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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.

  1. Fair value above price? No
  2. Good quality? Yes
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Industrials · IN · ISIN INE455K01017

PI Some data Sep 18, 2026

Polycab India Limited

POLYCAB · NSE

Structural 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.

!Fair value ₹1,473 · Strongly overvalued (−82%)
!Quality 52/100
!Expensive Growth (revenue 5y +26.9 %/yr)
!Thin margins · 9.3% net margin (TTM)
!Low debt · negative free cash flow
·0.56% dividend yield
!Mixed vs. peers (6/13)
!Moderate moat 64/100
!Insider activity 45/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range ₹1,074 to ₹4,083
!Weak on dividend: 11 out of 100

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹10,083 ₹1,623 Fair Value ₹1,473 Jun 2021 Sep 2026

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.

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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

Bear ₹1,074 Fair Value ₹1,473 Bull ₹4,083
Model Each model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹60.62 per share) are deliberately not added. Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence Evidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
EPV ₹1,859 ₹2,177 ₹2,460 74
Owner Earnings ₹1,799 ₹4,141 ₹9,276 70
ROIC Compounder ₹2,371 ₹3,543 ₹5,253 70
All 17 models by family
DCF Models
Owner Earnings ₹1,799 ₹4,141 ₹9,276 70
Earnings-Based
Graham-Dodd ₹1,207 ₹8,415 ₹11,809 63
Lynch FV ₹2,705 ₹3,865 ₹5,024 61
PEG = 1.0 ₹2,705 ₹3,865 ₹5,024 57
EPV ₹1,859 ₹2,177 ₹2,460 74
Dividend Discount
Gordon GGM ₹349.60 ₹763.24 ₹1,284 65
DDM Multi-Stage ₹349.60 ₹625.21 ₹795.41 66
Multiples
P/E Multiple ₹2,795 ₹3,726 ₹4,658 63
P/S Multiple ₹2,263 ₹3,017 ₹3,771 58
P/B Multiple ₹2,263 ₹3,017 ₹3,771 55
EV/EBIT ₹3,121 ₹4,143 ₹5,164 66
EV/EBITDA ₹2,650 ₹3,514 ₹4,379 67
EV/Revenue ₹2,244 ₹3,181 ₹4,119 54
Asset-Based
NCAV (Graham) ₹398.75 ₹534.32 ₹797.50 54
Economic Profit
Residual Income ₹1,266 ₹1,742 ₹10,422 64
ROIC Compounder ₹2,371 ₹3,543 ₹5,253 70
Growth Earnings
Growth-Adj P/E ₹3,608 ₹5,155 ₹6,701 67

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Quality Score breakdown

Overall quality 52/100

Of which business quality 52 · Market factors (momentum, volatility) 56

Profitability 71
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 7
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 28
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 47
Distance to the 52-week high (market factor)
Net Issuance 81
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality Growth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+28.9%
Revenue growth 3 years Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.0%
Revenue growth 5 years Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+26.9%
Revenue growth 12 years Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.3%
What shareholders gained per year (last 5 years), in INR What the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+13.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.8%
Dividend (yield on the price)0.6%
Pace: 5 vs 10 years Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.25% vs 30%, slowing

POLYCAB screens 469% overvalued. Compare with Contemporary Amperex Technology Co →

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Peer GroupHow 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

Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 52 · Below median
Fair Value upside −36% · Above median
Profitability
Return on equity (TTM) 25% · Top 25%
Return on assets 14% · Top 25%
Net margin (TTM) 9% · Above median
Operating margin (TTM) 13% · Top 25%
Growth and dividend
Revenue growth 27% · Above median
Dividend yield (TTM) 0.6% · Below median
Balance sheet
Debt / equity 0.00× · Lowest 25%

Valuation Multiplesvs Electrical Equipment & Parts median · lower = cheaper

P/E (TTM) 47.4× · Pricier than median
P/B 11.70× · Priciest 25%
P/S (TTM) 4.86× · Priciest 25%
EV/EBITDA 34.3× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 57
PAST (return on equity)98 · sector 26
HEALTH (low debt)100 · sector 97
DIVIDEND (yield)11 · sector 21

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate.

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Contemporary Amperex Technology Co 300750 ¥305.48 ¥679.28 +122%
ABB Ltd ABBN CHF 78.26 CHF 29.04 −63%
Delta Electronics (Thailand) Public Company TDED 10.27 SGD 2.04 SGD −80%
Vertiv Holdings VRT $234.61 $179.08 −24%
Prysmian S.p.A PRY €121.65 €77.45 −36%
Legrand SA LR €135.30 €78.82 −42%
Sungrow Power Supply Co 300274 ¥85.18 ¥212.02 +149%
Hubbell Incorporated HUBB $439.07 $285.77 −35%
Shenzhen Inovance Technology Co 300124 ¥51.59 ¥46.67 −10%
nVent Electric plc NVT $147.65 $40.68 −72%

