Polycab, V-Guard - Healthy Cash Flows, Margin Profile, Strong Balance Sheet To Support Valuations: Nirmal Bang

Nirmal Bang Report

We hosted the managements of V-Guard Industries Ltd. and Polycab India Ltd. as part of our virtual investor conference to gain insights into the current business environment, demand trends, commodity costs and supply chain headwinds, besides the company’s business outlook going ahead.

The management of V-Guard expects margins to improve going ahead as raw material cost headwinds have started receding. The management of Polycab remains optimistic about the cables and wires segment mainly on account of the persistent infrastructure push by the Central Government and healthy demand from the real estate sector.

While the managements of both the companies expect muted first half of Q4 FY23 in the fans segment on account higher inventory of non-star rated fans at channel partners’ end, they expect return to normalcy in the second half of Q4 FY23.

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