Should I buy Polycab stock in 2025 in India?

What is Polycab?

How much is Polycab stock?

The price of Polycab stock is rising this week. As of now, the stock is trading at ₹6,102.50, showing a modest 24-hour increase of 0.13% and a strong weekly gain of 5.83%.

Polycab’s market capitalization stands at ₹91,798 crore, with an average 3-month trading volume of around 192,500 shares. The stock’s P/E ratio is 45.44, while the dividend yield is 0.49% and its beta indicates moderate risk levels.

Given these dynamics and the recent uptick in price, investors should note the current high valuation, which may signal increased volatility ahead.

Our full analysis on Polycab stock

Having rigorously examined Polycab India Ltd.’s latest financial results and reviewed its stock performance over the past three years, this analysis synthesizes detailed metrics, market trends, and comparative insights through our proprietary evaluation algorithms. By combining fundamental, technical, and sectoral analysis, we identify key patterns and potential inflection points that could define the next chapter for this market leader in India’s electricals landscape. So, why might Polycab stock once again become a strategic entry point into the consumer durables and electrical equipment sector as we head into 2025?

Recent Performance and Market Context

Polycab’s recent price action has been shaped by both robust operational delivery and a nuanced sector backdrop. As of May 19, 2025, the stock trades at ₹6,102.50, showing a steady recovery of +5.83% over the last week and surging 33.97% off its 52-week low of ₹4,555—evidence of renewed buying interest after a period of sector-wide softness. The stock does remain below its 200-day moving average, but this lag is largely attributed to the broader global rotation out of consumer durables in late 2024 and early 2025, which appears to be reversing.

Momentum has also been underpinned by Polycab’s stellar Q4 FY25 results, which saw revenue jump 24.93% year-on-year and net profit climb an impressive 33.09% YoY, reaffirming the company’s efficient execution. Macroeconomically, India’s infrastructure push and electrification drive continue to act as powerful tailwinds for domestic players like Polycab, especially as the government’s capital expenditure pipeline expands for FY26.

Across the sector, increased spending on residential and industrial capex, coupled with strong demand growth in Fast Moving Electrical Goods (FMEG), sets a constructive backdrop. Amidst intensifying competition, Polycab’s scale and brand remain formidable, positioning it well to capitalize on the sector’s next growth phase.

Technical Analysis

A multi-layered technical read of Polycab points to an intriguing intersection of short-term bullish energy and medium-term reversal potential. Current pricing outperformance above the 20-, 50-, and 100-day simple moving averages signals positive momentum, while the proximity below the 200-day SMA (₹6,328.9) presents a potential breakout trigger should positive sentiment persist.

• RSI (14): 69.9 – nearing overbought levels, confirming vigorous price momentum.
• MACD: At 201.2 (vs. signal line at 170.5), showcasing bullish crossover and upward strength.
• Stochastic Oscillator: 94.2 – overbought, signaling possible near-term volatility but also persistent interest from momentum traders.
• Money Flow Index: 79.7 – reinforces the presence of strong buying flows.

On the candlestick front, the activation of four bullish patterns (Highwave Uptrend, Long Legged Doji Uptrend, Rickshaw Man Uptrend, Spinning Top Uptrend) amid overall mixed trends suggests a nascent uptrend that could gather pace if resistance levels at ₹6,159.17 and ₹6,215.83 are taken out convincingly.

Robust support near ₹6,004.83 and ₹5,948.17 provides downside protection, conferring confidence regarding risk-managed accumulations at or near these levels. All told, the technical profile hints that Polycab may be entering a new bullish phase, with a breakout above the long-term average acting as confirmation for medium-term investors.

Fundamental Analysis

Polycab’s fundamentals remain among the most compelling in India’s consumer durables and electrical components sector. The company delivered full-year revenues of ₹224,083 million in FY25, marking 24% YoY growth—a rate well ahead of industry averages and evidence of market share gains amid tepid macro conditions. EBITDA climbed 19% YoY to ₹29,602 million, underpinning strong operational leverage, while net profit vaulted 13.5% to ₹20,455 million, with an industry-leading operating margin of 13.2% and net margin of 9.1%.

The return profile is especially attractive: with ROCE at 31% and ROE at 22.4%, Polycab decisively outperforms most major Indian peers. Balance sheet strength is an added differentiator, with a debt-to-equity ratio of 0.01, rendering the company nearly debt-free—this conservative financial structure insulates Polycab from any adverse interest-rate shocks or macro hiccups.

Valuation-wise, the P/E ratio currently stands at 45.44. While undeniably at a premium to the historical sector median, this is largely a reflection of unequivocal growth delivery and elevated expectations regarding upcoming catalysts (such as Project Spring and the ₹30 billion EPC order book). A price-to-book of 9.34, while high, is justified by both asset-light expansion in FMEG and the highly cash-generative core wire and cable franchise.

