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Consolidated Standalone

Polycab India

₹7136.2 46 | 0.6%

Market Cap ₹107342 Cr.

Stock P/E 59.5

P/B 12.5

Current Price ₹7136.2

Book Value ₹ 571.3

Face Value 10

52W High ₹7607.2

Dividend Yield 0.42%

52W Low ₹ 3812.4

Edit Ratio

Polycab India Research see more...

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Polycab India Limited (A Q1FY24 Result Analysis)

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Equity Research: Polycab India Ltd.

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Polycab India: A Rising Giant

Overview Inc. Year: 1996Industry: Cable

Polycab India Ltd manufactures and sells wires and cables below the POLYCAB brand in India and over the world. The enterprise gives power, control, shielded, flexible, instrumentation, solar, communication, telecom, and optical fiber cables, in addition to constructing wires; and other cables, including welding cables, submersible flat and round cables, rubber cables, overhead conductors, railway signaling cables, distinctiveness cables. It also provides ceiling, desk, pedestal, wall, exhaust, as well as air circulators; lighting solutions and luminaires for roads, bridges, gardens, jogging and walking tracks, smart automation solutions; switches and add-ons; switchgears; green wires, solar inverters, inverter cables, DC MCB, solar DC cables and connectors, and solar panels; conduits and accessories; pumps; and water heaters, irons, and coolers. In addition, the company engages inside the design, engineering, supply, execution, and commissioning of power distribution, transmission, and rural electrification tasks. The business enterprise serves chemical substances, consumer durables, defense, electricity, infrastructure, production, metals, oil and gasoline, real estate, technology, telelcom, and delivery industries. It operates a distribution community of 4100 legal dealers and vendors; and 165,000 retail outlets. Polycab India Ltd established in 1996 and is based in Mumbai, India.

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Polycab India Share Price

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Polycab India Quarterly Results

#(Fig in Cr.) Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Net Sales 2737 3332 3715 4324 3889 4218 4340 5592 4698 5498
Other Income 44 -2 40 52 64 35 71 54 58 76
Total Income 2781 3330 3755 4375 3953 4253 4411 5646 4756 5575
Total Expenditure 2425 2905 3211 3714 3341 3609 3771 4830 4115 4867
Operating Profit 355 425 544 661 613 644 640 815 642 708
Interest 8 14 9 28 25 27 32 24 41 45
Depreciation 51 52 52 53 57 60 62 66 67 72
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 296 359 482 579 530 557 546 725 533 590
Provision for Tax 72 88 120 144 127 127 130 172 132 145
Profit After Tax 224 271 362 435 403 430 417 553 402 445
Adjustments -4 -3 -4 -10 -4 -4 -4 -7 -6 -5
Profit After Adjustments 220 268 358 425 400 426 413 546 396 440
Adjusted Earnings Per Share 14.7 17.9 23.9 28.4 26.7 28.4 27.5 36.3 26.3 29.2

Polycab India Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Net Sales 4708 5187 5500 6770 7986 8830 8792 12204 14108 18039 20128
Other Income 11 12 75 64 64 93 124 105 136 221 259
Total Income 4719 5199 5575 6835 8049 8923 8917 12309 14244 18260 20388
Total Expenditure 4268 4701 5020 6041 7033 7695 7686 10954 12259 15548 17583
Operating Profit 451 498 555 793 1017 1228 1230 1355 1985 2713 2805
Interest 108 116 66 94 117 50 43 35 60 108 142
Depreciation 98 111 128 133 141 161 176 202 209 245 267
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 245 271 361 567 756 1010 1012 1116 1707 2359 2394
Provision for Tax 85 83 128 208 256 244 170 271 424 556 579
Profit After Tax 160 188 233 359 500 766 842 845 1283 1803 1817
Adjustments 0 0 -0 -1 -1 -7 40 63 -12 -19 -22
Profit After Adjustments 160 188 232 358 500 759 882 909 1271 1784 1795
Adjusted Earnings Per Share 11.4 13.3 16.5 25.4 35.4 51 59.2 60.8 84.9 118.7 119.3

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 28% 27% 18% 0%
Operating Profit CAGR 37% 30% 22% 0%
PAT CAGR 41% 29% 29% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 32% 44% 49% NA%
ROE Average 24% 21% 21% 17%
ROCE Average 33% 28% 27% 23%

Polycab India Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds 1622 1786 1994 2348 2847 3836 4754 5544 6637 8187
Minority's Interest 0 3 3 4 8 15 19 25 37 56
Borrowings 0 101 162 159 89 11 104 3 4 23
Other Non-Current Liabilities 23 40 94 83 65 89 124 99 125 222
Total Current Liabilities 1667 1922 2300 1854 2619 2009 2015 1741 2620 3578
Total Liabilities 3312 3852 4553 4448 5628 5961 7015 7412 9424 12066
Fixed Assets 825 985 1128 1197 1276 1422 1870 1675 2067 2261
Other Non-Current Assets 242 241 344 325 429 489 372 596 448 1091
Total Current Assets 2245 2625 3079 2926 3924 4050 4773 5141 6909 8714
Total Assets 3312 3852 4553 4448 5628 5961 7015 7412 9424 12066

