Polycab Share Price Target 2026, 2027, 2028, 2029, 2030
- Market Cap
- ₹1,38,224 Cr
- Book Value
- ₹797.9
- Stock P/E
- 48.3
- Dividend Yield
- 0.51%
- ROE
- 23.1%
- ROCE
- 33.2%
- PEG Ratio
- 2.04
- EV/EBITDA
- 30.3
Fundamentals from Screener.in, as of 5 Aug 2026. Live price via Yahoo Finance.
Polycab share price today
Polycab India (NSE: POLYCAB) sells the least glamorous product in the electrification story — wire — and has turned it into market leadership with 27% five-year sales CAGR and 33% ROCE. Every solar park, data centre, metro line, real-estate tower and rural electrification scheme in India needs kilometres of cable, and Polycab makes more of it than anyone else.
At 48× earnings the stock trades as a capex proxy with brand economics. The scenarios below test both halves of that claim.
A commodity product, a non-commodity business
Cables should be a commodity; three things stop that. Brand and safety: electricians and contractors specify names they trust — fires are career-ending — and Polycab’s brand spend built exactly that trust in the trade. Distribution: over two lakh retail touchpoints no challenger replicates quickly. Scale purchasing: copper and aluminium bought at Polycab’s volumes beat smaller rivals’ costs structurally. The FMEG segment (fans, lights, switches) is the optional upside — still sub-scale in margins, but riding the same channel.
Watch-items: copper-price pass-through lags (quarterly margin noise), the capex cycle’s breadth (private + public + real estate all matter), and the “Project Leap” growth targets against rising competition — every large player is adding cable capacity now.
The numbers
From our research universe snapshot (5 Aug 2026):
| Metric | Value |
|---|---|
| Market cap | ₹1,38,224 Cr |
| P/E (TTM) | 48.3 |
| EV/EBITDA | 30.3 |
| Operating margin | 13.7% |
| ROE / ROCE | 23.1% / 33.2% |
| Debt to equity | 0.02 |
| Sales CAGR (5y) | 26.9% |
| Profit CAGR (5y) | 23.7% |
| Promoter holding | 61.5% (zero pledged) |
| EPS (TTM) | ₹190.1 |
Polycab share price target 2026 to 2030
EPS base ₹190.1 (TTM). Bear: capex cycle cools and capacity additions compress industry margins — 10% growth, multiple de-rates to 32×. Base: electrification demand outruns new capacity — 17% growth at 40×. Bull: exports plus FMEG margin turn — 22% growth at 48×.
| Year | Bear (32×, +10%) | Base (40×, +17%) | Bull (48×, +22%) |
|---|---|---|---|
| 2026 | ₹6,690 | ₹8,895 | ₹11,130 |
| 2027 | ₹7,360 | ₹10,405 | ₹13,580 |
| 2028 | ₹8,095 | ₹12,175 | ₹16,570 |
| 2029 | ₹8,905 | ₹14,245 | ₹20,215 |
| 2030 | ₹9,795 | ₹16,665 | ₹24,660 |
From ₹9,176, the base case is ≈ +82% over four and a half years. The bear case is modestly positive — a fairer setup than most 48× stocks because earnings, not just multiple, have been doing the work. The cycle is the thing: buy this name when capex headlines turn gloomy, not when order books make front pages.
Reasons to own Polycab (at the right price)
- Leadership in the product every electrification rupee eventually buys — cables are the common denominator of solar, data centres, metros and housing.
- 33% ROCE on near-zero debt in a working-capital-heavy industry — operational proof.
- Trade-brand moat: electricians specify Polycab; safety reputation compounds.
- Two-lakh-outlet distribution network — years to replicate.
- FMEG optionality: same channel, underearning today, a margin story if fixed.
The risks: copper volatility (pass-through lags), industry capacity additions pressuring spreads, and cyclicality that a 48× multiple pretends not to see.
Should you buy at the current price?
The live buy range below is for members — the cycle-adjusted accumulation zone.
FAQ
What is the Polycab share price target for 2030? Base case ≈ ₹16,665 (40× on 17% compounded growth), bear ≈ ₹9,795, bull ≈ ₹24,660. Arithmetic above.
Why do cables earn such high returns for Polycab? Brand trust in the trade channel, unmatched distribution, and raw-material scale — three moats stacked on a product everyone else treats as commodity.
What is Polycab’s biggest risk? The capex cycle plus industry capacity additions — cable spreads compress when everyone expands into a slowdown.
When are Polycab’s next results? Track the exact date on our results calendar.
This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.