Anand Rathi's research report on Polycab India
Broad-based expansion in its Cables & Wires business boosted Polycab India’s Q2 revenue 18% y/y. Operating leverage, product premiumisation and a favourable mix gave it its highest quarterly margins. Premiumisation and a standout quarter for solar products fortified the FMEG performance. With the EHV plant on track and disciplined capex under Project Spring, the company is set to retain double-digit growth and healthy margins, reinforcing its primacy in the electricals ecosystem.
Outlook
We retain our Buy recommendation, with a Rs 8868 TP (earlier Rs8,705).
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