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Paramount Communications Ltd. Earnings Release 2026
59350_rns_2026-05-23_32367f07-d8b1-4b37-8d89-2e6d9f5e8605.pdf
Earnings Release
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PARAMOUNT COMMUNICATIONS LIMITED
EARNING RELEASE
Q4 & FY26 | 23 May 2026
BSE: 530555 | NSE: PARACABLES
PARAMOUNT CABLES AT A GLANCE
Paramount Communications Limited is a trusted name in India's cable and wire industry, delivering innovative, high-performance solutions across critical sectors for nearly seven decades.
Legacy & Reach
Founded by Late Shri Shyam Sunder Aggarwal. Serves Power, Telecom, Railways, Renewables, Defence, Space, IT, Construction and Oil & Gas.
Strong pan-India presence with expanding exports. Largest LV cable (up to 600V) exporter from India to the US in CY2025.
Global & Domestic Presence
Manufacturing Strength
Two state of the art plants at Dharuhera (Haryana) and Khushkhera (Rajasthan). FY26 metal throughput 29,664 MTPA (+12% YoY).
First-in-India products: lead-free house wires, axle counter railway cables, fire-survival cables. Undersea cable repair capability.
Innovation-Led Growth & Turnkey Capabilities
Certifications & Standards
ISO 9001, ISO 14001, BIS, NTPC, PGCIL, RDSO; UL (USA), LPCB; complies with standard such as BS, ASTM, IEC, JIS, NFC, GOST, DIN.
950+ institutional clients including NTPC, PowerGrid, BHEL, L&T, Adani, Tata Steel, ABB, IOC, BSNL & State Electricity Boards.
Customer Franchise
PARAMOUNT WIRES & CABLES
DIVERSE PRODUCT PORTFOLIO
Power
LT/HT, Control, Instrumentation, cable UL Certified
Railways
Signalling, Power, Axle Counter
Domestic
Building Wires, Submersible, LAN, Coaxial
Telecom
Optical Fibre, FTTH, Jelly-Filled
Special Cables
PV Solar, Fire Survival, HTLS Conductors, EV Charging
EPC/ Turnkey
Project execution including HTLS & OPGW installation and submarine cable laying and repair
HUMAN & DISTRIBUTION NETWORK
1,900+ Employees
250+ Channel Partners
950+ Institutional Clients
10,000+ Electricians
600+ Retail Outlets
PARAMOUNT WIRES & CABLES
INDIA WIRES & CABLES — SECTOR AT A GLANCE
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Rs 1.7 lakh Cr
Total Market (~USD 20 Bn)¹
74% / 26%
Organised vs Unorganised¹
12-14%
Forecast CAGR (FY25-FY30)²
~88% / ~12%
Domestic vs Export¹
By Voltage Segment¹
By End-Use Sector¹
Industry remains in a multi-year expansion phase.
Organised players continue to gain share from unorganised.
Sources:
1. CRISIL MI&A — Wires & Cables Market Assessment (Sep 2024).
2. Industry consensus from CRISIL, Jefferies, and listed peer placement/ER documents.
PARAMOUNT
WIRES & CABLES
SIX SECTOR REVENUE DRIVERS — Next 5 Years
Multiple structural demand catalysts driving wires & cables sector growth — all accelerating simultaneously.
