30-Oct-2026 07:50:40
POLYCABExpansion
BOFA SECURITIES ON POLYCAB ; BUY | TP ₹8,800 (EARLIER ₹11,000)
• BofA Securities maintains Buy rating on Polycab but cuts target price to ₹8,800 from ₹11,000. • Stock corrects 18% since September, leading to a valuation reset despite strong earnings outlook. • Expects 20% EPS CAGR over FY26–29, supported by industry leadership and export growth. • Limited exposure to global AI capex; competition and commodity-related concerns remain manageable. • BofA prefers Polycab for its 24% market share, strong margins and attractive valuations.
POLYCAB INDIA LIMITED