Diamond Power Infrastructure secures ₹116.49 crore cable order from Polite Powertech
- Diamond Power Infrastructure secured a ₹116.49 crore order from Polite Powertech Limited for 11 kV XLPE cables.
- The order covers approx. 655 km of cables for delivery in Bhavnagar and Ahmedabad regions.
- Total disclosed order book in Q2FY27 stands at ₹2880.24 crore across 11 orders.
- Order book coverage is 4.98 quarters of average quarterly revenue.
- Consolidated revenue grew 71.2% YoY in FY26 to ₹1910.10 crore.

*this image is generated using AI for illustrative purposes only.
Diamond Power Infrastructure has received a ₹116.49 crore order from Polite Powertech Limited for the supply of 11 kV XLPE-insulated power cables, disclosed on 21 September 2026.
What Happened
The purchase order covers the supply of 11 kV (E) three-core aluminium XLPE-insulated power cables (3Cx300, 3Cx240, 3Cx95 and 3Cx70 sq mm), aggregating approximately 655 km. Delivery is at site in Bhavnagar and Ahmedabad regions, with lot-wise manufacturing against written clearance. Pricing is on a variable basis with base months of February, April and July 2026. The order value of ₹79.83 crore (including GST) under PO 277 is subject to receipt of the Letter of Award by the EPC contractor from UGVCL. The transaction is not related-party and was received in the ordinary course of business.
Diamond Power Infrastructure has now received orders from multiple domestic entity types in Q2FY27, including power distribution utilities, transmission solutions companies, private-sector EPC contractors, data centre developers, and multi-party data centre project consortia.
Order Details
| Order Date | Awarding Entity | Order Value (Rs Cr) | Classification | Scope |
|---|---|---|---|---|
| 21 Sep 2026 | Polite Powertech Limited | 116.49 | Large | Supply of approx. 655 km of 11 kV (E) three-core aluminium XLPE-insulated power cables for Bhavnagar and Ahmedabad regions |
| 17 Sep 2026 | A domestic EPC contractor, for a project of Maharashtra State Electricity Distribution Company Limited (MSEDCL) | 263.25 | Large | Supply of DICABS make MV & LV XLPE underground power cables, overhead conductors and control cables for MSEDCL urban project in Bhandup, Maharashtra |
| 15 Sep 2026 | Adani Electricity Mumbai Limited | 179.43 | Large | Supply of approx. 871 kms of 33 kV and 11 kV MV and 1.1 kV LV TR-XLPE underground power cables for Mumbai |
| 02 Sep 2026 | A domestic private-sector EPC contractor engaged in power transmission projects | 76.06 | Significant | 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 for a 66 kV transmission project in Gujarat |
| 22 Aug 2026 | Aurionpro Solutions Limited | 52.86 | Significant | LOI for supply of HT and LT electrical cables, approx. 130 kms, to a hyperscale data centre campus at Hyderabad |
| 11 Aug 2026 | Rajesh Power Services Limited | 195.48 | Large | Two Purchase Orders for supply of 11 kV (E) 3-core Aluminium XLPE Armoured (A2XFY) power cables for PGVCL's Disaster Management (SDMF) Scheme and System Improvement / Urban Underground programme |
| 15 Jul 2026 | Adani Energy Solutions Limited | 185.16 | Large | Supply of AL59 Aluminium Alloy Conductors: 1,050 Km of AL59 Moose Conductor for the Tuticorin Project and 3,770 Km of AL59 Zebra Conductor for the Pune-III Project |
| 05 Jul 2026 | Larsen & Toubro Ltd (HYD22 & 23), Sterling and Wilson Ltd (HYD24 & 25) and Blue Star (HYD26) | 435.71 | Large | Supply of HT and LT Power Cables for the 310 MW HYD22 to HYD26 Data Center Projects at Hyderabad, Telangana; approx. 21,35,324 meters in aggregate |
Order in Financial Context
The ₹116.49 crore order is classified as Large and forms part of a total disclosed order book of ₹2880.24 crore across eleven orders in the last three fiscal quarters. This provides order book coverage of 4.98 quarters of average quarterly revenue of ₹578.40 crore, equivalent to 1.24 years of annual revenue at the current run-rate.
