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Polycab India Valuation Multiples

Discover Polycab India's revenue and EBITDA valuation multiples and M&A history, alongside public comparables like TCL, ABB India, Motherson Group, Regal Rexnord and more.

Polycab India Overview

About Polycab India

Polycab India Ltd is engaged in the business of manufacturing and selling wires and cables and fast moving electrical goods under the POLYCAB brand. The business activities are carried out through Wires and cables, Fast moving electrical goods (FMEG), and the EPC segment. It generates maximum revenue from the Wires and cables segment. Geographically, it derives a majority of revenue from India. Some of its products include Power cables, Control Cables, Instrumentation Cables, Optical Fibre Cables (OFC), Solar Cables, Building Cables, Flexible Wires, and others.


Founded

1996

HQ

India

Employees

5.3K

Financials (LTM)

Revenue: $3B
EBITDA: $436M

EV

$15B

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Polycab India Financials

Polycab India reported last 12-month revenue of $3B and EBITDA of $436M.

In the same LTM period, Polycab India generated $853M in gross profit, $436M in EBITDA, and $292M in net income.

Revenue (LTM)


Polycab India P&L

In the most recent fiscal year, Polycab India reported revenue of $3B and EBITDA of $436M.

Polycab India is profitable as of last fiscal year, with gross margin of 21%, EBITDA margin of 14%, and net margin of 9%.

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LTMLast FY202320242025202620272028
Revenue$3B$3B$2B$2B$3B
Gross Profit$853M$635M$395M$470M$598M
Gross Margin27%21%23%22%22%
EBITDA$436M$436M$261M$315M$409M
EBITDA Margin14%14%15%14%15%
EBIT Margin13%13%13%12%13%
Net Profit$292M$283M$172M$204M$261M
Net Margin9%9%10%9%9%
Net Debt-$417M---

Financial data powered by Morningstar, Inc.

Polycab India Stock Performance

Polycab India has current market cap of $15B, and enterprise value of $15B.

Market Cap Evolution


Polycab India's stock price is $101.06.

Polycab India share price increased by 1.2% in the last 30 days, and by 42.6% in the last year.

Polycab India has an EPS (earnings per share) of $1.88.

See more trading valuation data for Polycab India
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$15B$15B0.6%1.2%38.0%42.6%$1.88

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Polycab India Valuation Multiples

Polycab India trades at 4.8x EV/Revenue multiple, and 35.0x EV/EBITDA.

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EV / Revenue (LTM)


Polycab India Financial Valuation Multiples

As of June 5, 2026, Polycab India has market cap of $15B and EV of $15B.

Polycab India has a P/E ratio of 52.2x.

LTMLast FY202320242025202620272028
EV/Revenue4.8x5.0x8.7x7.0x5.5x
EV/EBITDA35.0x35.0x58.5x48.5x37.4x
EV/EBIT38.6x39.5x69.7x57.2x42.5x
EV/Gross Profit17.9x24.0x38.7x32.5x25.5x
P/E52.2x53.7x88.4x74.6x58.3x
EV/FCF77.0x63.0xn/m198.9x75.0x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Polycab India Valuation Multiples

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Polycab India Margins & Growth Rates

Polycab India grew revenue by 19% and EBITDA by 13% in the last fiscal year.

In the most recent fiscal year, Polycab India reported gross margin of 21%, EBITDA margin of 14%, and net margin of 9%.

See estimated margins and future growth rates for Polycab India

Polycab India Margins

Last FY202420252026202720282029
Gross Margin21%22%22%26%
EBITDA Margin14%14%15%14%
EBIT Margin13%12%13%12%
Net Margin9%9%9%9%
FCF Margin8%4%7%4%

Polycab India Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth19%25%27%25%
Gross Profit Growth55%19%27%50%
EBITDA Growth13%21%30%17%
EBIT Growth15%22%35%19%
Net Profit Growth17%18%28%22%
FCF Growth(60%)31%165%(35%)

Data powered by FactSet, Inc. and Morningstar, Inc.

Polycab India Operational KPIs

Polycab India's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.0M for the same period.

