Polycab share price climbs over 2% after BSNL deal for ₹3,000 crore BharatNet project

Polycab share price: Shares of wires and cables manufacturer Polycab India rose on Thursday after the company signed a deal with state-run telecom services provider Bharat Sanchar Nigam Ltd (BSNL) for the BharatNet Project valued at over ₹3,000 crore.

The stock jumped as much as 2.1% to ₹5,114 apiece on the National Stock Exchange (NSE). At 10 am, it was up 0.75% to ₹5,046.5 per unit.

In an exchange filing, Polycab India announced that it has executed an agreement with BSNL as the project implementation agency for the "design, supply, construction, installation, upgradation, operation and maintenance of middle mile network" of BharatNet in the Bihar Telecom Circle valued ₹3002.99 crore.

The contract includes capex of ₹1,549.66 crore, operating expenses of ₹929.79 crore and operating expenses for the existing network of ₹523.53 crore.

The time period for the construction of the project is three years and 10 years of maintenance contract.

The promoter of the company has no interest in the entity that awarded the contract, the firm said.

Polycab India reported an 11.48% increase in its consolidated net profit to ₹464.34 crore in the third quarter of the financial year 2024-25, compared to ₹416.51 crore in the same period last fiscal.

Revenue from operations rose 20.4% to ₹5,226.06 crore in the quarter under review, as against ₹4,340.47 crore in the corresponding period previous year.

The wires and cables (W&C) business posted a growth of 12% year-on-year (YoY) for the quarter. The fast-moving electrical goods (FMEG) registered 45% YoY growth, while the company's other businesses reported a growth of 111%.

Inder Jaisinghani, Chairman and Managing Director, Polycab India, said, "We have achieved a remarkable milestone of successfully surpassing our first five-year guidance of reaching a ₹200 Bn top-line by FY26 ahead of time — delivering ₹210 Bn in revenue for the calendar year 2024."