Polycab India's expenses jump over 29 pc in Q4, margins contract

Mumbai, May 6 Polycab India Limited on Wednesday saw margin pressure in the March quarter (Q4 FY26) amid higher expenses and an unfavourable business mix.

The company's EBITDA margin contracted by 160 basis points to 13.1 per cent from 14.7 per cent.

The decline was attributed to an unfavourable product mix, with a higher contribution from institutional sales, along with operating deleverage that increased overall cost pressures.

Total expenses of the firm also jumped by 29.68 per cent to Rs 7,875.6 crore in March quarter, compared to Rs 6,073.31 crore in year-ago period, according to its stock exchange filing.

However, the company delivered a strong top-line performance, with revenue rising 27 per cent year-on-year to Rs 8,864.4 crore compared to Rs 6,986 crore in the same period previous financial year.

Growth was driven primarily by its core Wires & Cables segment, which posted a 30 per cent increase, supported by healthy domestic demand and continued market share gains.

EBITDA rose 13.3 per cent to Rs 1,161 crore from ₹1,025 crore a year ago, as per its filing.

The company’s strategic initiative, Project Spring, continued to support growth, helping it gain approximately 3 per cent–4 per cent domestic market share during the financial year. Meanwhile, international business grew 18 per cent year-on-year, contributing 4.4 per cent to consolidated revenue.

The Fast-Moving Electrical Goods (FMEG) segment emerged as a strong performer, recording a 47 per cent growth compared to last year.

This was largely led by solar products, which nearly doubled in revenue and became the largest category within the segment. The company remains optimistic about this vertical and is targeting margins of 8 per cent to 10 per cent by FY30 under Project Spring.

On the other hand, the EPC segment witnessed a 15 per cent decline in revenue due to execution delays and project timing issues, partially offsetting gains from other segments.

In terms of shareholder returns, the board approved a final dividend of Rs 47 per share, taking the payout ratio to 27.2 per cent, up from 26.3 per cent last year, as the company progresses toward its long-term target of exceeding 30 per cent by FY30.

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