Polycab India's Rule of 40 is 39% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Polycab India's Rule of X is 76% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for Polycab India
LTMLast FY202320242025202620272028
Rule of 4033%39%---
Bessemer Rule of X61%76%---
Revenue per Employee-$0.6M---
Opex per Employee-$0.0M---
S&M Expenses to Revenue-2%3%2%2%
G&A Expenses to Revenue-1%1%1%1%
Opex to Revenue-8%10%9%9%

Data powered by FactSet, Inc. and Morningstar, Inc.

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Polycab India Competitors

Polycab India competitors include TCL, ABB India, Motherson Group, Regal Rexnord, Shenzhen Sunway, Fuji Electric Co., Belimo, Siemens India, Zhen Ding Tech and Anhui Tongguan Copper.

Most Polycab India public comparables operate across Electrical Parts & Equipment and Consumer Electronics.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
TCL1.2x1.1x5.6x5.5x
ABB India10.6x10.5x61.0x67.7x
Motherson Group1.2x1.2x12.6x12.8x
Regal Rexnord3.2x3.1x14.3x14.0x
Shenzhen Sunway10.8x10.0x61.4x60.9x
Fuji Electric Co.2.0x1.8x11.4x11.2x
Belimo9.4x9.0x38.9x36.7x
Siemens India5.0x5.2x35.6x49.2x

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Acquisitions by Polycab India

Polycab India has acquired 1 company to date.

Last acquisition by Polycab India was on June 18th 2021. Polycab India acquired Silvan Innovation Labs for $2M (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by Polycab India

Silvan Innovation Labs
Description
Silvan Innovation Labs is a Bengaluru-based provider of smart home automation systems for residences, offices, and hotels. The company integrates lighting, security, HVAC, and entertainment controls via its proprietary platform. Launched in 2012, Silvan deploys IoT solutions in over 500 Indian properties, partnering with real estate developers like Sobha and Prestige for seamless retrofit and new-build installations.
HQ CountryIndia
HQ City
Bangalore
Deal Date18 Jun 2021
Valuation$2M
EV/Revenue
EV/EBITDA

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About Polycab India

When was Polycab India founded?Polycab India was founded in 1996.
Where is Polycab India headquartered?Polycab India is headquartered in India.
How many employees does Polycab India have?As of today, Polycab India has over 5K employees.
Who is the CEO of Polycab India?Polycab India's CEO is Gandharv Tongia.
Is Polycab India publicly listed?Yes, Polycab India is a public company listed on National Stock Exchange of India.
What is the stock symbol of Polycab India?Polycab India trades under POLYCAB ticker.
When did Polycab India go public?Polycab India went public in 2019.
Who are competitors of Polycab India?Polycab India main competitors include TCL, ABB India, Motherson Group, Regal Rexnord, Shenzhen Sunway, Fuji Electric Co., Belimo, Siemens India, Zhen Ding Tech, Anhui Tongguan Copper.
What is the current market cap of Polycab India?Polycab India's current market cap is $15B.
What is the current revenue of Polycab India?Polycab India's last 12 months revenue is $3B.
What is the current revenue growth of Polycab India?Polycab India revenue growth (NTM/LTM) is 19%.
What is the current EV/Revenue multiple of Polycab India?Current revenue multiple of Polycab India is 4.8x.
What is the current EBITDA of Polycab India?Polycab India's last 12 months EBITDA is $436M.
What is Polycab India's EBITDA margin?Polycab India's last 12 months EBITDA margin is 14%.
What is the current EV/EBITDA multiple of Polycab India?Current EBITDA multiple of Polycab India is 35.0x.
What is the current FCF of Polycab India?Polycab India's last 12 months FCF is $198M.
What is Polycab India's FCF margin?Polycab India's last 12 months FCF margin is 6%.
What is the current EV/FCF multiple of Polycab India?Current FCF multiple of Polycab India is 77.0x.
How many companies Polycab India has acquired to date?As of June 2026, Polycab India has acquired 1 company.
What was the largest acquisition by Polycab India?$2M acquisition of Silvan Innovation Labs on 18th June 2021 was the largest M&A Polycab India has done to date.
What companies Polycab India acquired?Polycab India acquired Silvan Innovation Labs.
In how many companies Polycab India has invested to date?Polycab India hasn't invested in any companies yet (or none have been disclosed publicly).

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