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Alchemy Capital Management through its alternative investment fund has picked 0.78 percent equity stake in Shilchar Technologies, the manufacturer of power and distribution transformers via open market transactions on October 21, the Muhurat trading session.

<a href="https://www.moneycontrol.com/india/stockpricequote/electric-equipment/shilchartechnologies/ST21">Shilchar Technologies</a> shares closed 1.77 percent higher at Rs 4,357.85 after volatility with significant volumes. The stock has been in lower high-lower low structure since June this year.

Alchemy Emerging Leaders of Tomorrow, the Category III Alternative Investment Fund, owned by Alchemy Capital Management has acquired 90,000 shares (0.78 percent stake) in Shilchar at Rs 4,347.43 per share for Rs 39.1 crore.

However, promoter Alay Jitendra Shah has offloaded 1.17 lakh shares (equivalent to 1.02 percent stake) in the company at Rs 4,350.26 per share for Rs 50.89 crore.

Promoters' shareholding in Shilchar was 64.01 percent and 35.99 percent stake was owned by the public as of June 2025.

Meanwhile, <a href="https://www.moneycontrol.com/india/stockpricequote/software/siliconrentalsolutions/SRS06">Silicon Rental Solutions</a> stock staged stellar performance on Tuesday, rising 18.14 percent to Rs 188.9 with high volumes despite stake sale by the hedge fund, extending upward journey for another session.

Ovata Equity Strategies Master Fund, managed by Hong Kong-based Ovata Capital Management, sold 1.38 lakh shares (1.2 percent stake) in Silicon at Rs 191.11 per share, for Rs 2.64 crore.

The fund had held 1.9 lakh shares (1.67 percent stake) in the company as of September 2025.

<img class="alignnone size-full wp-image-13627771 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2025/10/20251022201520_Image3121102025.jpg" alt="Image3121102025" width="1944" height="1303" />

Ownership, Material Conflicts of Interest and Disciplinary History

MCD is a wholly owned subsidiary of Network 18 Media & Investments Ltd ("Network18"), in which Independent Media Trust (IMT) holds 56.89% stake. Reliance Industries Limited ("RIL") is the sole beneficiary of IMT. Network18 and RIL and their subsidiaries, joint ventures and associates can be considered as associates of MCD.

Details of Associate

Receipt of Compensation

Third-Party Compensation

Employment History

Market-Making Activities

Use of Artificial Intelligence

Alchemy Capital picks 0.78% stake in power and distribution transformers maker Shilchar Technologies

Alchemy Capital Management through its alternative investment fund has picked 0.78 percent equity stake in Shilchar Technologies, the manufacturer of power and distribution transformers via open market transactions on October 21, the Muhurat trading session.

Shilchar Technologies shares closed 1.77 percent higher at Rs 4,357.85 after volatility with significant volumes. The stock has been in lower high-lower low structure since June this year.

Alchemy Emerging Leaders of Tomorrow, the Category III Alternative Investment Fund, owned by Alchemy Capital Management has acquired 90,000 shares (0.78 percent stake) in Shilchar at Rs 4,347.43 per share for Rs 39.1 crore.

However, promoter Alay Jitendra Shah has offloaded 1.17 lakh shares (equivalent to 1.02 percent stake) in the company at Rs 4,350.26 per share for Rs 50.89 crore.

Promoters' shareholding in Shilchar was 64.01 percent and 35.99 percent stake was owned by the public as of June 2025.

Meanwhile, Silicon Rental Solutions stock staged stellar performance on Tuesday, rising 18.14 percent to Rs 188.9 with high volumes despite stake sale by the hedge fund, extending upward journey for another session.

Ovata Equity Strategies Master Fund, managed by Hong Kong-based Ovata Capital Management, sold 1.38 lakh shares (1.2 percent stake) in Silicon at Rs 191.11 per share, for Rs 2.64 crore.

The fund had held 1.9 lakh shares (1.67 percent stake) in the company as of September 2025.

