Shares of Polycab India were under pressure Friday morning, falling ₹351 or 3.81 per cent to ₹8,864 by 11.42 am, as investors appeared to book profits following the stock’s recent 21 per cent one-month rally, even as the company’s Q1 FY27 results came in ahead of estimates on most parameters.The stock opened at ₹9,169.50 and slipped to an intraday low of ₹8,861, with sell orders outweighing buys 62.5 per cent to 37.5 per cent. Traded volume stood at 4.32 lakh shares worth ₹386 crore by mid-morning. The stock trades within striking distance of its 52-week high of ₹10,126 hit last month, and carries a current P/E of 47.78x.Analyst reaction to Thursday’s results was broadly positive but diverged on valuation. Jefferies maintained a Buy with a revised target of ₹11,100, citing a 39 per cent/71 per cent YoY surge in Wires & Cables and FMEG revenues respectively, and estimated a 22 per cent EPS CAGR through FY29. JM Financial and Anand Rathi also retained Buy ratings, with targets of ₹10,700 and ₹10,676 respectively, both upgrading near-term earnings estimates by 2–6 per cent on the back of the FMEG outperformance. HSBC held its Buy with a ₹10,160 target, flagging commodity price volatility as the key downside risk.Goldman Sachs struck a more cautious note, maintaining a Neutral with a target of ₹8,920, warning that a second consecutive quarter of muted volume growth in Cables and Wires was worth watching, and suggesting C&W margins may have peaked as fresh industry capacity comes online. Citi, despite an Underperform rating, raised its target to ₹10,900 from ₹10,500, calling Polycab its top Consumer Durables/Electrical pick and flagging volume acceleration as the key re-rating trigger.On the results themselves, Polycab posted Q1 FY27 consolidated revenue of ₹8,209.7 crore, up 39 per cent year-on-year, driven by the domestic Wires & Cables segment and an exceptional FMEG quarter. FMEG revenue hit a record ₹761.2 crore, growing 71 per cent YoY, with solar products more than doubling. EBITDA rose 32 per cent to ₹1,136.2 crore at a 13.8 per cent margin, while PAT grew 33 per cent to ₹796.7 crore. The EPC segment was the lone drag, declining 11 per cent YoY to ₹307.7 crore, though its EBIT margin expanded sharply to 11 per cent.International business remained a soft spot, declining 13 per cent YoY amid West Asia geopolitical disruptions, though management indicated order inflows from the US and Europe are recovering.Published on July 17, 2026