IN : Polycab India Ltd. - Favourable macro plus good execution

Future growth to be driven by market share gains across W&C and FMEG. Project Leap, Polycab’s five-year roadmap, targets FY26 revenue of over Rs200bn (implying revenue CAGR of 17.5% over FY21-26F). We raise EPS estimates by 3.6-11.5% for FY22F/23F. Stock was up 25% in the past two months. Downgrade to Hold rating with a revised TP of Rs1,706.

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