NSE/POLYCAB

POLYCABPolycab India Ltd

Capital Goods · NSE

₹8,182.5+3.53%

52-wk low52-WEEK RANGE52-wk high

₹5,005+63.5% from low ·-5.0% from high₹8,610.5

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

POLYCAB+63.49% · 1Y

Range high ₹8,722Range low ₹4,890Latest ₹8,182.5252 bars · daily-close · NSE bhavcopy + 10Y history

Capital GoodsLargecap

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite67/100

Performance

—

Not enough price history to score.

Valuation

High

Looks expensive vs the sector.

· P/E 47.2 close to sector median 50.8
· P/B 11.03 above sector median

Growth

High

Growing faster than the broader market.

· Revenue YoY +24.2% — strong top-line
· Profit YoY +13.2%

Profitability

High

Showing good signs of profitability & efficiency.

· ROE 26.0% — high-quality compounder
· Top quartile ROE in Capital Goods

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeB(70/100)

Durability

A+

88/100

Financially resilient — strong quality + solvency profile.

Show 4 drivers

Piotroski F-score6/9 (67pt)
Altman Z" score5.44 (100pt)
Debt/Equity0.02 (100pt)
ROE26.0% (100pt)

Valuation

42/100

Trading at a premium — growth must keep delivering to justify.

Show 4 drivers

P/E vs sector (47.2 / 50.8)93% (70pt)
P/B11.03 (28pt)
Dividend yield0.43% (11pt)
EV/EBITDA31.3 (17pt)

Momentum

80/100

Strong, confirmed momentum across price + technicals.

Show 4 drivers

DMA-trend alignmentup (75pt)
RSI (14)65.7 (89pt)
Price vs 200-DMA+11.2% (82pt)
MACD regimebullish (75pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)47.15

FAIR

CheapestP/E 47.2 near sector median.Most expensive

P/B11.03

OVERVALUED

CheapestP/B 11.03 at 82th %ile of sector.Most expensive

EV/EBITDA31.31

OVERVALUED

Monthly seasonality

Avg monthly return over 7 years · historical — not a forecast

Best: Apr +8.42% · Worst: Mar -5.52%

Jan

-1.8%

43% win

Feb

+3.9%

71% win

Mar

-5.5%

43% win

Apr

+8.4%

86% win

May

+5.2%

57% win

Jun

+5.6%

Monthly return distribution

Distribution of 84 monthly returns

Mean

+3.64%

Median

+4.21%

Std dev

10.48%

Best

+35.6%

Worst

-30.2%

% positive

69%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 5

High-quality compounder (ROE 26.0%)
Above 20% ROE consistently flags capital-efficient businesses
Lean balance sheet (D/E 0.02)
Low leverage means earnings are less sensitive to rate cycles
Consistent top-line growth (22.4% 3Y CAGR)
Sustained revenue compounding is rare and hard to fake
Bankruptcy risk low (Altman Z″ 5.44)
Z″ above 2.60 sits squarely in the 'safe' zone
Top quartile ROE in Capital Goods
Rank 3 of 22 peers

WEAKNESSES · 0

No material weaknesses flag from the numbers

OPPORTUNITIES · 0

No strong near-term catalysts visible

THREATS · 0

No immediate threats from the data

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

+3.5%

+5.9%

+13.7%

+5.6%

+11.3%

+64.1%

+40.7%

+42.1%

10Y

+43.4%

Fundamentals

VALUATION

Market cap

₹1,23,852 Cr

P/E (TTM)

47.2

P/E (fwd)

—

next 12m

P/B

11.03

EV/EBITDA

31.3

Book value

—

per share

PROFITABILITY · QUALITY

ROE

26.0%

ROCE

—

Net margin

9.0%

Op margin

—

Gross margin

—

D/E

0.02

GROWTH · MARKET

Rev YoY

+24.2%

Profit YoY

+13.2%

Div yield

0.43%

Payout

—

52w change

—

Beta

—

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 5

+High ROE of 26.0%Capital-efficient business — every rupee of equity generates 26.0 paise of earnings
+Revenue growing at +24.2% YoYGrowth-category territory — implies market-share gains or market expansion
+3-year revenue CAGR of 22.4%Sustained multi-year growth — not a one-quarter flash
+3-year profit CAGR of 30.5%Consistently compounding earnings — the Buffett playbook
+Nearly debt-free (D/E 0.02)Low financial risk — funds growth from internal accruals, resilient in downturns

CONS · 0

No material concerns surface from the ratios alone — still layer qualitative research.

