Polycab India - In-Line Q4; Long-Term Growth Outlook Intact: Anand Rathi

Cables and wires manufactured by Polycab India Ltd. (Source: Company website)

Polycab India - In-Line Q4; Long-Term Growth Outlook Intact: Anand Rathi


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Anand Rathi Report

Driven by domestic cables and wires/fast moving electrical goods (up ~70%/89% YoY) and a 13.9% Ebitda (stable QoQ), Polycab India Ltd.’s Q4 revenue/profit after tax were up 43%/32% YoY (in line).

Its vision of over Rs 200 billion revenue by FY26 (18% implied compound annual growth rate) further strengthens our belief in its robust outlook.

Rising infra spend, export opportunity and its expansion in adjacent categories will drive its business-to-business portfolio.

Fast moving electrical goods crossed Rs 10 billion revenue in FY21, a 25% compound annual growth rate (FY16-21: 37%) and margin expansion will hold in coming years.

Click on the attachment to read the full report:

Anand Rathi Polycab India Company Update.pdf


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