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Frequently asked questions

Is Polycab India Limited (POLYCAB) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of ₹1,473 versus a price of ₹8,370, about −82% upside (overvalued).
What is the fair value of POLYCAB?
Our model-based fair value for Polycab India Limited is ₹1,473 (as of Sep 18, 2026), built from audited fundamentals. The current price: ₹8,370.
What is the quality score of POLYCAB?
Polycab India Limited has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Polycab India Limited (POLYCAB)?
Our model-based price target is the fair value of ₹1,473 (as of Sep 18, 2026) from 17 valuation models. Cautious scenario ₹1,074, optimistic scenario ₹4,083. It is a calculation from audited fundamentals, not an analyst target.
What is the Polycab India Limited stock forecast for 2026?
Our models put fair value at ₹1,473, about −82% upside versus a price of ₹8,370 (overvalued). Cautious scenario ₹1,074, optimistic scenario ₹4,083. The calculation is refreshed regularly with new filings.
What is the revenue of Polycab India Limited (POLYCAB)?
Polycab India Limited reported trailing-twelve-month revenue of about ₹289B (latest available figure, as of Sep 18, 2026).
Does Polycab India Limited pay a dividend?
Polycab India Limited currently shows a dividend yield of about 0.56% relative to its recent price (as of Sep 18, 2026).
What is the intrinsic value of Polycab India Limited (POLYCAB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Polycab India Limited it is ₹1,473 per share (as of Sep 18, 2026), against a price of ₹8,370. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Polycab India Limited stock overvalued or undervalued in 2026?
As of Sep 18, 2026, POLYCAB trades above its calculated fair value: price ₹8,370, fair value ₹1,473, a gap of about −82% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of POLYCAB?
No. The price is what the market pays today (₹8,370); the fair value is what the company's own numbers justify (₹1,473). For Polycab India Limited the two are ₹6,897 per share apart. That gap is exactly why we show both numbers side by side.
How much is Polycab India Limited worth?
The market values Polycab India Limited at about ₹1.4T (market capitalisation, as of Sep 18, 2026). Per share that is ₹8,370; our models calculate a fair value of ₹1,473 per share.
What do the bullish and bearish scenarios say about POLYCAB?
Our models span a range for Polycab India Limited: cautious scenario ₹1,074, base ₹1,473, optimistic ₹4,083 per share (as of Sep 18, 2026, price ₹8,370). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of POLYCAB?
Polycab India Limited trades at a price-to-earnings ratio of 47.4 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹1,473 is built from several models across several years. Other multiples: P/B 11.7, P/S 4.9, EV/EBITDA 34.3.
How solid is the balance sheet of Polycab India Limited (POLYCAB)?
Balance-sheet figures for Polycab India Limited (as of Sep 18, 2026): return on equity 24.6%, debt of 0.00 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is POLYCAB from its 52-week high?
Polycab India Limited trades at ₹8,370, about 15% below its 52-week high of ₹9,833 and 45% above the low of ₹5,760 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,473 is for.
Which stocks are comparable to Polycab India Limited?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Delta Electronics (Thailand) Public Company, Vertiv Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Polycab India Limited stock attractive at the current price?
The data as of Sep 18, 2026: price ₹8,370, calculated fair value ₹1,473 (−82%), Quality Score 52/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of POLYCAB calculated?
We run Polycab India Limited through 17 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹1,473, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Polycab India Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Polycab India Limited (POLYCAB)?
The closing price on Sep 21, 2026 was ₹8,370. Our model-based fair value is ₹1,473, about −82% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Polycab India Limited right now?
The price sits above even our optimistic bull case (₹4,083). The favourable scenario is already priced in. The model range is unusually wide (₹1,074 to ₹4,083). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Polycab India Limited (POLYCAB) come from?
Earnings per share at Polycab India Limited grew +29.7 % a year from 2015 to 2026. Broken into its drivers: revenue per share +17.3 %, EBIT margin −0.1 %, tax rate +1.3 %, residual (interest, one-offs) +9.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Polycab India Limited

How large is the market capitalisation of Polycab India Limited (POLYCAB)?
The market capitalisation of Polycab India Limited is ₹1.4T (≈ $14.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Polycab India Limited (POLYCAB)?
The price-to-sales ratio of Polycab India Limited is 4.39 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Polycab India Limited (POLYCAB)?
Earnings per share at Polycab India Limited are ₹176.52 (price ÷ EPS = P/E 47.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Polycab India Limited (POLYCAB)?
The dividend yield of Polycab India Limited is 0.6% (payout 26.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Polycab India Limited (POLYCAB)?
The net margin of Polycab India Limited is 9.3% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Polycab India Limited (POLYCAB)?
The return on equity (ROE) of Polycab India Limited is 24.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Polycab India Limited (POLYCAB)?
On an EBIT basis the return on assets of Polycab India Limited is 28.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Polycab India Limited (POLYCAB)?
The operating margin of Polycab India Limited is 13.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Polycab India Limited (POLYCAB)?
Revenue at Polycab India Limited is growing +26.9% versus a year earlier (3y avg +27.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Polycab India Limited (POLYCAB)?
Earnings per share at Polycab India Limited are growing +8.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Polycab India Limited (POLYCAB) generate?
The free cash flow of Polycab India Limited is −₹8.0B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Polycab India Limited (POLYCAB) carry?
The net debt of Polycab India Limited is ₹36.2B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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