- Power Infrastructure
Rs 3.35 lakh Cr T&D spend FY26-30¹; PGCIL Rs 1.08 lakh Cr planned FY26-28²; RDSS Rs 3.03 lakh Cr smart-grid rollout³; CEA pipeline Rs 7.9 lakh Cr transmission investment by 2036⁴
Renewable Energy
500 GW RE target by FY30¹; Solar 210-220 GW addition FY23-30; Wind 50-55 GW; RE cables fastest-growing sub-segment; Green Energy Corridor Phase II
- Data Centres
1.7 GW today → 8.1 GW by 2030⁵; DC IT capex USD 2.8 Tn by 2029; AI DCs need 70% higher cable density; granted infra status⁵
Exports
US W&C market USD 31.9 Bn growing at 5.9% CAGR⁶; US grid capex USD 1.4 Tr planned 2025-30; China+1 sourcing accelerating
- Real Estate & Infra
Rs 18-19 lakh Cr construction capex FY25-29¹; Housing for All — 2 Cr urban homes; Smart Cities mission; 5G rollout + BharatNet
Railways & Metro
Railway budget Rs 2.99 lakh Cr FY27 (record)⁷; 100% electrification drive; Kavach ATP Rs 1.08 lakh Cr; Metro 26 cities / 1,095 km operational
Sources:
1. CEA Transmission Plan (Mar 2026).
2. Peer investor presentations.
3. Ministry of Power RDSS.
4. CEA Transmission Plan.
5. S&P Global / industry reports.
6. Grand View Research — US W&C Market.
7. Indian Railways Budget FY27.
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PARAMOUNT
WIRES & CABLES
PARAMOUNT'S COMPETITIVE POSITIONING
PCL 4-Year CAGR FY22 to FY26
Key Competitive Positions
- Largest LV cable (up to 600V) exporter from India to US in CY2025
- Highest export percentage of total sales amongst the top W&C companies of India
- 70+ year heritage — pure-play W&C since 1955
- First-in-India products: lead-free house wires, axle counter railway cables, fire-survival cables
- Exported to 35+ export geographies since 2000; 8 US distributors
- UL (USA), LPCB; complies with standard such as BS, ASTM, IEC, JIS, NFC, GOST, DIN. — barrier to entry
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PARAMOUNT
WIRES & CABLES
PERFORMANCE TRAJECTORY FY22 to FY26
PCL Standalone — 5 Year Financial Highlights
(Rs. In Mn)
| Particulars | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total Sales | 5,809 | 7,965 | 10,473 | 15,567 | 19,122 |
| Total Revenue (incl. OI) | 5,847 | 8,127 | 10,562 | 15,695 | 19,644 |
| Operating Margin* | 204 | 480 | 870 | 1,205 | 657 |
| Operating Margin % | 3.5% | 6.0% | 8.3% | 7.7% | 3.4% |
| EBITDA (incl. OI) | 242 | 642 | 960 | 1,333 | 1,175 |
| EBITDA % | 4.1% | 7.9% | 9.1% | 8.5% | 6.0% |
| PAT | 82 | 478 | 854 | 867 | 602 |
| PAT % | 1.4% | 5.9% | 8.1% | 5.5% | 3.1% |
| Net Worth | 2,017 | 2,951 | 6,259 | 7,167 | 7,781 |
| Debt / Equity | 0.87 | 0.54 | 0.16 | 0.04 | 0.15 |
Growth
Journe
y
Total revenue (Inc.OI) grew from Rs 5847 Mn (FY22) to Rs 1,9644 Mn (FY26) — 4-yr CAGR 35.4%. PAT grew from Rs 82 Mn to Rs 602 Mn — 4-yr CAGR 64.6%. Net worth nearly quadrupled from Rs 202 Cr to Rs 778 Cr.
Total revenue (Inc.OI) +25.1% YoY to Rs 19,644 Mn. PAT declined 30.5% to Rs 602 Mn — driven by US tariff disturbances impacting Q2-Q4 FY26 exports.
FY26
Specific
Story
*Operating Margin has been calculated as EBITDA excluding Other Income (OI).
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PARAMOUNT
WIRES & CABLES
Operating Margin Recovery During Q4FY26 — Path to FY27 Recovery
Operating EBITDA Margin*
2.7%
9M FY26
+250 bps recovery as tariff impact normalised
5.2%
Q4 FY26
PAT Margin
2.9%
9M FY26
+60 bps recovery; gradual recovery expected through FY27
3.5%
Q4 FY26
*Operating EBITDA excludes Other Income. Q4 FY26 result reflects the company's ability to pivot to larger domestic share as well as improving export margins.
