Polycab India Illuminates Q1 FY27 with 39% Revenue Growth; FMEG Sector Sizzles with 71% Jump
Polycab India Limited delivered a strong performance in the first quarter of FY27, reporting robust growth in revenue and profitability, supported by healthy domestic demand and impressive momentum across its core business segments.
For the quarter ended June 30, 2026, the company recorded significant gains in its Wires & Cables and Fast Moving Electrical Goods (FMEG) businesses, while continuing to improve operational efficiency.
Q1 FY27 Financial Highlights
| Particulars | Q1 FY27 | YoY Growth |
|---|---|---|
| Revenue | ₹8,209.7 crore | 39% |
| EBITDA | ₹1,136.2 crore | 32% |
| EBITDA Margin | 13.8% | — |
| Profit After Tax (PAT) | ₹796.7 crore | 33% |
| PAT Margin | 9.7% | — |
The strong quarterly performance reflects sustained demand across key product categories and continued benefits from the company’s operational improvement initiatives.
Wires & Cables Business Continues Strong Growth
The Wires & Cables (W&C) segment remained the primary growth driver, with revenue increasing 39% year-on-year to ₹7,155.3 crore.
Growth was supported by robust domestic demand and continued execution under the company’s Project Spring initiative.
While the international business recorded a 13% decline during the quarter, Polycab indicated that its diversified global presence and healthy order pipeline continue to provide long-term growth opportunities.
FMEG Business Delivers Record Quarter
The Fast Moving Electrical Goods (FMEG) segment posted an outstanding performance, with revenue rising 71% year-on-year to a record ₹761.2 crore, making it the highest quarterly revenue achieved by the segment.
A major contributor to the growth was the company’s solar products, which more than doubled compared with the corresponding quarter last year.
The segment also witnessed a significant improvement in profitability, with EBIT margin increasing to 8.0%, compared with 2.1% in Q1 FY26. The improvement aligns with the company’s long-term objective under Project Spring of achieving 8%–10% EBITDA margins in the FMEG business by FY30.
EPC Business Improves Margins Despite Lower Revenue
Revenue from the Engineering, Procurement and Construction (EPC) segment declined 11% year-on-year to ₹307.7 crore, primarily due to project execution schedules.
Despite lower revenue, the segment improved its operating efficiency, with EBIT margin rising to 11.0%, supported by better project execution and a healthy order book.