Motilal Oswal sets INR 10,600 target for Polycab stock

Published on 10/19/2026 at 04:36 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q2 revenue rose 53.00 percent year over year to INR 98.99 billion in fiscal 2027. Polycab stock's FMEG margin reached 10.10 percent.

Polycab growth and operating leverage

Motilal Oswal set an INR 10,600 target on October 18, 2026.
Second-quarter fiscal 2027 revenue reached INR 98.99 billion after 53.00 percent year-over-year growth.
FMEG EBIT margin reached 10.10 percent in the September 2026 quarter.

Polycab, INE455K01017, Illustration mit AI erstellt.

Polycab India (ISIN INE455K01017) received an INR 10,600 price target from Motilal Oswal's Siddhartha Khemka on October 18, 2026, after reporting record second-quarter fiscal 2027 revenue and profit. The Economic Times said the target reflected infrastructure demand, channel execution and growth in fast-moving electrical goods.

Q2 revenue reaches INR 98.99 billion

Polycab reported consolidated revenue of INR 98.99 billion for the quarter ended September 30, 2026, up 53.00 percent from the year-earlier period. Consolidated profit after tax rose 43.00 percent to INR 9.90 billion, while earnings before interest, tax, depreciation and amortization increased 39.00 percent to INR 14.23 billion. Polycab lists Q2 FY27 net sales at INR 98,989 million and profit after tax at INR 9,900 million.

For the first half of fiscal 2027, revenue reached INR 181.09 billion, up 46.00 percent year over year, while profit after tax increased 38.00 percent to INR 17.87 billion. The comparison gives the October 15 results a broader base than a single strong quarter.

What does the margin shift mean?

The FMEG segment provides the clearest operating signal. Its Q2 FY27 revenue rose 124.00 percent year over year to INR 9.93 billion, and EBIT margin reached 10.10 percent against 0.50 percent in the year-earlier quarter. Investing.com reported that solar products were the largest growth driver, while the core Wires and Cables segment generated INR 83.01 billion of quarterly revenue.

The result also contained a counterweight. EPC revenue increased 53.00 percent to INR 6.17 billion, but its EBIT margin was 7.20 percent, below the 18.10 percent recorded in the year-earlier quarter because of a one-off gain in that comparison period. That mix makes FMEG profitability and core cable demand central to the valuation case.

Target and operating picture

Motilal Oswal's October 18, 2026 view puts the target at INR 10,600 and points to a planned EHV plant in the first quarter of fiscal 2028, alongside data-center opportunities. The current evidence supports a company with rapid reported growth, but the EPC comparison shows why segment margins matter alongside headline revenue.