Polycab India Limited

NSEI:POLYCAB Stock Report

Market Cap: ₹1.1t

Polycab India Valuation

Is POLYCAB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of POLYCAB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: POLYCAB (₹7178.25) is trading above our estimate of fair value (₹2395.58)

Significantly Below Fair Value: POLYCAB is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for POLYCAB?

Key metric: As POLYCAB is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for POLYCAB. This is calculated by dividing POLYCAB's market cap by their current earnings.
What is POLYCAB's PE Ratio?
PE Ratio60.2x
Earnings₹17.95b
Market Cap₹1.08t

Price to Earnings Ratio vs Peers

How does POLYCAB's PE Ratio compare to its peers?

The above table shows the PE ratio for POLYCAB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average70.3x
CGPOWER CG Power and Industrial Solutions
125.1x23.4%₹1.1t
HAVELLS Havells India
73.7x19.0%₹1.0t
517569 KEI Industries
60.2x22.3%₹375.9b
500008 Amara Raja Energy & Mobility
22.3x9.7%₹219.0b
POLYCAB Polycab India
60.2x17.8%₹1.1t

Price-To-Earnings vs Peers: POLYCAB is good value based on its Price-To-Earnings Ratio (60.2x) compared to the peer average (70.3x).

Price to Earnings Ratio vs Industry

How does POLYCAB's PE Ratio compare vs other companies in the IN Electrical Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
504058 Indo National
2.9xn/aUS$48.40m
No more companies available in this PE range
POLYCAB 60.2xIndustry Avg. 52.7xNo. of Companies16PE020406080100+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: POLYCAB is expensive based on its Price-To-Earnings Ratio (60.2x) compared to the Indian Electrical industry average (52.7x).

Price to Earnings Ratio vs Fair Ratio

What is POLYCAB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

POLYCAB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio60.2x
Fair PE Ratio48x

Price-To-Earnings vs Fair Ratio: POLYCAB is expensive based on its Price-To-Earnings Ratio (60.2x) compared to the estimated Fair Price-To-Earnings Ratio (48x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst POLYCAB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹7,178.25
₹7,457.07
+3.9%
14.5%₹9,000.00₹4,750.00n/a28
Dec ’25₹7,297.90
₹7,457.07
+2.2%
14.5%₹9,000.00₹4,750.00n/a28
Nov ’25₹6,501.80
₹7,441.31
+14.5%
14.3%₹9,000.00₹4,750.00n/a29
Oct ’25₹7,326.55
₹7,005.62
-4.4%
13.4%₹8,550.00₹4,500.00n/a29
Sep ’25₹6,813.40
₹6,977.36
+2.4%
12.2%₹8,550.00₹4,500.00n/a28
Aug ’25₹6,775.05
₹6,915.78
+2.1%
11.7%₹8,200.00₹4,500.00n/a27
Jul ’25₹6,735.95
₹6,796.69
+0.9%
14.6%₹8,420.00₹4,260.00n/a26
Jun ’25₹6,741.65
₹6,625.77
-1.7%
15.1%₹7,850.00₹4,040.00n/a26
May ’25₹5,666.55
₹5,398.19
-4.7%
15.7%₹7,500.00₹3,925.00n/a26
Apr ’25₹5,133.00
₹5,204.28
+1.4%
13.4%₹6,430.00₹3,925.00n/a25
Mar ’25₹4,807.45
₹5,177.80
+7.7%
14.1%₹6,430.00₹3,925.00n/a25
Feb ’25₹4,263.95
₹5,127.37
+20.2%
14.8%₹6,430.00₹3,925.00n/a27
Jan ’25₹5,464.70
₹5,459.74
-0.09%
14.6%₹6,430.00₹3,705.00n/a27
Dec ’24₹5,234.55
₹5,399.75
+3.2%
15.6%₹6,430.00₹3,705.00₹7,297.9028
Nov ’24₹4,900.65
₹5,392.19
+10.0%
15.7%₹6,430.00₹3,705.00₹6,501.8027
Oct ’24₹5,343.05
₹4,733.96
-11.4%
14.2%₹6,276.00₹3,570.00₹7,326.5528
Sep ’24₹5,208.25
₹4,714.11
-9.5%
11.4%₹5,550.00₹3,780.00₹6,813.4027
Aug ’24₹4,630.20
₹4,570.14
-1.3%
15.4%₹5,540.00₹2,000.00₹6,775.0528
Jul ’24₹3,551.15
₹3,494.71
-1.6%
15.5%₹4,300.00₹2,000.00₹6,735.9524
Jun ’24₹3,482.40
₹3,446.60
-1.0%
15.1%₹4,290.00₹2,000.00₹6,741.6525
May ’24₹3,205.35
₹3,080.68
-3.9%
11.7%₹3,630.00₹2,000.00₹5,666.5525
Apr ’24₹2,880.05
₹3,067.16
+6.5%
11.8%₹3,630.00₹1,950.00₹5,133.0025
Mar ’24₹3,115.90
₹3,063.20
-1.7%
12.0%₹3,630.00₹1,950.00₹4,807.4525
Feb ’24₹2,995.40
₹3,020.81
+0.8%
12.7%₹3,630.00₹1,950.00₹4,263.9527
Jan ’24₹2,569.10
₹2,844.21
+10.7%
13.1%₹3,389.00₹1,850.00₹5,464.7028
Dec ’23₹2,606.75
₹2,840.79
+9.0%
13.0%₹3,389.00₹1,850.00₹5,234.5528

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 23:53
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Polycab India Limited is covered by 41 analysts. 28 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullAnand Rathi Shares and Stock Brokers Limited
Manish ValechaAnand Rathi Shares and Stock Brokers Limited
null nullAsian Markets Securities Private Limited