Diamond Power Infrastructure LimitedPower & UtilitiesDIACABS
Q1 FY27 earnings callDiamond Power Infrastructure Limited
Strong execution and operational leverage drove a 191% PAT growth despite heavy monsoon disruptions, with a funded capacity expansion and robust order book positioning the company for leadership in higher-margin medium and extra high voltage cables.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | INR690 crores | 129% | |
| EBITDA | INR85 crores | 172% | |
| EBITDA Margin | 12.3% | ~200 bps | |
| Profit After Tax | INR58.5 crores | 191% | |
| Net Margin | 8.5% | — | |
| Earnings Per Share | INR1.11 | — | |
| Order Book (as of Aug 11) | INR3,688 crores | — |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹307.42 Cr— YoY+22.8% QoQ | ₹6.27 Cr— YoY+56.7% QoQ | ₹0.12— YoY-84.2% QoQ |
| Q2 FY25 | ₹250.30 Cr— YoY+11.8% QoQ | ₹4.00 Cr— YoY-75.8% QoQ | ₹0.76— YoY-75.8% QoQ |
| Q1 FY25 | ₹223.86 Cr— YoY— QoQ | ₹16.56 Cr— YoY— QoQ | ₹3.14— YoY— QoQ |
| Q4 FY24 | ₹134.41 Cr— YoY+124.2% QoQ | ₹14.42 Cr— YoYTurned profitable QoQ | ₹2.74— YoYTurned positive QoQ |
| Q3 FY24 | ₹59.96 Cr— YoY-19.6% QoQ | ₹-5.28 Cr— YoYTurned loss-making QoQ | ₹-1.00— YoYTurned negative QoQ |
TL;DR
- Revenue grew 129% YoY to INR690 Cr despite heavy monsoon disrupting installation sites.
- EBITDA grew 172% with margin expanding ~200 bps to 12.3% on operating leverage.
- PAT grew 191% to INR58.5 Cr; EPS was INR1.11.
- QIP of INR1,640 Cr completed, making net worth positive; funds to be deployed into new capacity.
- Order book as of Aug 11 stands at INR3,688 Cr, with ~INR845 Cr to be executed in the next year.
- FY27 revenue guidance is INR4,300-4,500 Cr, with EBITDA margin guidance of 11-13%.
Said on the call
“The turnaround is not merely complete, it is compounding and it is deliberate.”
From the Q&A
| Topic | What management said |
|---|---|
| Capacity Expansion Timelines | New rod mill by Oct 15, incremental MV silane line by Sep 15, new CCV line commissioned by Mar 2027. Sixth CCV line order to be placed this month, commissioning by Dec 2027. |
| Exports | Export is negligible currently; building a team and targeting Europe/US certifications. Target order book of at least INR500 Cr this year, focusing on conductor and medium voltage business. |
| Net Worth and QIP Fund Usage | Post-QIP, net worth is positive by INR691 Cr. Funds usage: INR130 Cr for LV cable expansion, INR74 Cr for balancing equipment, INR325 Cr for general corporate purposes, INR350 Cr to repay promoter unsecured loan, ~INR750 Cr for long-term working capital funding. |
| Legacy Receivables Recovery | INR957 Cr of legacy receivables on books; evaluating recovery of around INR300 Cr over next 1 to 18 months. |
| FY27 Utilization and Margin Guidance | FY27 utilization: conductors ~40%, cables ~50-52%. FY27 EBITDA margin guidance is 11-13%. Expect product mix to improve in later quarters, strengthening EBITDA. |
| Data Center Opportunity | Target of at least INR1,000 Cr of data center orders by Mar 2027. Expect data center sales to contribute ~INR750 Cr in FY27, aiming for 20% of revenue from data centers next year. |
| Customer Concentration (Adani) | Current order book from Adani is around 40% plus; board mandate is to bring it down to 20% by year-end. |
| Debt Position | Effectively zero debt on books post-QIP; long-term bonds (0.01% coupon, payable after 30 years) held by promoter have discounted NPV of INR47 Cr. No substantial debt expected up to Mar 2028. |
Guidance
- FY27 revenue guidance: INR4,300 crores to INR4,500 crores.
- FY27 EBITDA margin guidance: 11% to 13%.
- FY28 revenue target: INR7,500 crores.
- Data center order target: At least INR1,000 crores by March 2027.
- Export order book target: At least INR500 crores in the current year.
- Target to reduce Adani order book concentration from ~40%+ to 20% by year-end.
Source
Summary written from the transcript filed by Diamond Power Infrastructure Limited for the call held on 14 Aug 2026; published 21 Aug 2026, 16:53 IST.