Polycab expects steady volume growth but faces challenges from the Middle East.
Q4 profit margins are projected to be at the lower range of predictions.
CITI recommends 'Buy' on Polycab India with a target price of ₹9,500, citing intact sourcing and pricing pass-through.
Key drivers include ₹300bn data center opportunity, ₹8bn EHV capex, 14-15% margins, and healthy inventory levels.
JM Financial projects weaker March 2026 for Polycab, citing ongoing conflicts and flat YoY volumes.
High-margin exports are expected to limit Polycab's 4Q EBITDA margin, impacting estimates.