16 July 2025 India | Consumer Durables | Company Update

Polycab India | BUY

1QFY26: A beat on all fronts; maintain BUY

Polycab’s 1Q performance was a beat on all fronts. While 33% YoY growth in the C&W Shalin Choksy
shalin.choksy@jmfl.com | Tel: (91 22) 66303380
business was a key highlight, the FMEG portfolio also reported steady growth and improved
Jignesh Thakur
profitability (revenue +18% YoY, EBITDA margin at 4.2%, +250bps YoY). The C&W business jignesh.thakur@jmfl.com | Tel: (91 22) 66303514
benefitted from increased government expenditure and rising commodity prices, while the
FMEG business maintained its growth momentum owing to demand from real estate.
Another key highlight was the ramp-up in the high-margin export business, +24% YoY.
While 1Q was a very strong quarter for Polycab, we await more clarity on the sustainability of
this performance and the way forward. The concall is scheduled for 12PM tomorrow (click
here to register). We maintain buy with PT of INR 7,900 set at 42x Jun’27E EPS.
 1Q an overall beat, PAT +50% YoY: 1Q revenue at INR 59bn, +26% YoY, was a 2% beat Recommendation and Price Target
on our estimate and a 5% beat on consensus estimates. This was driven by strong growth Current Reco. BUY
Previous Reco. BUY
in the cables and wires (C&W) and FMEG business. EBITDA rose 47% YoY to INR 8.6bn, Current Price Target (12M) 7,900
(12/15% beat on our/consensus estimates) driven by strong revenue growth, lower Upside/(Downside) 14.7%
operating expenses and an operating-leverage-led 210bps YoY expansion in margins Previous Price Target 7,900
Change 0.0%
(14.5%, +120bps higher vs. our and consensus estimate). In this quarter, project bought-
out costs was lower at INR 1.8bn vs. INR 2.8bn YoY, which aided margins. PAT stood at
Key Data – POLYCAB IN
INR 6bn, +50% YoY; 13% ahead of our estimate and a 16% beat on consensus Current Market Price INR6,886
expectations for the quarter. Market cap (bn) INR1,036.4/US$12.0
Free Float 34%
 Strong revenue growth in C&W and FMEG: Polycab’s strong 1Q performance was driven Shares in issue (mn) 150.2
by strong growth in both the C&W and FMEG businesses. The 26% YoY revenue growth Diluted share (mn) 150.2
was the result of 33% YoY growth in the C&W business and 18% YoY growth in the 3-mon avg daily val (mn) INR2,307.4/US$26.8
52-week range 7,607/4,555
FMEG business. The EPC vertical saw a YoY decline of 28%. This was driven by higher
Sensex/Nifty 82,259/25,111
government expenditure for wires & cables and steady demand for FMEG products. INR/US$ 86.1

 Domestic C&W strong, exports ramping up well: Further splitting Polycab’s 1Q segmental
Price Performance
performance we note that, while the overall C&W business registered a 33% YoY % 1M 6M 12M
growth, growth in the domestic C&W business stood at 34% YoY, coming off a decent Absolute 14.0 1.6 3.9
base. This was aided by increased government expenditure and rising commodity prices. Relative* 12.9 -5.4 2.7
As far as C&W exports are concerned, this vertical registered 24% YoY growth, over a * To the BSE Sensex

weak base wherein Polycab’s US distribution rejig has impacted export performance.
Polycab’s 1Q C&W EBITDA margin also expanded by 210bps, one key driver of which, we
believe, is the growth in exports.

 FMEG momentum continues; profitability improves as well: FMEG segment maintained its
healthy growth momentum, rising 18% YoY, aided by steady demand from the real
estate sector, which in turn aided growth in categories like lights, switchgears, switches,
and conduit pipes and fittings. Owing to a weak summer, the fans segment witnessed a
muted performance. However, this weakness was offset by the growth in solar products
which emerged as the largest category within FMEG, growing >2x YoY. The FMEG
EBITDA margin stood at 4.2% vs. 1.7% YoY.

