Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Polycab posted highest-ever Q1 revenue and PAT for the quarter ended June 30, 2026, with consolidated revenue up 39% YoY to Rs.8,209.73 crore and PAT up 33% to Rs.796.65 crore.</li>
<li>Growth arrived on tough base (Q1FY26 volumes were up 26%), FMEG turned genuine profit engine at 8% EBIT margin, and market share is now 30-31%, up 300-400 bps in year.</li>
<li>The next leg hinges on data centre and T&amp;D capex converting from pipeline to invoices, export recovery from the Middle East, and whether Street valuations already price this in.</li>
</ul>


Polycab posted highest-ever Q1 revenue and PAT for the quarter ended June 30, 2026, with consolidated revenue up 39% YoY to Rs.8,209.73 crore and PAT up 33% to Rs.796.65 crore.
Growth arrived on tough base (Q1FY26 volumes were up 26%), FMEG turned genuine profit engine at 8% EBIT margin, and market share is now 30-31%, up 300-400 bps in year.
The next leg hinges on data centre and T&amp;D capex converting from pipeline to invoices, export recovery from the Middle East, and whether Street valuations already price this in.


Polycab India: FMEG Margin Inflection Becomes the Key Re-Rating Lever

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>The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.</li>
<li>These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.</li>
<li>Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.</li>
</ul>


The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.
These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.
Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.


A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic 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.


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>UltraTech has launched Ultravolt from a 10.98 lakh-km Gujarat facility, backed by Rs. 1,800 crore and a top-two ambition within five years.</li>
<li>The entrant can fund channel incentives, advertising and rapid distribution without depending on early profitability, raising competitive intensity in retail wires.</li>
<li>Polycab’s leadership remains defensible, but its margin-of-safety narrows: future share gains may require higher dealer support and brand spending.</li>
</ul>


UltraTech has launched Ultravolt from a 10.98 lakh-km Gujarat facility, backed by Rs. 1,800 crore and a top-two ambition within five years.
The entrant can fund channel incentives, advertising and rapid distribution without depending on early profitability, raising competitive intensity in retail wires.
Polycab’s leadership remains defensible, but its margin-of-safety narrows: future share gains may require higher dealer support and brand spending.


UltraTech’s Ultravolt Entry: A Margin Threat in Entire Wire & Cable Industry

<ul>
<li>India's power equipment manufacturers are collectively committing roughly INR 32,000 crore to new factories and capacity upgrades, the largest manufacturing investment wave the sector has seen in decades.</li>
<li>Peak electricity demand hit a record 250 GW in FY25 and is heading toward 458 GW by 2032, creating an order environment that manufacturers cannot fulfill with existing infrastructure alone.</li>
<li>This is not a single big-ticket NTPC-style investment, but dozens of simultaneous factory expansions across the power value chain funded majorly by internal accrual shocasing their confidence.</li>
</ul>


India's power equipment manufacturers are collectively committing roughly INR 32,000 crore to new factories and capacity upgrades, the largest manufacturing investment wave the sector has seen in decades.
Peak electricity demand hit a record 250 GW in FY25 and is heading toward 458 GW by 2032, creating an order environment that manufacturers cannot fulfill with existing infrastructure alone.
This is not a single big-ticket NTPC-style investment, but dozens of simultaneous factory expansions across the power value chain funded majorly by internal accrual shocasing their confidence.


India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

India

Polycab India Ltd. is India's largest manufacturer of wires and cables, and a prominent player in the Fast Moving Electrical Goods (FMEG) industry, offering products such as electric fans, LED lighting, switches, switchgear, and solar products. The company also operates in the Engineering, Procurement, and Construction (EPC) sector, specializing in power distribution and rural electrification projects. Polycab India is headquartered in Mumbai, India, and was incorporated in 1996.

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Polycab India (POLYCAB IN)

Polycab India: FMEG Margin Inflection Becomes the Key Re-Rating Lever

Polycab’s Q1 FY27 delivered record profit and 39% revenue growth, but softer cable volumes and export weakness make FMEG margin expansion the key...

Nimish Maheshwari

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

Polycab India- Forensic Analysis

Polycab is under scrutiny for IT investigation that uncovered unaccounted transactions, but the forensics do give mixed signals. Attention should...

Nitin Mangal

UltraTech’s Ultravolt Entry: A Margin Threat in Entire Wire & Cable Industry

UltraTech raises the cost of defending the market but Polycab’s 30–31% organised-market share, product breadth and distribution depth make...

Sudarshan Bhandari

India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Polycab India: FMEG Margin Inflection Becomes the Key Re-Rating Lever

Polycab’s Q1 FY27 delivered record profit and 39% revenue growth, but softer cable volumes and export weakness make FMEG margin expansion the key...

Nimish Maheshwari

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

​The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

Polycab India- Forensic Analysis

​Polycab is under scrutiny for IT investigation that uncovered unaccounted transactions, but the forensics do give mixed signals. Attention should...

Nitin Mangal

UltraTech’s Ultravolt Entry: A Margin Threat in Entire Wire & Cable Industry

UltraTech raises the cost of defending the market but Polycab’s 30–31% organised-market share, product breadth and distribution depth make...

Sudarshan Bhandari

India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

​India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...

Sudarshan Bhandari

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Polycab is under scrutiny for IT investigation that uncovered unaccounted transactions, but the forensics do give mixed signals. Attention should...

India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...