Company Order Track Record
| Quarter | Total Order Inflow (Rs Cr) | Order Count | Key Awarding Entities |
|---|---|---|---|
| Q2FY27 (Jul-Sep 2026) | 2,880.24 (11 orders) | A domestic private-sector EPC contractor engaged in power transmission projects, Adani Electricity Mumbai Limited, Adani Energy Solutions Limited, Aurionpro Solutions Limited, Larsen & Toubro Ltd (HYD22 & 23), Sterling and Wilson Ltd (HYD24 & 25) and Blue Star (HYD26), Polite Powertech Limited, Rajesh Power Services Limited | A domestic EPC contractor, for a project of Maharashtra State Electricity Distribution Company Limited (MSEDCL), A domestic private-sector EPC contractor engaged in power transmission projects, Adani Energy Solutions Limited, Adani Electricity Mumbai Limited, Aurionpro Solutions Limited, Larsen & Toubro Ltd (HYD22 & 23), Sterling and Wilson Ltd (HYD24 & 25) and Blue Star (HYD26), Polite Powertech Limited, Rajesh Power Services Limited |
Execution and Revenue Quality
Consolidated revenue has grown from ₹474.70 crore in Q3FY26 to ₹702.90 crore in Q4FY26, with Q1FY27 revenue at ₹697.60 crore. Operating profit margins have ranged between 10.63% and 14.58% over the last three reported quarters.
| Quarter | Revenue (Rs Cr) | Net Profit (Rs Cr) | OPM (%) |
|---|---|---|---|
| Q1FY27 | 697.60 | 58.50 | 11.16% |
| Q4FY26 | 702.90 | 56.90 | 10.63% |
| Q3FY26 | 474.70 | 49.70 | 14.58% |
Revenue Growth: Order Wins Translating to Revenue
Annual consolidated revenue grew from ₹1115.90 crore in FY25 to ₹1910.10 crore in FY26, representing a year-on-year increase of +71.2%. Net profit rose from ₹34.50 crore in FY25 to ₹158.97 crore in FY26, a year-on-year increase of +360.8%.
Working Capital and Execution Capacity
The company maintains a current ratio of 2.04x, indicating adequate liquidity relative to current liabilities. The Total Liabilities/Equity ratio stands at -4.98x, reflecting negative equity; this figure includes trade payables and other non-debt liabilities and is a proxy measure only, as per the source data. Operating cashflow was positive at ₹77.30 crore in FY25, up from ₹15.80 crore in FY24.
What to Watch
- Execution rate: Monitor quarterly revenue run-rate against the ₹2880.24 crore disclosed backlog to assess conversion speed.
- OPM trajectory: Watch for margin stability on new orders given variable pricing linked to aluminium/copper prices and IEEMA indices where applicable.
- Client concentration: Evaluate if any single client accounts for a disproportionate share of the total disclosed order book.
- Working capital management: Ensure liquidity remains sufficient as order book coverage exceeds four quarters of average quarterly revenue.
Historical Stock Returns for Diamond Power Infrastructure
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.86% | -1.02% | +2.58% | +187.30% | +125.54% | +2,43,433.31% |
How might the negative equity position (-4.98x liabilities/equity) impact Diamond Power's ability to secure additional financing for working capital as it executes the ₹2308 crore backlog?
Given the high P/E valuation of 110x, what specific execution metrics or margin expansions are required in upcoming quarters to justify current market expectations versus the low ROCE of 3.49%?
Will the company face supply chain constraints or raw material price volatility (linked to IEEMA indices) that could compress operating profit margins on the new Aurionpro and other recent large-ticket orders?


