Financial Summary (INR mn)

Y/E March FY24A FY25A FY26E FY27E FY28E
Net Sales 180,394 224,083 261,016 305,106 357,409
Sales Growth (%) 27.9 24.2 16.5 16.9 17.1 JM Financial Research is also available on:
EBITDA 24,918 29,602 32,771 38,937 46,212 Bloomberg - JMFR <GO>,
EBITDA Margin (%) 13.8 13.2 12.6 12.8 12.9
Adjusted Net Profit 17,840 20,200 22,527 26,847 31,923
Thomson Publisher & Reuters,
Diluted EPS (INR) 118.7 134.5 149.9 178.7 212.5 S&P Capital IQ, FactSet and Visible Alpha
Diluted EPS Growth (%) 40.0 13.2 11.5 19.2 18.9
ROIC (%) 31.5 29.7 26.4 26.3 27.2 Please see Appendix I at the end of this
ROE (%) 24.1 22.4 21.2 21.5 21.7
report for Important Disclosures and
P/E (x) 58.0 51.2 45.9 38.5 32.4
P/B (x) 12.6 10.5 9.0 7.7 6.5 Disclaimers and Research Analyst
EV/EBITDA (x) 40.6 34.1 30.9 25.8 21.6 Certification.
Dividend Yield (%) 0.4 0.5 0.6 0.6 0.7
Source: Company data, JM Financial. Note: Valuations as of 17/Jul/2025

JM Financial Institutional Securities Limited

Polycab India 16 July 2025

Exhibit 1. Polycab - 1QFY26 results review

(INR mn) Q1FY24 Q2FY24 Q3FY24 Q4FY24 FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 FY25 Q1FY26 Q1FY26E
Net Revenue 38,894 42,177 43,405 55,919 1,80,394 46,980 54,984 52,261 69,858 2,24,083 59,060 57,785
YoY 42% 27% 17% 29% 28% 21% 30% 20% 25% 24% 26% 23%

Raw Material Costs (28,292) (30,339) (30,578) (38,851) (1,28,060) (32,569) (38,953) (36,074) (48,136) (1,55,731) (41,423) (39,814)
Gross Profit 10,602 11,838 12,827 17,068 52,335 14,411 16,032 16,186 21,722 68,351 17,637 17,971
Gross Profit margin % 27.3% 28.1% 29.6% 30.5% 29.0% 30.7% 29.2% 31.0% 31.1% 30.5% 29.9% 31.1%

Employee Cost (1,349) (1,557) (1,494) (1,696) (6,095) (1,539) (1,803) (1,989) (2,036) (7,367) (2,189) (1,935)
% of sales 3.5% 3.7% 3.4% 3.0% 3.4% 3.3% 3.3% 3.8% 2.9% 3.3% 3.7% 3.3%
Other expenses (3,767) (4,192) (5,638) (7,757) (21,354) (7,039) (7,913) (6,998) (9,432) (31,382) (6,872) (8,351)
% of sales 9.7% 9.9% 13.0% 13.9% 11.8% 15.0% 14.4% 13.4% 13.5% 14.0% 11.6% 14.5%

EBITDA 5,486 6,089 5,695 7,615 24,885 5,834 6,316 7,199 10,254 29,602 8,576 7,685
YoY 76% 42% 13% 25% 34% 6% 4% 26% 35% 19% 47% 32%
EBITDA margin% 14.1% 14.4% 13.1% 13.6% 13.8% 12.4% 11.5% 13.8% 14.7% 13.2% 14.5% 13.3%

Total D&A Expense (571) (603) (619) (657) (2,450) (671) (721) (786) (804) (2,981) (857) (800)
EBIT 4,914 5,486 5,076 6,958 22,435 5,162 5,595 6,414 9,450 26,621 7,719 6,885
YoY 89% 46% 12% 25% 37% 5% 2% 26% 36% 19% 50% 33%
EBIT margin% 12.6% 13.0% 11.7% 12.4% 12.4% 11.0% 10.2% 12.3% 13.5% 11.9% 13.1% 11.9%

Other Income 640 353 710 538 2,241 584 762 250 481 2,076 799 490
Finance Costs (249) (268) (322) (244) (1,083) (413) (453) (498) (325) (1,689) (513) (350)
PBT 5,305 5,572 5,464 7,253 23,593 5,333 5,903 6,166 9,606 27,008 8,006 7,025
YoY 79% 55% 13% 25% 37% 1% 6% 13% 32% 14% 50% 32%

