Front Wave Research

Results

Polycab — Q1 FY26: distribution depth doing the work

22 Jul 2025·POLYCAB·Buy·Industrials

The print

Q1 prints support the structural cables-capex thesis. Distribution depth, the B2C extension, and operating leverage remain the three legs of the bull case.

Notes from the quarter

  • Dealer network expansion continues to outpace listed peers
  • Channel inventory lean — no destocking risk visible into H2
  • FMEG mix improving quietly beneath the headline numbers

Pass it on

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Front Wave Research LLP · SEBI Registered Research Analyst · INH000018407. This note is research, not investment advice. Investments in securities markets are subject to market risks. Read all related documents carefully before investing.

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