This year reaffirmed our belief that enduring leadership is built on strong foundations and strengthened through disciplined acceleration. By staying anchored to our core strengths and executing with clarity, we continue to move forward with confidence and purpose”
– Inder T. Jaisinghani
Dear Shareholders,
It is with pride and conviction that I present the Integrated Report for FY 2025–26. The year reflected our guiding theme, Accelerated Growth, Strengthened Leadership, as Polycab strengthened its market position and advanced its growth agenda through focused and disciplined execution.
In a dynamic operating environment, the Company remained firmly anchored in its core strengths while pursuing growth with clarity and prudence. Our actions through the year reflected a clear strategic intent to scale responsibly, invest thoughtfully and execute consistently.
Year Under Review: Anchored in Leadership
FY 2025–26 was a year of sustained momentum for Polycab. We continued to build on the leadership position established over the years, supported by a strong product portfolio, resilient operations and a deeply entrenched market presence.
Our core Wires & Cables (W&C) business remained central to this performance, benefitting from robust demand, a strong distribution network and a continued emphasis on product quality and reliability. W&C revenues grew by 33%, one of the fastest growth rates among electrical companies, underscoring the strength of our business model and execution. As a result, Polycab has further consolidated its position as the largest company by revenue and profitability in the Indian electrical industry.
In the domestic organised Wires & Cables industry, Polycab continued to gain market share during the year, with our share now at approximately 30-31%, representing a gain of around 3-4% over last year. This reflects the strength of our brand, the depth of our distribution network and our continued focus on quality, reliability and customer engagement.
The FMEG business continued to scale strongly despite the industry facing multiple headwinds, growing at approximately 3x of the industry growth rate. This performance was driven by sharper execution, improved portfolio focus and strengthening brand traction across categories. Importantly, profitability in the segment improved despite higher investments in advertising and promotion, in line with our stated guidance of increasing A&P spends to 3–5% of B2C topline, reflecting disciplined growth with a long term perspective.
In the EPC business, Polycab is currently executing two key projects, BharatNet and Revamped Distribution Sector Scheme (RDSS) aligned with India’s infrastructure and power distribution initiatives. Execution under the BharatNet project commenced during FY26, marking an important milestone for the segment and reinforcing our capabilities in large scale project execution.
The International business remains an important pillar of our long-term growth agenda. During the year, we continued to deepen our presence across overseas markets through a calibrated approach focused on market development, customer engagement and product approvals. We expanded our reach across 10 new geographies taking our total geographical reach to 94 countries, while continuing to secure approvals and certifications that are essential for scaling sustainably. Our approach remains focused on building a profitable and resilient international franchise that complements the strength of our domestic leadership and supports our broader ambition of emerging as a meaningful global player over time.
Overall, our performance during the year reflected sustained leadership, strong execution, prudent capital allocation and a continued focus on sustainable value creation.
Overall, our performance during the year reflected sustained leadership, strong execution, prudent capital allocation and a continued focus on sustainable value creation.
Project Spring:
Accelerating with Discipline
Project Spring remains central to Polycab’s strategic roadmap, reinforcing leadership in core businesses while enabling disciplined acceleration across growth segments.
In the Wires & Cables business, performance continued to remain ahead of the industry, reflecting sustained out-performance versus market growth, in line with our guidance of growing at 1.5x the industry growth rate. Margins remained within the guided range, supported by operating leverage, product mix optimisation and cost discipline. Export contribution remained stable, underscoring a measured and focused approach to international expansion.
In FMEG, we continue to remain ahead of our Project Spring guidance growing ~3x of the industry growth despite industry facing multiple headwinds. Even with stepped up investments in brand building, profitability has improved, reinforcing confidence in the medium term trajectory. We remain firmly committed to achieving the stated Project Spring guidance for the business.
Capital deployment under Project Spring remains measured and outcome oriented, balancing growth investments with shareholder returns. In line with our guidance, we invested approximately ₹1,500 crore during the year and continue to increase our dividend payout ratio towards 30% by FY30. This disciplined framework ensures that scale is built sustainably and value creation remains at the core.
