Shares of Polycab India rallied as much as 4% to their day’s high of Rs 9,994 on the BSE on Wednesday after international brokerage firm Jefferies raised its target price to Rs 10,920 (Buy), forecasting an upside of 14% from current market levels. Analysts say the stock remains a conviction pick despite a 30% run-up in 2026 already.
Over the last 15 quarters, Polycab has consistently delivered double-digit growth in its C&W business while maintaining EBIT margins in the 12-15% range. Reflecting this performance, Jefferies increased its target valuation multiple to 41x earnings, representing about a 10% premium to the stock's five-year historical average multiple of around 37x.
