Polycab India’s consolidated revenue for the September quarter (Q2FY27) rose 53% year-on-year to nearly ₹10,000 crore, driven by robust demand across segments.
Ebitda rose at a slower pace, by about 40%, to ₹1,422 crore, driven by a sharp 60% increase in raw material costs due to the surge in copper prices. Ebitda margin contracted 140 basis points (bps) year-on-year to 14.2%, and it improved by about 60 bps sequentially, driven by operational efficiency and favourable product mix.
Consequently, for H1FY27, revenue increased by 46% to ₹18,100 crore, while Ebitda rose 36% to ₹2,560 crore.
Despite robust demand, driven by investment in infrastructure and electrification, Polycab faces intensifying competition following UltraTech Cement’s launch of its wires & cables (W&C) brand Ultravolt in early September.
Polycab’s management expects the impact to be limited. It said in the Q2 earnings call that the new entrant is primarily targeting the wires segment, which accounts for around 30% of total W&C market of ₹1.1 trillion. Also, Polycab is not planning any pricing action currently to defend its market share.