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PARAMOUNT
WIRES & CABLES
KEY FINANCIAL METRICS Q4 FY26
(Rs. In Mn)
Revenue from Operations
EBITDA*
PAT
PBT
Note: *EBITDA includes Other Income.
Q3 FY26 employee benefits expense includes Rs 25 Mn one-time impact from the four new Labour Codes notified 21 Nov 2025.
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PARAMOUNT
WIRES & CABLES
KEY FINANCIAL METRICS FY26
(Rs. In Mn)
Revenue from Operations
EBITDA*
PAT
PBT
EBITDA, PAT, PBT Margin
Working Capital Days
Note: * EBITDA includes Other Income
FY26 Other Income includes Rs 278 Mn non-recurring from keyman insurance maturity.
FY26 employee benefits expense includes Rs 25 Mn one-time impact from the four new Labour Codes.
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PARAMOUNT
WIRES & CABLES
STANDALONE INCOME STATEMENT
(Rs. In Mn)
| Particulars | Q4 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|
| Revenue from Operations | 5,733 | 5,049 | 19,122 | 15,567 |
| Other Income | 89 | 22 | 517 | 128 |
| Total Income | 5,822 | 5,071 | 19,639 | 15,695 |
| Operating Margin* | 299 | 310 | 657 | 1,205 |
| Operating Margin % | 5.2% | 6.1% | 3.4% | 7.7% |
| EBITDA (incl. OI) | 388 | 332 | 1,175 | 1,333 |
| EBITDA Margin % | 6.7% | 6.5% | 6.0% | 8.5% |
| Depreciation | 38 | 33 | 152 | 118 |
| Finance Cost | 75 | 45 | 210 | 109 |
| PBT | 275 | 254 | 813 | 1,106 |
| PAT | 205 | 187 | 602 | 867 |
| EPS (Rs.) | 0.67 | 0.62 | 1.97 | 2.85 |
*Operating Margin has been calculated as EBITDA excluding Other Income (OI).
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PARAMOUNT WIRES & CABLES
STANDALONE BALANCE SHEET
(Rs. In Mn)
| Particulars | 31.03.26 | 31.03.25 |
|---|---|---|
| Equity & Liabilities | ||
| Equity Share Capital | 610 | 610 |
| Other Equity | 7,171 | 6,557 |
| Total Shareholders' Funds | 7,781 | 7,167 |
| Long-Term Borrowings | 19 | 15 |
| Lease + Provisions + DTL | 129 | 114 |
| Total Non-Current Liabilities | 148 | 129 |
| Short-Term Borrowings | 1,139 | 221 |
| Trade Payables | 1,966 | 1,355 |
| Other Current Liabilities | 253 | 156 |
| Total Current Liabilities | 3,358 | 1,732 |
| Total Equity & Liabilities | 11,287 | 9,028 |
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PARAMOUNT
WIRES & CABLES
STANDALONE BALANCE SHEET
(Rs. In Mn)
| Particulars | 31.03.26 | 31.03.25 |
|---|---|---|
| Assets | ||
| Property, Plant & Equipment | 2,277 | 1,852 |
| Right of Use + Other Non-CA | 894 | 925 |
| Total Non-Current Assets | 3,171 | 2,777 |
| Inventories | 2,849 | 3,019 |
| Trade Receivables | 4,134 | 2,005 |
| Cash & Bank Balances | 331 | 395 |
| Other Current Assets | 802 | 832 |
| Total Current Assets | 8,116 | 6,251 |
| Total Assets | 11,287 | 9,028 |
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PARAMOUNT
WIRES & CABLES
STANDALONE
Cash Flow Statement
(Rs. In Mn)
| Particulars | FY26 | FY25 |
|---|---|---|
| Net Cash from Operating Activities | (420) | 1,021 |
| Net Cash from Investing Activities | (482) | 13 |
| Net Cash from Financing Activities | 717 | (846) |
| Net Change in Cash & Cash Equivalents | (185) | 188 |
| Cash at Beginning of Year | 233 | 45 |
| Cash at End of Year | 48 | 233 |
Note: FY26 Net Cash from Operating Activities is negative on account of an increase in trade receivables driven by high domestic dispatches in later half of Q4 FY26.
