Polycab falls 17% in 3 months, Jefferies sees 33% upside

Polycab shares have fallen 17% from their June peak after UltraTech entered the wires and cables segment. Jefferies retained its Buy rating and ₹11,100 target, citing 11-12% industry growth, strong demand, expected volume gains, and Polycab's distribution strength. The brokerage also expects Polycab to maintain its market leadership despite rising competition.