Polycab India share price: Brokerages maintained a constructive view on Polycab India as the medium-term growth outlook remained positive despite the near-term challenges. JM Financial and ICICI Securities have maintained their ‘Buy’ call for the stock.
Due to the war involving the US, Israel, and Iran, Polycab India is facing export disruptions from the Middle East, the highest contributor to its export portfolio, along with low volume growth, margin pressure, and high input costs. All these factors, analysts said, may curb the company’s March quarter (Q4FY26) operating profit margin.
Despite this, Polycab India remains confident of gaining market share. The demand will likely improve as new opportunities arise, and export disruption may also decrease in the medium-term, further supporting growth outlook, analysts said.
Shares of Polycab India were quoting at ₹7,080 per share, down 1.4 per cent on the National Stock Exchange (NSE). The stock is seen underperforming the Nifty50 index, which was up 0.07 per cent as of 12:01 PM.
Here’s a detailed view from brokerages on Polycab India
JM Financial | Buy | Target price: ₹9,000
JM Financial kept the rating and target price unchanged for Polycab India stock as the company remained confident of its growth in the next three to four years despite the near-term challenges.
The company’s growth remains on track, driven by a strategic blend of infrastructure development, electrification, and sustained industrial capex. The growth will be further bolstered by the emergence of new data centre capacities. Simultaneously, the organisation is scaling its geographic reach by strengthening its distribution footprint, with a particular focus on capturing untapped potential within the Tier-3 markets, the brokerage said.
Meanwhile, Polycab India’s business growth was weaker than initial expectations in March 2026 due to the ongoing war involving the US, Israel, and Iran. This impacted the volume growth of the fourth quarter (Q4FY26), which is usually the strongest period for any cable and wire company, the brokerage said.
JM Financial estimates that the volume growth will remain flat year-over-year in the March quarter (Q4FY26) if the Middle-East tension persists.
Negative operating leverage due to low volume and a disruption in exports will likely weigh on margins, the brokerage said.
“Consequently, the cable and wire earnings before interest, tax, depreciation, and amortisation (Ebitda) margin in the March quarter (Q4FY26) should remain at the upper end of its guided range of 12-14 per cent (240 basis points lower Y-o-Y),” it said.
However, JM Financial cut the earnings-per-share (EPS) estimates by 0-2 per cent over the financial year 2025 and 2028 to price in the impact of lower volume growth, export disruption due to the ongoing geopolitical uncertainty.
ICICI Securities | Buy | Target price cut to ₹7,800 from ₹7,900
ICICI Securities maintained a positive view on Polycab India, as the brokerage believes that the company may overcome near-term challenges. Market share gains, premium portfolio growth, and a positive medium-term demand outlook will support the company’s future growth trajectory. However, the brokerage slashed the target price to factor in the near-term uncertainty.
The brokerage believes that the current softness in demand is transitory, which indicates a timing shift in demand. This may lead to higher execution in the coming quarters on the back of pent-up demands.
New demand pockets will likely expand Polycab India’s addressable market over the next three to five years, ICICI Securities said. Data centres may represent an opportunity of ₹25,000–₹30,000 crore worth of cable demand. The brokerage also sees further opportunity rising for the company as electric vehicle infrastructure and defence applications segments emerge as high-growth niche segments.
“In our view, Polycab India has also gained market share from unorganised players. We believe the company’s deep distribution network remains a key competitive advantage in reaching smaller markets,” ICICI Securities said in a note.
Polycab India continues to focus on premiumisation and deeper distribution to drive growth in the business-to-customers (B2C) portfolio. The premium portfolio constitutes 20 per cent of overall fast-moving electrical goods (FMEG) revenues, which makes up 25 per cent of the premium mix. The share of premium will likely rise further in the medium term.
Polycab India has seen a disruption in exports in March due to the Middle-East conflict. The region contributes 20–22 per cent of export revenue in the nine months of the current financial year (9MFY26). However, strong demand from Latin America, US, and Europe is a saving grace for the company. ICICI Securities believe that the exports will normalise once the condition for logistics improves.
“We believe, exports remain a significant growth opportunity for Polycab, especially as global markets increasingly adopt a China+1 sourcing strategy,” the brokerage said.
ICICI Securities expects Polycab India to report 22.8 per cent net profit and 22.2 per cent revenue compound annual growth rates (CAGR), respectively, from financial year 2025 to 2027.
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Disclaimer: View and outlook shared belong to the respective brokerage/analysts and are not endorsed by Business Standard. Readers’ discretion is advised.
