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Last Updated: April 2, 2026, 3:29 am
Author: Getaka|Social: XLinkedIn

Polycab India Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹4,809.24Overvalued by 30.55%vs CMP ₹6,925.00

P/E (39.7) × ROE (21.4%) × BV (₹704.00) × DY (0.51%)

₹2,791.85Overvalued by 59.68%vs CMP ₹6,925.00
MoS: -148% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹5,938.1323%Over (-14.3%)
Graham NumberEarnings₹1,662.5017%Over (-76%)
Earnings PowerEarnings₹957.6411%Over (-86.2%)
DCFCash Flow₹4,315.1511%Over (-37.7%)
Net Asset ValueAssets₹703.697%Over (-89.8%)
EV/EBITDAEnterprise₹2,151.919%Over (-68.9%)
Earnings YieldEarnings₹1,744.907%Over (-74.8%)
ROCE CapitalReturns₹1,262.169%Over (-81.8%)
Revenue MultipleRevenue₹1,488.416%Over (-78.5%)
Consensus (9 models)₹2,791.85100%Overvalued
Key Drivers: Wide model spread (₹704–₹5,938) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 23.5%

*Investments are subject to market risks

Investment Snapshot

80
Polycab India Ltd scores 80/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health92/100 · Strong
ROCE 29.7% ExcellentROE 21.4% ExcellentD/E 0.05 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money70/100 · Strong
FII holding up 3.71% (6mo) AccumulatingPromoter holding at 61.5% Stable
Earnings Quality60/100 · Moderate
OPM stable around 14% SteadyWorking capital: 54 days (improving) Efficient
Quarterly Momentum90/100 · Strong
Revenue (4Q): +29% YoY AcceleratingProfit (4Q): +43% YoY Strong
Industry Rank85/100 · Strong
P/E 39.7 vs industry 28.3 In-lineROCE 29.7% vs industry 18.1% Above peersROE 21.4% vs industry 16.3% Above peers3Y sales CAGR: 22% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:29 am

Market Cap 1,04,256 Cr.
Current Price 6,925
Intrinsic Value₹2,791.85
High / Low 8,724/4,567
Stock P/E39.7
Book Value 704
Dividend Yield0.51 %
ROCE29.7 %
ROE21.4 %
Face Value 10.0
PEG Ratio1.69

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Polycab India Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Polycab India Ltd 1,04,256 Cr. 6,925 8,724/4,56739.7 7040.51 %29.7 %21.4 % 10.0
KEI Industries Ltd 39,529 Cr. 4,135 5,303/2,42445.9 6470.11 %21.3 %15.6 % 2.00
Motherson Sumi Wiring India Ltd 25,333 Cr. 38.2 53.6/31.340.7 2.781.48 %42.5 %35.9 % 1.00
Finolex Cables Ltd 12,216 Cr. 799 1,028/70119.9 3141.00 %16.2 %12.4 % 2.00
Diamond Power Infrastructure Ltd 6,603 Cr. 125 185/86.267.3 13.60.00 %%% 1.00
Industry Average19,401.80 Cr1,184.1428.28247.580.35%18.06%16.30%6.15

All Competitor Stocks of Polycab India Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 3,7154,3243,8894,2184,3405,5924,6985,4985,2266,9865,9066,4777,636
Expenses 3,2123,7213,3413,6093,7714,8304,1154,8674,5065,9605,0485,4566,670
Operating Profit 5036035496095707625836327201,0258581,021966
OPM % 14%14%14%14%13%14%12%11%14%15%15%16%13%
Other Income 40526435715458762548804550
Interest 9282527322441455033514869
Depreciation 525357606266677279808697106
Profit before tax 481573530557546725533590617961801921842
Tax % 25%25%24%23%24%24%25%25%25%24%25%25%25%
Net Profit 361429403430417553402445464734600693630
EPS in Rs 23.8928.3826.6728.3727.4936.3426.3429.2430.4248.3139.3445.5441.30

Last Updated: February 4, 2026, 3:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 9:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 3,9864,7075,2025,5006,7707,9868,8308,79212,20414,10818,03922,40827,005
Expenses 3,6874,2664,7105,0206,0417,0357,7017,68110,94012,26515,54819,44523,135
Operating Profit 2994424924807299501,1291,1111,2641,8432,4922,9643,870
OPM % 8%9%9%9%11%12%13%13%10%13%14%13%14%
Other Income 853275656491164161133221204224
Interest 94108147669411750433560108169201
Depreciation 7198111128133141161176202209245298368
Profit before tax 1422412653615677561,0101,0561,1881,7072,3592,7013,524
Tax % 37%32%30%36%37%34%24%16%23%25%24%24%
Net Profit 891641852333595007668869171,2831,8032,0462,657
EPS in Rs 12.6511.6413.0916.4825.3535.3950.9759.1560.8084.85118.75134.28174.49
Dividend Payout % 8%9%13%6%0%8%14%17%23%24%25%26%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)84.27%12.80%25.95%54.08%39.28%53.20%15.67%3.50%39.91%40.53%13.48%
Change in YoY Net Profit Growth (%)0.00%-71.46%13.14%28.13%-14.80%13.92%-37.53%-12.17%36.41%0.62%-27.05%

