Polycab looks to Q2 demand buffer as UltraTech’s Ultravolt raises competition stakes
High copper prices and pre-buying could support Polycab’s September-quarter revenue, but UltraTech’s ₹1,800 crore investment in Ultravolt heightens wires-and-cables competition. Pricing, volume growth and margins will be key as cables remain the bulk of Polycab’s business.
What happened
Polycab India · Polycab expects Q2FY27 revenue support from high copper prices and pre-buying, while UltraTech’s ₹1,800 crore Ultravolt entry raises wires
Key facts
- Polycab shares down 7.5% since 3 September
- Polycab holds 30-31% of the organized wires and cables market
- UltraTech plans ₹1,800 crore investment in Ultravolt
- Cables represent about 70-75% of Polycab's mix
- Q1FY27 consolidated revenue rose 39% year-on-year to ₹8,210 crore
- Wires and cables contributed 87% of Q1 revenue
- FMEG contributed 9.2% of Q1 revenue
- Ebitda margin fell 70 basis points to 13.8%
- Polycab shares gained 10% over the past year
- Stock trades at almost 38 times estimated FY27 earnings
Why this matters
UltraTech’s Ultravolt investment makes capability, distribution and product-positioning partnerships in wires and cables more strategically urgent, particularly in higher-margin and differentiated segments.