Transcript of the Conference Call for Audited Financial Results for Quarter and Financial year ended March 31, 2026
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Dynamic Cables reported FY26 revenue growth of 17% Y-o-Y with operating profit up 23% to INR130 crores and PAT rising 30% to INR84 crores. Operating margin improved to 10.8%. The order book stands at INR808 crores providing revenue visibility. Management noted Q4 growth of 20% for core products (excluding discontinued low-voltage conductors and railway cables). A new greenfield plant has been delayed due to regulatory approvals and Iran war-related logistics issues for imported machinery, now expected to commence production in September 2026 (H2 FY27). The company entered a partnership with TS Conductor for HTLS conductor technology and received PGCIL approval to enter the high-voltage conductor market. Solar cables contribution increased to 18% of revenue from 10% last year, expected to reach 20-23% in FY27. Management maintained its medium-to-long term growth guidance of 18-20%.
The company delivered strong full-year profitability but faces near-term growth constraints in H1 FY27 due to delayed capacity expansion. The new capacity coming online in H2 FY27 and entry into high-voltage conductors through the TS Conductor partnership position the company for sustained growth beyond FY27.