Let's catch up on the latest news from the stock market. From significant investments to major deals, quarterly earnings, and appointments, here’s a quick look at which stocks will be in focus in today's trade:

<a href="https://www.moneycontrol.com/markets/earnings/" target="_blank">Results Today</a>

Jain Resource Recycling, Julien Agro Infratech, and Netripples Software will announce their quarterly results today.

<a href="https://www.moneycontrol.com/markets/earnings/" target="_blank">Results on October 22</a>

Epack Prefab Technologies, and Gamco will release their quarterly earnings on October 22.

<a href="https://www.moneycontrol.com/markets/earnings/" target="_blank">Quarterly Earnings</a>

<a href="https://www.moneycontrol.com/india/stockpricequote/finance-general/geojitfinancialservices/GBN01" target="_blank">Geojit Financial Services</a> Q2 (Consolidated YoY)

Profit sinks 59.1% to Rs 23.5 crore Vs Rs 57.4 crore

Revenue drops 22.3% to Rs 169.8 crore Vs Rs 218.5 crore

Stocks to Watch

<a href="https://www.moneycontrol.com/india/stockpricequote/banks-public-sector/statebankindia/SBI" target="_blank">State Bank of India</a>

The bank has raised Rs 7,500 crore through the issuance of non-convertible Tier 2 bonds in the nature of debentures, with a face value of Rs 1 crore each, at a coupon rate of 6.93%.

<a href="https://www.moneycontrol.com/india/stockpricequote/finance-investment/nationalsecuritiesdepository/NSD01" target="_blank">National Securities Depository</a>

SEBI has accepted the Revised Settlement Terms (RST) recommended by the company's High-Powered Advisory Committee (HPAC). Accordingly, the market regulator has advised the company to comply with the non-monetary terms, if any, and remit a settlement amount of Rs 15.57 crore within 30 calendar days.

This settlement pertains to certain non-compliances observed during SEBI's inspection in the financial year 2023–24.

<a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/axisbank/AB16" target="_blank">Axis Bank</a>

The Reserve Bank of India (RBI) has approved the appointment of Neeraj Gambhir as Executive Director of Axis Bank for a period of three years, effective October 20.

In July 2025, the Board had approved his appointment as a Wholetime Director, designated as Executive Director of the bank.

<a href="https://www.moneycontrol.com/india/stockpricequote/constructioncontracting-real-estate/marathonnextgenrealty/MNR" target="_blank">Marathon Nextgen Realty</a>

The company has announced Monte South Commercial, a landmark office and retail development at Byculla, Mumbai, in a joint venture with Adani Realty.

The project spans approximately 1.2 million sq ft and has an estimated Gross Development Value (GDV) of Rs 3,400 crore.

<a href="https://www.moneycontrol.com/india/stockpricequote/petrochemicals/manalipetrochemicals/MP02" target="_blank">Manali Petrochemicals</a>

AMCHEM SG, a wholly owned material overseas subsidiary of Manali Petrochemicals (MPL), has entered into a Share Purchase Agreement (SPA) with COIM S.p.A. – Chimica Organica Industriale Milanese for the proposed sale of its entire stake in Notedome, UK, which is a wholly owned material step-down subsidiary of MPL.

<a href="https://www.moneycontrol.com/india/stockpricequote/aerospacedefence/unimechaerospacemanufacturing/UAM" target="_blank">Unimech Aerospace and Manufacturing</a>

The company has commissioned two new manufacturing facilities - Precision engineering facility (Unit 3), and fabrication facility (Unit 4). Both are located in Bengaluru.

With these additions, the company’s total manufacturing footprint has expanded to approximately 2,43,000 sq ft.

<a href="https://www.moneycontrol.com/india/stockpricequote/metals-non-ferrous/precisionwiresindia/PWI" target="_blank">Precision Wires India</a>

The Board has approved the allotment of 27.67 lakh equity shares at an issue price of Rs 151 per share (total value: Rs 41.78 crore) to persons belonging to the non-promoter group category, upon conversion of an equivalent number of warrants.

This conversion was effected upon receipt of the balance consideration of Rs 31.33 crore, representing 75% of the issue price per warrant, pursuant to the exercise of the right of conversion into equity shares.

