Polycab — a structural play on India's infrastructure boom

Initiating coverage on the W&C super-cycle's cleanest beneficiary

18 May 2025·POLYCAB·Buy·IndustrialsFront Wave desk · Mumbai

Since we called it

₹8,241 at close

Called ₹6,811 · 18 May 2025

The thesis

We initiate on Polycab India with a Buy and a multi-year holding horizon. Polycab is the cleanest play on India's wires & cables capex super-cycle — unmatched distribution, a credible B2C extension, and a balance sheet that compounds without dilution.

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What follows is the argument in full, the numbers behind it, and where we think we could be wrong. ₹10,000 a quarter, or a year for the price of three.

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Front Wave Research LLP · SEBI Registered Research Analyst · INH000018407. This note is research, not investment advice. Investments in securities markets are subject to market risks. Read all related documents carefully before investing.

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