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Polycab India’s solar inverter sales have emerged as a primary growth catalyst for the company, significantly boosting its fast-moving electrical goods (FMEG) segment. During the earnings conference call for Q2 FY27, corporate management highlighted that solar products have become the largest category within the company’s broader FMEG portfolio. This momentum is heavily underpinned by national initiatives such as the PM Surya Ghar: Muft Bijli Yojana, various state-level renewable support programmes, and an accelerating consumer shift toward sustainable energy solutions across India.
In terms of operational structure, Polycab currently operates its solar inverter business predominantly through a trading model rather than in-house manufacturing, though management remains open to exploring manufacturing opportunities if market conditions prove attractive. The solar segment’s robust performance helped Polycab achieve a 124% year-on-year surge in FMEG revenue for Q2 FY27, while the segment crossed a major profitability milestone by reporting an EBIT margin of 10.1%. While standalone revenue figures for the solar division were not disclosed, the company has a substantial historical footprint, having entered the solar sector in 2012 with DC cables before launching on-grid inverters in 2016. To date, Polycab has supplied a cumulative 6 GW of inverter capacity spanning over 11 lakh units, with offerings currently ranging from 2 kW to 350 kW.
For EPC contractors and solar developers operating in the Indian renewable energy market, the rapid commercial scaling of robust inverter suppliers signals a maturing supply chain for decentralized and rooftop solar infrastructure. The availability of reliable, diverse inverter capacities ranging from residential sizes to commercial scales ensures smoother execution of distributed solar projects. Furthermore, Polycab’s strategic roadmap—which includes introducing a 500 kW utility-scale inverter platform and expanding into hybrid inverters and battery energy storage systems (BESS)—provides developers with expanded domestic procurement options for future-proofing grid-tied and hybrid installations.
Looking ahead, Polycab expects the solar inverter category to continuously increase its proportional contribution to the overall corporate portfolio as national rooftop solar adoption deepens. The company is actively preparing to roll out its advanced 500 kW utility-scale inverter platform alongside enhanced hybrid and storage solutions in the coming year. As India’s renewable energy sector accelerates toward ambitious clean energy targets, equipment suppliers and component traders are positioning themselves to capture sustained demand from both residential rooftop expansions and evolving commercial and industrial (C&I) microgrid applications.
Aditya Pathre is the Founder of MVApulse and covers India’s renewable energy sector, including solar, wind, battery energy storage systems (BESS), green hydrogen, transmission infrastructure, renewable energy policy and competitive bidding. His reporting focuses on project developments, market trends, government policies and energy transition across India.
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