Polycab India Limited (POLYCAB) Q1 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

CompoundingAI Research Updated July 11, 2026 4 min read

Polycab India enters Q1 FY27 with a strong balance sheet and a record-breaking FY26, though management faces a complex operating environment defined by record-high copper prices and ongoing export headwinds. Investors will be closely watching for signs of sequential margin stability and the pace of domestic volume growth as the company executes its multi-year Project Spring strategy.

Quick Details

Results date	July 16, 2026
Quarter	Q1 FY 2026-2027
Previous quarter revenue	Rs. 88,645 Mn
Previous quarter PAT	Rs. 7,856 Mn
Previous quarter EBITDA margin	13.1%
Net debt (latest quarter)	Rs. 41,940 Mn (Net cash position)
Market cap	Rs. 138,742.42 Cr
CMP	Rs. 9210.5

Polycab India Limited Q1 Results Date and Time

The company will hold a board meeting on July 16, 2026, to consider the financial results for the quarter ended June 30, 2026.

What to expect from Polycab India Limited's Q1 FY27 results

Polycab is navigating a period of elevated input costs, with LME copper prices reaching record highs above Rs. 13,000 per ton during the quarter, which management must offset through pricing pass-throughs. While Q1 is seasonally softer than the preceding Q4, the company's Wires & Cables segment is expected to maintain mid-to-high teen revenue growth, supported by robust demand in renewable energy and transmission infrastructure. Management's near-term EBITDA margin guidance of 12-14% remains a key focal point, as the company balances raw material volatility against the positive margin trajectory seen in the FMEG segment, which reached a 4.41% EBIT margin in Q4 FY26. The upcoming call will likely address the impact of US Section 232 tariff adjustments on North American exports and the progress of the BharatNet project within the EPC order book of approximately Rs. 80,000 Mn.

Key Things To Watch

Performance vs Guidance Tracking: Tracking progress against long-term strategic targets set under Project Spring.

W&C revenue growth — 1.5x industry growth — FY26 ahead of guidance
W&C EBITDA margin — 12-14% near-to-mid term — FY26 at 13.6% EBIT
FMEG EBITDA margin — 8-10% by FY30 — FY26 at 2.6% EBIT
Annual CapEx — Rs. 12,000-16,000 Mn — FY26 at Rs. 14,799 Mn

Strategic Initiatives: Execution updates on infrastructure and structural growth drivers.

EHV plant commissioning status expected by end of calendar year 2026
Integration progress and synergy realization from the UEEPL amalgamation
Operational contributions from the newly incorporated subsidiary Polycon Infra Projects

Operating metric trajectory: Monitoring volume and efficiency trends in core segments.

Domestic volume growth in W&C segment following low single-digit growth in Q4 FY26
Working capital days normalization toward the 50-55 day target range
FMEG profit trajectory and solar product margin improvement

Risks and headwinds to monitor: External factors impacting export and margin performance.

Recovery timeline for Middle East export volumes amid ongoing geopolitical disruptions
Impact of record-high copper prices and rupee depreciation on landed material costs
Remediation status of the auditor's remark regarding Property, Plant & Equipment records

Frequently Asked Questions

How did Polycab's Wires & Cables segment perform in FY26?

The Wires & Cables segment grew 33% YoY to Rs. 2,51,789 Mn, accounting for 87% of the company's total revenue for the year. This growth was supported by an 18% full-year volume increase, which outpaced the estimated industry growth of 11-12%.

What is the status of Polycab's EPC order book?

As of March 2025, the EPC order book stood at approximately Rs. 70,000 Mn, rising to Rs. 80,000 Mn when including the BharatNet project. Management expects this order book to accrue over a three-year period.

Has the company resolved its recent income tax matters?

Management confirmed that the CIT(A) allowed the company's appeals in full for assessment years 2014-15 to 2023-24. This resulted in a NIL tax demand, subject to the final order effect from the assessing officer.

Is Polycab on track with its annual capital expenditure guidance?

Yes, the company spent Rs. 14,799 Mn on CapEx in FY26, which falls within the annual guidance range of Rs. 12,000 Mn to Rs. 16,000 Mn. This investment is part of the five-year Project Spring plan to ensure no capacity constraints for the next 4-5 years.