POPolycab India542652Earnings call transcript

Q2 FY27 earnings call transcript: record revenue and profit; FMEG EBIT margin at 10.1%

Transcript of the Q2 FY27 earnings call held on October 15, 2026, submitted to the exchanges.

By ScoutQuest · Mon 19 Oct 2026, 4:39 PM IST · 2 min read

Consolidated revenue growth (YoY)

up 53% year-on-year

Profit after tax

record INR 9,900 million, up 43%

EBITDA margin

14.4%

The company has shared the transcript of its Q2 FY27 earnings conference call held on October 15, 2026 with the stock exchanges. A transcript is the full record of what management told analysts on the call. It carries the same numbers as the results, but adds management's own explanation of what drove them, which is why investors read it separately.

Q2 FY27 — the headline numbers

• Consolidated revenue grew 53% year-on-year. Management described this as the company's highest ever quarterly revenue.
• Profit after tax reached a record INR 9,900 million, up 43% year-on-year.
• EBITDA margin came in at 14.4%, which management attributed to a favourable business mix and operational efficiencies.
• Net cash stood at INR 45.2 billion as of September 30, 2026.

Segment picture

• Wires and cables, the largest business, grew revenue 47% year-on-year. Management linked this to healthy demand, strong channel execution and commodity-linked realisations, and said wires grew faster than cables and channel sales faster than institutional sales.
• FMEG, the fans, lighting, switches, switchgear and solar business, grew revenue 124% year-on-year. Solar products are the largest category in this segment and were the main growth driver. Segment EBIT margin crossed into double digits for the first time at 10.1%.
• The EPC business and exports were also discussed, with management pointing to a strong export order pipeline.

What management is signalling

• Management noted that volume growth was far smaller than revenue growth, with the difference coming from higher realisations and a richer product mix — a reminder that headline revenue growth is not the same as growth in volumes sold.
• On margins, management kept its earlier medium-to-long-term guidance unchanged and said the FMEG margin target laid out under its Project Spring roadmap was framed for FY30, treating the current FMEG margin as high relative to that longer-term plan.
• Management maintained that the structural demand drivers in India remain intact, while flagging commodity volatility, geopolitical developments and logistics disruptions as things that can affect individual quarters.

The insolvency matter

• Management updated analysts on proceedings involving Asier Metals. It said it has shared an appeal before the National Company Law Appellate Tribunal, which has stayed and kept in abeyance the National Company Law Tribunal's order of admission in its entirety, including initiation of the corporate insolvency resolution process.
• The hearing was completed on October 15 and the order has been reserved. Management said it does not expect any adverse or material impact on the company's financial or business operations from the situation.

What a retail investor can watch

• Whether segment margins hold near these levels or move back towards the guided range, since management itself called the current FMEG margin high against its longer-term plan.
• The reserved order in the Asier Metals matter.
• Whether the strong revenue growth continues once the benefit of higher realisations and mix normalises.

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