Following an impressive 30% rally in 2026, Polycab India remains a top pick for analysts at Jefferies. The brokerage firm reaffirmed its 'Buy' rating and upwardly adjusted its price target to Rs 10,920, anticipating further upside as the company capitalizes on favorable market conditions.
Jefferies highlighted several key drivers behind its bullish outlook, emphasizing that the company’s expansion is supported by more than just market momentum. Analysts point to the following factors fueling their optimism:
- Expanded Market Reach: Polycab continues to seize a larger piece of the domestic market share.
- Data Center Demand: The firm is well-positioned to leverage the ongoing infrastructure boom in digital facilities.
- Order Visibility: A robust and healthy project pipeline provides clear revenue predictability for the coming quarters.
- Diversified Portfolio: Revenue streams across multiple sectors have effectively mitigated traditional volatility.
Despite the sharp price appreciation seen throughout the year, Jefferies expects Polycab to maintain strong earnings growth. By focusing on high-margin opportunities and operational efficiency, the company is expected to sustain its performance lead in the capital goods sector.