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PARAMOUNT
WIRES & CABLES
REVENUE BREAKUP SEGMENT MIX
Q4 FY26
Q4 FY25
FY26
Power Cables
Export Sales
Railway Cables
EPC
FY25
Telecom Cables
Others
House Wires
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PARAMOUNT
WIRES & CABLES
REVENUE BREAKUP DOMESTIC/EXPORT MIX
Q4 FY26
Q4 FY25
FY26
FY25
■ Domestic
■ Export
Key Takeaways
Power Cables 57% of FY26 mix; +39% YoY-domestic demand
Exports 29% — broadly stable share; +14% absolute YoY
Domestic share rose from 69% to 71% on US tariff pivot
Power-cable led B2B Institutional growth at 37%
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PARAMOUNT
WIRES & CABLES
SEGMENT-WISE PERFORMANCE
US (Exports)
| FY26 Revenue | FY25 Revenue | YoY Growth |
|---|---|---|
| Rs 5,504 Mn | Rs 4,830 Mn | +13.9% |
| Largest LV (up to 600V) exporter from India to US in CY2025 | DDP commercial model — distributor-led | 8 active US distributors (2 :FY22) |
| Tariff disruption Q2-Q4 FY26 absorbed | Zero rejection over past 6 years | Gradual recovery and diversification through FY27 |
India Institutional + Govt
| FY26 Revenue | FY25 Revenue | YoY Growth |
|---|---|---|
| Rs 11,831 Mn | Rs 9,122 Mn | +29.7% |
| B2B Institutional Rs 10,013 Mn (+37.3%) — power-cable led | B2G Government / PSU Rs 1,818 Mn (10% of sales in FY 26) - stable | Key clients: TRANSCO & DISCOMs, Renewables, Industry & OEM, Metro, Construction & EPC |
| Power-cable order book Rs 4,663 Mn — record high (+66% YoY) | Domestic share of total revenue rose 69% → 71% | Strong demand from utility / renewables / transmission / industrial |
India B2C
| FY26 Revenue | FY25 Revenue | YoY Growth |
|---|---|---|
| Rs 1,786 Mn | Rs 1,615 Mn | +10.6% |
| 250+ Channel Partners | 600+ Retail Outlets | 10,000+ registered Electricians |
| Paramount Parivar loyalty programme | Lead-free House Wires (first-in-India) | Focus on expanding distribution network of power cables |
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PARAMOUNT
WIRES & CABLES
18
SWITCHING INDIA ↔ US — EXPORT FLEXIBILITY THROUGH MARKET CYCLES
| ■ Domestic ■ Export | ||
|---|---|---|
| H2 FY26 | 84% | |
| (Rs. 8,648 Mn) | 16% | |
| (Rs. 1,689 Mn) | ||
| H1 FY26 | 57% | |
| (Rs. 4,970 Mn) | 43% | |
| (Rs. 3,815 Mn) | ||
| FY25 | 69% | |
| (Rs. 10,737 Mn) | 31% | |
| (Rs. 4,830 Mn) | ||
| FY24 | 74% | |
| (Rs. 7,712 Mn) | 26% | |
| (Rs. 2,761 Mn) | ||
| FY23 | 50% | |
| (Rs. 3,962 Mn) | 50% | |
| (Rs. 4,003 Mn) | ||
| FY22 | 78% | |
| (Rs. 4,507 Mn) | 22% | |
| (Rs. 1,302 Mn) |
Strategic Flexibility — Track Record
| FY22
Domestic-anchored (78%); US exports nascent at 22% | FY23
Breakthrough export year — first time at 50/50 mix; rapid US distributor expansion | FY24
USA de-stocking year, demand down; re-balancing to domestic (74%) |
| --- | --- | --- |
| FY25
Steady export expansion as USA demand regained traction (31%); 8 active US distributors | H1 FY26
High export mix (43%) — strong pre-tariff US demand | H2 FY26
Sharp domestic pivot (84%) following Aug 2025 US tariff shock |
Conclusion — track record demonstrates strategic flexibility to flex channels based on market conditions: a durable structural advantage.
