NSE: DYCL · BSE: 540795
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. HV (high-voltage) cables (68%), LV (low-voltage) cables (30%), Conductors (2%). Capital-intensive cable manufacturer exposed to aluminium and copper prices
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 564 | 669 | 768 | 1,025 | 1,198 |
| EBITDA (ex other income) | 60 | 63 | 77 | 105 | 130 |
| margin % | 10.6 | 9.4 | 10.1 | 10.3 | 10.8 |
| Owners' profit | 31 | 31 | 38 | 65 | 84 |
| EPS, as reported (₹) | 14.04 | 14.09 | 17.16 | 27.31 | 17.42 |
| ROE % · ROCE % | 20.9 · 31.4 | 17.5 · 30.4 | 17.7 · 32.3 | 17.3 · 26.5 | 18.5 · 26.7 |
| Debt / equity (x) | 0.52 | 0.46 | 0.56 | 0.15 | 0.09 |
| Cash from operations | 64 | 27 | 1 | 56 | 62 |
| Capex | (6) | (13) | (21) | (25) | (57) |
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 | 234 | 252 | 331 | 262 | 282 | 299 | 355 | 349 |
| Profit before tax | 18 | 21 | 31 | 24 | 26 | 30 | 32 | 33 |
| Net profit | 14 | 16 | 24 | 18 | 20 | 22 | 24 | 25 |
| EPS (₹) | 5.72 | 6.52 | 9.73 | 3.76 | 4.05 | 4.63 | 4.99 | 5.15 |
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. % |
|---|---|---|---|---|---|---|---|---|
| POLYCAB INDIA LIMITED | 1,15,996 | 40.3 | 9.57 | 27.3 | 22.3 | 28.9 | 26.5 | 15.1 |
| KEI INDUSTRIES LTD. | 36,806 | 36.9 | 5.52 | 25.6 | 13.8 | 17.9 | 22.9 | 13.0 |
| R R KABEL LIMITED | 25,055 | 41.2 | 9.73 | 30.7 | 19.1 | 23.9 | — | 10.4 |
| FINOLEX CABLES LTD | 17,543 | 21.9 | 2.88 | 17.6 | 11.7 | 14.1 | 18.0 | 16.7 |
| UNIVERSAL CABLES LTD | 4,616 | 23.0 | 2.44 | 20.0 | 8.6 | 5.0 | 18.7 | 10.0 |
| PARAMOUNT COMM LTD | 1,944 | 32.0 | 2.50 | 17.5 | 7.7 | 10.2 | 29.8 | 7.1 |
| DYNAMIC CABLES LIMITED ◆ | 1,633 | 17.9 | 3.57 | — | 18.5 | 24.2 | — | 11.2 |
| QUADRANT FUTURE TEK LTD | 1,624 | — | 6.30 | — | (16.6) | (19.8) | — | (7.1) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.9 | 21.9 | 4 of 11 | 70% |
| P/B | 3.6 | 3.2 | 6 of 10 | 44% |
| ROCE | 24.2 | 13.5 | 3 of 13 | 83% |
| ROE | 18.5 | 8.6 | 3 of 11 | 80% |
| Debt / Equity | 0.1 | 0.1 | 5 of 11 | 60% |
| EBITDA margin | 11.2 | 10.2 | 4 of 10 | 67% |
| Revenue growth | 33.2 | 36.1 | 6 of 10 | 44% |
| Profit growth | 37.0 | 35.0 | 5 of 10 | 56% |
| Market cap | 1633 | 1788 | 7 of 12 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Newspaper publication of September 2026 unaudited quarterly results | compliance | minimal | — | — |
| 27 Oct 2026 · Audio recording of Dynamic Cables second-quarter FY27 results call posted | investor communications | low | — | — |
| 27 Oct 2026 · Q2 and H1 FY27 revenue rises 29 to 31 percent; PAT up 13 to 24 percent | results | high | — | — |
| 27 Oct 2026 · Q2 FY27 revenue up 29%, but operating cash outflow widens to INR 7,653 lakh | results | high | — | — |
| 27 Oct 2026 · Dynamic Cables Q2 revenue rises 29%, but profit margin narrows | results | high | — | — |
| 27 Oct 2026 · BSE fine for one-day delay in shareholding pattern filing | regulatory legal | high | — | — |
| 26 Oct 2026 · New Reengus plant commissioned, lifting installed capacity by about 20% | capex operations | high | — | — |
| 22 Oct 2026 · Dynamic Cables to discuss September 2026 quarter results on October 27 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board meeting set for October 27 financial results | results | low | — | — |
| 12 Oct 2026 · Regulation 74(5) compliance certificate for Q2 FY27 | compliance | minimal | — | — |
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.