Polycab Q1 earnings: Net profit rises 49%, EBITDA jumps 46%, revenue advances 26%

The strong growth was driven by robust performance in the wires and cables (W&C) business, supported by healthy growth momentum in our Fast Moving Electrical Goods (FMEG) business, the company said.

Its revenue from operations rose 26% to ₹5,986 crore from ₹4,756 crore in the year-ago period.

Polycab reported strong operational performance as its earnings before interest, taxes, depreciation, and amortisation (EBITDA), also known as operating profit, rose 46% annually to ₹938 crore, and its EBITDA margin improved by 220 basis points to 15.66% from 13.49%.

“We have started FY 2026 on a strong footing, delivering our highest-ever first-quarter revenue and profitability. Our Wires and Cables business continued to perform well, driven by sustained domestic demand, while our international business also delivered healthy year-on-year growth," said Inder T. Jaisinghani, Chairman and Managing Director, Polycab India.

The chairman added, "The FMEG segment maintained its positive trajectory, marking its second consecutive profitable quarter, supported by a sharper focus on premium offerings and improved operating leverage. With continued momentum in government spending and improving project execution on the ground, we are confident in our ability to capitalise on the opportunities that lie ahead."

The W&C segment achieved 31% year-on-year (YoY) growth for the quarter, supported by sustained demand across core sectors. Key growth drivers included higher government expenditure, better project execution and rising commodity prices. The domestic business grew by 32% YoY, with cables growth once again outpacing wires. Both channel and institutional business showed healthy traction, Polycab India said.

The FMEG business continued its healthy growth trajectory to register an 18% YoY growth. The fans segment witnessed a muted performance, impacted by a shorter summer season. However, categories like lights, switchgears, switches, and conduit pipes & fittings delivered healthy growth, supported by steady demand from the real estate sector, the company said in a press release.

Solar products sustained their robust growth trajectory, clocking more than 2x YoY growth and emerging as the largest category within the FMEG portfolio. Notably, the business continued its upward margin trend, achieving a second consecutive profitable quarter, Polycab added.

Polycab India shares ended 1% lower at ₹6,876 after the earnings announcement.