PARAMOUNT WIRES & CABLES
ORDER BOOK & METAL CONSUMPTION
Order Book as on 31st March 2026
(Rs. In Mn)
| Particulars | Mar-26 | Dec-25 | Mar-25 | YoY% |
|---|---|---|---|---|
| Domestic Orders | 5,078 | 4,812 | 3,275 | +55% |
| Export Orders | 755 | 996 | 3,232 | -77% |
| Total Orders in Hand | 5,833 | 5,808 | 6,507 | -10% |
Metal Consumption (MTPA)
Note: Paramount follows a deliberate policy of not accepting firm-price orders with delivery horizons beyond 3 months, protecting margins from copper / aluminium price volatility; FY26 metal throughput grew 12% YoY to 29,664 MTPA; 3-year CAGR ~45%.
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PARAMOUNT
WIRES & CABLES
BUSINESS
HIGHLIGHTS — FY26
Revenue & Profitability
- Revenue grew 22.8% YoY to Rs 19,122 Mn (FY25: Rs 15,567 Mn)
- Q4 FY26 strong sequential recovery — revenue +24.5% QoQ; PAT +175% QoQ
- EBITDA (Inc. OI) margin recovered to 6.7% in Q4 vs 4.3% in Q3 FY26
- FY26 EBITDA (Inc. OI) Rs 1,175 Mn (6.0%); PAT Rs 602 Mn (3.1%); EPS Rs 1.97
- Two non-recurring items (keyman insurance + Labor Codes)
Domestic Business
- Domestic revenue grew 26.8% to Rs 13,617 Mn; share 69% → 71%
- B2B Institutional grew 37.3% to Rs 10,013 Mn — power-cable led
- B2C Retail / Distribution grew 10.6% to Rs 1,786 Mn
- B2G Government / PSU stable at Rs 1,818 Mn
- Domestic share of order book 87%; Power orders Rs 4,663 Mn (+66% YoY)
Export Business
- Export revenue grew 13.9% to Rs 5,504 Mn despite US tariff since Aug 2025
- Largest LV cable (up to 600V) exporter from India to US in CY2025
- US SC ruling invalidated IEEPA duties/tariffs — India's competitive position restored in end of Q4 FY26
- Export rebuild plan underway for FY27
Operations & Capacity
- Metal throughput 29,664 MTPA (+12% YoY); 3-year CAGR ~45%
- Working capital held at 101 days vs 99 days FY25 despite 22.8% revenue growth & US tariff disruptions
- Narmadapuram Greenfield Project : civil & site drawing prep underway; ~Rs 300 Cr over 2-3 years
- Partial commissioning expected in Q1 FY28.
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PARAMOUNT
WIRES & CABLES
21
CAPEX PLAN - NARMADAPURAM (GREENFIELD PROJECT)
Third manufacturing facility under development in Madhya Pradesh — a key growth catalyst for FY28 onwards.
Land Secured
Approximately 31 acres allotted by Madhya Pradesh Industrial Development Corporation (MPIDC). Land is fully in possession.
Current Status
Civil and site drawing preparation works underway. Long Delivery Machinery & Plant equipment orders placed.
