# Polycab India
**Polycab India Limited** (PIL) is an Indian manufacturer of wires and cables and fast-moving electrical goods (FMEG), headquartered in Mumbai and registered at Halol, Gujarat. The company describes itself as India's largest manufacturer of cables and wires, holding approximately 30-31% of the domestic organized wires and cables market in FY 2025-26, up from about 18% in FY 2018-19.[1](https://polycab.com/ar2026) • [2](https://polycab.com/ar2026/message-from-the-chairman) It is listed on the BSE and the NSE under the symbol POLYCAB.[3](https://nsearchives.nseindia.com/corporate/ixbrl/INTEGRATED_FILING_INDAS_155792_06052026164742_iXBRL_WEB.html)
| Key fact | Detail |
|---|---|
| Founded | Sind Electric Stores established 1964; incorporated as Polycab Wires Private Limited, Mumbai, 1996[4](https://polycab.com/about-us/history) |
| Listing | BSE and NSE, 2019; IPO of ₹13,450 million subscribed 52 times[4](https://polycab.com/about-us/history) |
| FY 2025-26 revenue | ₹288,838 million, up 29% year on year; PAT ₹27,084 million, up 32%[5](https://polycab.com/ar2026/investors) |
| Market position | ~30-31% of the domestic organized wires and cables market in FY 2025-26[1](https://polycab.com/ar2026) |
| Segments | Wires and Cables, FMEG, Engineering Procurement and Construction (EPC), International[1](https://polycab.com/ar2026) |
| Manufacturing | 26 manufacturing units; 100% of cables and wires products manufactured in-house[1](https://polycab.com/ar2026) |
| Distribution | 3,900+ dealers and distributors; 190,000+ retail outlets[1](https://polycab.com/ar2026) |
| Credit rating | Crisil AAA/Stable and Crisil A1+ on bank facilities, reaffirmed November 2025[6](https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/PolycabIndiaLimited_November%2017_%202025_RR_382364.html) |
## History
The business traces to 1964, when Thakurdas Jaisinghani established Sind Electric Stores. His sons, including [Inder T. Jaisinghani](https://www.edgepedia.org/inder-t-jaisinghani), took over management in 1968, and the family formed the partnership firm Thakur Industries in Mumbai in 1975 to manufacture cables and wires. Polycab Industries was registered as a small-scale industrial unit in Gujarat in 1983, and the company was incorporated as Polycab Wires Private Limited at Mumbai in 1996.[4](https://polycab.com/about-us/history)
The company entered the switches segment in 2013, beginning its move into FMEG, and diversified into fans and LED lighting in 2014. In 2016 it formed a joint venture with Trafigura Pte. Ltd., Ryker Base Private Ltd., to build a copper rod plant at Halol, and bought out the remaining 50% stake in Ryker in 2020, the year it also launched HOHM, an IoT-enabled smart-home system. The company listed on the BSE and NSE in 2019 through an initial public offering of ₹13,450 million that was subscribed 52 times.[4](https://polycab.com/about-us/history) In 2023 the brand was refreshed from "Connection Zindagi ka" to "Ideas.Connected".[4](https://polycab.com/about-us/history)
## Business segments
**Wires and Cables.** The core segment supplies building wires, power cables across low, medium, and extra-high voltage, solar cables, optical-fiber cables, and communication and data cables for retail, industrial, and institutional customers. Consolidated segment revenue was ₹255,344 million in FY 2025-26, with segment results of ₹34,781 million.[7](https://nsearchives.nseindia.com/corporate/POLYCAB_06052026184048_AuditedstandaloneandconsolidatedFS.pdf) Domestic W&C revenue grew 33% in the year, and the company guides to growing at about 1.5 times the market rate with an 11-13% EBITDA margin.[2](https://polycab.com/ar2026/message-from-the-chairman) • [1](https://polycab.com/ar2026)
**FMEG.** The fast-moving electrical goods business, which commenced in FY 2013-14, spans six categories: fans, lights and luminaires, switchgears, switches, conduit pipes and fittings, and solar products including inverters.[8](https://polycab.com/ar2026/fast-moving-electrical-goods) FMEG revenue reached ₹20,693 million in FY 2025-26, a 25% year-on-year increase, with segment EBIT of ₹548 million, a 2.7% margin.[8](https://polycab.com/ar2026/fast-moving-electrical-goods) The segment had been loss-making; it turned EBIT positive in the fourth quarter of FY 2024-25 and achieved break-even that quarter after years of losses.[9](https://polycab.com/ar2025/q-and-a-with-the-cfo) • [6](https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/PolycabIndiaLimited_November%2017_%202025_RR_382364.html) The solar business grew sales volume 3.5 times year on year in FY 2025-26, delivering over 350,000 inverters with a total installed capacity of about 1.6 GW.[10](https://polycab.com/ar2026/manufacturing-excellence-innovations)
**EPC.** The Engineering, Procurement and Construction division executes turnkey electrical infrastructure projects, including underground cabling, and is running two government-aligned programs, BharatNet and the Revamped Distribution Sector Scheme (RDSS). EPC revenue was ₹16,665 million in FY 2025-26 with a 9.9% EBIT margin.[11](https://polycab.com/ar2026/engineering-procurement-and-construction)
**International.** Export revenue was ₹15,695 million in FY 2025-26, 5.4% of consolidated revenue, growing 16.7% despite elevated U.S. tariffs; the company reached 94 countries during the year.[12](https://polycab.com/ar2026/international-business) • [2](https://polycab.com/ar2026/message-from-the-chairman) Under Project Spring, Polycab targets exports contributing more than 10% of revenue and has no plans to set up manufacturing facilities overseas in the near to mid term.[12](https://polycab.com/ar2026/international-business)
## Manufacturing and distribution
Polycab operates 26 manufacturing units and 35 warehouses and depots, and reports that 100% of its cables and wires sales come from products manufactured in-house, with capacity utilization of 75-80%.[1](https://polycab.com/ar2026) Its Polymer R&D Centre, established in 2016 and accredited by India's Department of Scientific and Industrial Research, develops polymer compounds for cables and wires.[10](https://polycab.com/ar2026/manufacturing-excellence-innovations) Fan manufacturing at Roorkee and Halol has an annual capacity of about 90 million fans, with the Halol plant described as the largest fan factory under one roof.[13](https://polycab.com/ar2025/manufacturing-and-innovation-highlights)
