External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Polycab India (POLYCAB)’s 2QFY25 earnings were in line with our estimates, as lower-than-estimated margins offset higher-than-estimated revenue growth.</li><li>Its revenue grew 30% YoY to INR55.0b (10% beat) while EBITDA grew ~4% YoY to INR6.3b (est. INR6.6b).</li><li>OPM contracted 3.0pp YoY to 11.5% (est. ~13%). PAT increased ~3% YoY to INR4.4b (est. INR4.6b) Management indicated demand momentum to remain strong in the Cables and Wires (C&amp;W) segment and believes that 2H should be better than 1H.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Polycab India (POLYCAB)’s 2QFY25 earnings were in line with our estimates, as lower-than-estimated margins offset higher-than-estimated revenue growth.Its revenue grew 30% YoY to INR55.0b (10% beat) while EBITDA grew ~4% YoY to INR6.3b (est. INR6.6b).OPM contracted 3.0pp YoY to 11.5% (est. ~13%). PAT increased ~3% YoY to INR4.4b (est. INR4.6b) Management indicated demand momentum to remain strong in the Cables and Wires (C&amp;W) segment and believes that 2H should be better than 1H.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Polycab India - Weak Margin Offsets Strong Revenue Growth

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Takeaways: (1) Polycab reported robust broad-based revenue growth YoY led by favourable demand tailwinds.</li><li>All segments reported strong double digit revenue growth YoY.</li><li>(2) EBITDA margin at 11.5% (-295bps YoY) was at two-year low.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Takeaways: (1) Polycab reported robust broad-based revenue growth YoY led by favourable demand tailwinds.All segments reported strong double digit revenue growth YoY.(2) EBITDA margin at 11.5% (-295bps YoY) was at two-year low.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>We spoke to cable distributors and industry experts to understand any concerns regarding industry-wide inventory levels and to gauge the current demand environment.</li>
<li>Stocks in focus include <a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India (POLYCAB IN)</a>; <a href="https://www.smartkarma.com/entities/kei-industries-ltd" target="_blank" data-smartkarma-citation="entities:6711:1" rel="noopener">KEI Industries (KEII IN)</a> &amp; <a href="https://www.smartkarma.com/entities/r-r-kabel" target="_blank" data-smartkarma-citation="entities:39810:1" rel="noopener">R R Kabel (2333180Z IN)</a>.  </li>
<li>Overall industry business momentum remains strong, project delays and competition warrant attention. </li>
</ul>


We spoke to cable distributors and industry experts to understand any concerns regarding industry-wide inventory levels and to gauge the current demand environment.
Stocks in focus include Polycab India (POLYCAB IN); KEI Industries (KEII IN) &amp; R R Kabel (2333180Z IN).  
Overall industry business momentum remains strong, project delays and competition warrant attention. 


Polycab India (POLYCAB IN) | Inventory, Demand Environment & Competition

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India (POLYCAB IN)</a> is in the limelight on the back of Income Tax investigation carried in December 2023 which revealed several accounted transactions.</li>
<li>In a circular, it is hinted that the IT department has detected unaccounted cash sales worth INR 10 bn, unaccounted cash payments made by distributors, and some non-genuine expenses.</li>
<li>However our forensics framework does not hint at any alarming red flags, apart from low FA turnover ratio, stock with third parties and board composition.</li>
</ul>



Polycab India (POLYCAB IN) is in the limelight on the back of Income Tax investigation carried in December 2023 which revealed several accounted transactions.
In a circular, it is hinted that the IT department has detected unaccounted cash sales worth INR 10 bn, unaccounted cash payments made by distributors, and some non-genuine expenses.
However our forensics framework does not hint at any alarming red flags, apart from low FA turnover ratio, stock with third parties and board composition.


External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Prabhudas Lilladher's research report onPolycab India Polycab reported healthy revenue growth of 29.3% YoY in Q4FY24, on account of robust volume growth in W&amp;C domestic business.</li><li>Growth was largely from cable business on the back of government &amp; private capex and uptick in real estate.</li><li>The company expects sustained volume growth in dom.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prabhudas Lilladher's research report onPolycab India Polycab reported healthy revenue growth of 29.3% YoY in Q4FY24, on account of robust volume growth in W&amp;C domestic business.Growth was largely from cable business on the back of government &amp; private capex and uptick in real estate.The company expects sustained volume growth in dom.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Polycab India (POLYCAB IN) - Robust Volume Growth to Drive Revenue

India

Polycab India Limited produces and distributes electronic equipment. The Company offers cables, wires, fans, switches, lighting, junction boxes, circular lids, and pumps. Polycab India serves customers in India.   

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Polycab India (POLYCAB IN)

Polycab India - Weak Margin Offsets Strong Revenue Growth

Polycab India (POLYCAB)’s 2QFY25 earnings were in line with our estimates, as lower-than-estimated margins offset higher-than-estimated revenue...

Motilal Oswal

Polycab India - White Goods

Takeaways: (1) Polycab reported robust broad-based revenue growth YoY led by favourable demand tailwinds. All segments reported strong double digit...

ICICI Securities Limited