Dynamic Cables Ltd(DYCL)

NSE: DYCLBSE: 540795

₹ 348-6.51%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,686 crNext results: 27 Oct 2026Website: www.dynamiccables.co.inUpdated: 24 Oct 2026

About

Dynamic Cables Ltd is an Indian manufacturer of high-voltage and low-voltage power cables, conductors, and solar cables, supplying utilities, industrial customers, and renewable energy developers on a B2B basis. In FY26 the company reported revenue of ₹1,197.82 crores, its highest-ever annual level. It operates plants in Reengus, Rajasthan, and is adding a greenfield E-beam facility targeted for commissioning in September 2026.^[1][2][3]

Product mix

HV cables contributed 68% of revenue in Q1 FY27; HV was 55% of H1 FY26 revenue, LV cables 37%, and conductors 8%.^[3][4]
Solar and renewable cables grew from 10% of FY25 revenue to approximately 18% of FY26 revenue, and ~20% of Q1 FY27 revenue.^[2][3]
Railway signalling cables fell to zero revenue in FY26, down from 4% of revenue in FY25, as management de-prioritised the segment due to margin pressure.^[2][3]
Low-voltage conductors declined to sub-5% of revenue in FY26 from approximately 8 - 9% in FY25 as the company phased out low-value products.^[2]
Smart metering cables contributed approximately 10% of H1 FY26 revenue.^[4]
B2B housing wires (FR-LSH and HR-FRLSH) were launched in FY26 targeting institutional customers; the company has no plans to enter the B2C distribution wire market.^[2]

Operations and capacity

Existing plants at Reengus, Rajasthan were running at approximately 85% capacity utilisation in Q1 FY27, up from 75 - 80% in Q3 FY26 and ~70% in Q2 FY26.^[3][5][4]
Debottlenecking capex of approximately ₹15 crores raised monthly production capacity from ₹100 crores to ₹135 crores per month, as of Q2 FY26.^[4]
The Reengus lab received NABL accreditation in Q3 FY26.^[5]

Order book

Order book stood at ₹811 crores as of 30 June 2026, approximately 10% higher than a year earlier; the sequential increase from ₹808 crores at 31 March 2026 was marginal due to customer reluctance to lock in prices at elevated aluminium levels.^[3][2]
Export orders accounted for approximately ₹90 - 100 crores (~14 - 15% of order book) as of Q2 FY26.^[4]
Solar cables represented 16 - 17% of the order book in Q3 FY26.^[5]

Customers and distribution

Private B2B customers accounted for 71% of Q1 FY27 revenue; government 16%; exports 13%.^[3]
In 9M FY26, private sales were 78% of revenue and government sales 13%; management is actively reducing government exposure and growing private and export share.^[5]
The company made its first supply to the US market in Q1 FY27 via a distribution-led model targeting HV/LV/MV cables for T&D utilities; the US contributed approximately 15% of total exports in the quarter.^[3]

Key operating numbers

Q1 FY27 revenue grew 33% YoY, of which volume growth was only 5 - 6% YoY; the remainder was driven by aluminium price inflation.^[3]
FY26 core power and renewable cable revenue (excluding railway and low-value conductors) grew approximately 25% YoY; full-year volume growth (metal consumed) was approximately 18%.^[2]
9M FY26 volume growth (metal consumed) was 17% YoY; Q3 FY26 volume growth moderated to approximately 2 - 3% YoY.^[5]

Expansion and capex

Greenfield E-beam plant at Reengus is targeted for commissioning in September 2026; capex is approximately ₹45 crores with a target revenue of 6 - 7x gross block. Meaningful revenue contribution is expected only from Q4 FY27.^[3][2]
The greenfield plant was delayed approximately 15 months from its original Q2 FY26 target due to regulatory approvals, Iran-war-related freight disruption to imported machinery, and AERB compliance requirements.^[2]
E-beam technology is being introduced for the first time at the company; no E-beam capability exists in current plants.^[3]
Full-year FY26 capex was guided at ₹40 - 50 crores, with ₹25 crores incurred in H1 FY26 and ₹15 - 20 crores planned for H2 FY26.^[4]
New plant is expected to reach 80 - 85% utilisation within 18 months of commissioning, targeting end of FY28.^[3]

New products and certifications

Company signed a technical partnership with TS Conductor Corp, USA to manufacture HTLS carbon core conductors domestically; type testing is expected to take approximately one year with no hard revenue timeline.^[2]
PGCIL product approval for ACSR and AL-59 conductors was received in FY26, enabling bids for power utility supply.^[2][5]
UL 854 standard approval was secured in Q3 FY26 (in addition to UL 44 received earlier) for supply of certain cables to the US market.^[5]
HTLS conductors and data center power cables are in product development and customer approval stages; most required capex is expected to be fungible with existing machinery.^[3]

Market Cap

₹1,686 Cr

High / Low

₹560 / 240

Stock P/E

21.7

Price / Book

4.3

Book Value

₹94

EPS

₹17.4

No. of Shares

4.85 Cr

ROCE

26.7%

ROE

20.3%

OPM

10.3%

Debt / Equity

0.09

Sales

₹1,198 Cr

Net Profit

₹84 Cr

Promoter holding

68.2%

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