Polycab India Q2 Results October 15, 2026: Profit Up 42.6% to ₹977 Crore on 53% Revenue Growth

The polycab india q2 results october 15 filing was a clean beat. The company, which calls itself India’s largest maker of wires and cables, topped street estimates on every headline line. Profit attributable to shareholders climbed 42.6% year-on-year to about ₹977 crore, revenue rose nearly 53% to ₹9,899 crore, and the fast-moving electrical goods (FMEG) arm posted a double-digit EBIT margin for the first time. Yet the stock closed lower on NSE. For the wider market picture, see our Stock Market Today India hub.

Educational content only. Not investment advice. Figures are taken from Polycab’s results filings and the outlets linked below; check the latest exchange disclosures before acting.

Polycab India Q2 results October 15: the numbers that matter

These come from Polycab’s condensed consolidated financial statements for the quarter ended September 30, 2026, and its Q2 FY27 earnings presentation:

• Revenue from operations: ₹98,989 million (about ₹9,899 crore), up 53% from ₹64,772 million a year ago and 21% higher than Q1 FY27.
• EBITDA: ₹14,225 million (about ₹1,423 crore), up 39% on the year and 25% on the quarter.
• EBITDA margin: 14.4% of revenue, compared with 15.8% a year earlier and 13.8% in Q1 FY27.
• Total profit after tax: ₹9,900 million, up 43%, which works out to a PAT margin of 10.0%.
• Profit attributable to equity shareholders: ₹9,773.74 million (about ₹977 crore), against ₹6,854.56 million a year earlier. That is where the 42.6% growth figure comes from. Basic EPS was ₹64.87, up from ₹45.54.
• Net cash: ₹45.2 billion at September 30, 2026, compared with ₹29.4 billion a year before.

Why two profit numbers? The ₹990 crore total includes the share of minority (non-controlling) holders in subsidiaries; ₹977 crore is what belongs to Polycab’s own shareholders.

Wires, FMEG and EPC, segment by segment

Wires and cables revenue grew 47% year-on-year, according to the company’s results press release, with domestic revenue up 50% and the international business up 17%. Wires again outpaced cables, and channel sales outpaced institutional sales. The presentation put the segment margin at 14.2%, roughly 90 basis points better than the previous quarter.

FMEG is the bigger story. Revenue there jumped 124% year-on-year to a record ₹9,931 million, led by solar products, and the segment’s EBIT margin touched 10.1%, its first double-digit print. The EPC (engineering, procurement and construction) business grew revenue 53% at an EBIT margin of 7.2%.

Against the street’s expectations

The analyst poll run by CNBC-TV18 had pencilled in profit of ₹821 crore, revenue of ₹8,889 crore, EBITDA of ₹1,221 crore and an EBITDA margin of 13.7%, the channel reported. Polycab beat all four, so the year-on-year margin dip was smaller than the poll assumed.

Why the stock still slipped on NSE

The beat didn’t help. NSE’s daily bhavcopy shows Polycab closed at ₹8,207 on October 15, down 1.54% from the previous close of ₹8,335, after an intraday low of ₹8,024. The next day, October 16, it closed at ₹8,219, up 0.15%. CNBC-TV18 pointed out that the stock sits in Stage 0 of the exchange’s IRP mechanism, which means 100% upfront margin to trade, and flagged worries about a possible exclusion from MSCI indices that could set off passive outflows.

A results beat does not guarantee a rally when trading restrictions and index-flow worries are weighing on a stock.

What we take away from the quarter

Infrastructure and electrification demand is showing up in volumes, and FMEG has grown into a business that now makes money at scale. The softer year-on-year EBITDA margin tells us part of the growth is coming from a lower-margin mix, so the margin trend is what we’d watch. New to reading results? Our guide on how to analyse quarterly results of a company is a good start, and our earlier note on the Polycab board meeting date has the background.

Disclaimer: This article is for information and education only and is not investment advice or a recommendation to buy or sell any security. Consult a SEBI-registered adviser before making investment decisions.