Distribution underpins the market position: more than 3,900 dealers and distributors and over 190,000 retail outlets, supported by a network the company credits for product availability and reach into tier 2, tier 3, and rural markets.[1](https://polycab.com/ar2026) • [14](https://polycab.com/ar2026/market-insights-and-strategic-opportunities)
## Financial performance
Revenue grew from ₹180,394 million in FY 2023-24 to ₹224,083 million in FY 2024-25 and ₹288,838 million in FY 2025-26, a 29% increase in the latest year, with EBITDA of ₹40,057 million and profit after tax of ₹27,084 million.[5](https://polycab.com/ar2026/investors) • [15](https://nsearchives.nseindia.com/corporate/POLYCAB_06052026144828_CorporatePresentation.pdf) Crisil Ratings, which reaffirmed AAA/Stable and A1+ ratings on ₹97.21 billion (₹9,721 crore) of bank facilities in November 2025, noted a five-year revenue CAGR of 20% through fiscal 2025 and expects 14-15% growth over the medium term.[6](https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/PolycabIndiaLimited_November%2017_%202025_RR_382364.html) The company held net cash of ₹41,940 million at the end of FY 2025-26 and invested ₹14.8 billion in capital expenditure during the year, up from ₹9.6 billion the previous year.[5](https://polycab.com/ar2026/investors)
## Strategy
**Project Spring**, a five-year roadmap running to FY 2029-30, guides the company's expansion. Its pillars include solidifying B2B market leadership, propelling B2C expansion, ramping up international business, innovation and automation, talent development, and [ESG integration](https://www.edgepedia.org/esg-integration).[1](https://polycab.com/ar2026) Under the plan, Polycab intends to invest ₹60-80 billion in capex over five years and to raise its dividend payout ratio toward 30% by FY30; the payout ratio was 27.2% in FY 2025-26, with dividends per share rising from ₹3 in FY 2018-19 to ₹47 in FY 2025-26.[5](https://polycab.com/ar2026/investors) In FMEG the company targets growth at 1.5 to 2 times the industry rate and an 8-10% EBITDA margin.[14](https://polycab.com/ar2026/market-insights-and-strategic-opportunities)
Leadership succession advanced in FY 2025-26 with the appointment of Bharat A. Jaisinghani and Nikhil R. Jaisinghani as Joint Managing Directors alongside Chairman and Managing Director Inder T. Jaisinghani.[2](https://polycab.com/ar2026/message-from-the-chairman)
## References
1. [Polycab India Limited, Integrated Annual Report 2025-26](https://polycab.com/ar2026)
2. [Message from the Chairman, Integrated Annual Report 2025-26](https://polycab.com/ar2026/message-from-the-chairman)
3. [NSE IndAS filing, Polycab India Limited, 6 May 2026](https://nsearchives.nseindia.com/corporate/ixbrl/INTEGRATED_FILING_INDAS_155792_06052026164742_iXBRL_WEB.html)
4. [Polycab History](https://polycab.com/about-us/history)
5. [Polycab Investors, Financial Performance, Integrated Annual Report 2025-26](https://polycab.com/ar2026/investors)
6. [Crisil Ratings, Rating Rationale, Polycab India Limited, 17 November 2025](https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/PolycabIndiaLimited_November%2017_%202025_RR_382364.html)
7. [Polycab audited standalone and consolidated financial statements, 31 March 2026, NSE](https://nsearchives.nseindia.com/corporate/POLYCAB_06052026184048_AuditedstandaloneandconsolidatedFS.pdf)
8. [Polycab FMEG, Integrated Annual Report 2025-26](https://polycab.com/ar2026/fast-moving-electrical-goods)
9. [Q&A with the CFO, Integrated Annual Report 2024-25](https://polycab.com/ar2025/q-and-a-with-the-cfo)
10. [Manufacturing Excellence & Innovations, Integrated Annual Report 2025-26](https://polycab.com/ar2026/manufacturing-excellence-innovations)
11. [Polycab EPC, Integrated Annual Report 2025-26](https://polycab.com/ar2026/engineering-procurement-and-construction)
12. [International Business, Integrated Annual Report 2025-26](https://polycab.com/ar2026/international-business)
13. [Manufacturing and Innovation Highlights, Integrated Annual Report 2024-25](https://polycab.com/ar2025/manufacturing-and-innovation-highlights)
14. [Market Insights and Strategic Opportunities, Integrated Annual Report 2025-26](https://polycab.com/ar2026/market-insights-and-strategic-opportunities)
15. [Polycab corporate presentation, 6 May 2026, NSE](https://nsearchives.nseindia.com/corporate/POLYCAB_06052026144828_CorporatePresentation.pdf)
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*Topic: Encyclopedia › Technology and the built world › Engineering and manufacturing › Manufacturing industries and companies › Heavy machinery and industrial equipment*
*Initially written Sep 17, 2026 · Reviewed: Oct 15, 2026 · Edited: Oct 15, 2026 · Last review: Oct 15, 2026*
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License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license