Delton Cables Q2 FY27 results: net profit up 98.6% to ₹12.49 crore, revenue up 48.3%

How did Delton Cables perform in Q2 FY27?

Delton Cables reported standalone revenue of ₹357.83 crore in Q2 FY27, up ₹116.49 crore or 48.3% from ₹241.34 crore in Q2 FY26. Revenue also rose ₹71.47 crore or 25.0% from ₹286.36 crore in Q1 FY27. The reported figures are standalone; the company did not provide a consolidated comparison.

EBITDA was ₹29.75 crore in Q2 FY27, compared with ₹18.21 crore in Q2 FY26 and ₹24.81 crore in Q1 FY27. The EBITDA margin was 8.3%, up 0.8 percentage points from 7.5% a year earlier but down 0.4 percentage points from 8.7% in the previous quarter.

Profit before tax rose to ₹15.20 crore from ₹7.92 crore in Q2 FY26 and ₹10.52 crore in Q1 FY27. Net profit increased to ₹12.49 crore from ₹6.29 crore and ₹7.59 crore, respectively, while basic EPS was ₹14.46, compared with ₹7.28 and ₹8.79.

What changed in Delton Cables' costs and profit?

Total expenses rose to ₹343.25 crore in Q2 FY27 from ₹233.94 crore in Q2 FY26, an increase of ₹109.31 crore or 46.7%. Cost of materials consumed was higher by ₹70.25 crore or 38.5% at ₹252.49 crore, while total expenses increased less rapidly than revenue.

Employee cost fell to ₹14.68 crore from ₹14.93 crore, a decline of ₹0.25 crore or 1.7%. Other expenses were lower by ₹0.17 crore or 0.9% at ₹17.92 crore, and depreciation was higher by ₹0.29 crore or 16.8% at ₹2.02 crore.

Finance costs increased by ₹4.07 crore or 44.9% to ₹13.14 crore. Other income rose by ₹0.09 crore or 17.3% to ₹0.61 crore, while tax expense was higher by ₹1.06 crore or 64.6% at ₹2.70 crore. There was no exceptional item in Q2 FY27.

How did the first half of FY27 go?

Delton Cables reported H1 FY27 revenue of ₹644.2 crore, up ₹246.53 crore or 62.0% from ₹397.67 crore in H1 FY26. Total income rose 61.9% to ₹645.43 crore from ₹398.59 crore.

Profit before tax increased to ₹25.72 crore from ₹12.4 crore, while profit after tax rose to ₹20.09 crore from ₹9.37 crore. H1 FY27 EPS was ₹23.25, compared with ₹10.84 in H1 FY26.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹892.28 crore, compared with ₹862.09 crore at 31 March 2026, while total equity rose to ₹361.74 crore from ₹343.38 crore. Borrowings were higher at ₹182.86 crore than ₹160.61 crore, and cash increased from ₹0.42 crore to ₹1.33 crore.

Inventories rose to ₹270.58 crore from ₹237.2 crore, trade receivables were ₹231.86 crore compared with ₹236.47 crore, and trade payables increased to ₹301.54 crore from ₹293.2 crore. H1 FY27 operating cash flow was ₹11.9 crore, against negative ₹30.47 crore in H1 FY26.

Investing cash flow was negative ₹4.28 crore in H1 FY27, compared with negative ₹10.34 crore in H1 FY26, while financing cash flow was negative ₹6.48 crore against positive ₹41.98 crore. Capital expenditure was ₹4.77 crore, compared with ₹10.72 crore in H1 FY26.

How has Delton Cables done over the last 8 quarters?

Revenue has risen year on year for eight consecutive quarters. It fell to ₹156.33 crore in Q1 FY26 before reaching ₹357.83 crore in Q2 FY27, the highest quarterly revenue in the period shown. The latest quarter increased 25.0% from Q1 FY27.

Net profit reached its highest level in Q2 FY27 at ₹12.49 crore, compared with its low of ₹1.26 crore in Q4 FY26. It has risen year on year for two consecutive quarters.

The EBITDA margin fell to 4.5% in Q4 FY26, then rose to 8.7% in Q1 FY27 before easing to 8.3% in Q2 FY27. The latest margin remains above the 7.5% reported in Q2 FY26.

What else did the company announce?

The Board approved the un-audited financial results for the quarter and half-year ended 30 September 2026, along with the limited review report, at its meeting on 3 November 2026. The Audit Committee reviewed the results, and the statutory auditors expressed an unmodified audit opinion.

The same-day filings did not announce a dividend, fund raise or appointment. The investor presentation was also filed with BSE and made available on the company’s website.

What did Delton Cables' management say?

Management said the company aims to maintain its working-capital cycle at less than 75-80 days. It identified revenue growth, margin expansion, efficient capital allocation and a focus on demand-led selling as priorities.

Management said the phased capacity plan for 2024-2030 would install top-tier machinery in leased facilities under an OPEX-led asset-light model, while maximising the use of existing assets before adding capacity. It also highlighted railway electrification, telecom 5G and data-centre demand as growth areas.

Management identified 87% of the ₹4,715 million September order book as EPC and cited concentrated clients and a non-diversified segment mix as transformation hurdles. It also noted that capacity utilisation fell to 66% in FY26 from 81% in FY25 as fresh capacity was added. The presentation also highlighted power-cable approvals and planned expansion into nuclear, defence, water and smart metering.

How did Delton Cables shares react?

The stock did not move during the first 30 minutes after the after-market filing. On the reaction day, it was up 5.0% from its pre-results close, compared with a 2.3% median move for the other stocks in the industry, a 2.7 percentage-point excess return.

By the next day’s close, the stock was up 10.2% from its pre-results close, compared with a 2.5% industry median, an excess move of 7.8 percentage points. Earlier reaction-day moves were mixed: 19.7% on 11 August 2026, negative 16.0% on 27 May 2026 and negative 8.7% on 12 February 2026.

How did other Other Electrical Equipment companies do?

Twenty-three Other Electrical Equipment companies that had filed for the quarter were compared with Delton Cables. Their median revenue growth was 39.4%, against Delton Cables’ 48.3% growth in Q2 FY27. Fourteen peers grew more slowly than the company and nine grew faster.

Among the 21 peers for which profit was compared, 12 reported higher profit. Delton Cables reported 98.6% year-on-year growth in net profit for Q2 FY27.