Polycab India Q4 FY26 Results: Record Revenue, 27% Growth & ₹47 Dividend Declared
By Kaushik Brahmakshatriya
Published On 07 May 2026.
Polycab India Q4 Results 2026
Introduction
India’s largest wires and cables manufacturer, Polycab India Limited, delivered a blockbuster financial performance when its Q4 FY26 results were announced on May 6, 2026. The company not only beat full-year revenue records but also rewarded investors with a generous dividend announcement. If you are tracking this stock or simply want to understand what drove the company’s exceptional quarter, this post breaks it all down — from revenue figures to segment performance and what lies ahead.
Polycab India Q4 FY26 Results at a Glance
The board of directors met on May 6, 2026, and approved audited consolidated financial results for the quarter and full year ended March 31, 2026. The headline numbers paint a strong picture of growth across the board.
Key Financial Highlights Table — Q4 FY26 vs Q4 FY25
| Metric | Q4 FY26 | Q4 FY25 | YoY Change |
| Revenue from Operations | ₹8,864 Cr | ₹6,986 Cr | +27% |
| Total Income | ₹8,925 Cr | ₹7,034 Cr | +27% |
| EBITDA | ₹1,161 Cr | ₹1,027 Cr | +13% |
| EBITDA Margin | 13.1% | 14.7% | -160 bps |
| Profit Before Tax | ₹1,049 Cr | ₹961 Cr | +9% |
| Net Profit (PAT) | ₹786 Cr | ₹734 Cr | +7% |
| PAT Margin | 8.9% | 10.5% | Slight decline |
| Basic EPS | ₹52.18 | ₹48.31 | +8% |
Full Year FY26 Performance — A Landmark Year
While the Q4 numbers themselves are impressive, the full-year FY26 picture is truly historic for Polycab India. The company crossed ₹28,800 Cr in consolidated revenue for the first time in its history, making FY26 a defining milestone.
Full Year FY26 vs FY25 Comparison
| Metric | FY26 | FY25 | YoY Growth |
| Revenue from Operations | ₹28,884 Cr | ₹22,408 Cr | +29% |
| Total Income | ₹29,120 Cr | ₹22,616 Cr | +29% |
| EBITDA | ₹4,006 Cr | ₹2,960 Cr | +35% |
| EBITDA Margin | 13.9% | 13.2% | +70 bps |
| Net Profit (PAT) | ₹2,708 Cr | ₹2,046 Cr | +32% |
| PAT Margin | 9.4% | 9.1% | Stable |
| Basic EPS | ₹177.53 | ₹134.34 | +32% |
The 32% jump in full-year net profit and a 35% rise in EBITDA reflect not just volume expansion but also meaningful improvement in operational efficiency — a testament to the success of Polycab’s multi-year transformation strategy.
Segment-Wise Performance Breakdown
Polycab India operates across three business verticals: Wires & Cables (W&C), FMEG (Fast Moving Electrical Goods), and EPC (Engineering, Procurement & Construction). Here is how each segment performed in Q4 FY26:
Wires & Cables — The Crown Jewel
The W&C segment delivered 30% YoY revenue growth in Q4 FY26 and remains the dominant driver, contributing approximately 87% of external sales. Polycab expanded its share in the organized domestic wires and cables market to 30–31% in FY26, up from 26–27% in FY25 — a 3–4 percentage point jump achieved in a single year. The international business within this segment grew 18% YoY and contributed 4.4% to consolidated revenues.
FMEG — The Fastest Growing Segment
The FMEG business — covering fans, LED lighting, switches, switchgear, solar products, and home appliances — recorded a stellar 47% YoY growth in Q4 FY26. Over the past decade, this segment has grown at a 25% CAGR and now contributes 7% of total revenue. This trajectory signals that Polycab is successfully transforming from a pure B2B wire manufacturer into a consumer-facing electrical brand.
EPC — The One Soft Spot
The EPC segment was the only area of concern, with revenues declining 15% YoY in Q4 FY26 due to project timing delays. EBIT margins for EPC stood at 7.6%. Management clarified this is a timing issue, not a structural weakness, and expects project completions to normalize in FY27.
₹47 Per Share Dividend Declared — 470% Payout
In a big positive for investors, Polycab India’s board recommended a final dividend of ₹47 per equity share of face value ₹10 each for FY26. This translates to a dividend payout of 470% — one of the most generous payouts in the company’s history. The dividend payout ratio stands at 27.2%, up from 26.3% in FY25, consistent with the company’s stated goal under Project Spring of progressively increasing shareholder returns. The dividend is subject to shareholder approval at the Annual General Meeting.