Bulk Deals

<a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/rblbank/RB03" target="_blank">RBL Bank</a>

BNP Paribas Financial Markets has net bought 1.18 crore equity shares (equivalent to a 1.9% stake) in the bank at Rs 317.85 per share, for a total of Rs 377.35 crore.

<a href="https://www.moneycontrol.com/india/stockpricequote/pharmaceuticals/blissgvspharma/BGV" target="_blank">Bliss GVS Pharma</a>

Mateus has purchased 26 lakh shares in the company at Rs 150.6 per share, amounting to Rs 39.15 crore, from Arian Investment.

As of September 2025, Arian Investment held a 7.43% stake (78.53 lakh shares) in Bliss GVS Pharma.

<a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/dcbbank/DCB01" target="_blank">DCB Bank</a>

Infinity Asset Advisors has sold 16.54 lakh shares (representing a 0.52% stake) in DCB Bank at Rs 145.18 per share, for a total of Rs 24.01 crore.

<a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/southindianbank/SIB" target="_blank">South Indian Bank</a>

Aditya Kumar Halwasiya has acquired 2.01 crore shares (representing a 0.76% stake) in the bank at Rs 35.24 per share, amounting to Rs 70.83 crore.

<a href="https://www.moneycontrol.com/india/stockpricequote/engineering-industrial-equipments/ltelevator/EL03" target="_blank">LT Elevator</a>

India Max Investment Fund has sold 1.44 lakh shares (representing a 0.75% stake) in LT Elevator at Rs 134.08 per share, for Rs 1.93 crore.

As of September 2025, India Max Investment Fund had held 2.88 lakh shares (equivalent to a 1.5% stake) in LT Elevator.

Stock in F&amp;O ban

Sammaan Capital

Stock Out of F&amp;O ban

RBL Bank

Stocks to Watch on Muhurat Trading day: Axis Bank, Marathon Nextgen, Geojit Financial, NSDL, Unimech Aerospace in focus on 21 October

Muhurat Trading Stocks 2025: Axis Bank, Marathon Nextgen, Geojit Financial, NSDL, Unimech Aerospace in focus on 21 October

Let's catch up on the latest news from the stock market. From significant investments to major deals, quarterly earnings, and appointments, here’s a quick look at which stocks will be in focus in today's trade:

Results Today

Jain Resource Recycling, Julien Agro Infratech, and Netripples Software will announce their quarterly results today.

Results on October 22

Epack Prefab Technologies, and Gamco will release their quarterly earnings on October 22.

Quarterly Earnings

Geojit Financial Services Q2 (Consolidated YoY)

Profit sinks 59.1% to Rs 23.5 crore Vs Rs 57.4 crore

Revenue drops 22.3% to Rs 169.8 crore Vs Rs 218.5 crore

Stocks to Watch

State Bank of India

The bank has raised Rs 7,500 crore through the issuance of non-convertible Tier 2 bonds in the nature of debentures, with a face value of Rs 1 crore each, at a coupon rate of 6.93%.

National Securities Depository

SEBI has accepted the Revised Settlement Terms (RST) recommended by the company's High-Powered Advisory Committee (HPAC). Accordingly, the market regulator has advised the company to comply with the non-monetary terms, if any, and remit a settlement amount of Rs 15.57 crore within 30 calendar days.

This settlement pertains to certain non-compliances observed during SEBI's inspection in the financial year 2023–24.

Axis Bank

The Reserve Bank of India (RBI) has approved the appointment of Neeraj Gambhir as Executive Director of Axis Bank for a period of three years, effective October 20.

In July 2025, the Board had approved his appointment as a Wholetime Director, designated as Executive Director of the bank.

Marathon Nextgen Realty

The company has announced Monte South Commercial, a landmark office and retail development at Byculla, Mumbai, in a joint venture with Adani Realty.

The project spans approximately 1.2 million sq ft and has an estimated Gross Development Value (GDV) of Rs 3,400 crore.

Manali Petrochemicals

AMCHEM SG, a wholly owned material overseas subsidiary of Manali Petrochemicals (MPL), has entered into a Share Purchase Agreement (SPA) with COIM S.p.A. – Chimica Organica Industriale Milanese for the proposed sale of its entire stake in Notedome, UK, which is a wholly owned material step-down subsidiary of MPL.

