After Solar Boom at Home, Polycab Eyes Global Growth Markets

After Solar Boom at Home, Polycab Eyes Global Growth Markets Photograph: (AI)

After witnessing strong growth in its solar products business amid India's renewable energy expansion, Polycab India is looking to overseas markets as the next major growth avenue, betting on global grid modernisation and rising investments in energy infrastructure.

The company reported that its solar products business doubled during FY26, emerging as the largest category within its Fast Moving Electrical Goods (FMEG) portfolio. Management attributed the growth to rooftop solar adoption, government incentives and increasing consumer demand for renewable energy solutions.

"Our solar products business was a standout performer, delivering 2-fold year-on-year growth and emerging as the largest category within the FMEG portfolio," Shashank Yagnick, Head of Strategy and Investor Relations at Polycab, said during the company's Q4 FY26 earnings call. He added that the growth was driven by "government initiatives, state-level subsidy programs and rising consumer adoption of renewable energy solutions."

While domestic demand remains robust, Polycab is increasingly focusing on exports as a strategic growth lever. The company has expanded its international footprint to 94 countries from 48 countries in FY19 and has re-established its distribution network in the United States, one of the world's largest electrical infrastructure markets.

"Exports is actually going to be a big lever of our growth going forward," Yagnick said. "In the last three to four months, we've re-established our distribution network in the United States. United States forms around 15% to 20% of the global export market."

The company sees significant opportunities emerging from ageing electricity infrastructure in developed markets, particularly as countries invest in grid upgrades to accommodate renewable energy and rising electricity demand.

"If you look at EU, if you look at US, all of these regions have grid infrastructure which is way beyond the average life. They are 50-55 years, 60 years old. So all of these need modification," Yagnick said. "Considering our scale, our approvals and our deep penetration in these geographies, we are at pole position to capture the growth."

Management also indicated that North America is expected to remain a key export growth driver, alongside Europe and South America. North America contributed nearly 40% of Polycab's export revenues in FY26, while South America accounted for about 20%.

The export push comes as the company continues to benefit from India's ongoing power and renewable energy investment cycle. Polycab highlighted strong participation in sectors such as renewable energy, transmission and distribution infrastructure, manufacturing and data centres, which are expected to drive long-term demand for cables and electrical products.

The company remains particularly bullish on the power sector, citing record capacity additions and growing investments in tra