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 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

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.

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.

Diamond Power Infrastructure completed its NCLT resolution process a year ahead of schedule, fully paying off its ₹2401 crore resolution plan and resolving legacy legal issues.

Resolution milestone and what it means

The early exit from the NCLT process marks a significant corporate turnaround for Diamond Power Infrastructure. With the resolution plan fully paid off, the company has cleared the financial obligations that had kept it under insolvency proceedings. Legacy legal issues tied to the resolution process have also been resolved as part of this closure.

The company prepaid the entire consideration payable to erstwhile lenders under the NCLT-approved Resolution Plan. This amount, contractually payable over five years with the final instalment due on September 30, 2027, was discharged in full in September 2026. By availing pre-payment discounts extended by lenders, every obligation of the promoters stands fulfilled.

The resolution plan consisted of ₹501 crore in upfront cash consideration and ₹1900 crore in 30-year redeemable bonds carrying a coupon of 0.001%, redeemable at a net present value of 16% per annum. The acquisition was executed by a consortium comprising Mr Rakesh Shah, GSEC and the Monarch Group.

Path to fresh financing now open

The completion of the NCLT process removes a key structural barrier for the company. Diamond Power Infrastructure can now pursue credit ratings and access bank loans, both of which were unavailable during the insolvency period. These capabilities are essential for the company to engage in normal commercial and financing activities going forward.

With no outstanding obligations towards erstwhile lenders, the company is eligible to obtain credit ratings from recognised agencies. This opens access to bank credit, debt capital markets and institutional investors on standard commercial terms. Furthermore, the company's entire gross block, including its integrated manufacturing facility at Vadodara, plant machinery, rod mills and captive power assets, is free of resolution-era charges and available as security for working-capital and term financing.

All criminal proceedings involving the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), relating to conduct prior to the IBC acquisition, have been cleared by respective courts. This leaves the company with a clean slate, combining a debt-light balance sheet with a five-decade manufacturing legacy.

What the Numbers Show

The structure of the repayment highlights the efficiency of the turnaround. By prepaying the cash component one year early, the company accelerated its exit from regulatory oversight without altering the long-term bond liability. The ability to clear the upfront cash obligation ahead of the September 2027 deadline demonstrates strong cash generation or access to interim funding, allowing the firm to transition immediately from an 'insolved' status to a 'bankable' entity capable of securing new term finance against its asset base.