Polycab India Limited (POLYCAB) - Net Assets
Based on the latest financial reports, Polycab India Limited (POLYCAB) has net assets worth Rs121.27 Billion INR (≈ $1.31 Billion USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Rs204.76 Billion ≈ $2.21 Billion USD) and total liabilities (Rs83.49 Billion ≈ $902.96 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check how tangible is Polycab India Limited's equity to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | Rs121.27 Billion |
| % of Total Assets | 59.22% |
| Annual Growth Rate | 18.93% |
| 5-Year Change | 117.76% |
| 10-Year Change | 507.31% |
| Growth Volatility | 7.03 |
Polycab India Limited - Net Assets Trend (2014–2026)
This chart illustrates how Polycab India Limited's net assets have evolved over time, based on quarterly financial data. See Polycab India Limited defensive liquidity buffer to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Polycab India Limited (2014–2026)
The table below shows the annual net assets of Polycab India Limited from 2014 to 2026. For live valuation and market cap data, see Polycab India Limited (POLYCAB) market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2026-03-31 | Rs121.27 Billion ≈ $1.31 Billion |
+22.41% |
| 2025-03-31 | Rs99.07 Billion ≈ $1.07 Billion |
+20.18% |
| 2024-03-31 | Rs82.43 Billion ≈ $891.49 Million |
+23.62% |
| 2023-03-31 | Rs66.69 Billion ≈ $721.17 Million |
+19.75% |
| 2022-03-31 | Rs55.69 Billion ≈ $602.25 Million |
+16.68% |
| 2021-03-31 | Rs47.73 Billion ≈ $516.16 Million |
+23.92% |
| 2020-03-31 | Rs38.51 Billion ≈ $416.52 Million |
+34.88% |
| 2019-03-31 | Rs28.55 Billion ≈ $308.80 Million |
+21.32% |
| 2018-03-31 | Rs23.54 Billion ≈ $254.53 Million |
+17.87% |
| 2017-03-31 | Rs19.97 Billion ≈ $215.95 Million |
+11.83% |
| 2016-03-31 | Rs17.86 Billion ≈ $193.10 Million |
+7.66% |
| 2015-03-31 | Rs16.59 Billion ≈ $179.37 Million |
+9.50% |
| 2014-03-31 | Rs15.15 Billion ≈ $163.80 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Polycab India Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 1029.9% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (March 2026)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | Rs107.98 Billion | 89.92% |
| Common Stock | Rs1.51 Billion | 1.25% |
| Other Comprehensive Income | Rs1.57 Billion | 1.31% |
| Other Components | Rs9.03 Billion | 7.52% |
| Total Equity | Rs120.09 Billion | 100.00% |
Polycab India Limited Competitors by Market Cap
The table below lists competitors of Polycab India Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Will Semiconductor Co Ltd
SHG:603501
|
$15.62 Billion |
|
Guosen Securities Co Ltd
SHE:002736
|
$15.66 Billion |
|
ASSOC. BR. FOODS ADR 1
F:AFO2
|
$15.67 Billion |
|
EMS-CHEMIE HOLDING AG
SW:EMSN
|
$15.67 Billion |
|
Guangzhou Tinci Materials Technology Co Ltd
SHE:002709
|
$15.60 Billion |
|
Banco Santander Chile
SN:BSANTANDER
|
$15.60 Billion |
|
Phison Electronics
TWO:8299
|
$15.57 Billion |
|
Beiersdorf Aktiengesellschaft
F:BEI
|
$15.52 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Polycab India Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2025 to 2026, total equity changed from 98,250,250,000 to 120,085,760,000, a change of 21,835,510,000 (22.2%).
- Net income of 26,720,330,000 contributed positively to equity growth.
- Dividend payments of 5,472,710,000 reduced retained earnings.
- New share issuances of 52,560,000 increased equity.
- Other comprehensive income increased equity by 600,020,000.
