Diamond Power Infrastructure secures ₹76.06 crore order for Gujarat transmission project
- Diamond Power Infrastructure secured a ₹76.06 crore order for underground power cables from a domestic private-sector EPC contractor.
- The contract is for a 66 kV transmission project in Gujarat, with deliveries starting at ~50 km/month.
- Total disclosed order book for the last three quarters stands at ₹2361.50 crore across eight orders.
- Order book coverage is now 4.08 quarters of average quarterly revenue.
- Recent large wins include contracts from Adani Energy Solutions Limited and Larsen & Toubro Ltd.

*this image is generated using AI for illustrative purposes only.
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.
| Quarter: | Total Order Inflow (Rs Cr): | Key Awarding Entities: |
|---|---|---|
| Q2FY27 (Jul-Sep 2026) | 2361.50 | Adani Energy Solutions Limited, Aurionpro Solutions Limited, Larsen & Toubro Ltd (HYD22 & 23), Sterling and Wilson Ltd (HYD24 & 25) and Blue Star (HYD26), Rajesh Power Services Limited |
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.
| Quarter: | Revenue (Rs Cr): | Net Profit (Rs Cr): | OPM (%): |
|---|---|---|---|
| Q4FY26 | 702.90 | 56.90 | 10.63% |
| Q3FY26 | 474.70 | 49.70 | 14.58% |
| Q1FY27 | 697.60 | 58.50 | 11.16% |
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.
Historical Stock Returns for Diamond Power Infrastructure
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +4.99% | +6.23% | -3.45% | +160.78% | +138.99% | +2,92,816.66% |
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?


































