NSE: DIACABS · BSE: 522163
DIAMOND POWER INFRA LTD
Manufacturers and supplies electrical conductors and power cables used in electricity transmission and in data centre infrastructure. Its aluminium alloy conductors (AL59 Moose and AL59 Zebra grades) go to power transmission projects, with a Rs 185.16 crore order from Adani Energy Solutions covering 1,050 km for the Tuticorin project and 3,770 km for the Pune-III project. Its HT and LT power cables are sold into data centre builds, with a Rs 435.71 crore order to supply about 21.35 lakh metres of cable for the 310 MW Hyderabad data centre projects, with clients including L&T, Sterling and Wilson, and Blue Star. Production is based at its Vadodara plant. Revenue for FY26 was Rs 1,910.10 crore and net profit Rs 158.17 crore, with materials accounting for 83.8% of revenue. The firm recently completed an NCLT insolvency resolution process and raised about Rs 1,614 crore via a qualified institutional placement of equity to institutions. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Aluminium alloy conductors, HT and LT power cables. Asset-heavy electrical equipment manufacturer, recently emerged from NCLT insolvency resolution
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,115 | 1,910 |
| EBITDA (ex other income) | 67 | 224 |
| margin % | 6.0 | 11.7 |
| Owners' profit | 0 | 158 |
| EPS, as reported (₹) | 0.65 | 3.00 |
| ROE % · ROCE % | (3.9) · 3.5 | (26.2) · 10.6 |
| Debt / equity (x) | (0.52) | (4.19) |
| Cash from operations | 17 | (80) |
| Capex | (68) | (81) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 250 | 307 | 334 | 302 | 438 | 474 | 696 | 690 |
| Profit before tax | 4 | 6 | 8 | 20 | 29 | 51 | 62 | 59 |
| Net profit | 4 | 6 | 8 | 20 | 28 | 50 | 61 | 58 |
| EPS (₹) | 0.76 | 0.12 | 0.15 | 0.38 | 0.53 | 0.94 | 1.15 | 1.11 |
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) | 86.8 | 22.4 | 46 of 52 | 12% |
| ROCE | 8.6 | 12.4 | 36 of 55 | 35% |
| EBITDA margin | 12.3 | 12.6 | 27 of 51 | 48% |
| Revenue growth | 128.6 | 20.7 | 3 of 46 | 96% |
| Profit growth | 190.7 | 37.7 | 7 of 45 | 86% |
| Market cap | 17071 | 591 | 5 of 56 | 93% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 22 Oct 2026 · Diamond Power to add new 132 kV CCV cable line, invests Rs 25 cr | compliance | low | — | — |
| 19 Oct 2026 · Diamond Power Infra appoints new CFO Kundip Thakker effective Oct 20, 2026 | compliance | minimal | — | — |
| 19 Oct 2026 · Diamond Power Infra appoints new CFO Kundip Thakker | management changes | high | — | — |
| 19 Oct 2026 · New CFO appointed; previous CFO re-designated as Deputy CFO | management changes | high | — | — |
| 9 Oct 2026 · RTA files SEBI compliance certificate for quarter ended Sep 2026 | compliance | minimal | — | — |
| 6 Oct 2026 · Clarification on board meeting timing for October 3 management change | management changes | high | — | — |
| 3 Oct 2026 · Diamond Power Infra appoints new COO; Kalpesh Patel steps down | management changes | high | — | — |
| 28 Sept 2026 · Trading window closed for insiders from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · AGM results: all 9 resolutions passed, office shifts to Ahmedabad | board shareholder meetings | 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.