Multibagger stock Diamond Power hits record high despite stock market crash. InCred sees 28% more upside

Diamond Power Infrastructure surged 6.5% to a record high of ₹240, defying a broader market selloff triggered by US strikes on Iran. InCred Equities initiated coverage with an ADD rating and a target price of ₹300, implying about 33% upside, citing the company's underutilised manufacturing base (25-30% capacity at its Vadodara plant) and limited capex needs. The brokerage projects revenue to grow from ₹1,910 crore in FY26 to ₹9,244 crore by FY29, a CAGR of around 70%, backed by an order book of about ₹3,500 crore including a ₹436 crore data centre cable order.