POLYCAB

March 10 (Reuters) - Polycab India Ltd POLC.NS:

• POLYCAB INDIA LTD - INCOME-TAX DEMAND REDUCED TO 575.8 MILLION RUPEES FROM 3.27 BILLION RUPEES

Source text: ID:nBSEg0nZ5

Further company coverage: POLC.NS

((Reuters.Briefs@thomsonreuters.com;))

March 4 (Reuters) - Polycab India Ltd POLC.NS:

• GETS TAX DEMAND OF 3.27 BILLION RUPEES

Source text: ID:nBSE6tQqXg

Further company coverage: POLC.NS

((Reuters.Briefs@thomsonreuters.com;;))

** Shares of Polycab India POLC.NS rise nearly 2% to 8,669 rupees, set for a sixth straight session of gains

** Brokerage Axis Capital ("add") hikes PT on POLC to 9,473 rupees from 7,200 rupees earlier

** Says co's leadership in wires and cables is reinforced by a scaled, activation-led distribution moat

** Adds co's project spring channel focus and continued ad spends are translating into healthier throughput and margin resilience

** Says co's capital expenditure is ahead of cycle, positioning supply ahead of domestic demand and export ramp-up

** POLC rated "buy" on avg by 30 analysts covering it; median PT at 8,900 rupees- data compiled by LSEG

** YTD, POLC up ~14%

(Reporting by Komal Salecha in Bengaluru)

((Komal@thomsonreuters.com))

** Shares of Polycab India POLC.NS rise 3% to 7356 rupees, snapping a six-session losing run, on track for best day in a month

** Wires and cables maker posted third-quarter profit rise of 36% yoy, rev jump of 46% on Friday

** Shares of POLC closed nearly 3% down on Friday

** Brokerage Jefferies says co posted strong December-quarter cables and wires volume growth at 40% YoY, led by share gains, private capex, housing, and restocking aiding wires demand

** However, adds co's margins were impacted, as commodity price rise was not passed on entirely in third quarter to protect demand

** Over FY25-28e, we estimate PAT compound annual growth of 25% led by volume growth and FMEG (fast moving electrical goods) segment margin improvement - Jefferies

** POLC rated "Buy" on avg by 29 analysts covering it; median PT at 8839 rupees - data compiled by LSEG

** In 2025, POLC gained ~5%

(Reporting by Komal Salecha in Bengaluru)

((Komal@thomsonreuters.com))

Jan 16 (Reuters) - Polycab India Ltd POLC.NS:

• POLYCAB INDIA Q3 CONSOL NET PROFIT 6.22 BILLION RUPEES

• POLYCAB INDIA Q3 CONSOL REVENUE FROM OPERATIONS 76.36 BILLION RUPEES

Further company coverage: POLC.NS

((reuters.briefs@thomsonreuters.com;))

Oct 17 (Reuters) - Polycab India Ltd POLC.NS:

• POLYCAB INDIA Q2 CONSOL NET PROFIT 6.85 BILLION RUPEES; IBES PROFIT EST 5.59 BILLION RUPEES

• POLYCAB INDIA Q2 CONSOL REVENUE FROM OPERATIONS 64.77 BILLION RUPEES; IBES EST 61.16 BILLION RUPEES

Further company coverage: POLC.NS

((Reuters.Briefs@thomsonreuters.com;))

** Wires and cables maker Polycab India POLC.NS rises as much as 2.8% after Q1 results; closes 0.6% higher at 6,926 rupees

** Co reports net profit of 5.92 bln rupees ($68.87 mln), above analysts' estimates and up 49.5% y/y on robust demand; revenue rises nearly 26%

** ICICI Securities raises PT to 7,000 rupees from 6,150 rupees; says strong revenue growth will likely continue in FY26 on favourable demand

** Jefferies raises PT to a Street-high of 8,180 rupees from 7,150 rupees, cites stock as a top pick for its strong execution; says it is "a play on private capex/housing/infra"

** PhillipCapital says Polycab's U.S. exports likely to bounce back by end FY26; raises PT by 5% to 7,255 rupees

** POLC shares up 5.5% in the last 12 months

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))

June 17 (Reuters) - Polycab India Ltd POLC.NS:

• EXECUTES AGREEMENT WITH BSNL FOR AMENDED BHARATNET PROGRAM

• AGREEMENT AMOUNTS TO 64.48 BILLION RUPEES

Source text: ID:nBSEbKxQFz

Further company coverage: POLC.NS

((Reuters.Briefs@thomsonreuters.com;;))