Polycab India Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:17%
5 Years:20%
3 Years:22%
TTM:25%
Compounded Profit Growth
10 Years:28%
5 Years:21%
3 Years:29%
TTM:24%
Stock Price CAGR
10 Years:%
5 Years:53%
3 Years:43%
1 Year:9%
Return on Equity
10 Years:20%
5 Years:21%
3 Years:22%
Last Year:21%

Last Updated: September 5, 2025, 12:20 pm

Balance Sheet

Last Updated: December 4, 2025, 1:48 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 71141141141141141149149149150150150151
Reserves 1,4121,4891,6421,8532,2062,7063,6884,6055,3946,4878,0379,67510,443
Borrowings 458546796856800272157282118109161202223
Other Liabilities 8231,1381,2961,7291,3002,5091,9671,9781,7502,6783,7183,7216,354
Total Liabilities 2,7633,3143,8754,5794,4485,6285,9617,0157,4129,42412,06613,74917,171
Fixed Assets 7508229851,1281,1971,2761,4221,8701,6752,0672,3383,0113,398
CWIP 11617913816513619324199375251578708860
Investments 000333229656357731,3501,8221,7491,697
Other Assets 1,8972,3122,7523,2533,0834,1304,2324,4114,5885,7567,3288,28011,216
Total Assets 2,7633,3143,8754,5794,4485,6285,9617,0157,4129,42412,06613,74917,171

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 3101502212963621,2302441,2525121,4281,2961,809
Cash from Investing Activity + -109-173-247-295-188-408-262-1,012-427-1,203-752-1,239
Cash from Financing Activity + -1961545-10-190-65111-175-201-227-387-628
Net Cash Flow 4-820-8-15171-766-116-2157-59
Free Cash Flow 205-52-2618179949-451,061-8969438853
CFO/OP 115%48%69%83%69%148%48%134%67%98%75%82%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-159.00-104.00-304.00-376.00-71.00678.00-156.00-281.00-117.00-108.00-159.00-200.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 888495807061596039324142
Inventory Days 7095941341281161138610410586
Days Payable 7710110112097827748728264
Cash Conversion Cycle 817888947091949677656564
Working Capital Days 928694965745717367585954
ROCE %17%17%16%22%28%29%24%21%27%31%30%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 66.21%65.99%65.91%65.78%65.24%65.02%63.06%63.05%63.04%63.01%61.53%61.50%
FIIs 9.78%9.66%12.41%13.41%11.96%13.63%13.49%12.76%11.11%11.45%13.96%14.82%
DIIs 9.34%9.75%8.08%7.61%7.23%6.93%9.35%10.66%10.95%11.61%11.70%11.13%
Public 14.67%14.61%13.58%13.18%15.58%14.42%14.11%13.52%14.90%13.94%12.83%12.54%
No. of Shareholders 3,14,1073,09,2293,17,4683,37,3804,23,7873,85,2853,84,9493,74,7874,27,9283,98,0643,70,8713,62,580