Unimech Aerospace and Manufacturing

The company has commissioned two new manufacturing facilities - Precision engineering facility (Unit 3), and fabrication facility (Unit 4). Both are located in Bengaluru.

With these additions, the company’s total manufacturing footprint has expanded to approximately 2,43,000 sq ft.

Precision Wires India

The Board has approved the allotment of 27.67 lakh equity shares at an issue price of Rs 151 per share (total value: Rs 41.78 crore) to persons belonging to the non-promoter group category, upon conversion of an equivalent number of warrants.

This conversion was effected upon receipt of the balance consideration of Rs 31.33 crore, representing 75% of the issue price per warrant, pursuant to the exercise of the right of conversion into equity shares.

Bulk Deals

RBL Bank

BNP Paribas Financial Markets has net bought 1.18 crore equity shares (equivalent to a 1.9% stake) in the bank at Rs 317.85 per share, for a total of Rs 377.35 crore.

Bliss GVS Pharma

Mateus has purchased 26 lakh shares in the company at Rs 150.6 per share, amounting to Rs 39.15 crore, from Arian Investment.

As of September 2025, Arian Investment held a 7.43% stake (78.53 lakh shares) in Bliss GVS Pharma.

DCB Bank

Infinity Asset Advisors has sold 16.54 lakh shares (representing a 0.52% stake) in DCB Bank at Rs 145.18 per share, for a total of Rs 24.01 crore.

South Indian Bank

Aditya Kumar Halwasiya has acquired 2.01 crore shares (representing a 0.76% stake) in the bank at Rs 35.24 per share, amounting to Rs 70.83 crore.

LT Elevator

India Max Investment Fund has sold 1.44 lakh shares (representing a 0.75% stake) in LT Elevator at Rs 134.08 per share, for Rs 1.93 crore.

As of September 2025, India Max Investment Fund had held 2.88 lakh shares (equivalent to a 1.5% stake) in LT Elevator.

Stock in F&amp;amp;O ban

Sammaan Capital

Stock Out of F&amp;amp;O ban

RBL Bank

BNP Paribas Financial Markets has acquired 1.9 per cent equity stake in private sector lender RBL Bank for Rs 377 crore via open market transactions on October 20.

<a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/rblbank/RB03">RBL Bank</a> shares clocked 9 per cent rally on Monday to close at Rs 326.65 with strong volumes after the Emirates NBD Bank received its board approval to acquire up to 60 per cent equity stake in the bank by infusing up to Rs 26,850 crore. ENBD will also make a mandatory open offer to acquire up to 26 per cent stake from public shareholders.

BNP Paribas Financial Markets has net bought 1.18 crore equity shares (equivalent to 1.9 per cent stake) in the bank at Rs 317.85 per share for Rs 377.35 crore.

<a href="https://www.moneycontrol.com/india/stockpricequote/pharmaceuticals/blissgvspharma/BGV">Bliss GVS Pharma</a> was also in action on Monday, advancing 2.2 per cent to Rs 155.43 aftera  consolidation seen last week. Mateus has bought 26 lakh shares in the pharma company at Rs 150.6 per share for Rs 39.15 crore from Arian Investment.

As of September 2025, Arian Investment held 7.43 per cent stake (78.53 lakh shares) in Bliss.

Meanwhile, Infinity Asset Advisors sold 16.54 lakh shares (0.52 per cent stake) in <a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/dcbbank/DCB01">DCB Bank</a> at Rs 145.18 per share, for Rs 24.01 crore. However, DCB Bank shares rallied 12.21 per cent to Rs 144.78 amid above-average volumes aftera  strong gap-up opening.

The significant action was also seen in <a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/southindianbank/SIB">South Indian Bank</a>, which shares saw breakout and surged 15.56 percent to Rs 37.73 with long bullish candle formation. Aditya Kumar Halwasiya acquired 2.01 crore shares (0.76 per cent stake at Rs 35.24 per share for Rs 70.83 crore.