Income Tax Expense (1,277) (1,274) (1,299) (1,718) (5,567) (1,317) (1,451) (1,522) (2,262) (6,553) (2,009) (1,705)
Rate % 24.1% 22.9% 23.8% 23.7% 23.6% 24.7% 24.6% 24.7% 23.5% 24.3% 25.1% 24.3%

Net Profit 4,028 4,298 4,165 5,535 18,026 4,016 4,452 4,643 7,344 20,455 5,997 5,321
Minority Interest (35) (42) (37) (75) (189) (57) (54) (68) (77) (255) (76) (83)
Net Profit to Shareholders 3,993 4,256 4,128 5,460 17,837 3,959 4,398 4,576 7,267 20,200 5,921 5,238
YoY 81.7% 58.9% 15.4% 28.5% 40.5% -0.8% 3.3% 10.8% 33.1% 13.2% 50% 32.3%
Net Margin% 10.3% 10.1% 9.5% 9.8% 9.9% 8.4% 8.0% 8.8% 10.4% 9.0% 10.0% 9.1%
Source: Company, JM Financial

Exhibit 2. Polycab – 1QFY26 segmental revenue mix

(INR mn) Q1FY24 Q2FY24 Q3FY24 Q4FY24 FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 FY25 Q1FY26
C&W 34,874 37,401 38,730 48,486 1,59,490 38,572 46,067 43,982 59,201 1,87,822 51,312
C&W domestic 31,428 33,462 36,045 44,195 1,45,130 36,105 42,703 39,637 55,926 1,74,371 48,251
YoY 42% 35% 18% 30% 30% 15% 28% 10% 27% 20% 34%
C&W exports 3,445 3,939 2,685 4,291 14,360 2,467 3,364 4,345 3,275 13,452 3,061
YoY 88% -11% 22% -20% 4% -28% -15% 62% -24% -6% 24%
FMEG 3,130 3,280 2,883 3,536 12,828 3,794 3,881 4,169 4,692 16,536 4,459
EPC 1,227 1,608 2,164 4,108 9,107 4,815 5,488 3,918 6,028 20,249 3,474
YoY revenue growth
C&W 46% 28% 18% 23% 27% 11% 23% 14% 22% 18% 33%
FMEG 3% 8% -15% 17% 3% 21% 18% 45% 33% 29% 18%
EPC 63% 95% 118% 305% 154% 292% 241% 81% 47% 122% -28%
Revenue share
C&W 89% 88% 88% 86% 88% 82% 83% 84% 85% 84% 87%
FMEG 8% 8% 7% 6% 7% 8% 7% 8% 7% 7% 8%
EPC 3% 4% 5% 7% 5% 10% 10% 8% 9% 9% 6%
Source: Company, JM Financial

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Polycab India 16 July 2025

Exhibit 3. Polycab – 1QFY26 geographical revenue mix

(INR mn) Q1FY24 Q2FY24 Q3FY24 Q4FY24 FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 FY25 Q1FY26
Exports 3,445 3,939 2,685 4,291 14,360 2,467 3,364 4,345 3,275 13,452 3,061
Domestic 35,449 38,238 40,720 51,628 1,66,035 44,513 51,620 47,916 66,583 2,10,631 55,999
YoY revenue growth
Exports 88% -11% 22% -20% 4% -28% -15% 62% -24% -6% 24%
Domestic 39% 32% 17% 36% 30% 26% 35% 18% 29% 27% 26%
Revenue share
Exports Revenue 8.9% 9.3% 6.2% 7.7% 8.0% 5.3% 6.1% 8.3% 4.7% 6.0% 5.2%
Domestic Revenue 91.1% 90.7% 93.8% 92.3% 92.0% 94.7% 93.9% 91.7% 95.3% 94.0% 94.8%
Source: Company, JM Financial

Exhibit 4. Polycab – segmental EBITDA and margins

(INR mn) Q1FY24 Q2FY24 Q3FY24 Q4FY24 FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 FY25 Q1FY26
Segment EBITDA
C&W 5,714 6,008 5,958 7,963 25,643 5,429 6,269 6,677 9,699 28,074 8,301
FMEG 15 5 (279) (355) (614) 63 (159) (30) 86 (40) 189
EPC 192 187 388 219 986 543 658 361 532 2,093 273
Segment EBITDA Margin
C&W 16.4% 16.1% 15.4% 16.4% 16.1% 14.1% 13.6% 15.2% 16.4% 14.9% 16.2%
FMEG 0.5% 0.2% -9.7% -10.0% -4.8% 1.7% -4.1% -0.7% 1.8% -0.2% 4.2%
EPC 15.7% 11.6% 17.9% 5.3% 10.8% 11.3% 12.0% 9.2% 8.8% 10.3% 7.9%
Source: Company, JM Financial