May 6 (Reuters) - Polycab India Ltd POLC.NS:

• POLYCAB INDIA - APPROVED AMALGAMATION OF UNIGLOBUS ELECTRICALS AND ELECTRONICS WITH CO

Source text: ID:nBSE94ZmWT

Further company coverage: POLC.NS

((reuters.briefs@thomsonreuters.com;))

By Hritam Mukherjee and Ananta Agarwal

May 5 (Reuters) - Indian wire and cables maker R R Kabel's RRKA.NS expects volume growth to more than double in fiscal 2026, with the U.S. tariff policy presenting "an opportunity" for exports amid higher levies on China, a top executive told Reuters on Monday.

In fiscal 2026, R R Kabel expects volumes to grow between 16% and 18%, finance chief Rajesh Jain told Reuters, partly bolstered by U.S. tariff policy that affects Indian exporters less severely than Chinese rivals.

Higher levies on China make India's exports more competitive.

"I was having only one customer till last year, now I am already in talks with four or five big customers... There may be challenges for China, but not for us," Jain said.

The company's volumes grew 7% in fiscal 2025, below the company's own targets of 15%, due to a slowdown in construction spurred by Indian elections and disruptions in export markets caused by Red Sea tensions.

Jain noted that President Trump's fluctuating tariffs, which have unsettled global markets and threatened trade stability, have been beneficial for the company.

The U.S. has imposed a baseline 10% tariff on all exports, with additional reciprocal levies including a 26% rate on India, which are set to kick in July 8. In contrast, China faces a 145% tariff rate as both nations seek a trade agreement.

The U.S. is R R Kabel's fourth largest market by revenue and makes up about 10% of R R Kabel's export revenue. Overall exports make up 26% of sales for the company, a significantly higher proportion compared to larger domestic competitors Havells HVEL.NS and Polycab POLC.NS.

(Reporting by Hritam Mukherjee and Ananta Agarwal in Bengaluru; Editing by Tasim Zahid)

((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))

** Jefferies says it is positive on electronic manufacturing (EMS), other sectors linked to capex and summer demand in small- and mid-caps

** Top picks are Polycab POLC.NS, Amber Enterprises AMBE.NS, Voltas VOLT.NS and Crompton Greaves Consumer Electricals CROP.NS

** POLC wired for consistent growth despite Ultratech Cement's planned foray into cables and wires segment, says Jefferies

** AMBE likely to benefit from rising domestic market shares in air-conditioners (AC)

** CROP to potentially gain from double-digit growth in premium fans; Voltas to benefit from a demand uptick on forecast of hotter-than-normal summer - Jefferies

** POLC shares up 1.1% on the day; AMBE, VOLT, CROP gain about 3% each - data compiled by LSEG

** Recent market decline is opportunity for investors to evaluate quality in small-cap and mid-cap segments, says Jefferies

** India's benchmark Nifty 50 is down 14.3% from record high levels while small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 are trading 23.8% and 20.5% below their all-time high levels

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))

Feb 25 (Reuters) - UltraTech Cement ULTC.NS, India's top cement maker by capacity, will spend 18 billion rupees ($206 million) to start up a wires and cables business, deepening its foothold in the construction materials business, the company said on Tuesday.

The wires and cables business will be part of UltraTech's building products division, which includes waterproofing products, TMT steel bars, plywood, sanitary ware, hand tools as well as electrical components such as switchboards.

The investment, to be spread over two years, will involve UltraTech building a plant by December 2026 with the aim of capturing demand in a sector that, the Aditya Birla group company said, logged a compound annual growth rate of about 13% between fiscal 2019-2024.

This sector is dominated by companies such as Polycab POLC.NS and Havells HVEL.NS and one that is plagued by volatile prices of copper - a key raw material - and intense competition from smaller, cheaper local players.

Additionally, the infrastructure and construction industries, key clients of the wires and cables makers, will likely see a slowdown in 2025 due to a "modest" hike in capital spending announced in the annual budget, earlier this month.

Meanwhile, the cement industry has recently seen a slew of deals by industry leaders including UltraTech and Adani Group companies as they snap up smaller firms to deepen their presence in the industry.

