Results

Polycab — Q1 FY26: distribution depth doing the work

22 Jul 2025·POLYCAB·Buy·IndustrialsFront Wave desk · Mumbai

Since we called it

₹8,241 at close

Called ₹6,811 · 22 Jul 2025

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

● The Terminal · live book

The writing is free. The calls are the product.

7 calls live on the book right now — each with an entry, a target and the thesis behind it. Every closed call stays on the record — 1 closed so far, each with its own entry, exit and result.

Open the Terminal →See the track record

Pass it on

Know someone tracking POLYCAB? Research travels further than tips do.

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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