Total Investment
~Rs 300 Cr (Rs 3,000 Mn) over 2-3 years, funded through internal accruals, equity infusion and modest debt.
Commissioning Window
Operations expected to partly commence in Q1 FY28. Subsequent ramp-up to follow during FY28.
Product Focus
Extra-High-Voltage (EHV) cables up to 132 kV in Phase 1, specialised conductors and cables for the transmission sector, and elastomeric e-beam cables.
Targeted Turnover
Rs 500 Cr in FY28 → Rs 1,200 Cr by FY29 — driven by EHV / transmission-grade portfolio with better value addition.
Strategic Rationale
Central India location with superior infrastructure availability — unlocks better operating potential and diversifies the company's geographic presence with improved reach into southern and western regions. Combined with the industry-level growth drivers — accelerating power transmission & distribution capex, data centre buildout, rising per-capita power consumption, and the consequent ramp up in higher-voltage grid investment and transmission grid revamp — Paramount is positioned to be a key participant in this transformation through its planned EHV / specialised transmission cable offering.
PARAMOUNT WIRES & CABLES
FUTURE GUIDANCE — DIRECTIONAL THEMES
Qualitative themes guiding Paramount's growth and margin trajectory over the medium term.
Target to achieve 50,000 Mn sales milestone in next 5 years (FY31) and doubling revenues every 3-4 years through capacity expansion (Narmadapuram), deeper domestic penetration and export diversification.
Export margin trajectory expected to gradually improve back to pre-tariff levels and beyond, driven by tariff normalization.
Entry into high-EHV (up to 132 kV) and specialised conductors and cables for the transmission sector via Narmadapuram — anchoring participation in India's transmission grid revamp.
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PARAMOUNT
WIRES & CABLES
MANAGEMENT COMMENTARY
For the full year FY26, revenue from operations grew 22.8% to Rs 19,122 Mn. EBITDA stood at Rs 1,175 Mn (margin 6.0%), reflecting the impact of US tariff disturbances during Q2 to Q4 FY26. PAT for the year was Rs 602 Mn (margin 3.1%); diluted EPS Rs 1.97. Q4 FY26 marked a strong sequential recovery — revenue +24.5% QoQ; PAT +175% QoQ; EBITDA (Inc. OI) margin lifted to 6.7%.
The US tariff regime has now stabilised following the US Supreme Court ruling invalidating duties/tariffs under IEEPA between February and April 2026. Domestic momentum was strong — B2B institutional sales grew 37.3% to Rs 10,013 Mn; order book at March 31, 2026 stood at Rs 5,833 Mn (domestic 87%). Construction of the Narmadapuram plant is progressing well, with operations expected to partly commence in Q1 FY28. Operating cash flow was negative for the year on account of a one-time increase in trade receivables driven by high domestic dispatches in later half of Q4 FY 2026; this is expected to normalise in early FY27. Two non-recurring items in FY26: Other Income of Rs 278 Mn from maturity of keyman insurance policies and expenses include employee benefits of Rs 25 Mn arising from the four new Labour Codes notified on 21 November 2025.
PARAMOUNT WIRES & CABLES
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PARAMOUNT
WIRES & CABLES
For more information, please visit company website:
https://paramountcables.com/
DISCLAIMER
Certain statements in this document may be forward-looking statements. Such statements are subject to risks and uncertainties including government actions, economic developments and other factors that could cause actual results to differ materially. PCL undertakes no obligation to publicly update these statements.
Contact Details
Paramount Communications Ltd
S. K. Agarwal
Email: [email protected]
Contact: +91-1145618800/8900
Captive IR Strategic Advisors Pvt. Ltd.
Krunal Shah | Vinayak Shirodkar
Email: [email protected]
[email protected]
Contact: +91 88282 97287
Earnings Conference Call
Monday, 25th May 2026 | 4:00 PM IST
Dial-in / webcast: https://paramountcables.com/
