Diamond Power Infrastructure Limited will add a new Catenary Continuous Vulcanisation (CCV) line for cables up to 132 kV at its Vadodara plant. The company announced the expansion on October 22, 2026, citing growing demand for high-voltage and extra-high-voltage underground cables from state utilities and renewable energy parks.

The project requires an investment of ₹25 crore, including floor extension costs. Diamond Power stated that the entire expenditure will be funded through internal accruals. The machinery is scheduled for delivery by August 2027, with commissioning targeted for December 31, 2027.

Capacity and Investment Details

The new line will enhance the company's existing EHV cable capacity. Currently, Diamond Power operates six CCV lines with an estimated capacity of ~2,000 km per annum. The addition of this seventh line aims to address specific customer requests for larger volumes on shorter timelines.

Strategic Rationale

The expansion is designed to meet the rising demand for HV/EHV underground cables. Kavish Shah, Vice President at Diamond Power Infrastructure, noted that the new line strengthens the company's position as a leading manufacturer of MV and EHV cables. The facility will leverage existing in-house resources, including aluminium rod mills, compounding units, and NABL-accredited high-voltage test laboratories rated up to 765 kV.

What the Numbers Show

The decision to invest in additional capacity despite current utilisation standing at 60% suggests confidence in near-term order inflows rather than immediate volume pressure. The company explicitly links this capital expenditure to an "EHV order book" that is growing steadily, indicating that the expansion is demand-led rather than speculative. Funding the project entirely through internal accruals avoids diluting equity or increasing debt, preserving balance sheet flexibility during the construction phase.

Diamond Power Infrastructure appointed Kundip S. Thakker as Chief Financial Officer and Key Managerial Personnel (KMP) effective October 20, 2026. The appointment follows the cessation of the previous CFO, Pawan Lohiya, who remains with the company in a re-designated role.

Thakker brings over 26 years of experience in financial management, strategic planning, corporate finance, treasury, fundraising, and financial controls across diverse industries. His professional background includes significant roles in capital markets and treasury operations for large enterprises.

Professional Background

Most recently, Thakker served as the Chief Financial Officer of Stelmec Limited, a medium-voltage switchgear and smart power solutions company. During his tenure there, he led financial strategy, controls, fundraising, investor relations, and IPO preparedness. This included overseeing a private equity raise of ₹175 crore in 2024.

Prior to joining Stelmec in June 2024, he spent approximately ten years at Blue Star Limited as Head of Treasury and Shared Services (P2P). In this role, he managed treasury and banking operations, working capital, foreign exchange exposure, trade finance, and banking limits of about ₹6,000 crore across 16 banks. He also handled capital raising activities, including a ₹1,000 crore Qualified Institutional Placement (QIP) in September 2023.

His earlier career includes senior finance and commercial roles at Black Box Limited (Essar Group), ABB Limited, Reliance Industries Limited, Navneet Education Limited, and Borkar Packaging Private Limited.

Qualifications and Recognition

Thakker is a Cost and Management Accountant (member of ICMAI) and holds an MBA in Finance from TIMS, Gujarat, along with a B.Com. from Gujarat University. He has completed the ICMAI Certificate Course in Treasury and International Banking and the IIM Indore Emerging CFO Programme.

He has received several industry awards, including:

• CFO of the Year (2025)
• Finance Leader of the Year (2025)
• Best Treasurer of the Year (2024)

Leadership Transition Details

The appointment necessitated a change in leadership structure. The previous CFO, Pawan Lohiya, ceased to hold the position at the close of business hours on October 19, 2026. However, this was not due to resignation. The individual has been re-designated as Deputy Chief Financial Officer and continues to be employed by the company effective October 20, 2026.

The company confirmed that Thakker is not related to any Director or Key Managerial Personnel of the company and is not debarred from holding such office by any order of SEBI or other authorities. The disclosure was made pursuant to Regulation 30(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.