Mumbai, May 6, 2025 – Polycab India Limited has posted its strongest-ever financial results for the fiscal year and quarter ended March 31, 2025. The company, a market leader in the Indian electrical industry, reported FY25 revenue of ₹2,24,083 million, registering a 24% YoY growth, and PAT of ₹20,455 million, up 13% YoY. The results mark a key milestone as the company exceeded its Project Leap FY26 goal of ₹200 billion in revenue one year ahead of schedule.

Fourth Quarter Performance Breaks Records

For Q4 FY25, Polycab reported its highest-ever quarterly revenue at ₹69,858 million, a 25% increase YoY. EBITDA rose 35% YoY to ₹10,254 million, and PAT jumped 33% YoY to ₹7,344 million, with PAT margins improving to 10.5%, crossing the ₹7 billion mark for the first time in company history.

The EBITDA margin improved to 14.7%, aided by margin expansion across all segments, especially a profitable turnaround in the FMEG business and strong EPC performance.

Wires & Cables Segment Maintains Market Leadership

Polycab’s Wires & Cables (W&C) segment continued to be the engine of growth, delivering a 22% YoY growth in Q4 and 18% YoY growth for FY25, reaching ₹1,88,881 million in revenue.

• The domestic business grew 27% YoY in Q4, with cables outperforming wires.

• Growth was fueled by government infrastructure spending, real estate recovery, and commodity inflation.

• International business, though slightly muted due to order rollover, contributed 6% to overall revenue, with presence expanded to 84 countries.

• EBIT margin in W&C improved by ~140 bps QoQ to 15.1%, thanks to operational leverage and favorable product mix.

With a commanding 26%-27% share of India’s organized W&C market, Polycab solidifies its leadership in the sector.

FMEG Business Posts First Profitable Quarter

Polycab’s Fast-Moving Electrical Goods (FMEG) segment recorded an impressive 33% YoY growth in Q4 and 29% growth in FY25, reaching ₹16,535 million for the year.

• The fans segment grew despite delayed seasonal demand.

• Lighting and luminaires maintained strong volume and value growth despite pricing deflation.

• Switches, conduit pipes, and fittings all saw healthy demand from real estate.

• Importantly, Q4FY25 marked the first profitable quarter for the FMEG business after ten consecutive quarters of investments, indicating a successful business strategy.

Solar products stood out within FMEG, delivering 2.5x growth YoY, becoming the third-largest category within the portfolio.

EPC Business Delivers Triple-Digit Growth

The Engineering, Procurement, and Construction (EPC) business showed stellar growth, increasing 143% YoY in FY25 to ₹19,192 million.

• Q4FY25 EPC revenue stood at ₹6,028 million, up 47% YoY, driven by strong execution of RDSS orders.

• Margin improvement in EPC also contributed positively to overall EBITDA.

Record Profitability and Financial Strength

• FY25 PAT reached ₹20,455 million, up 13% YoY, breaching the ₹20 billion mark for the first time.

• Net cash position strengthened to ₹24.6 billion as of March 31, 2025, up from ₹21.4 billion in FY24.

• EBITDA margins stood at 13.2% for the year, improving from the previous year.

• The Board of Directors proposed a dividend of ₹35/share, representing 350% of face value and a dividend payout of 26.3%, inching closer to the Project Spring goal of >30% by FY30.

Strategic Initiatives Under Project Leap and Project Spring

Polycab attributed the strong performance to its strategic roadmap, particularly the success of Project Leap, which was aimed at scaling revenues to ₹200 billion by FY26 — a goal now achieved a year in advance.

Looking ahead, the company is entering its next growth phase with “Project Spring”, which focuses on:

• Sharpened strategic focus

• Expanding ESG initiatives

• Digital transformation and innovation

• Customer-centric approach and international market expansion

New ESG Goals for Long-Term Sustainable Growth

In alignment with Project Spring, Polycab has announced new ESG targets over a five-year horizon. These include:

• Enhanced sustainability measures across its operations

• Improved social impact through education, skilling, and community engagement

• Stronger governance frameworks to support responsible growth

These goals aim to build stakeholder trust, future-proof operations, and align with India’s sustainable development agenda.

Conclusion

Polycab India’s FY25 performance is a testament to its operational excellence, market dominance, and strategic clarity. By surpassing its revenue goal ahead of schedule, achieving record-breaking profits, and driving growth across all major verticals, the company has laid a strong foundation for its next phase under Project Spring.

The FMEG business turning profitable, rapid EPC expansion, and reinvestment in innovation and ESG position Polycab as not just a market leader, but also a forward-looking organization committed to inclusive and responsible growth.

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