Overall, Project Spring is delivering as intended — anchored in leadership and accelerating with discipline, strengthening the foundation for the next phase of growth.
Building for the Future
Polycab continues to invest meaningfully in capacity expansion, automation and operational efficiency, in anticipation of strong long-term demand driven by India’s infrastructure build-out, electrification and manufacturing growth. This demand outlook is further reinforced by the rapid emergence of sunrise sectors such as renewable energy, data centres and digital infrastructure, alongside the growing opportunity presented by export markets. Equally, we have sharpened our organisational readiness by strengthening leadership depth and building a robust succession framework, an important element in sustaining continuity, strategic execution and long-term value creation.
Alongside physical capacity and operating
capability, we are also strengthening the
organisation for the next phase of scale.
During the year, we sharpened our focus
on succession planning and leadership
development to ensure continuity, faster
decision-making and consistent execution.
The appointment of
Mr. Bharat A.
Jaisinghani and Mr. Nikhil R. Jaisinghani as
Joint Managing Directors is an important
step in this direction, providing visibility on
the next line of leadership and reinforcing
stability at the helm, while professional
management continues to run day-today operations.
We also strengthened leadership focus within our largest growth engine through the hiring of a CEO for the B2B Channel business, enhancing accountability and execution across the channel franchise. In parallel, we accelerated our technology and digitisation agenda with the onboarding of Chief Digital & Information Officer, further strengthening our ability to scale with agility and data-led decision-making.
These leadership and capability investments are anchored by our continued focus on people. Capability building, leadership development and a strong performance culture remain central to ensuring that Polycab scales responsibly and sustainably. Together, our investments in capacity, leadership depth and technology position us well to execute our long-term priorities with consistency and resilience.
As we scale, we remain equally committed to building responsibly — with sustainability embedded into how we operate and make decisions.
Strengthening Our Commitment to Sustainability
Sustainability remains integral to how we operate and grow. During FY 2025–26, we continued to advance our ESG agenda with clearer governance structures, defined priorities and measurable parameters.
Our efforts across energy efficiency, responsible sourcing, safety, employee well being and community engagement were further strengthened. We made significant progress across key areas: renewable electricity now contributes 18.4% to our overall electricity mix, supported by a growing portfolio of solar and wind installations with a combined capacity of 32.8 MW. Alongside, we continue to strengthen circularity through better resource recovery and responsible waste channelisation. During the year, 62.8% of the total waste generated was recycled or recovered, and waste sent to landfill fell by 54.8%. On water, sitelevel assessments conducted across our pan-India manufacturing footprint are helping us systematically measure and manage consumption. Equally important are the connections we nurture within our organisation. Our people, over 18,000 strong, are at the heart of our progress.
ESG considerations are increasingly embedded into business decision making, ensuring that growth remains responsible and aligned with long term stakeholder value.
Looking Ahead
India’s structural growth drivers — infrastructure development, electrification, urbanisation and manufacturing expansion — continue to provide a strong backdrop for our industry. Polycab is well positioned to capitalise on these opportunities, supported by market leadership, execution capabilities and a clear strategic roadmap.
As we look ahead, our focus remains on strengthening leadership in our core businesses while expanding strategically into new opportunities. We will continue to invest with discipline, execute with agility and uphold the highest standards of governance and integrity. At the same time, we will continue to build capabilities that support our long-term aspiration of enhancing Polycab’s presence in global markets in a measured and sustainable manner.
Vote of Thanks
I extend my sincere appreciation to our employees for their commitment and professionalism, to our partners for their continued collaboration, and to you, our shareholders, for your trust and support.
As we move forward, Polycab will remain anchored in leadership and continue accelerating with discipline, creating sustainable value as responsible stewards of capital, people and the environment.
Warm regards,
Inder T. Jaisinghani
Chairman & Managing Director
