Anand Rathi Recommends Buy on Polycab India, Sets Target at Rs 9073

• Polycab India reported strong Q3FY26 performance with revenue up 46% YoY and earnings up 36% YoY.
• Growth was primarily driven by robust execution in Wires & Cables (W&C) and sustained profitability in FMEG segments.
• Near-term margins were affected by commodity inflation and staggered price pass-through, but underlying demand remains strong.
• The company is well-positioned for sustained growth and market-share gain due to high capacity utilization, Q4-ready inventories, and disciplined capex.
• Anand Rathi maintains a BUY rating with a revised 12-month target price of Rs 9,073, valuing it at 38x FY28e EPS of Rs 239.

Why It Matters: Anand Rathi recommends buying Polycab India, citing strong performance and future growth potential, with a target of Rs 9073.