Diamond Power Infrastructure has secured a new order valued at ₹76.06 crore from a domestic private-sector EPC contractor engaged in power transmission projects. The contract covers the supply of underground power cables for a 66 kV transmission project in Gujarat.

WHAT HAPPENED

The scope comprises the supply of 38/66 kV (E), 1 core, 630 sq. mm. aluminium conductor, XLPE insulated, copper wire screened, aluminium corrugated sheathed, HDPE outer sheathed underground power cables. The supplies are on an FOR site basis. Deliveries will commence upon manufacturing clearance at a scheduled rate of approximately 50 km per month, advanced in line with project requirements.

ORDER IN FINANCIAL CONTEXT

The ₹76.06 crore order adds to the company's existing disclosed order book, which now stands at ₹2361.50 crore across eight orders in the last three fiscal quarters. This total backlog provides coverage for 4.08 quarters of average quarterly revenue, offering clear execution visibility for the near term. The order value represents approximately 13.1% of the company's average quarterly revenue of ₹578.40 crore.

COMPANY ORDER TRACK RECORD

Order inflow velocity remained strong in Q2FY27, with a total of ₹2361.50 crore received across multiple entities. The current order complements recent large-ticket contracts from major infrastructure clients such as Adani Energy Solutions Limited and Larsen & Toubro Ltd.

EXECUTION AND REVENUE QUALITY

Revenue growth has been strong, with consolidated revenue rising from ₹474.70 crore in Q3FY26 to ₹702.90 crore in Q4FY26. Operating profit margins have remained stable, ranging between 10.63% and 14.58% over the last three quarters, indicating healthy margin quality despite volume increases.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

As Diacabs has sustained order wins, with a notable acceleration in recent quarters, its annual revenue has grown from ₹1115.90 crore in FY25 to ₹1910.10 crore in FY26, representing a YoY growth of +71.2% based on the latest annual data. This demonstrates that past order inflows are effectively converting into top-line expansion.

WORKING CAPITAL AND EXECUTION CAPACITY

The company maintains a current ratio of 2.04x, suggesting adequate liquidity to manage working capital requirements for the existing backlog. However, the Total Liabilities/Equity ratio stands at -4.98x, reflecting negative equity due to accumulated losses or reserves, which warrants monitoring as the company scales operations. Operating cashflow was positive at ₹77.30 crore in FY25, indicating reasonable cash conversion from operations.

WHAT TO WATCH

• Execution rate: Monitor quarterly revenue run-rate against the ₹2361.50 crore backlog to assess conversion speed.
• OPM trajectory: Watch for margin stability on new orders given the variable pricing linked to IEEMA indices where applicable.
• Client concentration: Evaluate if any single client accounts for more than 40% of the total disclosed order book.
• Working capital management: Ensure liquidity remains sufficient as order book coverage exceeds four quarters.

Diamond Power Infrastructure has secured an order worth ₹76.06 crore for the supply of 66 KV extra high voltage (EHV) underground cables for a transmission project in Gujarat.

Order details

The order pertains to the supply of 66 KV EHV underground cables, with the project located in Gujarat. The following table summarises the key details of the order as disclosed:

Significance of the order

The order underscores Diamond Power Infrastructure's presence in the high-voltage underground cable supply segment. The 66 KV EHV underground cable category is typically deployed in critical power transmission and distribution infrastructure, reflecting the nature of the Gujarat project.