Industrials · Electrical Equipment & Parts · NSE · India
₹7440.00-3.01%
Market cap ₹1.12TNext earnings 2026-10-15Updated Oct 24, 2026 · valuation updating
Our verdict
No fair value
We are missing the financial data our models need for this company. It will appear once the data arrives.
Not valued: there are no financial statements on file yet.
ACCE opinionPolycab India Limited (POLYCAB.NS)
Fair value
Not available
ACCE price target
₹7854
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: ₹7440 at the close on 23 Oct 2026, 12:00 CEST.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
64
out of 100
P/E
35.5x
forward 28.4x
1-year return
-1.0%
Dividend yield
0.61%
Polycab India Limited in four questions
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Overview
ACCE thesis
Polycab makes wires and cables, along with fast-moving electrical goods such as fans, lighting and switchgear, and it sells them largely through a dealer network across India. Its moat rests on scale in copper and aluminium conductor manufacturing, a brand that electricians and contractors specify by name, and a distribution reach that smaller rivals struggle to match. The near-term driver is India's capex cycle in housing, infrastructure and industrial build-out, which pulls cable demand directly, while the company's push into FMEG products widens the revenue base beyond cables. Revenue growth of 52.8% is strong for a business of this size, and the 26.8% return on equity shows the growth is being earned rather than bought. At 36.6 times trailing earnings and 29.3 times forward earnings, the stock is priced for that growth continuing, so the margin story (13.3% operating margin on a 23.7% gross margin) and copper price pass-through are the points a deeper look needs to test.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Insider selling without buying
Insiders sold $8.17M across the last 10 disclosed transactions and bought nothing. Insiders hold 64.4% of the company, so this selling is worth tracking.
moderate
Valuation rich against earnings
Trailing P/E is 36.6 and EV/EBITDA is 23.9. The price sits 5.3% below the ACCE price target of ₹7854.00, which leaves little margin of safety if growth slows from +42.5% earnings growth.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
Revenue grew 52.8% year over year, well ahead of its 27.0% average annual pace over five years.
Return on equity of 26.8% and a debt to equity ratio of 0.02 show a profitable business that barely relies on borrowing.
Earnings per share beat expectations by 21.5%, and free cash flow over the last twelve months reached INR 19.1B.
Why it could disappoint
At a trailing P/E of 36.6x, the shares already price in a lot of growth that may not last.
The analysts' mean price target sits 29.2% above the current price, a gap that depends on their forecasts proving right.
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