• India’s market leader in wires and cables by volume and share.
• Aggressive build-out of a FMEG portfolio—fans, LED, switches, solar—in high-growth urban and rural markets.
• Focused capex discipline, exemplified by Project Spring and a diversified order book.
• Impressive distribution reach, spanning pan-India and a growing export footprint.
• Commitment to product innovation and electrical safety initiatives.

Overall, the stock’s fundamentals seem to justify renewed interest for growth-oriented portfolios aiming to tap into India’s ongoing infrastructure transformation.

Volume and Liquidity

Polycab’s robust trading volume—192.5K shares daily across NSE and BSE—speaks to consistent market confidence and high liquidity relative to sector peers. Active participation from both institutional (FIIs and DIIs) and public investors reflects broad-based conviction in the company’s growth story.

The current float, following a modest decline in promoter ownership (now at 63.04%), has generated more market depth and facilitated greater dynamism in price discovery. This liquidity profile offers not only stability for long-term accumulators but also attractive conditions for tactical traders seeking to capitalize on price volatility ahead of upcoming newsflow.

Catalysts and Positive Outlook

• FMEG Expansion: Rapid growth in newer categories such as LED, solar, and appliances, underpinned by cross-selling to an already deep retail network.
• Project Spring: Targeted capital expenditure to enhance manufacturing scale and operational efficiencies, likely to pay dividends over coming quarters.
• EPC Segment: A ₹30 billion order book boosts visibility and earnings resilience, with government and private infrastructure spending expected to accelerate.
• ESG Leadership: Sustainability initiatives—including greener production and enhanced safety protocols—cater to a growing institutional investor base with ESG mandates.
• Policy Tailwinds: Ongoing government focus on power sector modernization, “Make in India,” and urbanization.

The regulatory context is also favorable, with an expected step-up in investments to drive electrification, smart infrastructure, and expanded rural access. These structural levers, combined with Polycab’s scale and financial muscle, appear set to unlock outsized operational gains.

Investment Strategies

• Short-term: The stock’s current technical momentum, underpinned by bullish candlestick formations and robust buy-side flows, presents an opportunity for tactical positioning—especially ahead of technical resistance levels near ₹6,150–₹6,250. Momentum traders could target price confirmation above the 200-day SMA for accelerated upside.
• Medium-term: With the company set to benefit from a new capex cycle (Project Spring), expanding FMEG revenues, and a swelling EPC order book, the next two to four quarters promise a string of positive news catalysts. Investors positioned in anticipation of these developments may see attractive re-rating potential, particularly if earnings momentum persists.
• Long-term: Structural demand for quality electrical goods in India is secular, and Polycab’s market leadership, continuous innovation, and nearly debt-free status offer a compelling foundation for wealth creation over multiple years. Accumulating on dips—especially towards the ₹6,000 level or in response to opportunistic sector volatility—could enhance portfolio resilience and capture sector outperformance.

Across all timeframes, the merits of owning a market leader with robust growth and strong financials should not be understated. Entry at or near key technical support zones further improves the risk-reward calculus.

Is It the Right Time to Buy Polycab?

Polycab stands at the intersection of technical momentum, fundamental strength, and sector leadership, supported by a confluence of tailwinds from policy, macro trends, and internal execution. The company’s double-digit revenue and profit growth, industry-best return ratios, nearly unleveraged balance sheet, and proactive innovation make a strong case for sustained outperformance.

While the current P/E valuation is elevated, it appears warranted by the embedded growth runway and the company’s consistent track record of exceeding market expectations. Ongoing capex and order book strength, expanding product mix, and resilient financials seem to represent an excellent opportunity for investors seeking exposure to India’s rapidly modernizing electrical infrastructure ecosystem.

In sum, Polycab’s current phase—marked by strong operational delivery, positive technical structure, and structural demand catalysts—may well justify renewed investor attention. For those seeking a dynamic, growth-oriented stock within India’s consumer durables and electricals space, Polycab impresses with both its current positioning and its future potential.

With all factors weighed, Polycab India Ltd. seems poised to reward conviction, and its latest set of results and technical setup may present an opportune moment for keen investors to consider a strategic allocation.

How to buy Polycab stock in IN?

Buying Polycab shares online has never been more convenient and secure for investors in India. Through regulated brokers, you can easily purchase Polycab stock in just a few clicks, benefiting from robust investor protections. There are two main ways to get exposure: spot buying (owning the actual shares), and trading Contracts for Difference (CFDs), which track Polycab’s price movements without owning the underlying stock. Each method has its strengths, and the right choice will depend on your financial goals and risk tolerance. For help choosing the best platform, you’ll find our broker comparison tool further down the page.

