Polycab India
Latest, 15 Oct: Polycab lifts Q2 FY27 ad spend 25.8% to ₹40.5 crore as FMEG revenue more than doubles.
Our arithmetic · not a reported figureChange
- +₹1,689.2 crorefrom Q1 FY27 revenue to Q2 FY27 revenue from operations
Latest moves
Our read of each move first, where we have one; what the report said is marked Reported.
- Reported: Polycab's ad spend rose 25.8% to ₹40.5 crore against revenue growth of 52.8% to ₹9,898.9 crore, and FMEG earned a 10.1% EBIT margin at ₹993.1 crore, so brand-building is adding scale without squeezing margins.Reported: Polycab lifts Q2 FY27 ad spend 25.8% to ₹40.5 crore as FMEG revenue more than doubles. Revenue from operations grew 52.8% to ₹9,898.9 crore, so ad spend rose more slowly than sales. FMEG revenue hit ₹993.1 crore at a 10.1% EBIT margin.Watch: FMEG EBIT margin above Q2's 10.1% in the Q3 FY27 results would mean the ad push is buying growth without diluting returns, raising the bar for rivals.
- Reported: Jefferies backs Polycab and Finolex despite UltraTech’s Ultravolt wires entryReported: Watch:
Background
From 7 stories, the newest dated 9 Oct 2026. Summary written 11 Oct 2026. Newer developments are under Latest moves.
Polycab India is a cables and wires manufacturer; cables represent about 70-75% of its product mix. [1] source: Mint
Show 3 more paragraphs and 7 sources
It holds 30-31% of the organized wires and cables market, according to Mint. [1] source: Mint Morgan Stanley pointed to its portfolio of about 10,000 cable SKUs, pan-India distribution and order delivery time of about 24 hours. [2] source: NDTV Profit
Polycab's Q1FY27 consolidated revenue rose 39% year-on-year to ₹8,210 crore, and wires and cables contributed 87% of Q1 revenue. [1] source: Mint Polycab expects Q2FY27 revenue support from high copper prices and pre-buying. [1] source: Mint Jefferies estimates Polycab's Q2FY27 sales growth at 18–20%. [3] source: Financial Express Polycab's shares fell 17% from a June 2026 peak amid competition concerns over UltraTech's Ultravolt entry. [4] source: NDTV Profit Jefferies retained a Buy with a Rs 11,100 target and forecasts a 22% PAT CAGR for FY26-FY29E. [4] source: NDTV Profit Morgan Stanley retained an Overweight rating with a target price of ₹10,545 per share. [2] source: NDTV Profit
Aditya Birla Group launched Ultravolt, UltraTech Cement's cables and wires arm, on September 3 with an initial outlay of Rs 1,800 crore. [5] source: Indian Express Business Today reported that brokerages see the entry as a credible competitive threat to Polycab. [6] source: Business Today Jefferies also retained a Buy on Finolex Cables alongside Polycab. [7] source: Financial Express
Sources
Questions about Polycab India
How fast is Polycab India growing in India?
Polycab's Q1FY27 consolidated revenue rose 39% year-on-year to ₹8,210 crore, with wires and cables contributing 87% of Q1 revenue. [1] source: Mint
Who are Polycab India's main competitors?
Polycab faces new competition from Ultravolt, the wires and cables arm of UltraTech Cement launched with Rs 1,800 crore; Business Today reported brokerages see it as a credible competitive threat to incumbent Polycab. [5] source: Indian Express[6] source: Business Today
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