Dynamic Cables Q2 FY27 results: net profit up 12.8% to ₹22.15 crore, revenue up 29.0%

How did Dynamic Cables perform in Q2 FY27?

Dynamic Cables reported standalone revenue of ₹363.19 crore for Q2 FY27, against ₹281.56 crore in Q2 FY26, a rise of ₹81.63 crore or 29.0%. Total income was ₹364.24 crore, up ₹81.50 crore or 28.8%. The figures are on a standalone basis, as stated in the reviewed financial results filed with BSE on 27 October 2026.

EBITDA for the quarter was ₹36.35 crore, up ₹5.53 crore or 17.9% from ₹30.82 crore a year earlier, and the EBITDA margin was 10.0% against 10.9% in Q2 FY26. Profit before tax rose to ₹29.68 crore from ₹26.33 crore, and net profit was ₹22.15 crore against ₹19.64 crore, with basic EPS of ₹4.57 compared with ₹4.05.

Against Q1 FY27, revenue increased by ₹14.09 crore or 4.0%, from ₹349.10 crore to ₹363.19 crore. EBITDA fell ₹1.65 crore or 4.3% to ₹36.35 crore, the margin narrowed to 10.0% from 10.9%, and net profit declined ₹2.80 crore or 11.2% to ₹22.15 crore from ₹24.95 crore. Basic EPS was ₹4.57 against ₹5.15 in the previous quarter.

What changed in Dynamic Cables' costs and profit?

Total expenses rose ₹78.15 crore or 30.5% year on year to ₹334.56 crore, outpacing the rise in revenue. Cost of materials consumed was the largest increase, up ₹90.30 crore or 39.3% to ₹320.19 crore, while employee benefit expense rose ₹0.84 crore or 6.8% to ₹13.14 crore.

Finance costs increased ₹1.39 crore or 48.6% to ₹4.25 crore, and depreciation and amortisation rose ₹0.67 crore or 23.8% to ₹3.48 crore. Other expenses fell ₹4.08 crore or 26.7% to ₹11.21 crore, and other income declined ₹0.14 crore or 11.8% to ₹1.05 crore. There was no exceptional item.

Tax expense rose ₹0.83 crore or 12.4% to ₹7.53 crore. As a result, profit before tax increased 12.7% to ₹29.68 crore and net profit rose 12.8% to ₹22.15 crore, with the net profit margin at 6.1% against 7.0% in Q2 FY26. The filings do not state a reason for the increase in the cost of materials consumed or finance costs.

How did the first half of FY27 go?

In the first half of FY27, standalone revenue was ₹712.29 crore, up ₹168.70 crore or 31.0% from ₹543.59 crore in H1 FY26. Total income was ₹714.53 crore against ₹547.52 crore, a rise of ₹167.01 crore or 30.5%.

Profit before tax for H1 FY27 was ₹63.14 crore, up ₹12.44 crore or 24.5% from ₹50.70 crore, and net profit was ₹47.10 crore against ₹37.84 crore, up ₹9.26 crore or 24.5%. Basic EPS for the first half was ₹9.72 compared with ₹7.81 in the year-ago period. The reviewed results were prepared under Ind AS 34 and approved by the board on 27 October 2026.

What do the balance sheet and cash flow show?

Total assets stood at ₹738.94 crore on 30 September 2026, against ₹682.66 crore at 31 March 2026, while total equity was ₹502.08 crore compared with ₹457.24 crore. Borrowings were ₹37.31 crore against ₹40.39 crore, and cash and cash equivalents were ₹0.15 crore at both dates.

Inventories rose to ₹243.43 crore from ₹172.79 crore, trade receivables fell to ₹274.44 crore from ₹287.88 crore, and trade payables rose to ₹168.20 crore from ₹159.36 crore. The press release separately reported total borrowing of ₹115.0 crore, including off-balance-sheet LC creditors, and cash and equivalents of ₹33.2 crore at 30 September 2026.