Spot Buying

A spot (or cash) purchase means you buy real Polycab shares on the National Stock Exchange (NSE) or Bombay Stock Exchange (BSE), becoming a direct shareholder. You’ll typically pay a fixed brokerage commission per transaction, usually between ₹20–₹50 (about $0.25–$0.60 USD) per order on leading Indian platforms. Here’s how it works in practice:

Example

Suppose the Polycab share price is ₹6,102.50 (roughly $73) and you invest $1,000 (around ₹82,000). With a brokerage fee of about ₹400 ($5), you’ll be able to buy around 13 shares of Polycab.
✔️ Gain scenario: If the share price rises by 10%, your holding grows to ₹90,200 ($1,100).
Result: That’s a ₹8,200 ($100) gross gain — a 10% return on your invested amount.

Trading via CFD

CFD (Contract for Difference) trading lets you speculate on Polycab’s share price without owning the actual stock. Instead, you enter a contract with the broker reflecting price changes. Fees are slightly different: instead of a flat commission, you pay a spread (the difference between buy and sell prices), and a daily overnight financing charge if you hold positions beyond one day.

Example

For example, with a $1,000 stake and 5x leverage, you can open a CFD position on Polycab shares for $5,000 of market exposure.
✔️ Gain scenario: If the stock rises by 8%, your leveraged position would deliver a gain of 8% x 5 = 40%.
Result: You’d make $400 profit on your $1,000 investment (excluding broker fees/overnight charges).

Final Advice

Before investing, it’s important to compare brokers’ commissions, spreads, and other conditions, as these can have a significant impact on your returns. Whether you choose to own Polycab shares outright or to trade via CFDs should reflect your investment objectives, risk appetite, and preferred style. For a side-by-side breakdown of available brokers, check our comparison further down the page and make an informed decision.

Our 7 tips for buying Polycab stock

The latest news about Polycab

Polycab India delivered robust financial performance in Q4 FY25 with 33% YoY net profit growth and healthy margins. The company posted a net profit of ₹7,344 million for the quarter ended March 2025, marking a 33.09% year-on-year rise, while revenue grew 24.93% to ₹69,858 million. EBITDA also increased by 34.66%, which underscores strong operating leverage and effective cost management. High returns on capital employed (31%) and equity (22.4%) highlight the efficiency of capital use, and the almost debt-free balance sheet (debt-to-equity of 0.01) offers notable financial resilience, resonating well with Indian institutional and retail investors seeking stable, growth-oriented exposures.

The stock has rebounded more than 33% from its 52-week low and recorded a 5.8% gain in the past week. This robust recovery, with the share price reaching ₹6,102.50 and outperforming both the broader market and sector peers over the week, signals renewed investor confidence in Polycab’s prospects—fueled by consistent earnings execution, expansion in the growing FMEG segment, and favorable macro tailwinds such as government infrastructure initiatives. The volume of 192,500 shares traded across NSE and BSE further reflects sustained market interest and liquidity.

Technical indicators show short-term bullish momentum, supported by multiple candlestick bullish patterns and positive MACD trends. The stock is trading above its 20, 50, and 100-day simple moving averages, and four bullish candlestick patterns have been identified (Highwave Uptrend, Long Legged Doji Uptrend, Rickshaw Man Uptrend, Spinning Top Uptrend). MACD remains comfortably above its signal line, though caution is warranted with RSI at 69.9 and MFI at 79.7, both indicating overbought conditions. While short-term technicals are strong, the price approaches significant resistance levels and remains marginally below the 200-day average, suggesting the potential for near-term consolidation after recent gains.

Polycab’s almost debt-free profile and top-tier credit ratings continue to underpin its appeal amid India’s infrastructure push. With CRISIL’s AAA/Stable and A1+ ratings, and India Ratings' AA+/Positive outlook, the company is positioned favorably to capitalize on India’s increased infrastructure spending and the rising focus on electrical safety standards. The company’s ₹30 billion EPC order book, strong distribution, and dominant market share in wires and cables directly benefit from domestic policy support and private capital inflows—core factors valued by local and global institutions.

The company's disciplined capital allocation is reflected in a healthy dividend payout and ongoing investment in the high-growth FMEG segment. Polycab declared a ₹35.0 per share dividend with a 26.3% payout ratio, balancing shareholder returns with future reinvestment. Strong free cash flows and Project Spring capex underline the commitment to solidify leadership in FMEG products like fans, switches, and LEDs. This strategic focus aligns with domestic consumer trends and bodes well for sustainable multi-segment growth, supporting a constructive outlook for investors attentive to long-term themes within India’s evolving electrical goods landscape.

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P. Laurore

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Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.