<a href="https://www.moneycontrol.com/india/stockpricequote/engineering-industrial-equipments/ltelevator/EL03">LT Elevator</a> shares plunged 4.21 per cent to Rs 133.15 after India Max Investment Fund sold 1.44 lakh shares (0.75 per cent stake) at Rs 134.08 per share for Rs 1.93 crore.

As of September 2025, India Max Investment Fund had held 2.88 lakh shares (1.5 per cent stake) in LT Elevator.

<a href="https://www.moneycontrol.com/india/stockpricequote/domestic-appliances/lgelectronicsindia/LEI">LG Electronics India</a> shares remained under pressure since having a sharp rally on listing day, falling 0.17 per cent to Rs 1,665.2 and extending the downtrend for the fourth consecutive session. BofA Securities Europe SA acquired 66,700 shares in the consumer electronics and home appliances company at Rs 1,656 per share for Rs 11.04 crore from NR 1 SP.

<img class="alignnone size-full wp-image-13625523 aligncenter" src="https://images.moneycontrol.com/static-mcnews/2025/10/20251020200403_Image2020102025.jpg" alt="Image2020102025" width="1458" height="4200" />

BNP Paribas Financial Markets acquires 1.9% stake in RBL Bank for Rs 377 crore

BNP Paribas Financial Markets has acquired 1.9 per cent equity stake in private sector lender RBL Bank for Rs 377 crore via open market transactions on October 20.

RBL Bank shares clocked 9 per cent rally on Monday to close at Rs 326.65 with strong volumes after the Emirates NBD Bank received its board approval to acquire up to 60 per cent equity stake in the bank by infusing up to Rs 26,850 crore. ENBD will also make a mandatory open offer to acquire up to 26 per cent stake from public shareholders.

BNP Paribas Financial Markets has net bought 1.18 crore equity shares (equivalent to 1.9 per cent stake) in the bank at Rs 317.85 per share for Rs 377.35 crore.

Bliss GVS Pharma was also in action on Monday, advancing 2.2 per cent to Rs 155.43 aftera  consolidation seen last week. Mateus has bought 26 lakh shares in the pharma company at Rs 150.6 per share for Rs 39.15 crore from Arian Investment.

As of September 2025, Arian Investment held 7.43 per cent stake (78.53 lakh shares) in Bliss.

Meanwhile, Infinity Asset Advisors sold 16.54 lakh shares (0.52 per cent stake) in DCB Bank at Rs 145.18 per share, for Rs 24.01 crore. However, DCB Bank shares rallied 12.21 per cent to Rs 144.78 amid above-average volumes aftera  strong gap-up opening.

The significant action was also seen in South Indian Bank, which shares saw breakout and surged 15.56 percent to Rs 37.73 with long bullish candle formation. Aditya Kumar Halwasiya acquired 2.01 crore shares (0.76 per cent stake at Rs 35.24 per share for Rs 70.83 crore.

LT Elevator shares plunged 4.21 per cent to Rs 133.15 after India Max Investment Fund sold 1.44 lakh shares (0.75 per cent stake) at Rs 134.08 per share for Rs 1.93 crore.

As of September 2025, India Max Investment Fund had held 2.88 lakh shares (1.5 per cent stake) in LT Elevator.

LG Electronics India shares remained under pressure since having a sharp rally on listing day, falling 0.17 per cent to Rs 1,665.2 and extending the downtrend for the fourth consecutive session. BofA Securities Europe SA acquired 66,700 shares in the consumer electronics and home appliances company at Rs 1,656 per share for Rs 11.04 crore from NR 1 SP.

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/pesticidesagro-chemicals/bharatrasayan/BR01">Bharat Rasayan</a> jumped on October 20 after the company announced that the its board is set to meet on October 24 (Friday) to consider the proposal to announce stock split and bonus issue of shares.

The stock closed 3.59 percent higher at Rs 10,186.70 per share on Monday. Earlier during the day, the stock had surged nearly 12 percent to hit an intraday high of Rs 10,990 per share.

