Polycab India Limited (POLYCAB) fair value: what the stock is really worth
We calculate from audited financials what Polycab India Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Polycab India Limited
POLYCAB · NSEStructural break: The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Stretched ValuationStrong overvaluation with only moderate quality.
What runs behind every stock
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range ₹1,623 – ₹10,083 · fair‑value band ₹1,074 – ₹4,083 · the ₹8,370 price screens above the ₹1,473 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
Company profile
Polycab India Limited manufactures and sells wires and cables under the POLYCAB brand in India and internationally. The company operates through three segments: Wires and Cables; Fast Moving Electrical Goods (FMEG); and Engineering, Procurement and Construction (EPC).
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Polycab India Limited manufactures and sells wires and cables under the POLYCAB brand in India and internationally. 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 ₹8,370, while our model-based Fair Value estimate is ₹1,473, implying the stock looks roughly 468.5% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹5,155 per share, and 1 of the 17 models we run sit above the ₹8,370 price.
Bear case: the Asset-Based group reads lowest at ₹534.32, and 16 of the 17 models stay below the price. Evidence for this calculation is medium.
Scenario range: ₹1,074 (bear) to ₹4,083 (bull), the price of ₹8,370 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 52/100 (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 ₹1.4T (≈ $14.7B) · P/E ratio 47.4 · P/S ratio 4.39 · EPS (TTM) ₹176.52 · Dividend yield 0.6% · Net margin 9.3% · Return on equity 24.6% · Return on assets (EBIT) 28.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 45% above its 52-week low, currently above 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
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Set up alert →Quality Score breakdown
Of which business quality 52 · Market factors (momentum, volatility) 56
Revenue & earnings trend
POLYCAB screens 469% overvalued. Compare with Contemporary Amperex Technology Co →
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 · 546 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)
- 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.
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Frequently asked questions
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Key figures of Polycab India Limited
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