POLYCAB

Jan 19 (Reuters) - Home appliances and electrical goods maker Havells India HVEL.NS reported a 8.1% rise in third‑quarter profit, bolstered by healthy demand in its core cables segment.

The company reported a profit of 3.01 billion rupees ($33.1 million) for the three months ended December 31, up from 2.78 billion rupees a year ago.

Revenue from operations climbed 14.3% to 55.88 billion rupees, buoyed by a 32.8% growth in the cables segment, its biggest.

For further earnings highlights, [click here]

KEY CONTEXT

Demand for wires and cables stayed healthy on the back of increased infrastructure spending by the government and the private sector as well as a strong real estate market.

Peer Polycab India posted a nearly 36% increase in profit last week, supported by strong demand in its mainstay wires and cables segment.

PEER COMPARISON

* The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

OCTOBER-DECEMBER STOCK PERFORMANCE

($1 = 90.9480 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru; Editing by Ronojoy Mazumdar and Janane Venkatraman)

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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

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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

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** 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)

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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

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

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

Source text: ID:nBSE94ZmWT

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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)

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** 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)

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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)

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** 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)

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** 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)

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** 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)

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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

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** 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)

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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

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** 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)

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** 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)

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** 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)

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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)

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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)

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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

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** Shares of wires and cables maker Polycab India POLC.NS fall 15% to lower limit of 4,175.10 rupees

** India's tax department said it found unaccounted sales amounting to 10 bln rupees ($120.5 mln) at a wire and cable maker; a government source told Reuters the co was Polycab

** POLC did not immediately respond to Reuters' request for comment

** POLC fell 6.5% on Tue after media report that said the co evaded tax amounting to 2 bln rupees; however stock reversed course on Wed after co said it has not received any communication from income tax dept

** Analysts' avg rating on POLC is "buy"; median PT is 5,672.50 rupees, ~28% above current price - LSEG data

** Stock rose 113.5% in 2023, but down 19.4% so far in 2024

($1 = 83.0200 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru)

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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)

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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

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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

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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

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** Shares of wires and cables maker Polycab India POLC.NS down nearly 4% to 5,394.9 rupees

** Media report says income tax department conducted searches at co's 50 locations

** Polycab did not immediately respond to Reuters' request for comment

** Co has been trading above its 200-day simple moving average since Aug. 2022

** POLC is on track to post busiest trading year; over 120 mln shares traded in 2023 so far

** About 776,000 shares changed hands, 1.2 times the 30-day average

** Session's losses trim YTD gains to around 110%; co, however, still on track for fourth consecutive year of gains

(Reporting by Manvi Pant in Bengaluru)

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** Polycab India POLC.NS, Supreme Industries SUPI.NS are the top mid-cap picks for Jefferies, post September quarter earnings season

** Jefferies foresees capex and housing to continue to deliver healthy volume growth

** Brokerage also identifies Amber Enterprises AMBE.NS, Pidilite Industries PIDI.NS, Finolex Cables FNXC.NS among its top mid-cap picks

** Jefferies key earnings per share (EPS) downgrades from mid-cap segment: UPL UPLL.NS, Graphite India GRPH.NS, HEG HEGL.NS, Crompton Greaves Consumer Electricals CROP.NS, Whirlpool of India WHIR.NS

** "Healthy operating margin expansion drove 44% year-on-year profit growth in our small- and mid-cap coverage," says Jefferies

** The Nifty Mid-cap 100 .NIFMDCP100 has gained 33.2% in 2023 so far, while small-caps .NIFSMCP100 have jumped 42.4%, outperforming benchmark Nifty's .NSEI 9.23% rise

** Both mid- and small-caps are at record highs

(Reporting by Bharath Rajeswaran in Bengaluru)

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Adds analyst comments, details about foreign inflows

By Bharath Rajeswaran and Kashish Tandon

BENGALURU, Nov 15 (Reuters) - Index provider MSCI raised India's weightage in its Global Standard (Emerging Markets) index to 16.3% from 15.9% on Tuesday, a move likely to increase the flow of foreign funds after a two-year lull.

This marks "a significant increase over the past three years, almost doubling its weight," according to a note by Nuvama Alternative & Quantitative Research.

Foreign portfolio investors (FPIs), who generally use the MSCI indexes as a gauge to allocate their passive flows, have already bought 1,217.05 billion rupees ($14.64 billion) worth of Indian equities this year.

They sold Indian shares worth 1,400.10 billion rupees and 376.32 billion rupees on a net basis in fiscal 2022 and 2023, respectively.

India, which has the second-highest weightage in the index after China's near-30%, could receive inflows of as much as $1.5 billion post the rejig, added the note from the domestic brokerage.

"The increase in India's weightage is good in terms of India getting its rightful share in the overall capital flows," said Rajeev Thakkar, chief investment officer and director at PPFAS Mutual Fund.

MSCI added nine Indian stocks to the index, including automaker Tata Motors TAMO.NS, cables maker Polycab India POLC.NS, real estate firm Macrotech Developers MACE.NS, IndusInd Bank INBK.NS and Paytm-parent One 97 Communications PAYT.NS.

The inclusions will bring the country's stock count in the index to 131, with changes coming into effect from market close on Nov. 30. No Indian stocks were deleted to accommodate the new additions.

IndusInd Bank INBK.NS, Suzlon Energy SUZL.NS, Persistent Systems PERS.NS, and APL Apollo Tubes APLA.NS will each receive maximum inflows of $355 million, $289 million, $255 million and $228 million after the inclusion, Nuvama said.

($1 = 83.1080 Indian rupees)

(Reporting by Kashish Tandon and Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman)

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

• SEPT-QUARTER CONSOL NET PROFIT FROM CONTINUING OPERATIONS 4.26 BILLION RUPEES VERSUS PROFIT 2.68 BILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 42.18 BILLION RUPEES VERSUS 33.32 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: POLC.NS

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