Investor Presentation for the quarter and half-year ended September 30, 2025
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Delton Cables posted strong Q2 FY26 results with revenue of ₹2,413 million, up 38% year-on-year, while H1 FY26 revenue grew nearly 25% to ₹3,977 million. EBITDA for H1 jumped 59% to ₹324 million, with margins expanding by 176 basis points to 8.15%, driven by a deliberate shift away from the lower-margin railway segment (which de-grew 11%) toward higher-margin EPC (up 51%) and telecom (up 86%) businesses. The order book stands at ₹4,250 million as of September 30, 2025, with about 91% coming from EPC and telecom, the better-margin segments. The company is pursuing an asset-light expansion model, having improved capacity utilisation to 81% in FY25 from 44% in FY22, while working capital days have nearly halved to 109 days from 218 days earlier, and RoCE/RoE have risen to 17% and 23% respectively.
The mix-shift toward higher-margin segments and expanding order book support sustained margin improvement and earnings visibility. However, borrowings have grown to ₹2,311 million to fund expansion, so debt levels and working-capital trends will be key things to watch for shareholders.