Polycab is getting wired for softer demand in the near-term

₹20,020 crore.In fact, Q3FY26 revenue growth was as high as 46%, led by a 54% jump in its mainstay wires and cables business that contributes 88% of the gross segment revenues.Like peers, supply chain uncertainties and demand disruptions following the Middle East conflict are expected to hurt Polycab too. “March so far has been weaker versus initial expectations, thereby impacting Q4 estimates, emanating from uncertainty from the ongoing Middle East conflict, and a high base,” wrote JM Financial Institutional Securities’ analysts after interacting with Polycab’s executives in a report on 15 March.Should the ongoing uncertainty persist, Q4 volumes could remain flat year-on-year, revenue growth relying on input cost appreciation (18-20%), it added.March usually accounts for 45-50% of Polycab’s fourth-quarter revenue, but demand has been slower this time owing to uncertainty around commodity prices and project visibility.

Exports have also been disrupted. Exports contributed 6% of 9MFY26 total sales, while the Middle East formed 20–22% of the export mix.Sure, the ongoing weakness could be temporary.

“In our view, the current demand softness is largely transitory and represents only a timing shift in demand, which could translate into stronger execution in the coming quarters,” said ICICI Securities analysts in 15 March report.Polycab’s other big problem is the uncertainty around copper prices and their impact on the wires and cables sector. Recent stronger-than-expected economic data from China, the world’s largest consumer of copper, has raised concerns on copper demand and prices.