Shareholding Pattern Chart

No. of Shareholders

Polycab India Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
ICICI Prudential Balanced Advantage Fund 592,451 0.59 415.52612,4512026-01-26 00:58:01-3.27%
DSP Mid Cap Fund 557,747 2.05 391.18427,6122025-12-08 04:32:3930.43%
Kotak Midcap Fund 542,533 0.64 380.51781,0622026-02-23 06:02:15-30.54%
UTI Flexi Cap Fund 516,500 1.54 362.25501,0002026-02-23 06:02:153.09%
Motilal Oswal Flexi Cap Fund 500,000 2.66 350.681,188,3112026-02-23 06:02:15-57.92%
UTI Mid Cap Fund 422,000 2.58 295.97384,5002026-02-23 02:04:129.75%
HSBC Midcap Fund 388,110 2.24 272.2347,0002026-02-23 06:02:1511.85%
Sundaram Mid Cap Fund 281,233 1.53 197.24321,0062025-12-08 04:32:39-12.39%
DSP Flexi Cap Fund 275,493 1.61 193.22349,5022025-12-08 04:32:39-21.18%
HSBC Small Cap Fund 272,724 1.27 191.28N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 134.34118.9384.8760.8759.20
Diluted EPS (Rs.) 133.80118.4984.6160.6058.96
Cash EPS (Rs.) 155.80136.32100.2075.0371.18
Book Value[Excl.RevalReserv]/Share (Rs.) 653.14548.63445.25372.58320.03
Book Value[Incl.RevalReserv]/Share (Rs.) 653.14548.63445.25372.58320.03
Revenue From Operations / Share (Rs.) 1489.661200.74941.99816.62589.61
PBDIT / Share (Rs.) 210.59180.56132.5790.6882.51
PBIT / Share (Rs.) 190.78164.25118.6077.1970.70
PBT / Share (Rs.) 179.55157.04114.6174.8467.84
Net Profit / Share (Rs.) 135.98120.0186.2461.5559.37
NP After MI And SOA / Share (Rs.) 134.28118.7584.8060.8059.15
PBDIT Margin (%) 14.1315.0314.0711.1013.99
PBIT Margin (%) 12.8013.6712.599.4511.99
PBT Margin (%) 12.0513.0712.169.1611.50
Net Profit Margin (%) 9.129.999.157.5310.06
NP After MI And SOA Margin (%) 9.019.889.007.4410.03
Return on Networth / Equity (%) 20.5521.7919.1516.3918.55
Return on Capital Employeed (%) 27.9629.0226.1220.3421.08
Return On Assets (%) 14.6614.7613.4712.2512.57
Long Term Debt / Equity (X) 0.000.000.000.000.02
Total Debt / Equity (X) 0.010.010.020.010.05
Asset Turnover Ratio (%) 1.731.681.681.691.38
Current Ratio (X) 2.652.442.632.952.37
Quick Ratio (X) 1.611.411.511.691.38
Inventory Turnover Ratio (X) 6.113.823.794.442.94
Dividend Payout Ratio (NP) (%) 22.3316.8016.4916.410.00
Dividend Payout Ratio (CP) (%) 19.4514.7714.1613.430.00
Earning Retention Ratio (%) 77.6783.2083.5183.590.00
Cash Earning Retention Ratio (%) 80.5585.2385.8486.570.00
Interest Coverage Ratio (X) 18.7525.0433.2338.5128.82
Interest Coverage Ratio (Post Tax) (X) 13.1117.6422.6125.0920.71
Enterprise Value (Cr.) 76864.7175857.6942607.1335046.6020316.85
EV / Net Operating Revenue (X) 3.434.213.022.872.31
EV / EBITDA (X) 24.2627.9621.4625.8616.51
MarketCap / Net Operating Revenue (X) 3.464.223.062.902.34
Retention Ratios (%) 77.6683.1983.5083.580.00
Price / BV (X) 7.889.306.506.384.33
Price / Net Operating Revenue (X) 3.464.223.062.902.34
EarningsYield 0.020.020.020.020.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Polycab India Ltd. is a Public Limited Listed company incorporated on 01/01/1996 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L31300GJ1996PLC114183 and registration number is 266483. Currently Company is involved in the business activities of Manufacture of other electronic and electric wires and cables. Company's Total Operating Revenue is Rs. 21913.95 Cr. and Equity Capital is Rs. 150.43 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Cables - Power/OthersUnit No.4, Plot No.105, Halol Vadodara Road, Panchmahal Gujarat 389350Contact not found
Management
NamePosition Held
Mr. Inder T JaisinghaniChairman & Managing Director
Mr. Bharat A JaisinghaniExecutive Director
Mr. Nikhil R JaisinghaniExecutive Director
Mr. Gandharv TongiaExecutive Director & CFO
Mr. R S SharmaIndependent Director
Mr. T P OstwalIndependent Director
Mrs. Sutapa BanerjeeIndependent Director
Mr. Bhaskar SharmaIndependent Director
Mrs. Manju AgarwalIndependent Director
Mr. Vijay Pratap PandeyExecutive Director
Mr. Sumit MalhotraIndependent Director

FAQ

What is the intrinsic value of Polycab India Ltd and is it undervalued?

As of 13 April 2026, Polycab India Ltd's intrinsic value is ₹2791.85, which is 59.68% lower than the current market price of ₹6,925.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (21.4 %), book value (₹704), dividend yield (0.51 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Polycab India Ltd?

Polycab India Ltd is trading at ₹6,925.00 as of 13 April 2026, with a FY2026-2027 high of ₹8,724 and low of ₹4,567. The stock is currently in the middle of its 52-week range. Market cap stands at ₹1,04,256 Cr..

How does Polycab India Ltd's P/E ratio compare to its industry?

Polycab India Ltd has a P/E ratio of 39.7, which is above the industry average of 28.28. The premium over industry average may reflect growth expectations or speculative interest.

Is Polycab India Ltd financially healthy?

Key indicators for Polycab India Ltd: ROCE of 29.7 % indicates efficient capital utilization; ROE of 21.4 % shows strong shareholder returns. Dividend yield is 0.51 %.

Is Polycab India Ltd profitable and how is the profit trend?

Polycab India Ltd reported a net profit of ₹2,046 Cr in Mar 2025 on revenue of ₹22,408 Cr. Compared to ₹917 Cr in Mar 2022, the net profit shows an improving trend.

Does Polycab India Ltd pay dividends?

Polycab India Ltd has a dividend yield of 0.51 % at the current price of ₹6,925.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Polycab India Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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