Polycab India Limited (POLYCAB.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-86.8%

₹1,036.06

vs ₹7,833.50 price

Levered DCF

₹2,146.35

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

9.23

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	38.55×	37.98×	43.16×	33.91×	42.19×	24.53×	14.5×	18.5×
P/B	8.58×	7.84×	9.41×	6.5×	6.37×	4.32×	2.87×	3.25×
P/S	3.57×	3.44×	4.27×	3.05×	2.89×	2.34×	1.25×	1.16×
EV / EBITDA	25.13×	26.39×	31.59×	23.29×	27.71×	18.37×	9.47×	9.66×
Gross margin	20.9%	24.7%	26.2%	25.4%	22.2%	25.7%	27.6%	25.1%
Operating margin	12.5%	20.7%	21.6%	21.0%	18.0%	20.6%	22.1%	19.8%
Net margin	9.3%	9.0%	9.9%	9.0%	7.4%	10.0%	8.6%	6.3%
Current ratio	1.84×	2.65×	2.44×	2.63×	2.95×	2.37×	2.02×	1.5×
Debt / equity	0.37×	0.15×	0.25×	0.03×	0.02×	0.06×	0.05×	0.1×
Interest coverage	14.89×	27.44×	35.9×	49.67×	72.6×	47.67×	39.4×	13.54×
Dividend yield	0.5%	0.6%	0.4%	0.5%	0.4%	0.0%	1.6%	0.0%
Payout ratio	20.5%	22.3%	16.8%	16.5%	16.4%	0.0%	23.6%	0.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	22.3%	20.6%	21.8%	19.2%	16.4%	18.6%	19.8%	17.6%
Return on invested capital	16.1%	30.1%	28.4%	32.0%	28.9%	29.2%	36.1%	42.2%
Return on assets	13.0%	14.7%	14.8%	13.5%	12.3%	12.6%	12.7%	8.9%
Free cash flow yield	-0.8%	1.1%	0.6%	2.2%	-0.0%	5.2%	-0.4%	10.2%
Earnings yield	2.6%	2.6%	2.3%	2.9%	2.6%	4.3%	6.9%	5.4%
Enterprise value	₹1.1T	₹783.3B	₹787.2B	₹431.3B	₹352.9B	₹206B	₹110.3B	₹93.4B
Net debt / EBITDA	0.85×	0.44×	0.69×	0.02×	-0×	0.04×	0.02×	0.1×
Cash conversion cycle (days)	108	93	124	118	90	102	93	91