Polycab India vs Havells India: share price, P/E, ROE and financials compared
Polycab India
Havells India
Polycab India and Havells India at a glance
Polycab India is the larger by market cap, at ₹1.2L Cr against ₹70,789 Cr for Havells India (1.7 times as large). On valuation, Polycab India has the lower P/E (37.5× against 42.6×), while Havells India has the lower price-to-book (7.24× against 9.06×). On returns and margins, Polycab India has the higher ROCE (30.4% against 22.1%), the higher ROE (26.8% against 18.0%) and the higher operating margin (13.6% against 9.1%). Over three years, Polycab India has faster 3-year sales growth (+26.6% against +9.9% a year) and faster 3-year profit growth (+28.1% against +16.4% a year). Neither carries much debt for its equity: debt-to-equity is 0.02× for Polycab India and 0.02× for Havells India.
Key metrics, side by side
| Metric | Polycab IndiaPOLYCAB | Havells IndiaHAVELLS |
|---|---|---|
| Price (₹) | 7,871.00 | 1,128.00 |
| Market cap (₹ Cr) | 1,18,613 | 70,789 |
| P/E | 37.5× (the lower figure, shaded) | 42.6× |
| P/B | 9.06× | 7.24× (the lower figure, shaded) |
| Dividend yield, trailing | 0.60% | 0.89% (the higher figure, shaded) |
| ROE | 26.8% (the higher figure, shaded) | 18.0% |
| ROCE | 30.4% (the higher figure, shaded) | 22.1% |
| Operating margin (OPM) | 13.6% (the higher figure, shaded) | 9.1% |
| Net margin (NPM) | 9.1% (the higher figure, shaded) | 6.6% |
| Sales CAGR 3Y | +26.6% (the higher figure, shaded) | +9.9% |
| Profit CAGR 3Y | +28.1% (the higher figure, shaded) | +16.4% |
| Debt to equity | 0.02× | 0.02× |
| Interest cover | 19.5× | 60.5× (the higher figure, shaded) |
| Net profit TTM (₹ Cr) | 3,156 | 1,664 |
| 1Y return | +3.8% (the higher figure, shaded) | −28.1% |
| Promoter holding | 61.44% | 59.35% |
Polycab India vs Havells India: common questions
Which is bigger, Polycab India or Havells India?
By market cap, Polycab India is bigger at ₹1.2L Cr, against ₹70,789 Cr for Havells India (prices as of 6 Nov 2026). Net profit over the last twelve months was ₹3,156 Cr for Polycab India and ₹1,664 Cr for Havells India.
Which has a lower P/E ratio, Polycab India or Havells India?
Polycab India trades at a P/E of 37.5× and Havells India at 42.6×. Polycab India has the lower P/E. P/E is the share price divided by earnings per share; it varies a lot between industries and with growth, so it says little on its own.
Which has a higher ROE, Polycab India or Havells India?
Polycab India reports a return on equity of 26.8% and Havells India 18.0%. Polycab India has the higher ROE. ROE is net profit as a share of shareholders’ equity.
Which is growing faster, Polycab India or Havells India?
Over the last three years: Sales grew +26.6% a year at Polycab India and +9.9% at Havells India, so Polycab India grew sales faster; profit grew +28.1% a year at Polycab India and +16.4% at Havells India, so Polycab India grew profit faster. Past growth doesn’t predict future growth.