Project Spring — The Strategy Behind the Numbers
Polycab’s outstanding performance cannot be understood without reference to Project Spring, its ambitious five-year transformation roadmap that succeeded the earlier Project Leap initiative (which was completed ahead of schedule). Project Spring is built on six pillars:
1.Solidifying Market Leadership in B2B — defending and growing the core wires and cables business
2.Propelling B2C Expansion — growing the FMEG consumer brand
3.Ramping Up International Business — scaling exports and global presence
4.Innovation & Automation — investing in manufacturing technology
5.Nurturing Talent — building a future-ready workforce
6.Growing ESG Integration — embedding sustainability into operations
The company’s capex for FY26 stood at ₹1,480 Cr, a 54% increase over the previous year, signaling confidence in long-term demand. Net cash position strengthened significantly to ₹4,190 Cr as of March 31, 2026, compared to ₹2,460 Cr a year ago.
ESG Milestones in FY26
Polycab has made notable progress on its environmental and governance agenda:
* Achieved 18.3% renewable electricity consumption in FY26
* Attained 100% recycling of all generated e-waste
* Launched a new brand identity: “Ideas. Connected.”
Set forward-looking targets toward FY30 for improving women’s representation in senior leadership
Management Commentary
Commenting on the results, Mr. Inder T. Jaisinghani, Chairman and Managing Director, highlighted that FY26 was a defining year marked by strong execution, domestic market share gains, and the highest-ever quarterly PAT of approximately ₹790 Cr. He credited Project Spring with structurally strengthening the company’s competitive position and said FY26 stands out as a landmark year with record revenues, EBITDA, and profitability, reinforcing Polycab’s leadership in the Indian electrical industry.
Stock Performance Context
As of April 2026, Polycab India shares were trading around ₹5,200, against a 52-week high of ₹7,200 and a 52-week low of ₹4,200. The market capitalization stood at approximately ₹78,000 Cr. The strong Q4 results and dividend announcement are likely to serve as a positive catalyst for the stock going forward.
Key Governance Updates from the Board Meeting
*Ernst & Young LLP re-appointed as Internal Auditors for FY2026-27
* R. Nanabhoy & Co. re-appointed as Cost Auditors for FY2026-27
* CFO Mr. Niyant Maru’s tenure extended from July 17, 2026 to April 16, 2027
* Mr. Ishwinder Khurana designated as CEO – B2C, a move reflecting the growing importance of the consumer segment
* NCLT Ahmedabad approved the merger of Uniglobus Electricals and Electronics Pvt. Ltd. (a wholly owned subsidiary) with Polycab India
FAQs — Polycab India Q4 FY26 Results
Q1. When were Polycab India Q4 FY26 results declared?
Polycab India announced its Q4 and full-year FY26 results on May 6, 2026.
Q2. What was Polycab India’s revenue in Q4 FY26?
Polycab India reported Q4 FY26 revenue from operations of ₹8,864 Cr, up 27% YoY from ₹6,986 Cr in Q4 FY25.
Q3. What was Polycab’s net profit in Q4 FY26?Net profit (PAT) for Q4 FY26 stood at ₹786 Cr, a 7% increase compared to ₹734 Cr in Q4 FY25.
Q4. What dividend did Polycab declare for FY26?
The board recommended a final dividend of ₹47 per share (470% of face value ₹10), subject to shareholder approval at the AGM.
Q5. What is Polycab’s market share in wires and cables?
Polycab’s share in the organized domestic wires and cables market rose to 30–31% in FY26, up from 26–27% in FY25.
Q6. Which was the best-performing segment in Q4 FY26?
The FMEG segment led with 47% YoY growth, followed by Wires & Cables at 30% YoY. EPC declined 15% YoY due to project timing.
Q7. What is Project Spring?
Project Spring is Polycab’s five-year business transformation plan focused on market leadership, B2C expansion, international growth, innovation, talent development, and ESG integration.
Conclusion
Polycab India’s Q4 FY26 results are nothing short of exceptional. A 27% revenue surge, 32% full-year PAT growth, record-high market share, a generous ₹47 dividend, and a strengthening balance sheet — every key metric points to a company firing on all cylinders. For long-term investors, Polycab continues to demonstrate why it is considered the gold standard in India’s electrical manufacturing sector. With Project Spring in full swing, the road ahead looks equally promising.
Disclaimer
This blog does not provide financial, investment, or trading advice. All content is for educational and informational purposes only. Please consult a certified financial advisor before making any investment decisions. The author will not be responsible for any financial losses incurred