Sector-relative context

Capital Goods · 22 peers

P/E (TTM)

This stock

47.15

Sector median

50.82

Rank 10/22 (59th %ile)

ROE

This stock

26.0%

Sector median

15.5%

Rank 20/22 (14th %ile)

P/B

This stock

11.03

Sector median

6.90

Rank 18/22 (23th %ile)

Quality score · Piotroski F-score

6 / 9

Decent quality — clears Piotroski bar

✓Profitable (positive net income)· Most basic check — company makes money
✓Positive return on assets· Assets generate returns
✓Positive operating cash flow· Profits are backed by real cash, not accruals
✗Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
✓Long-term debt decreased YoY· Deleveraging — lower refinancing risk
✗ROA improved YoY· Getting more productive with the asset base
✗Operating margin expanded YoY· Pricing power or cost discipline
✓

Forensic score · Altman Z″ (emerging markets)

Bankruptcy-risk predictor · 1995 Altman emerging-market revision

SAFE5.44

Z″ = 5.44 — well inside the SAFE zone. Low bankruptcy risk signal across liquidity, profitability and solvency inputs.

Component	Ratio	Weight	Contribution
Working Capital / Total Assets (A)	0.100	×6.56	0.656
Retained Earnings / Total Assets (B)	0.613	×3.26	1.998
EBIT / Total Assets (C)	0.145	×6.72	0.977
Book Equity / Total Liabilities (D)	1.726	×1.05	1.812

Zones: Z″ ≥ 2.60 safe · 1.10–2.60 grey · < 1.10 distress. Working capital proxied from reported cash + 10% buffer (exact 'current assets − current liabilities' line not ingested). Treat as directional.

Quarterly results

Last 5 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q4
Revenue	5,498	5,140	6,609	5,906	7,475
Operating profit	559	641	953	772	866
OPM %	10.2%	12.5%	14.4%	13.1%	11.6%
Interest	45

Annual P&L

Last 4 years · ₹ Cr · all line items

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	12,005	13,942	17,760	22,031
Operating profit	1,078	1,643	2,261	2,670
OPM %	9.0%	11.8%	12.7%	12.1%
Interest	16	44	91	140

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
POLYCABTHIS Polycab India Limited	₹8,182.5	+51.2%	1,23,852	47.2	11.03	26.0%	0.02	+24.2%
ABB ABB India Limited	₹7,029.5	+24.9%	1,51,693	90.9	19.36	22.4%	0.01	+5.7%
CUMMINSIND Cummins India Limited	₹5,140.9	+76.4%	1,42,614	63.7	18.06	28.3%	0.00	+16.0%
SIEMENS Siemens Limited	₹3,707.9	+31.2%	1,32,085	78.2	9.98	11.8%	—	+14.0%
CGPOWER CG Power and Industrial Solutions Limited	₹774.8	+19.1%	1,25,316	110.4	16.80	15.2%	0.01	+26.2%
BHEL Bharat Heavy Electricals Limited	₹316.79	+39.4%	1,14,769	140.9	4.69	3.3%	0.45	+18.6%
HAVELLS Havells India Limited	₹1,306.4	-20.7%	81,675	55.1	9.41	17.1%	0.03	+14.3%
DIXON Dixon Technologies (India) Limited	₹11,371.5	-28.1%	68,387	41.1	15.02	36.5%	0.30	+119.7%
APARINDS Apar Industries Limited	₹11,482	+130.7%	46,696	48.0	9.62	20.1%	0.14	+15.0%

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Quarter	EPS estimate	EPS actual	Surprise %
-1q	43.23	41.19	-4.7%
-2q	40.68	45.46	+11.7%
-3q	33.62	39.21	+16.6%
-4q	40.01	48.13	+20.3%

Date	Amount
2025-06-24	₹35.00
2024-07-09	₹30.00
2023-06-21	₹20.00
2022-06-21	₹14.00
2021-07-12	₹10.00
2020-03-12	₹7.00
2019-06-18	₹3.00

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	149	150	150	150
Reserves	4,543	5,613	7,090	8,652
Borrowings	118	1,335	2,023	1,509
Other liabilities	5	3	2	89
Total liabilities	7,412	9,425	12,079	13,773
Fixed assets	2,083	2,381	3,046	3,882
CWIP	431	334	806	960
Investments	13	7	25	68
Other assets	0	0	256	0
Total assets	7,412	9,425	12,079	13,773

Metric	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	512	1,428	1,296	1,809
CF Investing	-427	-1,203	-752	-1,239
CF Financing	-201	-227	-387	-628
Net cash flow	-116	-2	157	-59
Free cash flow	-15	948	438	839

Metric	2025-FY	2024-FY	2023-FY	2022-FY
OPM %	12.1%	12.7%	11.8%	9.0%
Net margin %	9.2%	10.0%	9.1%	7.6%
ROE %	25.2%	27.4%	24.3%	19.4%
ROCE %	29.0%	30.0%	29.4%	23.5%
Debt / Equity	0.17	0.28	0.23	0.03
Interest coverage	20.3×	26.8×	39.7×	70.0×
Revenue growth YoY	+24.0%	+27.4%	+16.1%	—
Profit growth YoY	+13.2%	+40.4%	+39.9%	—

POLYCABPolycab India Ltd

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Quarterly results

Annual P&L

Peer comparison · Capital Goods

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Technical snapshot

Earnings history + surprises

Dividends + splits history

Recent news

Stock scorecard

SWOT analysis

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Quarterly results

Annual P&L

Balance sheet

Cash flow statement

Ratios

Peer comparison · Capital Goods