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Shareholding Info
  • Promoters
    65.91 %
  • Foreign institutions-FII
    12.4 %
  • Other domestic institutions
    2.04 %
  • Retail and other
    13.59 %
  • Mutual Funds
    6.06 %

About Polycab

Polycab is a leading company in the electrical industry with a track record of over 4 decades. It has the reputation of being the fastest growing company in the Indian Cables sector. Polycab is engaged in the business of manufacturing and selling wires and cables and fast moving electrical goods (FMEG) under the ‘POLYCAB’ brand. Apart from wires and cables, it manufactures and sells FMEG products such as electric fans, LED lighting and luminaires, switches and switchgear, solar products and conduits & accessories.Polycab was incorporated as ‘Polycab Wires Private Limited’ on January 10, 1996 at Mumbai as a private limited company under the Companies Act, 1956. The company’s key products in the wires and cables segment are power cables, control cables, instrumentation cables, solar cables, building wires, flexible cables, flexible/single multi core cables, communication cables and others like welding cables, submersible flat and round cables, rubber cables, overhead conductors, railway signaling cables, specialty cables and green wires. In 2009, the company diversified into the engineering, procurement and construction (EPC) business including the design, engineering, supply, execution and commissioning of power distribution and rural electrification projects. In 2014, it diversified into another FMEG segment with key products like switches & switchgear and conduits & accessories. The company also has a telecom division engaged in the manufacturing of OFCs, FRP/ARP Rods, IGFR Yarns and a whole range of end-to-end passive networking solutions. It also provides EPC-services in terms of digital infrastructure and accessibility.

Core Activities & Products

Cables: The company offers 16 types of cables across MV, LV and industrial categories.
  • Energy Cables: The company offers 9 types of cables used for transmission and distribution of electrical energy from the source of electrical power to the desired location.
  • Special Cables: the company offers 5 types of cables used in highly complicated operation areas and in severe weathering conditions to make all sophisticated instruments operational.
  • Communication Cables: The company offers 3 types of cables used for transmitting analogue or digital data and signal from the source to the receiver end.
  • Polycab wires: Polycab has introduced ‘Green Wires’ conforming to stringent European norms in environmental sustainability and cable safety. The Polycab Green Wire is energy efficient, recyclable, RoHS compliant, has low smoke density and emits fewer toxic gases in extreme fire situations, thus making it the preferred choice for Green Buildings.
  • Etira Wires: ETIRA Single Core FR wires are made with the highest grade electrolytic copper & incorporate FlameStop insulation technology which makes it ideal for wiring in closed confined spaces and applications that require high flexibility. Suited for both indoor and outdoor installation in applications that require working voltages up to 1100V.
Fans:The company offers 6 varieties of fans including ceiling, table, pedestal, wall, exhaust, farrata fans and air circulators.
Lighting and Luminaires:Polycab offers lighting solutions for everything from roads to bridges to gardens to walking and jogging tracks and many other outdoor lighting requirements. It offers commercial, professional, B2C and industrial LED lighting.
Hohm:Hohm is a smart automation solution offered by Polycab includes products like Fans, Lighting, Switches, Water Heaters and other evolving solutions which can be connected to a common independently and remotely controlled network.
Switches:Polycab offers modular plates, switches and accessories and IR touch switches under this segment.
Switchgear:It offers 7 types of switchgears which are high strength, eco-friendly with high melting points and have dielectric strength.
Solar Products:The company offers Solar DC Cable, DC MCB, Grid Tie Solar Inverter, Off Grid Inverter, Hybrid Inverter and Solar PV Module under this category.
Conduits and Accessories: It offers UPVC conduits and concealed boxes.
Pumps:The company offers pumps, borewells and flat and round cables under this segment.
Appliances:Polycab’s appliance product range includes water heaters, irons and coolers.
EPC:The company is executing 10 projects for Bihar, West Bengal, Maharashtra, Kerala and Jharkhand in the power transmission and distribution sector worth ₹1,150 crore under its EPC division.
Telecom:Under this segment, the company offers optical fiber cables, FRP/ARP & IGFR, EPC, safe city, smart city, digital class and hospitality products and services.

Board of Directors

  • Chairman and Managing Director: Mr. Inder T. Jaisinghani
  • Executive Director: Mr. Bharat A. Jaisinghani
  • Executive Director: Mr. Nikhil R. Jaisinghani
  • Executive Director: Mr. Rakesh Talati
  • Independent Director: Mr. T. P. Ostwal
  • Independent Director: Mr. R. S. Sharma
  • Independent Director: Mr. Pradeep Poddar
  • Independent Director: Mrs. Sutapa Banerjee

