Polycab Rallies On Jefferies Upgrade; Breakout Likely Above ₹6,200: SEBI RA Financial Independence

With a strong order book and EPS growth outlook, Polycab is gaining traction.

Shares of Polycab India rose nearly 3% on Monday after Jefferies raised its price target to ₹7,150 from ₹7,050, indicating a 20% upside, while maintaining a ‘buy’ rating.

According to reports, Jefferies noted Polycab’s market share increase in the organized cables and wires sector to 26 - 27%, supported by timely capex that drove a 26% sales CAGR in the segment.

With its FMEG (fast-moving electronic goods) division turning profitable after 10 quarters and margins improving, EPS for the 2025-2028 is projected to grow at a 26% CAGR, backed by a strong order book.

On technical charts, Polycab could be on the verge of a potential breakout after retesting a crucial supply zone in the ₹6,150–₹6,200 range, according to SEBI-registered analysts Financial Independence.

The stock had been consolidating above ₹5,800 for several weeks, indicating steady accumulation and the potential for a breakout, they said.

A clear move above ₹6,200 could lead to a rally toward ₹6,450–₹6,600, supported by strengthening price structure and improving volumes, while on the downside, the ₹5,800–₹5,850 range will act as strong support.

The relative strength index (RSI) stands at 57.66, indicating growing bullish momentum, while leaving enough headroom for overbought levels, the analysts said.

Year-to-date (YTD), the stock has fallen 15%.

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