In an exchange filing released on Friday, Bharat Rasayan said, "A meeting of the Board of Directors of Bharat Rasayan Limited is scheduled to be held on Friday, October 24, 2025, to consider interalia, the proposal of Sub-Division of equity shares and proposal for issuance of Bonus issue of Equity Shares of the Company."

What is a stock split?

A company announces stock split to increase the overall liquidity of the stock. While this increases the total number of shares, it does not change the market capitalization of the company. This makes it more affordable for other investors to add shares of the company to their portfolio, creating strong upside potential for the stock.

What is bonus issue?

While the issue of bonus shares increases the total number of shares issued and owned, it does not change the market capitalization of the company. This increases the overall liquidity of the stock, and makes it more affordable for other investors to add to their portfolio, creating strong upside potential for the stock.

Bonus issue essentially are free shares offered by a company from its reserves. Such issue is perceived to reflect on a firm's strong financials and growth potential.

Bharat Rasayan share price:

Bharat Rasayan shares have surged more than 5 percent in the past five days. The stock however dropped nearly 10 percent in the past one year, and increased only 14 percent in the past five years.

After hitting a 52-week high of Rs 12,300 per share in November last year, the stock dropped 28.5 percent to hit a 52-week low of Rs 8,798.5 per share in May this year. The stock has now recovered nearly 16 percent since then.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Bharat Rasayan shares jump up to 12% as firm set to consider stock split, bonus issue

The shares of Bharat Rasayan jumped on October 20 after the company announced that the its board is set to meet on October 24 (Friday) to consider the proposal to announce stock split and bonus issue of shares.

The stock closed 3.59 percent higher at Rs 10,186.70 per share on Monday. Earlier during the day, the stock had surged nearly 12 percent to hit an intraday high of Rs 10,990 per share.

In an exchange filing released on Friday, Bharat Rasayan said, &quot;A meeting of the Board of Directors of Bharat Rasayan Limited is scheduled to be held on Friday, October 24, 2025, to consider interalia, the proposal of Sub-Division of equity shares and proposal for issuance of Bonus issue of Equity Shares of the Company.&quot;

What is a stock split?

A company announces stock split to increase the overall liquidity of the stock. While this increases the total number of shares, it does not change the market capitalization of the company. This makes it more affordable for other investors to add shares of the company to their portfolio, creating strong upside potential for the stock.

What is bonus issue?

While the issue of bonus shares increases the total number of shares issued and owned, it does not change the market capitalization of the company. This increases the overall liquidity of the stock, and makes it more affordable for other investors to add to their portfolio, creating strong upside potential for the stock.

Bonus issue essentially are free shares offered by a company from its reserves. Such issue is perceived to reflect on a firm's strong financials and growth potential.

Bharat Rasayan share price:

Bharat Rasayan shares have surged more than 5 percent in the past five days. The stock however dropped nearly 10 percent in the past one year, and increased only 14 percent in the past five years.

After hitting a 52-week high of Rs 12,300 per share in November last year, the stock dropped 28.5 percent to hit a 52-week low of Rs 8,798.5 per share in May this year. The stock has now recovered nearly 16 percent since then.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/cables-powerothers/polycabindia/PI44">Polycab India</a> jumped around 3 percent on October 20 after the company released its results for the second quarter of the financial year 2026. The stock has now snapped a two-session losing streak.

Polycab India shares rose over 3.5 percent to hit a day’s high of Rs 7,700 apiece. The shares then closed at Rs 7,661 apiece. The company had released its Q2 results during the market hours of October 17. The stock had then dropped 2 percent at close on Friday.

Polycab India Q2 Results:

The wire and cable-maker reported a net profit of Rs 685.5 crore for July-September quarter of the financial year 2026. This marks a nearly 56 percent year-on-year rise from the Rs 439.8 crore net profit reported in the corresponding quarter of the financial year 2025.

The firm’s revenue from operations meanwhile rose nearly 18 percent YoY to Rs 6,477 crore in Q2 FY26. The company had reported revenue from operations at Rs 5,498 crore in Q2 FY25. EBITDA rose 62 percent YoY to Rs 1,020.7 crore.