Exhibit 5. Polycab – working capital cycle trend

No. of Days Q1FY24 Q2FY24 Q3FY24 Q4FY24 FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 FY25 Q1FY26
Receivable Days 30 29 31 33 33 38 39 41 34 34 40
Inventory Days 82 74 79 60 60 84 71 76 48 48 69
Payables Days 40 41 49 47 47 53 63 58 36 36 60
Working Capital cycle 73 62 62 47 47 69 46 60 46 46 49
Source: Company, JM Financial

Exhibit 6. Polycab - 1-yr forward P/E band chart (last 5 years) Exhibit 7. Polycab - 1-yr forward P/E band chart (last 2 years)
60.0 55.0

50.0 50.0
46.2x
42.0x 41.1x 45.0
40.0 41.3x
33.5x 40.0
30.0
41.1x
25.1x 35.0
20.0
30.0 36.4x
10.0 25.0

- 20.0
Nov-21
Nov-20
Mar-21

Mar-22

Nov-22
Mar-23

Nov-23
Mar-24
Jul-24
Nov-24
Jan-25
Mar-25

Nov-23

Mar-24

Nov-24

Mar-25
Jan-21

Jan-22

Jan-23
May-21
Jul-21

Jul-22

Jul-23

Jan-24

Jul-25

Jul-23

Jan-24

Jul-24

Jan-25

May-25

Jul-25
May-22

May-23

May-24

May-25

May-24
Sep-20

Sep-21

Sep-22

Sep-23

Sep-24

Sep-23

Sep-24

P/E (x) -1SD Mean (X) +1SD P/E (x) -1SD Mean (X) +1SD
Source: Bloomberg, JM Financial Source: Bloomberg, JM Financial

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Polycab India 16 July 2025

Financial Tables (Consolidated)

Income Statement (INR mn) Balance Sheet (INR mn)
Y/E March FY24A FY25A FY26E FY27E FY28E Y/E March FY24A FY25A FY26E FY27E FY28E
Net Sales 180,394 224,083 261,016 305,106 357,409 Shareholders’ Fund 81,871 98,250 114,467 134,704 159,716
Sales Growth 27.9% 24.2% 16.5% 16.9% 17.1% Share Capital 1,502 1,504 1,504 1,504 1,504
Other Operating Income 0 0 0 0 0 Reserves & Surplus 80,369 96,746 112,963 133,200 158,212
Total Revenue 180,394 224,083 261,016 305,106 357,409 Preference Share Capital 0 0 0 0 0
Cost of Goods Sold/Op. Exp 128,060 155,731 181,399 212,040 248,389 Minority Interest 562 818 1,068 1,367 1,722
Personnel Cost 6,095 7,367 8,288 9,324 10,490 Total Loans 1,611 1,724 1,429 1,134 939
Other Expenses 21,321 31,382 38,558 44,805 52,318 Def. Tax Liab. / Assets (-) 415 785 785 785 785
EBITDA 24,918 29,602 32,771 38,937 46,212 Total - Equity & Liab. 84,459 101,577 117,750 137,990 163,162
EBITDA Margin 13.8% 13.2% 12.6% 12.8% 12.9% Net Fixed Assets 27,622 35,093 41,487 47,079 52,830
EBITDA Growth 34.5% 18.8% 10.7% 18.8% 18.7% Gross Fixed Assets 35,152 43,894 54,894 65,894 77,894
Depn. & Amort. 2,450 2,981 3,606 4,409 5,248 Intangible Assets 160 98 98 98 98
EBIT 22,468 26,621 29,166 34,528 40,964 Less: Depn. & Amort. 13,474 15,980 19,586 23,995 29,243
Other Income 2,209 2,076 2,224 2,374 2,500 Capital WIP 5,784 7,081 6,081 5,081 4,081
Finance Cost 1,083 1,689 1,340 1,090 881 Investments 18,987 18,281 18,281 18,281 18,281
PBT before Excep. & Forex 23,593 27,008 30,050 35,813 42,583 Current Assets 74,051 84,113 97,155 116,894 142,397
Excep. & Forex Inc./Loss(-) 0 0 0 0 0 Inventories 36,751 36,613 46,482 54,334 63,648
PBT 23,593 27,008 30,050 35,813 42,583 Sundry Debtors 20,471 25,963 30,242 35,350 41,410
Taxes 5,564 6,553 7,272 8,667 10,305 Cash & Bank Balances 4,024 7,706 6,124 12,402 22,006
Extraordinary Inc./Loss(-) 0 0 0 0 0 Loans & Advances 3,060 0 0 0 0
Assoc. Profit/Min. Int.(-) 189 255 251 299 355 Other Current Assets 9,745 13,831 14,308 14,808 15,333
Reported Net Profit 17,840 20,200 22,527 26,847 31,923 Current Liab. & Prov. 36,201 35,910 39,173 44,262 50,346
Adjusted Net Profit 17,840 20,200 22,527 26,847 31,923 Current Liabilities 30,195 29,062 32,454 37,648 43,810
Net Margin 9.9% 9.0% 8.6% 8.8% 8.9% Provisions & Others 6,006 6,848 6,719 6,614 6,536
Diluted Share Cap. (mn) 150.2 150.2 150.2 150.2 150.2 Net Current Assets 37,850 48,203 57,982 72,631 92,051
Diluted EPS (INR) 118.7 134.5 149.9 178.7 212.5 Total – Assets 84,459 101,577 117,750 137,990 163,162
Diluted EPS Growth 40.0% 13.2% 11.5% 19.2% 18.9% Source: Company, JM Financial
Total Dividend + Tax 4,500 5,258 6,310 6,610 6,911
Dividend Per Share (INR) 30.0 35.0 42.0 44.0 46.0
Source: Company, JM Financial

