Polycab Q2 Boom: ₹977 Cr Profit & ₹9,899 Cr Revenue Crush Estimates
Wires and cables manufacturing giant Polycab India reported an outstanding financial performance for the second quarter ended September 30, 2026, surpassing Dalal Street expectations across all primary operational and financial metrics. The company posted a consolidated net profit surge of nearly 43% year-on-year to ₹977 crore compared to ₹685 crore in the corresponding period of the previous fiscal year, comfortably beating consensus market estimates of ₹830 crore. The industrial heavyweight saw its consolidated revenue from operations jump 52.8% year-on-year to ₹9,899 crore against ₹6,477 crore twelve months earlier, firmly outpacing analyst forecasts of ₹9,023 crore. Operational earnings reflected identical momentum, with consolidated EBITDA rising 39.3% to ₹1,422 crore compared to ₹1,021 crore in Q2 FY26, topping the Street benchmark of ₹1,236 crore and reinforcing the company's strong execution capabilities amid expanding nationwide infrastructure activity.
Operational Resilience Beats Estimates: EBITDA Climbs 39% Despite Margin Moderation
The company demonstrated significant operational discipline, navigating volatile commodity pricing and raw material costs to protect bottom-line delivery. Polycab’s consolidated EBITDA margin moderated to 14.4% in the second quarter compared to 15.8% in the year-ago period, reflecting shifts in product delivery schedules and business mix. However, the operating margin held up remarkably well against analyst expectations, comfortably beating the consensus Street estimate of 13.7% by 70 basis points. The resilient margin profile highlights Polycab's capacity to absorb cost fluctuations through localized manufacturing efficiencies, enhanced distribution reach, and economies of scale across both urban and rural distribution networks.
Wire and Cable Engine Surges 47% as FMCG Segment Explodes with 119% Growth
Revenue generation during the quarter was propelled by aggressive expansion across both core industrial and fast-moving consumer lines. Polycab's flagship wire and cable division recorded a 47% year-on-year revenue increase to ₹8,377 crore against ₹5,691 crore in the corresponding quarter last year, benefiting directly from sustained capital expenditure in residential housing, industrial automation, and utility grid modernization across India. Concurrently, the company's consumer-facing FMCG and electrical goods business delivered an extraordinary breakout, posting a 119% year-on-year surge in revenue to ₹993 crore compared to ₹452 crore in Q2 FY26. The explosive growth across consumer-facing appliances alongside record-breaking institutional cable dispatches underscores Polycab’s expanding domestic market share and positions the stock firmly on institutional radar screens as corporate earnings season accelerates.
