Polycab’s fastest-growing business now reaches beyond the wires inside a building to the electrical products used in and around it.
Revenue in its fast-moving electrical goods division rose 124% year-on-year to ₹993.1 crore in the quarter ended September 30, 2026. The division’s EBIT margin reached 10.1%, crossing into double digits for the first time, the company said in its October 15 results.
Solar products led that growth. Polycab said they remained the largest contributor to the division’s revenue, alongside a broader range that includes fans, lighting, switches and switchgear.
The Breakdown
The electrical-goods division, known as FMEG, accounted for about a tenth of Polycab’s ₹9,898.9 crore quarterly revenue. Its rapid growth is therefore meaningful, but it remains much smaller than the wires-and-cables business.
Wires-and-cables revenue rose 47% year-on-year, with domestic revenue up 50% and international revenue up 17%, according to the company. Group revenue increased 53%.
The solar contribution needs to be kept in proportion. FMEG is a mixed product portfolio, not a solar-only business. The results release does not give a separate solar sales figure or a comparable quarterly unit-growth number. Its 124% growth figure measures the value of sales across the whole division.
Why This Matters
Solar equipment gives Polycab another way to sell into electrification, beyond its core cable business.
Its latest annual report describes a solar range that includes inverters and related electrical equipment, with expansion into rooftop and commercial and industrial markets. That is a different source of business from selling fans, lights or switches, even though the company groups them within FMEG.
The profit milestone matters alongside the growth. EBIT measures earnings before interest and tax. A 10.1% segment EBIT margin means the division reported about ₹10.10 in segment EBIT for every ₹100 of segment revenue. It is not a net-profit margin.
The Big Picture
The group’s margin trend was less straightforward. EBITDA rose 39% year-on-year to ₹1,422.5 crore, but the EBITDA margin was 14.4%, below 15.8% a year earlier. It improved from 13.8% in the June quarter.
EBITDA also excludes depreciation and amortisation, so the group’s margin should not be compared directly with FMEG’s EBIT margin.
The year-earlier comparison has another qualification. Polycab said a one-off gain had boosted its engineering, procurement and construction business in the September 2025 quarter. The absence of that gain contributed to a 39% year-on-year fall in that business’s reported segment earnings, despite higher revenue.
The headline group margin therefore needs both the year-on-year and quarter-on-quarter context. Growth in a smaller division does not determine the result for the entire company.
The Crunch
Polycab’s electrical-goods business is becoming larger and more profitable, with solar products helping it grow. The test is whether it can sustain that progress and become a more substantial earnings contributor alongside wires and cables.