Key Executives

  • Chief Financial Officer: Mr. Gandharv Tongia
  • Company Secretary & Compliance Officer: Ms. Manita Carmen A. Gonsalves
  • Director - Commodities (Non-board member): Mr. Anil Hariani
  • Executive President and Chief Supply Chain Officer: Mr. Anil Shipley
  • Executive President (Strategic Initiatives & New Businesses): Mr. Anurag Agarwal
  • Executive President & Chief Operating Officer (Telecom Business): Mr. Ashish D. Jain
  • Executive President & Chief Business Officer (LDC & HDC): Mr. Bhushan Sawhney
  • President (Packaging Development): Mr. Diwaker Bharadwaj
  • Head Agri Products: Mr. Kunal Jaisinghani
  • President and Chief Marketing Officer: Mr. Nilesh Malani
  • Executive President & Chief Human Resource Officer: Mr. Rajesh Nair
  • President (Projects): Mr. Rishikesh Rajurkar
  • Executive President & Chief Procurement Officer: Mr. Sandeep Bhargava
  • Executive President & Chief Treasury Officer: Mr. Sanjeev Chhabra
  • Executive President & Chief Information Officer: Mr. Vivek Khanna


Polycab has 25 manufacturing facilities, including its two joint ventures with Techno and Trafigura, located across the states of Gujarat, Maharashtra and Uttarakhand and the union territory of Daman and Diu. Three of these 25 manufacturing facilities are for the production of FMEG, including a 50:50 joint venture with Techno which is a Gujarat-based manufacturer of LED products. In 2016, the company entered into a 50:50 joint venture with Trafigura, a commodity trading company, to set up a manufacturing facility in Halol, India to produce copper wire rods - the Ryker Plant. It exports to 60 countries, has a growing network of 4,600 authorized distributors and 2,05,000 retailers. The company’s sales and marketing division has 4 regional and 11 local offices across India. Its distribution range covers the total geography in the following manner - 23% in west, 29% in south, 25% in north and 23% in east. In FY22, 7.6% of the company’s total revenue came from outside India. The company’s products find application in chemicals, energy, metals, technology, consumer durables, infrastructure, oil & gas, telecom, defence, manufacturing, real estate and transport industries.

Performance in Various Sectors

In FY22, 87% of the company’s revenue came from the wireless and cables division, 10% came from the FMEG sector and 3% came from other sectors including EPC.
  • Wires and Cables: The revenue of this segment grew by 41% YOY and touched ₹10,695 crore. The company relaunched Polycab Green Wire with a new product proposition and focused on execution and investment in distribution expansion, R&D and digitalisation which resulted in a healthy double digit volume growth in wires and cables as well as market share gains. It also launched a new sub brand ‘Etira’. The company is India’s dominant manufacturer and seller of a diverse range of wires and cables for retail and industrial use.
  • FMEG: This segment saw a 21% YOY growth in sales led by strategic interventions, distribution expansion and healthy demand environment as well as Market share gains across most categories.
  • Others: The company saw a 2x increase in contribution from premium products. It acquired Silvan Innovation Labs, which has a significant presence in the niche of home automation market. The acquisition adds to the company’s IoT portfolio and aligns with their strategy to address evolving consumer needs and provide new-age innovative solutions for both homes and enterprises. It also launched 30+ new models of fans and appliances across premium, economy and other categories with a focus on covering the entire price spectrum.

CSR and Sustainability :

Polycab contributes to the environment with CSR drive and supports society as and when needed through the following activities:
  • Green Wire: The low smoke, fire resistant, non carcinogenic, lead free wires ideal for household use is designed for environmentally friendly usage and performance
  • Town Development Program
  • Contribution to eradicate malnutrition in rural Gujarat
  • Tree Plantation
  • Breast Cancer Awareness Camp
  • Flood Relief Camp
Polycab has also adopted two villages under its CSR initiative. It spent a total of ₹19.2 crore on CSR activities in FY22 divided as ₹8.9 crore for healthcare, ₹7.3 crore for education and skill development, ₹1.8 crore for environment, ₹0.9 crore for rural development and ₹0.3 crore for other CSR activities.
  • STEM labs in schools: The company has set up science laboratories in schools, enabling students to gain practical knowledge and thus improve their academic performance.
  • Computer Labs: It is working on developing 11 computer laboratories over three years to help students become more tech-savvy.
  • 25 Anganwadis were built and 14 renovated during FY22.
  • Martial arts: it offers a three-year certification course in self-defence to train women in physical and mental preparedness.
  • It organized a 3 month-long beauty course. This has enabled four girls to start their beauty parlours.
  • Sanitation: It constructed toilets and provided clean drinking water in Gadhmahuda, Chachariya and Govindpuri villages in Gujarat.
  • Check dam: It constructed four new check dams and renovated four in Rayankhand, Vavdi village in and Pandol village in Gujarat.
  • Cattle sheds: It has undertaken the revival of three cattle sheds around the company’s adjoining communities.
  • Cattle camps: 3,300+ Cattles benefited in 17 villages of Halol.
  • Seedling distribution: Good quality seedlings were distributed in 21 villages to help residents create their own gardens to source nutritious food. Around 6,000 trees were planted.
  • Environmental sustainability: The company has a partnership with the Airport Authority of India (AAI) and Green Saviours, an environmentally aware NGO from Belagavi.
  • Malnutrition check-up: Its Mobile Medical Unit (MMUs) offer services such as outdoor consultation, medicine supply, health counseling. On an average, 90 -100 patients take advantage of these services each day.
  • iBreast Check-up camp: It jointly conducted a breast tumor detection camp with Shree Halol Stree Samaj and held health camps in rural areas, hospitals, industries, institutes, public healthcare centers, government offices. 8,000+ women have benefited from health camps.
  • Health cards: It has undertaken an initiative to prepare health cards for the entire population of 20 villages around its facilities.
  • Healthcare for the specially abled: It organized special health camps for 63 physically challenged people and undertook their full health check. We also distributed walkers, wheelchairs, tricycles, sensor sticks and hearing aids for them in Panchmahal, Gujarat.
  • Agriculture: It held a session to create awareness on best farming practices, crop planning and care, mushroom farming, post-harvest management, product sales and marketing.
  • Access to government schemes: It has been assisting them to get enrolled for schemes such as Widow Pension, Pradhan Mantri Suraksha Yojana, Pradhan Mantri Jivan Jyoti Bima Yojana, Pradhan Mantri Awas Yojana, Pradhan Mantri Kisan Samman Nidhi Yojana, opening of bank accounts etc.

