Investor Presentation for the quarter and year ended March 31, 2026
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Delton Cables reported FY26 revenue of ₹9,864 million, up 39% YoY, with Q4 revenue at ₹3,203 million growing 58% YoY. The company achieved EBITDA of ₹664 million (37% growth) but margin compressed to 6.73% due to higher input costs and supply chain disruptions from geopolitical tensions. Adjusted PAT grew 21.5% to ₹145 million. The order book stands at ₹5,130 million with 90% in EPC orders. Revenue mix shifted with EPC at 52% (grew 87%), Railways at 28% (down 21% due to conscious margin management), and Telecom/others at 19%. The company revalued land from ₹0.78 million to ₹2,401 million, lifting book value per share from ₹105 to ₹397. Working capital days improved to 74 from 218 in FY22, with cash conversion cycle at 51 days. A dividend of ₹2 per share was recommended.
Strong top-line growth and working capital improvements are positives, but margin compression and lower PAT (down 28% due to higher finance costs and depreciation) could weigh on near-term sentiment despite solid order visibility. The land revaluation significantly strengthens the balance sheet and borrowing capacity.