Speaking about the company’s performance during the quarter, Polycab India Chairman and Managing Director Inder T. Jaisinghani said, “Our performance in Q2 FY26 marks another strong step forward in Polycab’s growth journey. We delivered our highest-ever second quarter and half yearly revenue and profitability, reflecting the continued strength of our core Wires &amp; Cables business and the improving traction in the FMEG business.”

“The domestic demand environment remains healthy, supported by government infrastructure spending and improving private capex sentiment, while our international business continues to scale steadily. As we advance on our Project Spring agenda, we remain committed to driving industry-leading growth and creating long-term value for all stakeholders,” he added.

What brokerages say?

PL Capital kept a ‘Buy’ rating on the stock, with a target price of Rs 8,808 per share. This implies an upside potential of more than 18 percent from the stock’s previous closing price of Rs 7,439.5 apiece.

The domestic brokerage noted that the company’s wires and cables (W&amp;C) segment reported volume growth in high teens, with cables bit higher than wires. Domestic W&amp;C business grew by 20.6 percent YoY, driven by high government spending and improved project execution. The company's international business grew by 25 percent YoY in Q2 FY26, and contributed 6.5 percent to the total revenue.

“In EPC segment reported an EBIT margin of 18.1% in Q2FY26, supported by a one-time gain of Rs 300mn. The company aims to increase export contribution to 10% by FY30. Its FMEG segment delivered another quarter of positive EBIT led by solar products and is expected to be the major contributor to the FEMG portfolio. Its new plant is expected to be commissioned by Q3FY27 and accordingly, revenue contribution from EHV sales is likely to commence from FY28,” the brokerage said.

PL Capital expects revenue, EBITDA and PAT CAGR of 18.6 percent, 22 percent and 20.9 percent respectively over FY25-28E.

JM Financial Institutional Securities kept a ‘Buy’ call on the stock, with a target price of Rs 8,900 per share. This implies an upside potential of nearly 20 percent from the stock’s previous closing price. “Polycab once again delivered a strong performance in Q2. Polycab’s adjusted revenue, EBITDA, and PAT registered a YoY growth of 17%, 57%, and 51% respectively. This growth was largely driven by strong performance in the C&amp;W segment from both domestic and export markets, with growth in exports outpacing that in the domestic market…Our EPS estimates remain largely unchanged. Maintain BUY with a target price of INR 8,900 set at 42x Sep’27E EPS,” it added.

Motilal Oswal kept a ‘Buy’ rating on the stock, with a target price of Rs 8,900 apiece. This implies an upside potential of nearly 20 percent from the stock’s previous closing price. “Polycab India posted yet another strong quarter… Polycab reported strong earnings in Q2 FY26, above our estimates, supported by higher-than-estimated margin in both the C&amp;W and FMEG segments, while revenue was in-line. Demand in C&amp;W remains robust, led by higher government capex, strong real-estate demand, and signs of recovery in private capex. Export also witnessed strong momentum. In FMEG, the company reported its third consecutive quarter of positive segment margin and reiterated its goal to achieve 8-10% margin by FY30,” it said.

“We estimate a CAGR of 18%/22%/21% in POLYCAB’s revenue/EBITDA/PAT over FY25-28. We estimate OPM to stand at 14.6%/14.2%/14.4% in FY26/FY27/FY28 vs. 13.2% in FY25. Cumulative FCF during FY26-28E is expected to be at INR43.4b, which will further improve its liquidity position (estimate net cash to improve to INR48.3b in FY28E vs. INR24.3b as of Sep’25),” it added.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-20-10-2025-liveblog-13624116.html">Our LIVE blog on stock market updates</a>

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Polycab India shares jump 3% after firm posts bigger-than-expected Q2 profit

Polycab India shares jump 3% after firm posts bigger-than-expected second quarter profit

The shares of Polycab India jumped around 3 percent on October 20 after the company released its results for the second quarter of the financial year 2026. The stock has now snapped a two-session losing streak.

Polycab India shares rose over 3.5 percent to hit a day’s high of Rs 7,700 apiece. The shares then closed at Rs 7,661 apiece. The company had released its Q2 results during the market hours of October 17. The stock had then dropped 2 percent at close on Friday.

