	−5.0 pts	3.5 pts	2.1 pts	−2.1 pts	0.6 pts
From asset turnover	–	1.9 pts	−2.5 pts	3.6 pts	−0.2 pts	0.0 pts	0.7 pts	−0.6 pts
From borrowing	–	−3.2 pts	−3.1 pts	−1.4 pts	−0.3 pts	1.1 pts	−0.2 pts	2.1 pts
Return on capital employed	25.7%	24.5%	19.7%	18.8%	24.1%	27.0%	26.6%	29.5%
Cash conversion	–	–	139.8%	55.8%	111.3%	71.9%	88.4%	140.7%
Interest cover	6.7	19.7	18.4	30.2	27.5	20.7	15.8	14.9
Debt to equity	0.07	0.03	0.04	0.01	0.02	0.01	0.01	0.01
Receivable days	61	59	59	39	32	41	42	47
Inventory days	128	116	112	86	104	105	86	99
Payable days	97	82	76	48	72	82	34	32
Cash conversion cycle, days	92	94	95	77	65	65	95	114
Working capital days	50	76	69	69	62	60	55	32
Asset turnover	1.41	1.52	1.38	1.69	1.68	1.68	1.73	1.69
Assets per rupee of net worth	1.98	1.73	1.51	1.40	1.38	1.45	1.44	1.57
Sales per rupee of plant	6.25	6.22	4.80	7.39	6.89	8.05	8.03	8.24
Capital spending to depreciation	–	–	1.00	2.61	2.28	3.48	3.25	3.84
Plant being built, % of plant in use	15.2%	17.0%	5.3%	22.7%	12.3%	25.8%	25.4%	32.5%

Revenue growth and operating profit growth are left blank for the year to Mar 2022: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 15.6%
Cash from operations against operating profit: 95.1%

Measure	5 years	3 years
Revenue growth, yearly rate	26.5%	27.0%
Profit growth, yearly rate	24.7%	28.1%
Return on equity, average	21.9%	23.7%
Return on capital employed, average	25.2%	27.7%
Operating margin, average	12.9%	13.6%
Net margin, average	9.0%	9.5%
Asset turnover, average	1.69	1.70
Cash conversion cycle, days, average	83	91
Interest cover, average	21.8	17.1
Debt to equity, average	0.01	0.01

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	8,855	6,915	3,811
Cash from investing	−6,470	−4,841	−2,850
Cash from financing	−2,242	−1,815	−799
Capital spending	4,307	3,303	1,480
Dividends paid	1,657	1,298	547
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	46	46	23
Borrowings repaid	114	64	10

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	5	5	6	5	4	6
Altman Z-scorePublished threshold 1.81	–	6.49	8.70	15.23	13.01	15.51	15.82	10.64
Beneish M-scorePublished threshold −1.78	–	–	−2.67	−1.88	−2.84	−1.51	−2.05	−2.50
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	10.17	11.54	12.56	11.71	11.42	10.20
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	1.03	0.81	0.88	1.05
Receivables growth less revenue growthOur threshold 0 percentage points	–	−3.54	−0.95	−46.42	−19.44	36.35	2.61	15.87
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−9.49	−4.12	−33.30	23.25	1.10	−21.98	19.65
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	0.97	−1.89	2.33	1.37	0.56	−1.01	1.77
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.78	0.16	–	0.42	1.32	0.83	1.04
Effective tax ratePublished threshold 17.16 per cent	33.72	24.02	16.81	24.20	24.76	23.58	24.26	25.04
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	−5.66	3.18	−0.76	0.82	0.60

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
7 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil AAARating Reaffirmed	Stable	700
7 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A1+Rating Reaffirmed		12,764

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.