During the quarter, total expenses increased to Rs 68,444.85 crore from Rs 56,016.43 crore in the previous quarter, reflecting higher material, employee and logistics costs in line with scale-up in operations. Despite the cost increase, profitability improved sharply on a YoY basis, with profit before tax rising 36.6 percent to Rs 8,421.99 crore from Rs 6,165.73 crore in Q3 FY25.

Sequential growth builds

On a quarter-on-quarter basis, revenue rose 17.8 percent from Rs 65,226.44 crore in Q2 FY26, while PAT expanded faster than topline due to improved cost absorption and operating efficiencies. Basic earnings per share for the quarter stood at Rs 41.30, up from Rs 28.64 in the preceding quarter and Rs 30.42 a year earlier.

Operational drivers

The company continued to benefit from robust demand across its core businesses, with scale benefits partially offsetting higher employee benefit expenses, including the recognised impact of revised labour code-linked gratuity provisions during the nine-month period, as disclosed in the notes to accounts.

Nine-month performance

For the nine months ended December 31, 2025, Polycab's consolidated revenue rose to Rs 2,01,951.49 crore from Rs 1,55,820.81 crore in the corresponding period last year, while net profit increased 40.5 percent to Rs 19,165.80 crore. The cumulative performance indicates strong operating momentum heading into the final quarter of the financial year.