Polycab India Q2 Results:

The wire and cable-maker reported a net profit of Rs 685.5 crore for July-September quarter of the financial year 2026. This marks a nearly 56 percent year-on-year rise from the Rs 439.8 crore net profit reported in the corresponding quarter of the financial year 2025.

The firm’s revenue from operations meanwhile rose nearly 18 percent YoY to Rs 6,477 crore in Q2 FY26. The company had reported revenue from operations at Rs 5,498 crore in Q2 FY25. EBITDA rose 62 percent YoY to Rs 1,020.7 crore.

Speaking about the company’s performance during the quarter, Polycab India Chairman and Managing Director Inder T. Jaisinghani said, “Our performance in Q2 FY26 marks another strong step forward in Polycab’s growth journey. We delivered our highest-ever second quarter and half yearly revenue and profitability, reflecting the continued strength of our core Wires &amp;amp; Cables business and the improving traction in the FMEG business.”

“The domestic demand environment remains healthy, supported by government infrastructure spending and improving private capex sentiment, while our international business continues to scale steadily. As we advance on our Project Spring agenda, we remain committed to driving industry-leading growth and creating long-term value for all stakeholders,” he added.

What brokerages say?

PL Capital kept a ‘Buy’ rating on the stock, with a target price of Rs 8,808 per share. This implies an upside potential of more than 18 percent from the stock’s previous closing price of Rs 7,439.5 apiece.

The domestic brokerage noted that the company’s wires and cables (W&amp;amp;C) segment reported volume growth in high teens, with cables bit higher than wires. Domestic W&amp;amp;C business grew by 20.6 percent YoY, driven by high government spending and improved project execution. The company's international business grew by 25 percent YoY in Q2 FY26, and contributed 6.5 percent to the total revenue.

“In EPC segment reported an EBIT margin of 18.1% in Q2FY26, supported by a one-time gain of Rs 300mn. The company aims to increase export contribution to 10% by FY30. Its FMEG segment delivered another quarter of positive EBIT led by solar products and is expected to be the major contributor to the FEMG portfolio. Its new plant is expected to be commissioned by Q3FY27 and accordingly, revenue contribution from EHV sales is likely to commence from FY28,” the brokerage said.

PL Capital expects revenue, EBITDA and PAT CAGR of 18.6 percent, 22 percent and 20.9 percent respectively over FY25-28E.

JM Financial Institutional Securities kept a ‘Buy’ call on the stock, with a target price of Rs 8,900 per share. This implies an upside potential of nearly 20 percent from the stock’s previous closing price. “Polycab once again delivered a strong performance in Q2. Polycab’s adjusted revenue, EBITDA, and PAT registered a YoY growth of 17%, 57%, and 51% respectively. This growth was largely driven by strong performance in the C&amp;amp;W segment from both domestic and export markets, with growth in exports outpacing that in the domestic market…Our EPS estimates remain largely unchanged. Maintain BUY with a target price of INR 8,900 set at 42x Sep’27E EPS,” it added.

Motilal Oswal kept a ‘Buy’ rating on the stock, with a target price of Rs 8,900 apiece. This implies an upside potential of nearly 20 percent from the stock’s previous closing price. “Polycab India posted yet another strong quarter… Polycab reported strong earnings in Q2 FY26, above our estimates, supported by higher-than-estimated margin in both the C&amp;amp;W and FMEG segments, while revenue was in-line. Demand in C&amp;amp;W remains robust, led by higher government capex, strong real-estate demand, and signs of recovery in private capex. Export also witnessed strong momentum. In FMEG, the company reported its third consecutive quarter of positive segment margin and reiterated its goal to achieve 8-10% margin by FY30,” it said.

“We estimate a CAGR of 18%/22%/21% in POLYCAB’s revenue/EBITDA/PAT over FY25-28. We estimate OPM to stand at 14.6%/14.2%/14.4% in FY26/FY27/FY28 vs. 13.2% in FY25. Cumulative FCF during FY26-28E is expected to be at INR43.4b, which will further improve its liquidity position (estimate net cash to improve to INR48.3b in FY28E vs. INR24.3b as of Sep’25),” it added.

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