Polycab India reports strong Q2 FY2026 revenue, profit growth

Polycab India Limited reported strong Q2 FY2026, with consolidated revenue growing by 18% year-over-year. This performance was primarily fueled by a robust 21% YoY revenue growth in the wires & cables business, supported by healthy growth in the FMEG business. The company achieved its highest-ever second-quarter and half-yearly revenue and profitability, with PAT reaching approximately ₹7.0 bn for the quarter, a 56% YoY increase, and PAT margins improving to 10.7%.

EBITDA for the quarter grew by 62% YoY, significantly outpacing revenue growth and translating into a 430 bps YoY improvement in EBITDA margin to 15.8%. For the half-year period, revenues grew 21% YoY, crossing the ₹120 bn milestone, with EBITDA up 55% YoY and PAT up 53% YoY. The EPC business saw revenues decline by 19% YoY to ₹4,024 million in Q2 FY2026, though the order book for RDSS and BharatNet remains healthy at ₹33.5 bn and ₹80 bn respectively.

In leadership changes, Niyant Maru will join as chief financial officer from October 28, 2025, for an interim period, following Gandharv Tongia's resignation. The company also confirmed that a December 2023 Income Tax department search, which led to a tax demand of ₹525.63 m plus ₹175.58 m in interest for AY 2014-2015 to AY 2023-2024, was fully resolved with the CIT(A) allowing the company’s appeals, resulting in NIL tax demand.