The print
Polycab's structural tailwind from India's wires & cables capex super-cycle remains the cleanest read in the staples-of-capex theme. Q2 confirms both pricing power and operating leverage.
What the quarter showed
- W&C revenue compounding ahead of the industry, again
- Gross margins defended through the copper band — the pass-through mechanism works
- FMEG losses narrowing; the operating-leverage flip is a matter of quarters, not years
Where we stand
Buy, unchanged. You don't need a view on which utility wins or which builder ships first — you need cables, and Polycab sells the cables. The update note with the refreshed model is with subscribers.
