Polycab India's leadership—CMD Inder Jaisinghani and CFO Gandhar Tongia—shed light on the company’s record-breaking FY25 performance, growth prospects, and strategic outlook during a recent post-earnings interview with CNBC TV 18 

Record-Breaking FY25 Performance

Polycab India reported its strongest financial performance to date in FY25, surpassing a topline of ₹22,000 crore, including a quarterly revenue of ₹7,000 crore—an all-time high. According to Mr. Jaisinghani, this outstanding performance underlines Polycab’s market leadership and operational excellence.

The company's Q4 EBITDA margin reached 14.7%, significantly higher than the full-year FY25 margin of 13.1%. Mr. Tongia emphasized that while the Q4 margin may not be the benchmark for the full year FY26, the company expects to sustain annual EBITDA margins around 13% in its core cables and wires segment.

Volume Growth Outlook for FY26

While Polycab does not offer specific annual guidance, the company reaffirmed its 5-year strategic outlook. Mr. Tongia stated that the company aims to grow at 1.5x the industry growth rate in its cables and wires segment, which constitutes 84% of its revenue. The industry growth is expected to be 1.5x to 2x of real GDP growth, placing Polycab’s expected growth in the mid-teens range.

For the FMEG (Fast Moving Electrical Goods) segment—which contributes 7-8% of the topline and recently turned profitable—Polycab targets 1.5x to 2x the industry growth rate, translating to high-teen growth expectations. The company anticipates improving FMEG EBITDA margins to 8–10% over the next five years, from break-even levels achieved in Q4 FY25.

Capex, Cash Position, and Dividend

Polycab remains well-capitalized with ₹2,400 crore in cash reserves as of March 31, 2025. The company has committed to a ₹6,000–8,000 crore capex over the next five years under its “Project Spring 2030” plan. Notably, no equity capital raise is planned, with the company funding the capex through internal accruals.

Additionally, the company increased its dividend payout to ₹35 per share for FY25, up from ₹30 per share in FY24, highlighting strong shareholder returns.

Market Share and Competition

Polycab has expanded its domestic market share in the cables and wires segment from the late teens to approximately 26%, gaining 100 basis points year-on-year, according to a Jefferies report. Mr. Jaisinghani believes that the entry of new players like Adani and Birla will not significantly disrupt Polycab's growth trajectory. He noted that the growing demand in construction and quality-focused buying behavior will favor established, organized players like Polycab.

Mr. Tongia pegged the current industry size at ₹95,000 crore, expecting it to grow to ₹1.5 lakh crore over five years, driven by GDP-linked expansion and migration from unorganized to organized players. Currently, the unorganized segment constitutes 25–27% of the market, a share expected to shrink significantly.

Following this management commentary, shares of Polycab Limited surged 1.5% and are trading at Rs 5990