Buy Polycab India: target of Rs 1200: Sharekhan

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Sharekhan's research report on Polycab India

Strong traction seen in new launches and sales in pan-India residential market is expected to drive the company’s housing wires and FMEG segments. Multiple price hike undertaken by the company led by a rise in copper prices to drive C&W revenues along with underlying healthy demand. Copper volatility is a natural hedge unaffecting margin profile. The company to deepen its presence in semi-urban and rural markets to drive FMEG business. Exports to remain focus area to aid C&W revenue growth.

Outlook

We retain Buy on Polycab India Limited (Polycab) with a revised PT of Rs. 1,200, given the improvement in demand in underlying user-industries.

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