($1 = 87.1700 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Savio D'Souza)

((Manvi.Pant@thomsonreuters.com; +918447554364;))

** Shares of Polycab India POLC.NS rise 3.3% to 6,368 rupees

** Co on Wednesday posted 11% and 20% rise in Q3 consolidated net profit and revenue, respectively, although they missed analysts' estimate

** Q3 EBITDA grew 26% Y/Y

** POLC says cables and wires business to see 1.5x of market growth in core segments, fast moving electrical goods business to see 1.5x-2.0x of market growth

** Jefferies says POLC provided healthy guidance for next five years; expects co's FY24-FY27 sales and PAT to grow 2% and 25%, respectively

** POLC top pick within consumer durables/electrical industry, said analysts at Citi Research

** More than 660,000 shares change hands, 2.3x its 30-day avg

** Avg rating of 27 analysts covering the stock is "buy"; median PT is 7,722 rupees - LSEG data

** Stock gained ~33% in 2024

(Reporting by Ashna Teresa Britto in Bengaluru)

((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))

** Polycab India POLC.NS falls 6.4% to 6,151 rupees; set for biggest one-day pct fall since June 4, 2024

** Wire and cables maker's Q3 consol net profit falls short of analysts' avg estimate - LSEG

** Co hurt by surging costs of raw materials, including copper and aluminum, which rose ~23% y/y, weakening margins

** Rev from ops rises 20% y/y, below analysts' estimate

** More than 658,000 shares traded, 2.8x the 30-day avg

** Stock rated "buy" on avg; median PT is 7,722.5 rupees - LSEG

** POLC gained ~33% in 2024

($1 = 86.5050 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))

** Shares of wire and cables maker Polycab India POLC.NS climb 2.8% to 6,821 rupees

** Co declared lowest bidder from Bharat Sanchar Nigam Ltd to develop middle-mile network of state-owned broadband network BharatNet

** Contract amount is 41 bln rupees ($487 mln)

** Stock set to gain for fifth straight session

** POLC rated "buy"; Havells India HVEL.NS and Crompton Greaves Consumer Electricals CROP.NS rated "hold" and "buy", respectively - LSEG

** Stock up ~25% YTD vs HVEL's 22% rise and CROP's ~27% climb

($1 = 84.1900 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru)

((dimpal.gulwani@thomsonreuters.com))

Oct 17 (Reuters) - Polycab India Ltd POLC.NS:

• Q2 CONSOL NET PROFIT 4.40 BILLION RUPEES; IBES EST 4.53 BILLION RUPEES

• Q2 CONSOL REVENUE FROM OPERATIONS 54.98 BILLION RUPEES; IBES EST 49.56 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: POLC.NS

((Reuters.Briefs@thomsonreuters.com;;))

** Polycab India's POLC.NS shares climb 1.3% to 6,696 rupees

** Stock had risen as much as 3% at the open

** Brokerage UBS initiates coverage on the cable maker with "buy" and PT of 8,550 rupees, a Street-high per LSEG

** POLC, with its 40% share in domestic electrification market, stands to benefit from multiple cyclical tailwinds in cable and wire segment, including robust domestic low-voltage infrastructure creation, says UBS

** Adds, POLC's distribution-led export model offers incremental growth potential in relatively untapped exports market

** Better-than-expected domestic volume growth, market share gains and export ramp-ups are key near-term triggers - UBS

** Analysts' avg rating on POLC is "buy" vs "hold" for rival Havells HVEL.NS - LSEG data

** POLC's 22% YTD climb, however, smaller than HVEL's 38% increase

(Reporting by Kashish Tandon in Bengaluru)

((kashish.tandon@thomsonreuters.com))

July 18 (Reuters) - Polycab India Ltd POLC.NS:

• Q1 CONSOL NET PROFIT 3.96 BILLION RUPEES

• Q1 CONSOL REV FROM OPS 46.98 BLN RUPEES

Further company coverage: POLC.NS

((Reuters.Briefs@thomsonreuters.com;))

** Shares of Polycab India POLC.NS fall as much as 5.3% to 6,616 rupees, last down 3%

** Over 4.4 mln shares traded in 59 blocks at 6642.60 - 6736.20 rupees/share - LSEG data

** Promoter group and family members of POLC planning to sell part stake of 2.04% for upto $257 mln (at the upper end of price range) via a block deal, news website Moneycontrol reported on Thursday, citing sources

** Stock on track for a fifth consecutive session of loss, if trend holds

** Stock is witnessing its most active trading session since Jan. 11, with more than 8.2 mln shares change hands, 17x of 30-day avg

