Polycab Shares Jump 6% After Q4 Earnings Beat; Brokerages Raise Target Price Up To ₹10,500 — Should Investors Buy?

Shares of Polycab India surged on Thursday after the cable and wiremaker posted strong first-quarter earnings, which led brokerages to hike their price targets to 10,500. The company’s stock also received a boost from positive profit figures and upbeat guidance from management. Polycab India’s stock opened at ₹8,499 and touched an intraday high of ₹8,940 at the close of trading, up over 6%.

Shares of Polycab India gained as investors bet big on India’s infrastructure, housing, power and growth stories, anticipating the cables and electrical equipment sector to continue to see strong demand and benefit organised players.

Polycab Q4 FY26 Results: Analysts Remain Bullish

Polycab India has recorded record quarterly revenue and profits for FY26, even with the existence of constraints like the volatility of commodity prices and March’s demand slowdown.

The company recorded revenue worth ₹8,864.48 crores for the quarter ended March 2026 – a quarter-on-quarter growth of 16.09% over ₹7,636.13 crores reported in the preceding quarter. PBT saw a sequential increase of 24.59%, reaching ₹1,049.30 crore.

EPS was up to 51.33, which reflects continued strong earnings growth in its core business areas.

The cables and wires business was strong, driven by strong demand in infrastructure, real estate, industrial capex and electrification projects, offsetting headwinds from commodity price fluctuations and supply chain disruptions.

Why Brokerages See More Upside In Polycab Shares

Analysts viewed Polycab as a major beneficiary of the expansion of the power and housing sectors in India, and brokerages have turned significantly bullish on the stock post results.

Citi Upgrades Target To ₹10,500 On Target

Citi maintained its ‘buy’ rating on Polycab and raised the price target from ₹9,500 to ₹10,500. The broker believes the company is gaining market share and successfully passing on raw material cost increases aided by strong execution and economies of scale.

Jefferies sees shares gain

Jefferies raised its price target to Rs 9,770 from Rs 8,950. The broking expects the organised cables and wires market to grow strongly and believes Polycab is well positioned to benefit from increased demand from the power, housing and infrastructure sectors.

Motilal Oswal expects moderate growth in earnings

Motilal Oswal raised its price target to ₹9,800 from ₹9,350 and expects strong revenue and profit growth for FY26–FY28. The broker also considers the stock a long-term growth opportunity, with stable margins and improving cash flow.

Why Are Investors So Optimistic About Polycab?

The investor optimism with Polycab is largely driven by a few long-term trends that are reforming the Indian economy.

* Investment into T&D infrastructure of power.
* Resumption in the demand for housing and the real estate market.
* Infrastructure development financed by the government.
* Growth in the renewable energy and electrification schemes.
* Growth in the cable and wires market is shifting from unorganised to organised.

The analysts believe Polycab is in the right position to gain from these structural changes because of its strong brand recall, extensive distribution network and diverse product offerings in the consumer electrical market. Apart from the cables and wires market, the company has now expanded its product offering to include fans, switches, switchgear, LED lighting, solar inverters and pumps.

Should you buy Polycab shares now?

But analysts warn the recent rally may not be sustained, and near-term volatility remains a possibility given the sharp rise in prices and the commodity-linked nature of the business. But most brokerages are still constructive on the stock for the medium to long term.

Polycab continues to be a preferred pick in India’s electrical manufacturing space with improving market share gains and healthy demand visibility in infrastructure and housing segments.

The stock will now be watched to see if it can retain its strength in the 9,500-10,500 zone indicated by brokerages.

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(Disclaimer: This article is for informational purposes only and should not be considered investment advice. The views, opinions, and recommendations expressed herein are those of the respective experts. Readers are advised to consult a qualified financial advisor before making any investment decisions.)