Equity Change Factors (2025 to 2026)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | Rs26.72 Billion | +22.25% |
| Dividends Paid | Rs5.47 Billion | -4.56% |
| Share Issuances | Rs52.56 Million | +0.04% |
| Other Comprehensive Income | Rs600.02 Million | +0.5% |
| Other Changes | Rs-64.69 Million | -0.05% |
| Total Change | Rs- | 22.22% |
Book Value vs Market Value Analysis
This analysis compares Polycab India Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 12.06x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 91.41x to 12.06x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2014-03-31 | Rs104.92 | Rs9591.50 | x |
| 2015-03-31 | Rs115.45 | Rs9591.50 | x |
| 2016-03-31 | Rs126.25 | Rs9591.50 | x |
| 2017-03-31 | Rs141.19 | Rs9591.50 | x |
| 2018-03-31 | Rs166.38 | Rs9591.50 | x |
| 2019-03-31 | Rs201.61 | Rs9591.50 | x |
| 2020-03-31 | Rs257.63 | Rs9591.50 | x |
| 2021-03-31 | Rs317.75 | Rs9591.50 | x |
| 2022-03-31 | Rs369.77 | Rs9591.50 | x |
| 2023-03-31 | Rs441.78 | Rs9591.50 | x |
| 2024-03-31 | Rs543.76 | Rs9591.50 | x |
| 2025-03-31 | Rs650.78 | Rs9591.50 | x |
| 2026-03-31 | Rs795.24 | Rs9591.50 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Polycab India Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 22.25%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 9.25%
- • Asset Turnover: 1.41x
- • Equity Multiplier: 1.71x
- Recent ROE (22.25%) is above the historical average (16.50%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2014 | 11.08% | 3.49% | 1.70x | 1.86x | Rs160.57 Million |
| 2015 | 10.08% | 3.49% | 1.42x | 2.03x | Rs12.79 Million |
| 2016 | 10.37% | 3.55% | 1.34x | 2.17x | Rs65.15 Million |
| 2017 | 11.67% | 4.23% | 1.20x | 2.30x | Rs333.26 Million |
| 2018 | 15.24% | 5.29% | 1.52x | 1.89x | Rs1.23 Billion |
| 2019 | 17.55% | 6.26% | 1.42x | 1.98x | Rs2.15 Billion |
| 2020 | 19.79% | 8.60% | 1.48x | 1.55x | Rs3.75 Billion |
| 2021 | 18.56% | 10.03% | 1.25x | 1.48x | Rs4.07 Billion |
| 2022 | 16.39% | 7.45% | 1.65x | 1.34x | Rs3.54 Billion |
| 2023 | 19.16% | 9.01% | 1.50x | 1.42x | Rs6.08 Billion |
| 2024 | 21.79% | 9.89% | 1.49x | 1.48x | Rs9.65 Billion |
| 2025 | 20.56% | 9.01% | 1.63x | 1.40x | Rs10.37 Billion |
| 2026 | 22.25% | 9.25% | 1.41x | 1.71x | Rs14.71 Billion |
Industry Comparison
This section compares Polycab India Limited's net assets metrics with peer companies in the Electrical Equipment & Parts industry.
Industry Context
- Industry: Electrical Equipment & Parts
- Average net assets among peers: $6,407,866,153
- Average return on equity (ROE) among peers: 9.57%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Polycab India Limited (POLYCAB) | Rs121.27 Billion | 11.08% | 0.69x | $15.62 Billion |
| Apar Industries Limited (APARINDS) | $10.36 Billion | 17.04% | 2.40x | $7.02 Billion |
| Amara Raja Batteries Limited (ARE&M) | $1.81 Billion | 4.81% | 0.56x | $1.66 Billion |
| Bharat Bijlee Limited (BBL) | $2.24 Billion | 18.38% | 0.90x | $341.89 Million |
| CG Power and Industrial Solutions Limited (CGPOWER) | $35.71 Billion | -1.01% | 1.84x | $16.02 Billion |
| Cords Cable Industries Limited (CORDSCABLE) | $988.36 Million | 5.43% | 2.00x | $30.55 Million |
| De Nora India Limited (DENORA) | $260.46 Million | 7.93% | 0.22x | $46.64 Million |
| Dynamic Cables Limited (DYCL) | $4.57 Billion | 18.47% | 0.49x | $171.11 Million |
| Elin Electronics Limited (ELIN) | $2.62 Billion | 13.29% | 0.94x | $57.91 Million |
| Eveready Industries India Limited (EVEREADY) | $3.19 Billion | 8.65% | 2.08x | $271.87 Million |
| Exicom Tele-Systems Limited (EXICOM) | $2.32 Billion | 2.75% | 2.04x | $252.54 Million |
About Polycab India Limited
Polycab India Limited manufactures and sells wires and cables under the POLYCAB brand in India and internationally. The company operates through three segments: Wires and Cables; Fast Moving Electrical Goods (FMEG); and Engineering, Procurement and Construction (EPC). The Wires and Cables segment provides wires, such as PolycabSuprema house wires, PolycabMaxima+ Green wire, PolycabPrimma house wi… Read more