** Avg rating of 25 analysts equivalent of "buy", median PT is 6,875 rupees - LSEG data

** Stock up 34.1% so far this quarter vs 7.7% fall in March quarter

(Reporting by Ashish Chandra in Bengaluru)

((ashish.chandra@thomsonreuters.com (+91 7982114624))

** Shares of Polycab POLC.NS rise 4.1% to a record high of 6,046.5 rupees

** Cable maker's Q4 consolidated net profit up ~29% to 5.46 bln rupees ($65.4 mln) on strong demand for its largest segment, wires and cables

** Rev from ops up over 29% Y/Y

** More than 765,000 shares change hands, 2x the 30-day avg

** Twenty-four analysts covering the stock on avg have a "buy" rating; stock trading at ~12% premium to median PT of 5,427.5 rupees - LSEG data

** Stock up ~18% in Q4, its best quarterly gain since July-Sept qtr

($1 = 83.4779 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))

** Jefferies says profit growth metrics in Polycab India POLC.NS are slightly higher than those for Havells India HVEL.NS

** Both cos compete in cables and wires (C&W) segment

** Estimates POLC's return on capital employed to grow from 28% in FY23 to 34% in FY26, led by higher volumes in C&W

** Sees HVEL's RoCE to slightly lag, grow from 23% in FY23 to 25% by FY26, mainly dragged by its Lyold brand

** Jefferies has "buy" rating on POLC, with PT of 5,870; while it rates HVEL "hold" due to higher valuations, with PT at 1,400

** Avg analyst rating on HVEL, POLC is "buy" - LSEG

** Median PT for HVEL is 1,457 rupees, POLC is 5,200 rupees - LSEG

** HVEL up 11% YTD vs POLC's 11% decline

(Reporting by Rama Venkat in Bengaluru)

((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))

By Hritam Mukherjee

BENGALURU, Jan 30 (Reuters) - As much as half of Indian wires and cables maker R R Kabel's RRKA.NS exports are being delayed due to the Red Sea crisis but it is passing on higher freight costs to customers via price hikes, the company's finance chief told Reuters on Tuesday.

Attacks by Yemen's Houthi militia on merchant ships in the Red Sea and retaliatory U.S. strikes have ratcheted up tensions in the Middle East as the Gaza war rages on, forcing companies to reroute shipments as they face delays and jacked-up rates.

"We have no option but to reroute supplies. The cycle will be delayed and we don't know how much time it would take to normalise," Chief Financial Officer Rajesh Jain said, estimating about 40%-50% of the company's exports were affected.

R R Kabel, which got 27% of its revenue for April-December from exports, is re-routing shipments to key export geographies, adding 10-15 days in travel time, Jain said, to the typical travel time of 25-30 days to Europe and the United States.

The comments sparked a 3% drop in the company's share price.

"Cargo costs have increased significantly, but since I am able to pass on this price to my customer, it will not have an impact on my bottom line," Jain said, adding there was no price sensitivity from buyers.

R R Kabel's rival Polycab POLC.NS, which gets about 8% of its revenue from exports, has also flagged increased delivery timelines, although Havells India HVEL.NS, with 3% of revenue from exports last fiscal year, has seen no impact.

Jain's comments come a day after R R Kabel posted a drop in quarterly profit, mainly due to higher copper prices. It did not flag any impact from the Red Sea crisis on its revenue, which rose 10% to 16.34 billion rupees ($197 million) in the quarter.

($1 = 83.0973 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza)

((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))

BENGALURU, Jan 29 (Reuters) - India's wires and cables maker R R Kabel RRKA.NS reported a third-quarter profit slide on Monday, as higher costs dented the impact of strong demand from the real estate sector.

The company's consolidated profit slipped 0.7% to 709.6 million rupees ($8.5 million) in the quarter ended December, according to an exchange filing.

The profit drop comes after R R Kabel's bottomline more-than-doubled in the second quarter. The company listed its shares in September 2023.

A 5% year-on-year rise in copper prices, a key raw material, spiked total expenses by nearly 12%, eclipsing a 10% rise in revenue from operations.

India's cables and wires makers are benefitting from a demand surge in housing and construction sectors, helped by the government's infrastructure push ahead of national polls this year.

Rivals Havells HVEL.NS and Polycab India POLC.NS have posted higher profits in the December quarter. Finolex Cables FNXC.NS will report its results next month.

