DYNAMIC CABLES LIMITED

Manufactures electrical cables across three product lines — high-voltage (HV) cables, low-voltage (LV) cables and conductors. In Q1 FY27, HV cables made up 68% of sales, LV 30% and conductors 2%. Solar and renewable-energy cables account for roughly 20% of revenue, with management guiding 25–30% growth in this line over the next 3–4 years. Sells primarily to private-sector customers (71% of Q1 FY27 sales), with government customers at 16% and exports at 13%. The export share got a lift in Q1 FY27 from the first shipments to the US, entered via a distribution-led model after 15–18 months of licensing work. FY26 revenue was ₹1,197.82 crore with EBITDA margin of 11.38%. Materials (largely aluminium and copper) are by far the biggest cost at 83.3% of revenue, leaving employee costs at 3.9% and other operating expenses at 4.8%. The aluminium-cost link is also the main reason Q1 FY27 revenue growth of 33% was largely price-led, with volumes up only 5–6% year-on-year. A greenfield ₹45 crore plant is on track for September 2026 commissioning, with management targeting 80–85% utilisation by end-FY28.