Cash Flow Statement (INR mn)

Dupont Analysis
Y/E March FY24A FY25A FY26E FY27E FY28E
Y/E March FY24A FY25A FY26E FY27E FY28E
Profit before Tax 12,277 13,647 15,255 18,181 21,618
Net Margin 9.9% 9.0% 8.6% 8.8% 8.9%
Depn. & Amort. 2,450 2,981 3,606 4,409 5,248
Asset Turnover (x) 2.3 2.4 2.3 2.4 2.3
Net Interest Exp. / Inc. (-) 0 0 0 0 0
Leverage Factor (x) 1.1 1.1 1.0 1.0 1.0
Inc (-) / Dec in WCap. 6,240 3,535 11,156 8,156 9,589
Others -6,916 -516 -15,039 -7,645 -8,874 RoE 24.1% 22.4% 21.2% 21.5% 21.7%

Taxes Paid 6 370 0 0 0

Operating Cash Flow 14,057 20,016 14,977 23,100 27,581 Key Ratios
Capex -7,670 -11,033 -10,000 -10,000 -11,000 Y/E March FY24A FY25A FY26E FY27E FY28E
Free Cash Flow 6,387 8,983 4,977 13,100 16,581 BV/Share (INR) 545.0 654.0 761.9 896.6 1,063.1
Inc (-) / Dec in Investments -5,482 707 0 0 0 ROIC 31.5% 29.7% 26.4% 26.3% 27.2%
Others -1,437 -2,555 -205 -216 -227 ROE 24.1% 22.4% 21.2% 21.5% 21.7%
Investing Cash Flow -14,589 -12,881 -10,205 -10,216 -11,227 Net Debt/Equity (x) -0.3 -0.2 -0.2 -0.2 -0.2
Inc / Dec (-) in Capital 5 2 0 0 0 P/E (x) 58.0 51.2 45.9 38.5 32.4
Dividend + Tax thereon -4,500 -5,258 -6,310 -6,610 -6,911 P/B (x) 12.6 10.5 9.0 7.7 6.5
Inc / Dec (-) in Loans -304 113 -295 -295 -195 EV/EBITDA (x) 40.6 34.1 30.9 25.8 21.6
Others 2,403 1,691 251 299 355 EV/Sales (x) 5.6 4.5 3.9 3.3 2.8
Financing Cash Flow -2,396 -3,452 -6,354 -6,607 -6,751 Debtor days 41 42 42 42 42
Inc / Dec (-) in Cash -2,929 3,683 -1,583 6,278 9,604 Inventory days 74 60 65 65 65
Opening Cash Balance 6,952 4,024 7,706 6,124 12,402 Creditor days 67 51 49 49 49
Closing Cash Balance 4,024 7,706 6,124 12,402 22,006 Source: Company, JM Financial
Source: Company, JM Financial

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Polycab India 16 July 2025

History of Recommendation and Target Price Recommendation History

Date Recommendation Target Price % Chg.

