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HSBC said its execution-driven market share gains in wires and cables and the FMEG margin expansion is set to drive an estimated 20% earnings per share (EPS) compound annual growth rate (CAGR) for Polycab over financial year 2026-2029.
HSBC raised Polycab's price target to ₹9,500 per share, up from ₹8,500 previously.
KEY POINTS
- Polycab's market share in the organised wires and cables sector rose to around 30%-31% in FY26.
- FMEG's solar business grew 2x, becoming the segment's largest contributor for Polycab.
- Working capital days improved to 24 in FY25, expected to normalize to 45-50 days.
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