Polycab India Limited (POLYCAB) Fair Value & Analysis
Industrials · IN · Market cap ₹1.4T
Fair value as of: Aug 13, 2026
From 17 valuation models · updated yesterday
Fair value updated Aug 13, 2026, revised from ₹3,218 to ₹5,357 (+66.5%) since Jul 16, 2026. Share price −0.9% over the past month.
A solid business, but screening 42% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (₹6,796). The favourable scenario is already priced in.
- Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (₹2,628 to ₹6,796) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range ₹1,394 – ₹10,083 · fair‑value band ₹2,628 – ₹6,796 · the ₹9,240 price screens above the ₹5,357 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Polycab India Limited (POLYCAB) currently trades at ₹9,240, while our model-based Fair Value estimate is ₹5,357, implying the stock looks roughly 42.0% overvalued today. The Quality Score stands at 52/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Polycab India Limited generated revenue of ₹289B at a net margin of 9.3%. Revenue grew 26.9% year over year. It earns a return on equity of 24.6%. Net debt stands at ₹36.2B. Fundamentals as of Aug 13, 2026
Our scenario range runs from ₹2,628 (bear case) to ₹6,796 (bull case); at ₹9,240, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 6% below its 52-week high and 60% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -55% fair-value upside, at -42%, POLYCAB screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 17 models by family
Widest divergence: Growth Earnings (₹5,155) versus Asset-Based (₹534.32). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 52 · Market factors (momentum, volatility) 69
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Polycab India Limited manufactures and sells wires and cables under the POLYCAB brand in India and internationally. The company operates through three segments: Wires and Cables; Fast Moving Electrical Goods (FMEG); and Engineering, Procurement and Construction (EPC).
Full company description
Polycab India Limited manufactures and sells wires and cables under the POLYCAB brand in India and internationally. The company operates through three segments: Wires and Cables; Fast Moving Electrical Goods (FMEG); and Engineering, Procurement and Construction (EPC). The Wires and Cables segment provides wires, such as PolycabSuprema house wires, PolycabMaxima+ Green wire, PolycabPrimma house wires, ETIRA house wires, PolycabOptima+, GREENWIRE 180m, and POLYCAB LF FR 180m; and cables, such as control, rubber, defense, special, fire protection, marine offshore/onshore, domestic appliance and lighting, aerial bunched, industrial, high temperature, LV power, MV power, EHV power, communication and data, and instrumentation. The Fast Moving Electrical Goods segment offers ceiling, table, pedestal, wall, exhaust, farrata, and air circulated fans; LED lighting and luminaires, such as LED Bulb, downlight, panel light, led batten, outdoor lights, and rope and strip lights; water heaters; switches and accessories; switchgears consisting of isolators, MCB, RCCB, RCBO, distribution board, ACCL, and MCB changeover switches; solar products, including solar panel and invertors; and pumps, conduits, and domestic appliances. The EPC segment designs, engineers, and supplies materials; and engages in the survey, execution, and commissioning of turn-key power distribution, transmission, and rural electrification projects. The company provides coolers and iron appliances. It operates a distribution network through authorized dealers and distributors, and retail outlets. The company was founded in 1964 and is based in Mumbai, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Polycab India Limited reported revenue of ₹289B in FY2026 versus ₹122B in FY2022, a compound +24.0%/yr. Reported net income was ₹26.7B in FY2026, compounding +31.0%/yr from FY2022.
of which total revenue +18.2 pp · buybacks/dilution −0.9 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
POLYCAB screens 42% overvalued. Compare with Contemporary Amperex Technology Co →
Peer Group
Electrical Equipment & Parts · 525 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Electrical Equipment & Parts median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Contemporary Amperex Technology Co 3750 | HK$652.50 | HK$394.19 | -40% |
| Delta Electronics (Thailand) Public Company DELTA | 269.00 THB | 40.28 THB | -85% |
| LG Energy Solution, Ltd 373220 | 365,500 KRW | 201,455 KRW | -45% |
| WEG S.A WEGE3 | 14,900 ARS | 4,338 ARS | -71% |
| Sungrow Power Supply Co 300274 | ¥117.53 | ¥123.83 | +5% |
| HD Hyundai Electric Co 267260 | 782,000 KRW | 371,133 KRW | -53% |
| LS ELECTRIC Co 010120 | 208,500 KRW | 29,594 KRW | -86% |
| Hyosung Heavy Industries Corporation 298040 | 2,892,000 KRW | 1,013,099 KRW | -65% |
| Hitachi Energy India Limited POWERINDIA | ₹35,800 | ₹6,106 | -83% |
| BizLink Holding 3665 | 2,155 TWD | 969.40 TWD | -55% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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