Diamond Power Infrastructure has submitted its Business Responsibility and Sustainability Report (BRSR) for FY26 to the stock exchanges. The filing discloses the company’s standalone performance across environmental, social, and governance parameters for the financial year ended March 2026.

The report highlights a turnover of ₹19,444.67 crore and a net worth of ₹614.56 crore. The entity operates primarily in the manufacturing of cables and conductors, with 100% of its turnover derived from this segment.

Environmental Performance

The company reported significant changes in its energy consumption and greenhouse gas emissions compared to the previous year. Total energy consumption from non-renewable sources rose to 10,40,78,448 MJ from 7,78,08,636 MJ in FY25.

Despite the increase in absolute energy use, total Scope 1 and Scope 2 GHG emissions fell sharply to 13,933.91 metric tonnes of CO2 equivalent from 27,218.13 metric tonnes in FY25. This reduction drove the emission intensity per rupee of turnover down to 7.17 from 24.41.

Water withdrawal increased to 25,034.52 kilolitres, up from 17,296 kilolitres in the prior year. The company disposed of 5.78 metric tonnes of hazardous waste, a decrease from 8.67 metric tonnes in FY25.

Employee Welfare and Safety

Diamond Power Infrastructure employed 254 permanent employees and engaged 1,200 workers during the year. The workforce is predominantly male, with women constituting 10.63% of employees and none among the worker category. The company reported a permanent employee turnover rate of 7%, down from 8% in FY25.

Training coverage remained high, with 96% of employees and 100% of workers receiving awareness programmes on safety and skills. The cost incurred on well-being measures stood at 0.38% of total revenue, lower than the 0.58% recorded in FY25.

Governance and Stakeholder Engagement

The board comprises six directors, including one woman (16.67% representation). Key Management Personnel included one female member, representing 50% of the KMP group. The company received 10 shareholder complaints during FY26, all of which were resolved by year-end. No complaints were filed regarding sexual harassment or child labour.

What the Numbers Show

A notable divergence exists between the company’s rising operational intensity and its improving carbon efficiency. While total non-renewable energy consumption increased by over 33% and water withdrawal rose by approximately 45%, the combined Scope 1 and Scope 2 GHG emissions dropped by nearly 49%. This suggests that the additional energy input was likely derived from lower-carbon sources or that process efficiencies significantly decoupled energy usage from carbon output, despite the higher volume of physical resources consumed.

Diamond Power Infrastructure has secured a new order valued at ₹52.86 crore from Aurionpro Solutions Limited. The contract covers the supply of HT and LT electrical cables for a hyperscale data centre campus at Hyderabad.

WHAT HAPPENED

The scope comprises approximately 130 kilometres of cable, including 1100 V grade XLPE-insulated FRLS-sheathed copper conductor cable and 33 kV grade aluminium XLPE armoured FRLS cable. Supplies commence immediately on a staggered basis.

ORDER IN FINANCIAL CONTEXT

The ₹52.86 crore order adds to the company's existing disclosed order book, which now stands at ₹2308.64 crore across seven orders in the last three fiscal quarters. This total backlog provides coverage for 3.99 quarters of average quarterly revenue, offering clear execution visibility for the near term. The order value represents approximately 9.1% 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 ₹2308.64 crore received across multiple entities. The current order from Aurionpro 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 ₹2308.64 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 three quarters.

KEY OBSERVATIONS

• Valuation check (as of 22 Aug 2026): P/E of 110.0x against ROCE of 3.49%. At the time of this article, valuation was pricing in execution improvement not yet visible in return ratios. (P/E is price-derived and will change; ROCE is from audited financials)
• Backlog signal: Book-to-bill of 3.99x. At this level, execution capacity becomes the binding constraint.
• Leverage flag: Total Liabilities/Equity of -4.98x; balance sheet carries elevated liabilities, and ability to fund working capital for the existing backlog should be monitored.