Polycab India share price jumped nearly 5% in early trade on May 7 after the company reported its Q4FY26 earnings.
Post the Q4 result, major brokerage houses continue to remain positive on the stock. Motilal Oswal, JM Financial and Nuvama have all maintained their ‘Buy’ ratings on Polycab after the Q4FY26 results, though their target prices and upside expectations differ slightly.
According to the brokerage reports, the long-term factor for the company continues to revolve around market share gains in the cable and wire business, expansion in exports, strong growth in fast-moving electrical goods and capacity expansion under its long-term growth strategy.
Let’s take a look at what the brokerage houses are saying about this consumer durables, electricals and Electronics Manufacturing Services (EMS) stock and what is driving their optimism –
Motilal Oswal on Polycab
Motilal Oswal has retained a ‘Buy’ rating on Polycab with a target price of Rs 9,800. This implies an upside potential of around 16% from the current market price.
#Strong Q4 despite near-term disruptions
According to the Motilal Oswal report, Polycab delivered better-than-expected operational performance in the March quarter.
Motilal Oswal stated, “Polycab’s Q4FY26 revenue/EBITDA grew 27%/13% YoY to IRs 8,860 crore/Rs 1,160 crore.”
The brokerage noted that the cable and wire business remained the key growth driver, while the Fast-Moving Electrical Goods (FMEG) segment also posted strong growth.
As per the brokerage house report, “FMEG revenue grew ~39% YoY to INR6.6b.” That means the segment generated around Rs 660 crore during the quarter.
#Market share gains remain a key trigger
The brokerage believes Polycab continues to gain market share despite temporary disruptions in demand.
Motilal Oswal added, “FY26 volumes grew ~18%, ahead of industry, reflecting continued market share gains.”
The report also highlighted that exports are expected to scale up meaningfully over the next few years, with the company targeting exports to contribute nearly 10% of revenue by FY30.
According to the brokerage report, Polycab’s long-term growth visibility remains supported by capacity expansion and steady industry demand.
JM Financial on Polycab
JM Financial has also maintained a ‘Buy’ rating on the stock and set a target price of Rs 9,700. This indicates an upside potential of around 15%.
#Demand slowdown seen as temporary
JM Financial added in its report that the March quarter was impacted by several external disruptions including restrictions on construction activity and geopolitical uncertainty.
JM Financial stated, “Demand was impacted due to several factors including restrictions on construction activities through West/North India, geopolitical tensions and a high base of March 2026.”
The brokerage also noted that uncertainty around gas availability affected industrial operations and delayed private capital expenditure plans.
The brokerage highlighted that Polycab continues to strengthen its position in the organised market.
The report stated, “A notable positive is a 300-400bps YoY gain in market share.”
#Solar products emerge as a major growth area
Another major highlight for JM Financial was the strong performance in the company’s FMEG business, especially solar products.
According to the brokerage house report, “Solar products drive strong FMEG growth.”
The report added that solar products have now become the largest category within the FMEG segment, supported by demand from government schemes and increasing premiumisation across categories like fans and lighting.
JM Financial also believes the company’s current capacity utilisation levels provide enough room to handle future demand recovery.
Nuvama on Polycab
Nuvama has maintained a ‘Buy’ rating on Polycab with a revised target price of Rs 9,740, implying nearly 16% upside potential.
#Cable and wire business remains the core strength
According to the Nuvama report, the company’s cable and wire business continued to perform strongly despite a weaker export mix and lower operating leverage.
Nuvama stated, “C&W volume grew in low single-digit YoY in 4Q while it grew 18% in FY26, highest among peers.”
The brokerage also highlighted that Polycab’s organised market share has expanded sharply over the last few years.
According to the report, the company’s market share has now reached nearly 30-31% compared to 26-27% in FY25.
#Focus remains on Project Spring roadmap
Nuvama also highlighted the company’s long-term growth roadmap under “Project Spring”.
The brokerage noted, “Management reiterated its Project Spring guidance: 1.5x market growth in C&W with ~11-13% long term EBITDA margin.”
The report added that the company is targeting strong export growth in markets like the United States, Europe and South America by FY30.
What investors need to know
According to the brokerage reports, the near-term environment for Polycab remains mixed due to global uncertainty, commodity price volatility and some slowdown in demand during March.
| Brokerage House | Rating | Target Price | Upside Potential |
| Motilal Oswal | Buy | Rs 9,800 | 16% |
| JM Financial | Buy | Rs 9,700 | 15% |
| Nuvama | Buy | Rs 9,740 | 16% |
However, all three brokerages continue to remain positive on the company’s long-term growth trajectory. Market share gains in the cable and wire business, expansion in exports, premiumisation in electrical products and aggressive capacity expansion continue to remain the key themes.
Disclaimer: The investment ratings, target prices, and analysis provided in this article represent the views of external brokerage houses and do not constitute a direct recommendation to buy or sell the stock. Investing in equities involves market risks, and specific financial instruments such as consumer durable stocks can be subject to volatility based on commodity prices and regulatory changes. Readers are advised to consult with a SEBI-registered financial advisor before making any investment decisions based on this report.
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