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POLYCAB – Q3 FY26 Earnings Call – 16-Jan-26

POLYCAB’s Topline: 30–40% YoY revenue growth in FY26, led by domestic W&C (structural) and FMEG (cyclical); bottomline: 35–45% PAT growth if commodity lag resolves; margins: 12–14% EBITDA achievable by FY27, but hinges on copper trajectory and export recovery.

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

Copper stabilizes (±5% QoQ), pass-through completes by Q1 FY27. W&C volume grows 20% YoY (vs. 40% Q3), with 100bps margin recovery. FMEG EBITDA hits 7%. Outcome: FY26 revenue +35% YoY, EBITDA margin 13%. Valuation: Multiple holds at 23–25x PE.