Buy Polycab India; target of Rs 8868: Anand Rathi

Anand Rathi's research report on Polycab India

Broad-based expansion in its Cables & Wires business boosted Polycab India’s Q2 revenue 18% y/y. Operating leverage, product premiumisation and a favourable mix gave it its highest quarterly margins. Premiumisation and a standout quarter for solar products fortified the FMEG performance. With the EHV plant on track and disciplined capex under Project Spring, the company is set to retain double-digit growth and healthy margins, reinforcing its primacy in the electricals ecosystem.

Outlook

We retain our Buy recommendation, with a Rs 8868 TP (earlier Rs8,705).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Polycab India - 24102025 - anand