Polycab India Ltd on Tuesday released its fiscal fourth quarter earnings report with profit at Rs 726.67 crore, surpassing estimates. This was 33.09 per cent higher in comparison to Rs 546.00 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 6985.80 crore, up 24.93 per cent as against Rs 5591.90 crore recorded during the fourth quarter of previous financial year. The company registered its highest ever fourth quarterly revenue, on the back of robust growth across business segments. The company EBITDA stood at Rs 1025 crore. EBITDA margins improved by around 110 bps YoY to 14.7 per cent driven by a profitable turnaround in the FMEG business and stronger margins in the EPC segment off a lower base.
For the full year, Polycab India reported revenue growth of 24 per cent on-year to cross Rs 22,000.00 crore, exceeding the Project Leap FY26 revenue goal of Rs 20000.00 crore a year ahead of schedule. FY25 PAT went up by 13 per cent YoY exceeding Rs 2000.00 crore. EBITDA, it added, grew 19 per cent YoY to Rs 2960.20 crore from Rs 2491.80 crore in FY24. As of 31st March 2025, net cash position improved to Rs 2460.00 crore as against Rs 2140.00 crore in the previous year.
Inder T Jaisinghani, Chairman and Managing Director, Polycab India Limited, said, “We have concluded FY25 on a historic high, delivering record revenues for both the fourth quarter and the full year, driven by strong, broad-based growth across business segments.”
Dividend announcement
The company board has proposed a dividend of Rs 35 per share, representing 350 per cent of the company’s face value for FY25. This takes up the Company’s dividend payout to 26.3 per cent from 25.5 per cent last year, in-line with Project Spring goal of increasing the dividend payout to >30 per cent by FY30. “The dividend, if approved by the members in the ensuing Annual General Meeting will be paid on or before 30 days from the date of Annual General Meeting. The book closure and record date for dividend purpose will be intimated in due course,” it said in a regulatory filing.
Polycab India’s performance across business verticals
The Wires and Cables (W&C) segment achieved a 22 per cent YoY growth for the quarter, driven by sustained momentum across key sectors. Key contributors included increased government spending, improved project execution, continued strength in real estate, and an inflationary trend in commodity prices. The domestic business grew by 27 per cent YoY, with cables growth once again outpacing wires. The international business however experienced a temporary decline due to the rollover of a large order into the next quarter.
The Fast-Moving Electrical Goods (FMEG) business registered a strong 33 per cent YoY growth. The fans segment delivered growth despite a delayed summer, reflecting the effectiveness of our strategic initiatives and continued focus on premiumization. The lights and luminaires business sustained its momentum from the previous quarter, achieving strong volume and value growth, even amidst ongoing pricing deflation. Switchgears, conduit pipes & fittings, and switches also posted healthy growth. The business achieved break-even in Q4FY25.
The EPC business registered a strong growth of 47 per cent YoY during the quarter to Rs 602.80 crore, on the back of robust execution of the RDSS order book.
Inder T Jaisinghani said, “Our core Wires and Cables business maintained its strong momentum, the FMEG business grew ahead of industry as well as achieved quarterly profitability, and the EPC business scaled new heights, all contributing to making Polycab the largest Company by revenue in the Indian electrical industry, as well as reaffirming our position as the most profitable Company for the third consecutive year.”