Polycab India Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 27 19 32 23 8 179 172 238 122 119
Cash Flow from Operating Activities 150 190 296 362 1230 244 1252 512 1428 1296
Cash Flow from Investing Activities -173 -254 -290 -188 -408 -262 -1012 -427 -1203 -752
Cash Flow from Financing Activities 15 77 -10 -190 -651 11 -175 -201 -227 -387
Net Cash Inflow / Outflow -8 12 -3 -15 171 -7 66 -116 -2 157
Closing Cash & Cash Equivalent 19 32 23 8 179 172 238 122 119 276

Polycab India Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) 11.35 13.31 16.46 25.35 35.39 50.98 59.15 60.8 84.85 118.75
CEPS(Rs) 18.26 21.18 25.54 34.81 45.45 62.23 68.27 70.04 99.64 136.32
DPS(Rs) 1.5 1.75 1 1 3 7 10 14 20 30
Book NAV/Share(Rs) 114.85 126.45 141.18 166.25 200.56 255.88 316.84 368.61 441.07 540.27
Core EBITDA Margin(%) 8.61 8.5 7.94 10.54 11.93 12.85 12.58 10.24 13.11 13.81
EBIT Margin(%) 6.92 6.76 7.06 9.55 10.93 12 12 9.43 12.53 13.68
Pre Tax Margin(%) 4.8 4.73 5.97 8.2 9.47 11.44 11.51 9.14 12.1 13.08
PAT Margin (%) 3.14 3.29 3.85 5.19 6.27 8.67 9.57 6.93 9.09 9.99
Cash Profit Margin (%) 5.04 5.23 5.96 7.11 8.04 10.49 11.58 8.58 10.58 11.35
ROA(%) 4.84 5.25 5.54 7.97 9.93 13.21 12.98 11.72 15.24 16.78
ROE(%) 9.89 11.03 12.32 16.52 19.32 23.06 19.73 16.52 21.18 24.49
ROCE(%) 16.32 16.29 15.72 22.03 27.85 29.79 23.45 21.66 28.65 32.93
Receivable days 77.46 77.68 76.13 65.04 59.99 57.21 59.56 40.86 32.9 33.32
Inventory Days 64.53 60.13 75.46 76.15 76.82 81.03 81.22 62.62 66.63 67.04
Payable days 100.75 99.06 108.8 67.48 38.28 39.03 35.98 25.43 25.03 26.15
PER(x) 0 0 0 0 0 14.55 23.33 38.9 33.92 42.66
Price/Book(x) 0 0 0 0 0 2.9 4.36 6.42 6.53 9.38
Dividend Yield(%) 0 0 0 0 0 0.94 0.72 0.59 0.69 0.59
EV/Net Sales(x) 0.14 0.17 0.18 0.14 0.01 1.24 2.31 2.87 3.01 4.2
EV/Core EBITDA(x) 1.46 1.78 1.74 1.17 0.1 8.89 16.5 25.84 21.4 27.94
Net Sales Growth(%) 0 10.17 6.04 23.09 17.95 10.57 -0.43 38.8 15.6 27.87
EBIT Growth(%) 0 9.35 10.4 54.7 32.14 21.4 -0.44 9.12 53.51 39.65
PAT Growth(%) 0 17.24 23.83 54.06 39.53 53.03 9.95 0.41 51.8 40.51
EPS Growth(%) 0 17.23 23.7 53.99 39.58 44.07 16.02 2.78 39.56 39.95
Debt/Equity(x) 0.34 0.45 0.43 0.34 0.1 0.04 0.05 0.02 0.01 0.01
Current Ratio(x) 1.35 1.37 1.34 1.58 1.5 2.02 2.37 2.95 2.64 2.44
Quick Ratio(x) 0.8 0.86 0.68 0.84 0.74 1.06 1.38 1.69 1.51 1.41
Interest Cover(x) 3.26 3.33 6.47 7.05 7.48 21.39 24.71 32.71 29.57 22.78
Total Debt/Mcap(x) 0 0 0 0 0 0.01 0.01 0 0 0

Polycab India Shareholding Pattern

# Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Promoter 67.99 67.97 66.61 66.2 65.99 65.91 65.79 65.24 65.02 63.06
FII 5.71 6.44 8.11 9.77 9.64 12.4 13.41 11.94 13.62 13.48
DII 9.03 10.36 10.12 9.36 9.76 8.1 7.62 7.23 6.94 9.36
Public 17.27 15.23 15.15 14.67 14.61 13.59 13.18 15.58 14.42 14.11
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has delivered good profit growth of 29% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 21%
  • Company is almost debt free.

Cons

  • Debtor days have increased from 25.03 to 26.15days.
  • Stock is trading at 12.5 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Polycab India News

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