BSE: 504240
DELTON CABLES LTD.
Manufactures and sells cables and wires, with FY26 revenue of ₹9,864 million split across three streams: EPC at 52% (up 87% YoY), Railways at 28% (down 21% by deliberate choice on lower margins), and Telecom/others at 19%. The order book stood at ₹5,130 million at FY26 close, with 90% in EPC orders. Exports rose to ₹146 million from ₹7 million in FY25. Capacity utilisation rose to 81% in FY25 from 44% in FY22, with management targeting phased capacity expansion from ₹400 crore to ₹2,500 crore by 2030 under an asset-light model. Raw materials are the largest cost at 77.4% of revenue. Reported FY26 net profit fell 28.2% to ₹147.2 million on higher finance costs, while EBITDA margin held at 6.73%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. EPC (52%), Railways (28%), Telecom and others (19%). Asset-heavy cables and wires manufacturing with order-book driven revenue and commodity input exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 160 | 272 | 401 | 709 | 986 |
| EBITDA (ex other income) | 12 | 18 | 35 | 57 | 64 |
| margin % | 7.6 | 6.7 | 8.7 | 8.0 | 6.5 |
| Owners' profit | 1 | 1 | 15 | 21 | 15 |
| EPS, as reported (₹) | 0.89 | 0.67 | 16.96 | 23.74 | 17.04 |
| ROE % · ROCE % | 1.4 · 16.8 | 1.0 · 25.9 | 20.5 · 43.3 | 22.7 · 47.2 | 4.3 · 15.3 |
| Debt / equity (x) | 1.26 | 1.44 | 1.59 | 1.89 | 0.47 |
| Cash from operations | 1 | 2 | (27) | (14) | (6) |
| Capex | (1) | (2) | (8) | (23) | (20) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 143 | 175 | 189 | 202 | 156 | 241 | 268 | 320 |
| Profit before tax | 4 | 13 | 4 | 7 | 4 | 8 | 6 | 1 |
| Net profit | 3 | 8 | 3 | 6 | 3 | 6 | 4 | 1 |
| EPS (₹) | 3.50 | 9.82 | 3.89 | 6.53 | 3.57 | 7.28 | 4.73 | 1.46 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 40.8 | 22.4 | 39 of 52 | 26% |
| P/B | 1.8 | 3.3 | 14 of 49 | 73% |
| ROCE | 5.2 | 12.4 | 42 of 55 | 24% |
| ROE | 4.3 | 12.4 | 40 of 50 | 20% |
| Debt / Equity | 0.5 | 0.3 | 32 of 50 | 37% |
| EBITDA margin | 4.7 | 12.6 | 46 of 51 | 10% |
| Revenue growth | 58.4 | 20.7 | 9 of 46 | 82% |
| Profit growth | (77.6) | 37.7 | 39 of 45 | 14% |
| Market cap | 601 | 591 | 26 of 56 | 55% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Bank loan credit rating upgraded to BBB+ with stable outlook | credit debt | medium | — | — |
| 23 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 17 Oct 2026 · Notice on physical share re-lodgement window and KYC update | compliance | minimal | — | — |
| 7 Oct 2026 · Routine SEBI 74(5) compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Delton Cables AGM: All 7 resolutions passed, Rs. 2 dividend declared | compliance | minimal | — | — |
| 29 Sept 2026 · Delton Cables: Re-appointment of Independent Director Mr. Abhishek Poddar | management changes | medium | — | — |
| 29 Sept 2026 · Delton Cables 61st AGM results: all 7 resolutions passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Delton Cables 61st AGM: Dividend of Rs 2/share, all resolutions passed | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Delton Cables 61st AGM notice published, e-voting from Sep 26 | compliance | minimal | — | — |
| 3 Sept 2026 · Delton Cables shares Annual Report weblink and 61st AGM details with shareholders | general | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.