Polycab India Ltd. has reported a significant uptick in its financial performance for the fourth quarter of the fiscal year 2025, with a consolidated net profit of ₹734.36 crore, a 33% increase from ₹553.47 crore in the same quarter last year. This impressive growth has led to a surge in the company’s stock, which rose over 2% on May 6, 2025, reaching ₹5,942. The company’s market capitalization is now at ₹89,250 crore.
The earnings report reveals a total revenue of ₹6,985.7 crore for the quarter, marking a 25% increase compared to the previous year. This revenue growth outperformed analysts' expectations, as a CNBC-TV18 poll had predicted a revenue growth of 18% to ₹6,621 crore. The operating EBITDA also saw a notable rise of 26% year-on-year, amounting to ₹720 crore. Furthermore, the EBITDA margins improved by 110 basis points to 14.7%, driven by a profitable turnaround in the Fast-Moving Electrical Goods (FMEG) business.
Polycab’s FMEG segment has shown remarkable resilience, growing by 33% during the quarter. The company noted that all product categories within this segment contributed to the growth, with switchgears, conduit pipes, and fittings showing particularly strong performance. The FMEG business finally turned profitable after ten quarters of strategic investments, which is a significant milestone for the company.
Inder T. Jaisinghani, Chairman and Managing Director of Polycab India, commented on the company’s achievements, stating, "We have concluded FY25 on a historic high, delivering record revenues for both the fourth quarter and the full year, driven by strong, broad-based growth across business segments." He emphasized that the company exceeded its Project Leap FY26 revenue goal a year ahead of schedule, highlighting the effectiveness of their strategic execution and market leadership.
In addition to the robust financial results, Polycab’s board has recommended a dividend of ₹35 per equity share, which represents a 350% payout for the financial year 2024-25. This recommendation is pending approval at the upcoming Annual General Meeting. If approved, the dividend will be paid within 30 days of the meeting. The company’s dividend payout ratio has now increased to 26.3%, up from 25.5% the previous year, aligning with their Project Spring goal to raise the dividend payout to over 30% by FY30.
Polycab India’s shares have shown resilience and growth, trading higher than the 5-day, 10-day, 20-day, 30-day, 50-day, and 100-day moving averages, although they remain below the 150-day and 200-day averages. The stock's relative strength index (RSI) stands at 65.8, indicating that it is neither overbought nor oversold.
The company operates across 23 manufacturing facilities and has a presence in over 15 offices and 25 warehouses across India. The wires and cables segment, which accounts for a significant portion of Polycab’s business, grew by 22% year-on-year, fueled by increased government spending and robust project execution. The international business, however, faced a temporary decline due to the rollover of a large order into the next quarter.
As the electrical equipment market sees increased competition, particularly with new entrants like UltraTech and Adani Group, analysts remain optimistic about Polycab’s ability to maintain its market position. Competitors such as KEI Industries have expressed confidence that the industry can accommodate more players, indicating a belief in the sector's growth potential.
In summary, Polycab India Ltd. has reported strong financial results for Q4 FY25, with significant increases in revenue and profit, alongside a notable dividend declaration. The company’s strategic focus on growth and profitability, particularly in the FMEG segment, positions it well for future success.