Covid-19 Impact

Although unprecedented volatility in key input costs and disruptions caused by two successive waves of Covid‑19 created headwinds, Polycab’s focus on investments in distribution expansion, R&D and digitalisation resulted in a healthy double digit volume growth in the Wires & Cables segment as well as gains in market share. In FY21, the year started with the second wave marked by sharp rise in Covid-19 cases, the impact on day-to-today life as well business was relatively lesser than the first wave. In FY21, the revenue increased from ₹88.3 billion in FY20 to ₹89.3 billion in FY21, despite pandemic-induced disruptions. The company’s Net Sales for the same period stood at ₹8926.5 crore, up 1% from FY20, led by strong performance in second half of the year, offsetting severe impact of the Covid-19 outbreak.

Future Prospects

The company’s focus continues to be on driving profitable growth, market share gains and working capital optimisation. If the economic growth momentum sustains, the company expects healthy top-line as well as bottom-line performance over the medium term. There is also an ongoing structural shift in the real estate market where consumers seek amenities like gyms, gardens, smart home automation etc. This is increasing the potential market opportunity for wires and cables. Sunrise segments like electric vehicles, renewable energy, data centers, digital connectivity, defence amongst others will provide new levers for growth in the years to come. The FMEG industry is expected to grow in the high single digits over the medium term. In fact, most of the industries in which the company operates are expected to grow in the high single to low double digits over the next few years. The company is committed to its Project Leap growth strategy, which will allow it to grow disproportionately in comparison to the industry. Over the medium term, the company hopes to achieve 2x market growth with EBITDA margins of 12%.

Did You Know!

The journey of Polycab started in 1964, when the Late Thakurdas Jaisinghani established 'Sind Electric Stores', which dealt in various electrical products including fans, lighting, switches, and wires. Then in 1975, the family founded a partnership firm in the name of ‘Thakur Industries’ which then entered into a lease agreement with MIDC in 1975 for the purposes of setting up a factory for manufacturing cables and wires.Finally, 'Polycab Industries’ was registered as a small scale industrial unit by the Directorate of Industries, Government of Gujarat in respect of a factory located at Halol for manufacturing and processing activity of PVC insulated wires and cables. The company was incorporated as ‘Polycab Wires Private Limited’ at Mumbai.

Initial Public Offering

Polycab launched its Initial Public Offering in 2019 from April 5 to April 9. The IPO price was ₹533 to ₹538 per share at a face value of ₹10 per share and a lot size of 27 shares. The IPO’s issue size was ₹1,346 crore with a fresh issue of ₹400 crore. Polycab’s IPO was listed on both NSE and BSE on April 18, 2019.

Equity Shares

Of the total 14,96,06,129 paid up equity shares, promoter and promoter group owns 10,17,22,049 shares and the public owns 4,78,84,080 shares making up 68% and 32% respectively. Of the total 3,29,474 shareholders, 23 are promoter and promoter group and 3,29,451 are the public.Annual Financial Summary
(in ₹ million)
Financials (INR mn) FY 22 FY21 FY20
Net Sales 122,038 87,922 88,300
EBITDA 12,626 11,117 11,276
EBIT 10,611 9,356 9,667
PBT 11,159 10,122 10,100
PAT 9,173 8,859 7,656
Net Fixed Assets 20,506 19,686 16,632
Net Working Capital 33,998 27,581 20,408
Shareholders Net Worth 55,437 47,539 38,364
Debt 831 2,487 1,571
Cash and Bank Balances 4,071 5,313 2,813
Current Investments 7,641 6,231 400

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