Polycab India

₹2861.5 -17.5 | 0.6%

WEBSITE BSE:542652 NSE : POLYCAB 23 Mar, 16:01

Market Cap ₹42705 Cr.

Stock P/E 36.7

P/B 6.9

Current Price ₹2861.5

Book Value ₹ 413.7

Face Value 10

52W High ₹3142

Dividend Yield 0.49%

52W Low ₹ 2045

Edit Ratio

Polycab India Research see more...

Equity Research: Polycab India Ltd.

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.

Quarterly Price

Quarterly Monthly

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Peer Comparison

Polycab India Quarterly Results

#(Fig in Cr.)	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Net Sales	2114	2799	3037	1881	3129	3372	3970	2737	3332	3715
Other Income	33	34	27	25	26	22	17	44	-2	40
Total Income	2146	2833	3065	1906	3155	3394	3987	2781	3330	3755
Total Expenditure	1801	2423	2616	1741	2826	3010	3494	2425	2905	3211
Operating Profit	345	410	449	165	329	383	493	355	425	544
Interest	11	9	17	12	9	8	13	8	14	9
Depreciation	46	48	49	52	54	51	50	51	52	52
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	288	354	383	100	267	324	430	296	359	482
Provision for Tax	66	90	101	23	66	76	105	72	88	120
Profit After Tax	222	263	282	77	201	248	326	224	271	362
Adjustments	-1	-1	-1	-3	-3	66	-4	-4	-3	-4
Profit After Adjustments	221	263	281	74	198	315	322	220	268	358
Adjusted Earnings Per Share	14.8	17.6	18.9	5	13.3	21.1	21.6	14.7	17.9	23.9

Polycab India Profit & Loss

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Net Sales	4708	5187	5500	6770	7986	8830	8792	12204	13754
Other Income	11	12	75	64	64	93	119	105	99
Total Income	4719	5199	5575	6835	8049	8923	8912	12309	13853
Total Expenditure	4268	4701	5020	6041	7033	7695	7681	10954	12035
Operating Profit	451	498	555	793	1017	1228	1230	1355	1817
Interest	108	116	66	94	117	50	43	35	44
Depreciation	98	111	128	133	141	161	176	202	205
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0
Profit Before Tax	245	271	361	567	758	1017	1012	1118	1567
Provision for Tax	85	83	128	208	256	244	170	271	385
Profit After Tax	160	188	233	358	503	773	841	848	1183
Adjustments	0	0	-1	-0	-3	-14	41	61	-15
Profit After Adjustments	160	188	232	358	500	759	882	909	1168
Adjusted Earnings Per Share	0	0	0	0	0	51	59.2	60.8	78.1

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	39%	15%	17%	0%
Operating Profit CAGR	10%	10%	20%	0%
PAT CAGR	1%	19%	29%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	19%	67%	NA%	NA%
ROE Average	17%	20%	19%	16%
ROCE Average	22%	25%	25%	22%

Polycab India Balance Sheet

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Shareholder's Funds	1622	1786	1994	2348	2847	3836	4754	5544
Minority's Interest	0	3	3	4	8	15	19	25
Borrowings	0	101	162	159	89	11	104	3
Other Non-Current Liabilities	23	40	94	83	65	89	124	99
Total Current Liabilities	1667	1922	2300	1854	2619	2009	2015	1741
Total Liabilities	3312	3852	4553	4448	5628	5961	7015	7412
Fixed Assets	825	985	1128	1197	1276	1422	1870	1675
Other Non-Current Assets	242	241	344	325	429	489	372	596
Total Current Assets	2245	2625	3080	2926	3924	4050	4773	5141
Total Assets	3312	3852	4553	4448	5628	5961	7015	7412

Polycab India Cash Flow

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

Polycab India Ratios

#	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Earnings Per Share (Rs)	0	0	0	0	0	50.98	59.15	60.8
CEPS(Rs)	18.26	21.18	25.56	34.8	45.61	62.73	68.23	70.21
DPS(Rs)	1.5	1.75	1	1	3	7	10	14
Book NAV/Share(Rs)	0	0	0	0	0	255.88	316.84	368.61
Core EBITDA Margin(%)	8.61	8.5	7.94	10.54	11.93	12.85	12.64	10.24
EBIT Margin(%)	6.92	6.76	7.07	9.55	10.96	12.08	11.99	9.45
Pre Tax Margin(%)	4.8	4.73	5.98	8.2	9.5	11.52	11.51	9.16
PAT Margin (%)	3.14	3.29	3.85	5.18	6.29	8.75	9.57	6.95
Cash Profit Margin (%)	5.04	5.23	5.97	7.11	8.07	10.58	11.57	8.6
ROA(%)	4.84	5.25	5.55	7.96	9.98	13.34	12.97	11.75
ROE(%)	9.89	11.03	12.33	16.51	19.41	23.28	19.71	16.57
ROCE(%)	16.32	16.29	15.74	22.02	27.93	30	23.44	21.71
Receivable days	77.46	77.68	76.13	65.04	59.99	57.21	59.56	40.86
Inventory Days	64.53	60.13	75.46	76.15	76.82	81.03	81.22	62.62
Payable days	100.75	99.06	108.8	67.48	38.28	39.03	35.98	25.22
PER(x)	0	0	0	0	0	14.55	23.33	38.9
Price/Book(x)	0	0	0	0	0	2.9	4.36	6.42
Dividend Yield(%)	0	0	0	0	0	0.94	0.72	0.59
EV/Net Sales(x)	0.14	0.17	0.18	0.14	0.01	1.24	2.31	2.87
EV/Core EBITDA(x)	1.46	1.78	1.74	1.17	0.1	8.89	16.5	25.84
Net Sales Growth(%)	0	10.17	6.04	23.09	17.95	10.57	-0.43	38.8
EBIT Growth(%)	0	9.35	10.49	54.55	32.52	21.92	-1.19	9.42
PAT Growth(%)	0	17.24	24	53.79	40.22	53.8	8.82	0.78
EPS Growth(%)	0	0	0	0	0	44.07	16.02	2.78
Debt/Equity(x)	0.34	0.45	0.43	0.34	0.1	0.04	0.05	0.02
Current Ratio(x)	1.35	1.37	1.34	1.58	1.5	2.02	2.37	2.95
Quick Ratio(x)	0.8	0.86	0.68	0.84	0.74	1.06	1.38	1.69
Interest Cover(x)	3.26	3.33	6.48	7.05	7.5	21.54	24.7	32.78
Total Debt/Mcap(x)	0	0	0	0	0	0.01	0.01	0

Polycab India Shareholding Pattern

#	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Promoter	68.53	68.44	68.42	68.4	68.36	68.15	68.08	67.99	67.97	66.61
FII	6.12	6.97	6.38	6.51	6.89	6.43	5.75	5.71	6.44	8.11
DII	12.2	10.29	9.92	8.8	8.77	8.65	9.18	9.03	10.36	10.12
Public	13.14	14.3	15.29	16.29	15.97	16.77	16.98	17.27	15.23	15.15
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Promoter	10.21	10.2	10.2	10.2	10.2	10.18	10.17	10.17	10.17	9.97
FII	0.91	1.04	0.95	0.97	1.03	0.96	0.86	0.85	0.96	1.21
DII	1.82	1.53	1.48	1.31	1.31	1.29	1.37	1.35	1.55	1.52
Public	1.96	2.13	2.28	2.43	2.38	2.5	2.54	2.58	2.28	2.27
Others	0	0	0	0	0	0	0	0	0	0
Total	14.9	14.91	14.91	14.92	14.93	14.94	14.94	14.96	14.97	14.97