For H1 FY27, operating cash flow was ₹6.66 crore against ₹20.19 crore in H1 FY26. Investing cash flow was ₹5.80 crore compared with a negative ₹30.78 crore, financing cash flow was a negative ₹12.47 crore against ₹10.58 crore, and capital expenditure was ₹19.52 crore compared with ₹25.48 crore.

How has Dynamic Cables done over the last 8 quarters?

Revenue rose year on year in each of the last eight quarters. Across the reported series, revenue was lowest at ₹251.5 crore in Q3 FY25 and highest at ₹363.19 crore in Q2 FY27, while the sequential direction in the latest quarter was upward from ₹349.10 crore in Q1 FY27.

Net profit reached its peak of ₹24.95 crore in Q1 FY27 and fell to ₹22.15 crore in Q2 FY27, the lowest level since Q3 FY25's ₹15.8 crore. The EBITDA margin peaked at 11.5% in Q3 FY26 and eased to 10.0% in Q2 FY27 from 10.9% in the preceding quarter.

What else did the company announce?

The board approved the unaudited financial results for the quarter and half year ended 30 September 2026 and took on record the limited review report of A Bafna & Co. The trading window for designated persons and their immediate relatives was to remain closed until 48 hours after dissemination of the announcement.

A filing dated 26 October 2026 stated that plant and machinery had been installed at the company's newly established manufacturing facility at Reengus, District Sikar, Rajasthan. With production commencing, management estimated that installed production capacity would increase by approximately 20%.

The board also took note of a BSE fine of ₹2,000 plus applicable GST, totalling ₹2,360, for a one-day delay in filing the shareholding pattern for the quarter ended 30 June 2026. The board described the delay as inadvertent, arising from a misinterpretation of the applicability of integrated filing provisions, and advised the secretarial team to strengthen internal processes.

What did Dynamic Cables' management say?

The Chief Financial Officer said the order book stood at approximately INR829 crores, providing revenue visibility for the coming quarters. The Managing Director said the outlook for the power infrastructure sector remained encouraging, driven by investments in transmission and distribution, renewable energy, and industrial development.

Management maintained long-term overall sales and value growth at around 20% CAGR and an EBITDA margin range of 10%-11%, and said finance cost would remain below 15% of EBITDA, currently around 10%-11% on a six-month basis. Management declined to give precise FY27 or FY28 revenue targets but said FY27 could exceed the long-term 20% framework given H1 performance.

Management identified export constraints from freight, insurance, tariffs and geopolitical disruption, quarterly gross-margin volatility from order and product mix, commodity exposure on the 10%-20% of contracts with fixed prices, and ramp-up risk for the new plant. It also said data-centre cable timing depends on product readiness and testing.

How did Dynamic Cables shares react?

The filing appeared during market hours, with the stock at ₹375.20 against a prior close of ₹354.40. From the price when the filing appeared, the shares were down 9.9% after five minutes, down 7.2% after 15 minutes and down 7.3% after 30 minutes. On the reaction day, the stock closed 4.8% below its pre-results close.

By the next day's close, the stock was down 4.9% from its pre-results close, and by the fifth session it was down 7.0%. The Cables - Electricals industry median moved 2.3% on the reaction day, 1.6% by the next close and 0.1% by the fifth session, leaving the stock behind the industry median by 7.0 percentage points, 6.6 percentage points and 7.1 percentage points respectively.

Earlier results-day moves were mixed. The shares moved up 15.7% on 20 July 2026, fell 20.2% on 12 May 2026, rose 6.6% on 27 January 2026 and fell 7.1% on 28 October 2025.

How did other Cables - Electricals companies do?

Five other Cables - Electricals companies that had filed for the quarter were compared with Dynamic Cables. Their median revenue growth was 38.5%, against 29.0% revenue growth for Dynamic Cables in Q2 FY27.

Four of the other companies grew revenue faster than Dynamic Cables, while one grew more slowly. Among the four peers for which profit was compared, four reported higher profit.