Stock POLYCAB POLYCAB INDIA LIMITED
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Financials Polycab India Limited

Equities

POLYCAB

INE455K01017

Electrical Components & Equipment

End-of-day quote NSE India S.E.
Other stock markets
 06:00:00 2024-07-10 pm EDT 		5-day change 1st Jan Change
6,619 INR +4.10% Intraday chart for Polycab India Limited -0.64% +20.68%
Jul. 03 Calcom Vision to Supply LED Products to Polycab India MT
Jun. 27 Jefferies Adjusts Polycab India's Price Target to INR8,420 From INR7,125, Keeps at Buy MT

Valuation

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 110,484 205,717 353,343 431,331 760,947 995,242 - -
Enterprise Value (EV) 1 108,492 196,099 342,336 412,419 740,311 975,048 971,383 956,471
P/E ratio 14.6 x 23.4 x 39 x 34 x 42.7 x 48 x 40.8 x 34.3 x
Yield 0.94% 0.72% 0.59% 0.69% 0.59% 0.5% 0.58% 0.77%
Capitalization / Revenue 1.24 x 2.3 x 2.9 x 3.06 x 4.22 x 4.65 x 4 x 3.36 x
EV / Revenue 1.22 x 2.2 x 2.81 x 2.92 x 4.1 x 4.56 x 3.9 x 3.23 x
EV / EBITDA 9.56 x 16.8 x 27.1 x 22.3 x 29.7 x 33 x 27.9 x 23 x
EV / FCF -238 x 18.7 x -2,296 x 42.6 x 167 x 115 x 81.6 x 62.3 x
FCF Yield -0.42% 5.36% -0.04% 2.35% 0.6% 0.87% 1.23% 1.61%
Price to Book 2.88 x 4.33 x 6.37 x 6.52 x 9.29 x 10.2 x 8.6 x 7.22 x
Nbr of stocks (in thousands) 148,891 149,119 149,443 149,765 150,236 150,361 - -
Reference price 2 742.0 1,380 2,364 2,880 5,065 6,619 6,619 6,619
Announcement Date 5/30/20 5/13/21 5/10/22 5/12/23 5/10/24 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net sales 1 89,227 89,265 122,038 141,078 180,394 213,857 248,942 296,201
EBITDA 1 11,350 11,670 12,652 18,521 24,918 29,521 34,768 41,581
EBIT 1 10,595 9,804 10,637 16,430 22,468 26,619 31,016 36,502
Operating Margin 11.87% 10.98% 8.72% 11.65% 12.45% 12.45% 12.46% 12.32%
Earnings before Tax (EBT) 1 10,100 10,650 11,159 17,073 23,593 27,618 32,468 38,680
Net income 1 7,591 8,821 9,173 12,700 17,840 20,715 24,382 29,077
Net margin 8.51% 9.88% 7.52% 9% 9.89% 9.69% 9.79% 9.82%
EPS 2 50.97 58.96 60.60 84.61 118.5 137.8 162.2 192.8
Free Cash Flow 1 -455 10,512 -149.1 9,691 4,433 8,505 11,910 15,364
FCF margin -0.51% 11.78% -0.12% 6.87% 2.46% 3.98% 4.78% 5.19%
FCF Conversion (EBITDA) - 90.08% - 52.33% 17.79% 28.81% 34.26% 36.95%
FCF Conversion (Net income) - 119.17% - 76.31% 24.85% 41.06% 48.85% 52.84%
Dividend per Share 2 7.000 10.00 14.00 20.00 30.00 32.93 38.47 51.16
Announcement Date 5/30/20 5/13/21 5/10/22 5/12/23 5/10/24 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 33,720 39,700 27,366 33,324 37,152 43,237 38,894 42,177 43,405 55,919 46,191 49,350 51,186 68,862
EBITDA 1 3,617 4,763 3,111 4,276 5,038 6,095 5,486 6,089 5,695 7,615 6,116 6,465 6,726 8,237
EBIT 1 3,106 4,261 2,601 3,754 4,514 5,561 4,914 5,486 5,076 6,958 5,658 6,302 6,547 10,118
Operating Margin 9.21% 10.73% 9.5% 11.26% 12.15% 12.86% 12.63% 13.01% 11.7% 12.44% 12.25% 12.77% 12.79% 14.69%
Earnings before Tax (EBT) 1 3,247 4,300 2,960 3,593 4,818 5,731 5,305 5,572 5,464 7,253 5,868 6,034 6,519 8,113
Net income 1 3,145 3,253 2,198 2,678 3,576 4,248 3,993 4,256 4,128 5,460 4,271 4,511 4,867 6,072
Net margin 9.33% 8.19% 8.03% 8.04% 9.63% 9.82% 10.27% 10.09% 9.51% 9.76% 9.25% 9.14% 9.51% 8.82%
EPS 2 21.03 21.47 14.65 17.84 23.82 52.10 26.57 28.26 27.40 36.26 24.75 - - -
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 1/21/22 5/10/22 7/19/22 10/18/22 1/19/23 5/12/23 7/18/23 10/18/23 1/18/24 5/10/24 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 - - - - - - - -
Net Cash position 1 1,992 9,618 11,007 18,912 20,637 20,193 23,859 38,770
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 -455 10,512 -149 9,691 4,433 8,505 11,910 15,364
ROE (net income / shareholders' equity) 22.7% 20.5% 17.6% 20.9% 24.1% 22.7% 22.6% 22.6%
ROA (Net income/ Total Assets) 13.1% 13.6% 12.6% 15.1% 16.6% 14.5% 14.2% -
Assets 1 57,949 64,881 72,823 84,187 107,522 142,861 171,705 -
Book Value Per Share 2 258.0 319.0 371.0 442.0 545.0 647.0 769.0 916.0
Cash Flow per Share 2 - - 34.10 95.10 86.10 135.0 162.0 190.0
Capex 1 2,901 1,870 5,200 4,584 8,530 9,767 9,433 10,606
Capex / Sales 3.25% 2.1% 4.26% 3.25% 4.73% 4.57% 3.79% 3.58%
Announcement Date 5/30/20 5/13/21 5/10/22 5/12/23 5/10/24 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Polycab India Limited

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
26
Last Close Price
6,619 INR
Average target price
6,916 INR
Spread / Average Target
+4.49%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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