Polycab India Limited (POLYCAB) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Polycab India Limited stock ₹1,402, price ₹7,849, that is 82.1% below the price, quality 53 out of 100. Rating: strongly overvalued. Calculated from audited financials with 17 of our 26 valuation models and 37 quality factors, updated daily.
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Polycab India Limited
POLYCAB · NSEOur calculation puts a fair price 82% below what the stock costs today.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range ₹1,743 – ₹10,083 · fair‑value band ₹1,001 – ₹2,567 · the ₹7,849 price screens above the ₹1,402 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Company profile
Polycab India Limited manufactures and sells wires and cables under the POLYCAB brand in India and internationally.
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The company operates through three segments: Wires and Cables; Fast Moving Electrical Goods (FMEG); and Engineering, Procurement and Construction (EPC). The Wires and Cables segment provides wires, such as PolycabSuprema house wires, PolycabMaxima+ Green wire, PolycabPrimma house wires, ETIRA house wires, PolycabOptima+, GREENWIRE 180m, and POLYCAB LF FR 180m; and cables, such as control, rubber, defense, special, fire protection, marine offshore/onshore, domestic appliance and lighting, aerial bunched, industrial, high temperature, LV power, MV power, EHV power, communication and data, and instrumentation.
The Fast Moving Electrical Goods segment offers ceiling, table, pedestal, wall, exhaust, farrata, and air circulated fans; LED lighting and luminaires, such as LED Bulb, downlight, panel light, led batten, outdoor lights, and rope and strip lights; water heaters; switches and accessories; switchgears consisting of isolators, MCB, RCCB, RCBO, distribution board, ACCL, and MCB changeover switches; solar products, including solar panel and invertors; and pumps, conduits, and domestic appliances.
The EPC segment designs, engineers, and supplies materials; and engages in the survey, execution, and commissioning of turn-key power distribution, transmission, and rural electrification projects. The company provides coolers and iron appliances.
It operates a distribution network through authorized dealers and distributors, and retail outlets. The company was founded in 1964 and is based in Mumbai, India.
Stock analysis
Polycab India Limited (POLYCAB) currently trades at ₹7,849, while our model-based Fair Value estimate is ₹1,402, 82% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹5,153 per share, and 1 of the 17 models we run sit above the ₹7,849 price.
Bear case: the Asset-Based group reads lowest at ₹410.95, and 16 of the 17 models stay below the price. Data coverage for this calculation is low.
Scenario range: ₹1,001 (bear) to ₹2,567 (bull), the price of ₹7,849 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 53/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Polycab India Limited reported revenue of ₹289B in FY2026 versus ₹122B in FY2022, a compound +24.0%/yr. Reported net income was ₹26.7B in FY2026, compounding +31.0%/yr from FY2022.
Key figures
Market cap ₹1.2T (≈ $12.5B) Large · P/E ratio 38.6 · P/S ratio 3.43 · EPS (TTM) ₹203.21 · Dividend yield 0.6% · Net margin 9.1% · Return on equity 26.8% · Return on assets (EBIT) 28.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at −82%, POLYCAB screens richer than that median.
Fair Value models
All 17 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
Compare Polycab India Limited with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electrical Equipment & Parts · 560 stocks
Valuation Multiplesvs Electrical Equipment & Parts median · lower = cheaper
Strength profile in five axes (Snowflake)
VALUE 0: the price sits above our fair-value range.
Context: sector, industry, market
- Is the Industrials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- EBIT margin by industry
- P/S ratio by industry
- Stock screener with 62 metrics
- Undervalued stocks: Industrials
- Undervalued stocks: Indian Stocks
- Valuation of the India market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Contemporary Amperex Technology Co 300750 | ¥264.06 | ¥648.35 | +146% | vs POLYCAB |
| Sungrow Power Supply Co 300274 | ¥85.14 | ¥182.32 | +114% | vs POLYCAB |
| NARI Technology Co 600406 | ¥23.53 | ¥29.39 | +25% | vs POLYCAB |
| Vertiv Holdings VRT | $176.73 | $178.64 | +1% | vs POLYCAB |
| Legrand SA LR | €127.55 | €82.57 | −35% | vs POLYCAB |
| Prysmian S.p.A PRY | €100.20 | €64.29 | −36% | vs POLYCAB |
| ABB Ltd ABBN | CHF 67.50 | CHF 29.49 | −56% | vs POLYCAB |
| Samsung SDI Co 006400 | 509,000 KRW | 153,766 KRW | −70% | vs POLYCAB |
| Delta Electronics (Thailand) Public Company DELTA | 187.00 THB | 39.14 THB | −79% | vs POLYCAB |
| LG Energy Solution, Ltd 373220 | 346,000 KRW | 53,325 KRW | −85% | vs POLYCAB |
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Frequently asked questions
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Key figures of Polycab India Limited
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