12-Jul-25 Buy 7,900

17-Jul-25 Buy 7,900 0.0

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Polycab India 16 July 2025

APPENDIX I

JM Financial Inst itut ional Secur ities Lim ited

Corporate Identity Number: U67100MH2017PLC296081
Member of BSE Ltd. and National Stock Exchange of India Ltd.
SEBI Registration Nos.: Stock Broker - INZ000163434, Research Analyst - INH000000610
Registered Office: 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025, India.
Board: +91 22 6630 3030 | Fax: +91 22 6630 3488 | Email: jmfinancial.research@jmfl.com | www.jmfl.com
Compliance Officer: Mr. Sahil Salastekar | Tel: +91 22 6224 1743 | Email: sahil.salastekar@jmfl.com
Grievance officer: Mr. Sahil Salastekar | Tel: +91 22 6224 1743 | Email: instcompliance@jmfl.com

Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Definition of ratings
Rating Meaning
Buy Total expected returns of more than 10% for stocks with market capitalisation in excess of INR 200 billion and REITs* and more than
15% for all other stocks, over the next twelve months. Total expected return includes dividend yields.
Hold Price expected to move in the range of 10% downside to 10% upside from the current market price for stocks with market
capitalisation in excess of INR 200 billion and REITs* and in the range of 10% downside to 15% upside from the current market price
for all other stocks, over the next twelve months.
Sell Price expected to move downwards by more than 10% from the current market price over the next twelve months.
* REITs refers to Real Estate Investment Trusts.
Research Analyst(s) Certification
The Research Analyst(s), with respect to each issuer and its securities covered by them in this research report, certify that:
All of the views expressed in this research report accurately reflect his or her or their personal views about all of the issuers and their securities; and
No part of his or her or their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this research
report.
Important Disclosures
This research report has been prepared by JM Financial Institutional Securities Limited (JM Financial Institutional Securities) to provide information about the
company(ies) and sector(s), if any, covered in the report and may be distributed by it and/or its associates solely for the purpose of information of the select
recipient of this report. This report and/or any part thereof, may not be duplicated in any form and/or reproduced or redistributed without the prior written
consent of JM Financial Institutional Securities. This report has been prepared independent of the companies covered herein.
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memberships of the BSE Ltd. (BSE) and National Stock Exchange of India Ltd. (NSE). No material disciplinary action has been taken by SEBI against JM Financial
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assurance of returns to investors.
JM Financial Institutional Securities renders stock broking services primarily to institutional investors and provides the research services to its institutional
clients/investors. JM Financial Institutional Securities and its associates are part of a multi-service, integrated investment banking, investment management,
brokerage and financing group. JM Financial Institutional Securities and/or its associates might have provided or may provide services in respect of managing
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JM Financial Institutional Securities and/or its associates, their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell
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Neither JM Financial Institutional Securities nor its associates or the Research Analyst(s) named in this report or his/her relatives individually own one per cent or
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The Research Analyst(s) principally responsible for the preparation of this research report and their immediate relatives are prohibited from buying or selling debt
or equity securities, including but not limited to any option, right, warrant, future, long or short position issued by company(ies) covered under this report. The
Research Analyst(s) principally responsible for the preparation of this research report or their immediate relatives (as defined under SEBI (Research Analysts)
Regulations, 2014); (a) do not have any financial interest in the company(ies) covered under this report or (b) did not receive any compensation from the
company(ies) covered under this report, or from any third party, in connection with this report or (c) do not have any other material conflict of interest at the time
of publication of this report. Research Analyst(s) are not serving as an officer, director or employee of the company(ies) covered under this report.

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Polycab India 16 July 2025

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