Polycab India Limited (PIL) Q4FY25 Result Analysis

Polycab India Limited (PIL) is India’s largest manufacturer of Wires and Cables and one of the fastest growing FMEG companies. PIL is at the forefront of providing innovative, safe and energy efficient products to a diverse set of customers via a strong distribution network of 3,800+ authorized dealers and 205,000+ retail outlets. PIL’s business operations span across India through 28 manufacturing facilities, 13 offices and 29 warehouses. PIL has also served customers in 79 countries globally.

Result Analysis:   Polycab India Limited (PIL)  (CMP: Rs. 5,975)

Result Update: Q4FY25

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Financial Performance:

Shareholding Pattern:

Particulars (In %)	Q4FY25	Q4FY24
Promoter	63.04	65.24
FIIs	11.54	12.35
DIIs	10.95	7.24
Public & Other	14.46	15.18

Management Commentary:

• It has announced Rs 35 per share dividend.
• Polycab aims to grow its core cables and wires segment—accounting for 84% of revenue—at 1.5x the industry rate. With the industry expected to grow at 1.5x–2x of real GDP, this positions Polycab’s segment growth in the mid-teens range annually.
• The FMEG segment, now profitable and contributing 7–8% of revenue, is expected to grow at high-teen rates, with Polycab targeting 1.5x–2x industry growth. Additionally, the company plans to improve EBITDA margins to 8–10% within five years.
• Polycab plans a ₹6,000–8,000 crore capex under “Project Spring 2030,” entirely funded through internal accruals—with no equity dilution planned.
• The entry of new players like Adani and Birla will not significantly disrupt Polycab’s growth trajectory. And noted that the growing demand in construction and quality-focused buying behavior will favor established, organized players like Polycab.

Outlook:

Polycab India Limited is poised for robust growth, driven by strong performance across its core Wires & Cables and expanding FMEG segments. With a 24.9% YoY revenue growth in Q4 FY25 and rising profitability, the company targets mid-teen growth in W&C by outpacing industry trends. The FMEG business, now profitable, is set for high-teen growth, supported by margin expansion plans. Backed by ₹2,400 crore in cash reserves, Polycab will invest ₹6,000–8,000 crore under “Project Spring 2030” through internal accruals. It has posted an EPS of ₹133.80 in FY25. The stock currently trading at a P/E of 44.65x and P/B of 9.15x.

Results:

Particulars (In Rs. Cr.)	Q4FY25	Q4FY24	Q3FY25	YoY%	QoQ%	FY25	FY24	YoY%
Sales	6985.8	5591.9	5226.06	24.9	33.7	22408.31	18039.44	24.2
Other Income	48.07	53.84	25.01	-10.7	92.2	207.64	220.88	-6
Total Income	7033.87	5645.73	5251.07	24.6	34.0	22615.95	18260.32	23.9
Total Expenditure	5960.41	4830.35	4506.15	23.4	32.3	19448.07	15547.64	25.1
EBIDT	1073.46	815.38	744.92	31.7	44.1	3167.88	2712.68	16.8
Interest	32.54	24.4	49.79	33.4	-34.6	168.93	108.34	55.9
EBDT	1040.92	790.98	695.13	31.6	49.7	2998.95	2604.34	15.2
Depreciation	80.36	65.72	78.56	22.3	2.3	298.1	245.04	21.7
EBT	960.56	725.26	616.57	32.4	55.8	2700.85	2359.3	14.5
Tax	211.21	151.41	144.77	39.5	45.9	615.5	553.53	11.2
Deferred Tax	14.99	20.38	7.45	-26.4	101.2	39.81	2.86	1292
PAT	734.36	553.48	464.35	32.7	58.1	2045.54	1802.92	13.5

Segmental Revenue:

Particulars (In Rs. Cr.)	Q4FY25	Q4FY24	Q3FY25	YoY%	QoQ%	FY25	FY24	YoY%
Wires and cables	6019.1	4919.9	4444.9	22.3	35.4	19236.6	16280.5	18.2
FMEG	475.9	358.1	423.1	32.9	12.5	1682.1	1298.8	29.5
EPC	602.8	410.7	391.8	46.8	53.9	1919.2	788.7	143.3

Source: Company website, EWL Research

 

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