Diamond Power Infrastructure Limited reported total revenue of ₹1,910 crore for FY26, marking a significant increase from ₹1,115 crore in the previous year. The company also posted profit after tax of ₹158 crore, up from ₹34 crore, driven by a strategic shift toward higher-value medium- and extra-high-voltage cables.

The financial turnaround was highlighted during the company's 34th Annual General Meeting held on September 25, 2026. The Chairman noted that the improvement in margins was primarily attributed to the increased focus on premium cable segments, which enhanced overall profitability.

Financial Performance Highlights

The company’s EBITDA rose to ₹224 crore with the margin improving to 11.7% from 6% in the prior year. This substantial expansion in operating profitability reflects better operational efficiency and product mix optimization.

Balance Sheet Strengthening

The company has substantially completed its obligations under the NCLT-approved Resolution Plan. It prepaid instalments to lenders ahead of schedule by one year, originally scheduled for September 2027. In July 2026, Diamond Power Infrastructure raised approximately ₹1,614 crore through a Qualified Institutions Placement (QIP). This capital infusion not only strengthened the balance sheet but also enabled compliance with the Minimum Public Shareholding requirement.

What the Numbers Show

A clear divergence exists between the top-line growth and margin expansion. While revenue grew by approximately 71%, the EBITDA margin expanded by 570 basis points, indicating that the profit growth was disproportionately driven by operational leverage and product mix rather than volume alone. The shift to higher-value cables likely reduced cost intensity per unit of revenue, allowing fixed costs to be spread over a more profitable base.

Governance and Compliance Updates

During the AGM, the Board addressed several qualified audit reports for FY26:

• Statutory Audit: M/s Naresh & Co. issued a qualified report regarding the maintenance of the Fixed Assets Register and impairment assessment.
• Secretarial Audit: M/s Ashish Shah & Associates flagged non-compliance with Minimum Public Shareholding requirements, which was subsequently resolved via the QIP.
• Cost Audit: M/s Dalwadi & Associates issued qualifications linked to the statutory auditor’s observations.

Key resolutions passed included the re-appointment of Mr. Rakesh Ramanlal Shah as Director, the appointment of Mr. Umeshkumar Chhaya as Whole-time Director, and the approval to shift the registered office from Vadodara to Ahmedabad.

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.