Anand Rathi's research report on Polycab India
Strong execution in all segments led to Polycab’s robust Q1 FY26. Resilient domestic demand and greater export momentum led to wires & cables strong, 25%, volume growth. Premiumization and a standout quarter for solar products strengthened the FMEG performance.
Outlook
Polycab is well-set to capitalise on structural demand tailwinds, focusing on domestic markets and scaling up exports. We, thus, retain a Buy rating, with a TP of Rs7,948 (earlier Rs7,485).
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