Diamond Power Infrastructure Ltd(DIACABS)

NSE: DIACABSBSE: 522163

₹ 319-2.82%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 19,078 crWebsite: www.dicabs.comUpdated: 24 Oct 2026

About

Diamond Power Infrastructure Ltd (DICABS) manufactures power cables and conductors from its vertically integrated single-campus facility in Vadodara, covering low-voltage to extra-high-voltage (400 kV) cables and speciality conductors including AL59 and HTLS types. The company reported FY26 revenue of ₹1,910 cr, up 71% year-on-year, after emerging from insolvency resolution in FY23 when revenue was just ₹15.46 cr. It operates India's only rod-to-cable integrated facility with a 700 kV NABL-approved test laboratory and held an order book of ₹3,688 cr as of 11 August 2026.^[1][2][3][4]

Products and brands

Product range spans LT cables, HT/MV cables (up to 66 kV, expanding to 132 kV), EHV cables (up to 400 kV), and conductors (AL59, HTLS, MVCC, ECO/ECHO, TS Conductor AECC) across 12 product lines.^[4][3]
DICABS URJA is the branded LT cable range (FR, FRLS, XLPE variants) for B2B distribution; dealerships live in Gujarat, Maharashtra, J&K, Rajasthan, Delhi and UP as of Q1 FY26.^[5]
ReNEW by DICABS covers solar AC/DC cables (1.1 kV to 66 kV), EV charging cables, BESS cables and MVCC for the renewable-energy segment; URJAFLEX addresses flexible cables for residential, commercial and industrial use.^[5][6]
DICABS is the licensed manufacturing partner of TS Conductor USA for AECC (Aluminium Encapsulated Carbon Fiber Core) HTLS conductors.^[3]
ECO conductors (carbon-core high-ampacity) achieved type-testing; an 850 km order from a marquee Indian buyer was secured by Q4 FY26.^[3]

Operations and capacity

Single integrated campus in Vadodara produces aluminium rods through to finished cables and conductors; EHV capability up to 400 kV and a 700 kV NABL-approved test lab - described as rare among listed cable peers.^[3]
Installed conductor capacity: 250,000 MTPA as of FY26; AL59 rod mills (DICABS NexGen subsidiary) ramped to 1,00,000 MTPA total integrated capacity by end-2025.^[3][5]
Five CCV lines for MV cable production; 5th line under installation targeting commissioning by March 2027; 6th CCV line (₹50 cr equipment only) board-approved with December 2027 commissioning target.^[4]
Two aluminium corrugation lines (₹17 cr, Project B) approved to expand 66 - 132 kV cable capacity; commercial production targeted June 2027.^[4]
MV Silane line under installation; commissioning targeted 15 September 2026.^[4]
Captive power: three 2.1 MW windmills being recommissioned (first commissioned by Q1 FY26); night-tariff discount of 40% reduced power cost by ₹1.4 per unit in FY26.^[5]

Capacity utilisation

Cables utilisation was 34% in FY26 and conductors utilisation was 20% in FY26, leaving significant operating leverage headroom.^[4]
Net fixed asset turnover improved to 1.4x in FY26 from 0.9x in FY25.^[4]
Target utilisation for end-FY27: cables 50 - 52%, conductors 40%; end-FY28: cables ~60%, conductors ~60%.^[4]

Order book and inflows

Outstanding order book stood at ₹3,688 cr as of 11 August 2026, approximately 2x FY26 revenue, spanning 12 product lines; up from ₹3,240 cr at March 2026.^[4]
Fresh order wins exceeded ₹1,000 cr since April 2026; monthly order addition run-rate was ₹275 - 325 cr/month in Q1 FY27.^[4]
MV cables are the largest single component of the order book; ₹435 cr of data-centre MVCC orders already secured within the book as of Q1 FY27.^[4]

Revenue mix and customers

Over 50% of FY26 revenues came from New Energy and Data Centre customers; 100% of premium conductor products (AL59, MVCC, HTLS, TS) sold to this segment.^[3]
Q1 FY26 revenue mix: LT cables 55%, HT cables 33%, conductors 12%; by Q3 FY26 HT/EHV cables had risen to 36% of quarterly revenue.^[5][7]
Active customer base grew from 275 in Q3 FY26 to 665 at Q4 FY26 and 670 in Q1 FY27.^[7][3][4]
Adani group accounts for 40%+ of the current order book; board mandate to reduce that share to 20% by end of FY27.^[4]
DICABS is National Cable Partner for CREDAI India 2025 - 26, providing access to IS-compliant cabling for real-estate developer projects across India.^[7][5]

Expansion and capex

LV cable facility (Project A): brownfield conversion of old rod mill into 42,000 km/yr capacity (₹133.59 cr capex, no civil construction); revenue potential ₹1,880 cr at full utilisation; commercial production expected FY27 - 28.^[4]
6th CCV line: ₹50 cr equipment-only capex; purchase order targeted August 2026; delivery August 2027; commissioning December 2027; adds ~150 km/month of 66 kV cable output.^[4]
Two aluminium corrugation lines (₹17 cr) to switch existing CCV capacity from 33 kV to 66 - 132 kV; commercial production June 2027.^[4]
48,000 TPA transmission tower plant under commissioning as of FY25 annual report to deliver end-to-end transmission solutions.^[6]
MV cable capacity debottlenecking to 22,500 km/annum via balancing equipment targeted for FY28.^[3]

Exports and new markets

Exports are negligible as of Q1 FY27; a dedicated export team is being assembled with key hires made and more joining within 90 days; BASEC, CPR and UL certifications in progress for Europe, USA, Middle East and Africa.^[4]
Internal target: ₹500 cr export order book secured before end of FY27, with material inflows expected in Q3 - Q4 FY27.^[4]
Data-centre order target: ₹1,000 cr of orders by 31 March 2027; data-centre sales contribution of ₹750 cr targeted for FY27.^[4]

Recent developments

QIP of ₹1,614 cr completed in Q1 FY27, flipping consolidated net worth from negative ₹922 cr to positive ₹691 cr; promoter unsecured loan of ₹400 cr repaid; ~₹750 cr directed to working capital.^[4]
Registered office being shifted from Vadodara (Savli) to Ahmedabad (SG Highway, Makarba) for administrative and operational convenience.^[2]
New Whole-time Director Mr. Umeshkumar Chhaya appointed 13 August 2026 at remuneration of ₹99.38 lakhs per annum.^[2]
Legacy receivables of ~₹300 cr expected to be recovered over the next 12 - 18 months via a dedicated recovery team.^[4]

Market Cap

₹19,078 Cr

High / Low

₹407 / 116

Stock P/E

97.5

Price / Book

-31.7

Book Value

₹-11

EPS

₹3.0

No. of Shares

52.7 Cr

ROCE

11.8%

OPM

10.5%

Sales

₹1,910 Cr

Net Profit

₹158 Cr

Promoter holding

74.0%

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