Shares of R R Kabel, which have fallen about 6% so far this year, closed 0.8% higher ahead of the results.

($1 = 83.1230 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala)

((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))

Jan 18 (Reuters) - Polycab India Ltd POLC.NS:

• DEC-QUARTER CONSOL NET PROFIT 4.13 BILLION RUPEES VERSUS PROFIT 3.58 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 43.40 BILLION RUPEES VERSUS 37.15 BILLION RUPEES

Source text for Eikon: ID:nBSE38jT5z

Further company coverage: POLC.NS

((Reuters.Briefs@thomsonreuters.com;))

BENGALURU, Jan 11 (Reuters) - Polycab India POLC.NS plunged 23% to a six-month low on Thursday after a tax department search at the wire and cable maker found unaccounted sales worth 10 billion rupees ($120.46 million).

If losses hold, the stock is set for its worst day since March 2020, when coronavirus fears had gripped markets.

India's income tax department said on Wednesday it found the unaccounted sales during a search at a wire and cable maker in December. While the department did not name the company, a government source said it was referring to Polycab.

"Preliminary analysis suggests that the flagship company indulged in unaccounted cash sales, cash payments for unaccounted purchases, non-genuine transport and sub-contracting expenses... for suppression of its taxable income," the department said in a statement.

Polycab did not respond to Reuters' request for comment on the income tax department's allegations.

The stock, recommended by 15 analysts as a 'buy' or 'strong buy' according to LSEG data, fell 10% to a lower limit at Thursday's open and was last trading down 18.6% at 3,997 rupees.

It was held at exchange-imposed lower limits thrice, with trading volumes at the highest since its 2019 listing after just over an hour into the session.

Polycab earlier this week denied rumours of tax evasion. The stock had plunged 9% on Tuesday but closed slightly higher in the following session after the denial.

The company reported revenue of 42.18 billion rupees ($508.10 million) in the September quarter, up 27% over the previous year and almost double its first reported revenue in the quarter ended March 31, 2019, following its listing.

The stock soared nearly 1,000% to a record high of 5,733 rupees in December, compared to its initial public offering price of 538 rupees.

($1 = 83.0154 Indian rupees)

(Reporting by Chris Thomas in Bengaluru; Editing by Janane Venkatraman )

((chris.thomas@thomsonreuters.com;))

Adds dropped word in third bullet

** Polycab India POLC.NS up ~1% early Weds, after slumping 6.5% on Tues in above-avg vol

** Stock fell after a report said the wires and cables maker has evaded tax worth 2 bln rupees ($24 mln)

** Polycab says has not got any communication from income tax dept

** About 1.5 mln shares traded on the day, already well above daily avg; Tues trading vol was 4.2 mln

** Stock doubled in value in 2023 and has risen every year since listing in 2019

(Reporting by Manvi Pant in Bengaluru)

((Manvi.Pant@thomsonreuters.com; +918447554364;))

Jan 9 (Reuters) - Polycab India Ltd POLC.NS:

• REFUTES RUMOURS OF TAX EVASION

• NOT RECEIVED ANY COMMUNICATION FROM INCOME-TAX DEPARTMENT REGARDING OUTCOME OF SEARCH

Further company coverage: POLC.NS

((Reuters.Briefs@thomsonreuters.com;))

Dec 26 (Reuters) - Polycab India Ltd POLC.NS:

• POLYCAB INDIA LTD - INCOME TAX DEPARTMENT SEARCH IS STILL UNDER PROCESS AT SOME OF PREMISES/PLANTS RELATED TO CO

Source text for Eikon: ID:nBSE34ZJLY

Further company coverage: POLC.NS

((Reuters.Briefs@thomsonreuters.com;;))

Dec 25 (Reuters) - Polycab India Ltd POLC.NS:

• INCOME TAX DEPARTMENT SEARCH IS STILL UNDER PROCESS AT SOME OF PREMISES

Source text for Eikon: ID:nBSE4hHwvy

Further company coverage: POLC.NS

((Reuters.Briefs@thomsonreuters.com;))

Dec 22 (Reuters) - Polycab India Ltd POLC.NS:

• INCOME TAX DEPARTMENT INITIATED SEARCH AT SOME OF PREMISES/ PLANTS RELATED TO CO

Source text for Eikon: [ID:]

Further company coverage: POLC.NS

((Reuters.Briefs@thomsonreuters.com;))