Motilal Oswal Recommends Buy on Polycab India; Sets Target at INR 9,600

• Motilal Oswal has issued a 'BUY' rating for Polycab India with a target price of INR 9,600.
• Polycab India reported strong revenue growth of 46% year-over-year in 3QFY26, driven by 54% growth in the cable & wire (C&W) segment.
• Despite revenue growth, raw material cost inflation impacted C&W segment margins, with Adjusted OPM at 12.9% (down 85 basis points year-over-year).
• Adjusted EBITDA was INR 9.9 billion (up 37% year-over-year) and Adjusted PAT was INR 6.5 billion (up 42% year-over-year), both in line with estimates.
• The company's liquidity position is expected to improve, with estimated net cash of INR 29.8 billion by FY28E.

Why It Matters: Motilal Oswal recommends buying Polycab India, projecting a target price of INR 9,600 based on strong growth.