Jefferies Maintains 'Buy' on Polycab Amid India Cables Market Growth
1 report, 1 independent
Updated Sep 1
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What happened
Jefferies maintained a 'Buy' call on Polycab, setting a target price of Rs 11,100 apiece, which implies around 33% upside potential from the previous closing price of Rs 8,369.50 apiece. Jefferies noted that the cables and wires market is estimated to grow at 11-12% CAGR, while Polycab is projected to post over 20% sales CAGR between FY27 and FY29.
From indiatimes.com
Why it matters
The market growth is supported by strong demand in power generation, renewable energy, and T&D networks, which account for 40-45% of Polycab's demand. Despite copper prices rising more than 43% year-over-year in Q2 FY27, Polycab is not currently experiencing major demand disruption.
From indiatimes.com