DIACABS
Diamond Power Infrastructure share price & financials
- Price
- ₹222.38
- Market cap
- ₹21.3k Cr
- Sector
- Capital Goods
- Calls analysed
- 1
Diamond Power Infrastructure Limited Q1 FY27
What went well
- Revenue grew by 129% YoY to ₹690 crores despite challenging monsoon conditions.
- EBITDA expanded by 172% YoY to ₹85 crores, with margin improving by nearly 200 bps to 12.3%.
- Profit After Tax (PAT) surged by 191% to ₹58.5 crores, achieving a net margin of 8.5%.
What to watch
- Q1 FY27 performance was impacted by early and heavy monsoon in Gujarat, flooding customer installation sites and disrupting cable laying.
- Raw material price volatility (aluminum and copper) and execution of older order book at pre-price hike rates led to gross margin pressures, though offset by operating leverage.
What Diamond Power Infrastructure Limited does
Diamond Power Infrastructure Limited (DICABS) is a vertically integrated manufacturer of power cables and aluminium conductors, backward-integrated from aluminium rod production through to finished cables and conductors at a single mega-facility in Vadodara, Gujarat. It makes low-voltage, high-voltage and extra-high-voltage cables (up to 400 kV) alongside a range of conductors (ACSR, AAAC, AL-59, HTLS, MVCC and GAP-type) supplied to government and private power-distribution companies (discoms), EPC contractors, and industrial and export customers for power generation, transmission, distribution and data-centre applications. The company traces its conductor business to 1970 and was listed in 1993, and has recently become the licensed Indian manufacturing partner for US-based TS Conductor's advanced HTLS (AECC) technology.
Segments
- LT Cables
- HT Cables
- Conductors
- Manufacturing facility
- Single integrated rod-to-cable mega-facility at Vadadala, Savli, Vadodara, Gujarat
- Installed conductor capacity
- Over 250,000 MT per annum across two manufacturing lines
- Installed LV cable capacity
- 34,300 CKM per annum
- Installed MV/HV cable capacity
- 19,500 CKM per annum
- Installed EHV cable capacity
- 2,000 CKM per annum
- Maximum voltage capability
- EHV cables manufactured up to 400 kV
Guidance record · Q1 FY27
what the last two calls moved 14 tracked 0 delivered 0 missed 14 open- Full Year Revenue open said Q1 FY27 Promised: ₹4,300-4,500 crores Q1 FY27: On that basis, we are firmly on track to deliver a full year top line in the range of INR4,300 crores to INR4,500 crores.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 128.5%, net profit up 262.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 250 | 307 | 334 | 302 | 438 +75% | 474 +54% | 696 +108% | 690 +128% |
| EBITDA | 13 | 16 | 14 | 31 | 46 +254% | 69 +331% | 78 +457% | 77 +148% |
| Net profit | 4 | 6 | 8 | 16 | 28 +600% | 50 +733% | 57 +613% | 58 +263% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +149.6% 1Y
1Y: ₹147.84 on 10 Sept 2025 → ₹369.05. High ₹369.05 (11 Sept 2026), low ₹117.94 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.3%
- 14 Aug
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 403.1% a year over 3 years, FY23 to FY26. Operating margin widened to 11.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹15 Cr | ₹343 Cr | ₹1.1k Cr | ₹1.9k Cr |
| Operating profit | ₹-23 Cr | ₹42 Cr | ₹67 Cr | ₹224 Cr |
| Operating margin | -153.3% | 12.2% | 6.0% | 11.7% |
| Interest | ₹0 Cr | ₹6 Cr | ₹13 Cr | ₹39 Cr |
| Depreciation | ₹19 Cr | ₹20 Cr | ₹20 Cr | ₹30 Cr |
| Net profit | ₹-43 Cr | ₹17 Cr | ₹35 Cr | ₹151 Cr |
| Net margin | -286.7% | 5.0% | 3.1% | 7.9% |
| Cash from operations | — | ₹16 Cr | ₹77 Cr | ₹-80 Cr |
| Free cash flow | — | ₹-1 Cr | ₹10 Cr | ₹-162 Cr |
| ROCE | — | — | — | 26.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹270 Cr | ₹270 Cr | ₹53 Cr | ₹53 Cr | ₹53 Cr | ₹53 Cr |
| Reserves | ₹-866 Cr | ₹-891 Cr | ₹-1.0k Cr | ₹-1.0k Cr | ₹-767 Cr | ₹-657 Cr |
| Borrowings | ₹2.0k Cr | ₹2.0k Cr | ₹367 Cr | ₹456 Cr | ₹610 Cr | ₹2.5k Cr |
| Other liabilities | ₹611 Cr | ₹623 Cr | ₹2.0k Cr | ₹2.0k Cr | ₹2.2k Cr | ₹471 Cr |
| Total liabilities | ₹2.0k Cr | ₹2.0k Cr | ₹1.4k Cr | ₹1.5k Cr | ₹2.0k Cr | ₹2.4k Cr |
| Fixed assets | ₹1.1k Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.2k Cr |
| Capital work in progress | ₹188 Cr | ₹188 Cr | ₹188 Cr | ₹198 Cr | ₹129 Cr | ₹152 Cr |
| Investments | ₹12 Cr | ₹12 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹689 Cr | ₹692 Cr | ₹149 Cr | ₹263 Cr | ₹733 Cr | ₹1.1k Cr |
| Total assets | ₹2.0k Cr | ₹2.0k Cr | ₹1.4k Cr | ₹1.5k Cr | ₹2.0k Cr | ₹2.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −0.57 pp while FIIs added +0.36 pp. The shareholder count grew 32% to 64,103.
- Promoters
- 84.0%
- FIIs
- 1.8%
- DIIs
- 0.2%
- Public
- 14.0%
Since Jun 2025
- Public −0.57 pp
- FIIs +0.36 pp
- DIIs +0.22 pp
How it drifted, 12 quarters
Over this window promoters went from 11.4% to 84.0% — +72.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 11.4%, FIIs 0.8%, DIIs 66.7%, Public 21.2%.Dec '23: Promoters 11.4%, FIIs 0.8%, DIIs 57.9%, Public 29.9%.Mar '24: Promoters 94.9%, FIIs 0.0%, Public 5.1%.Jun '24: Promoters 90.6%, FIIs 0.1%, Public 9.3%.Sep '24: Promoters 90.6%, FIIs 0.0%, Public 9.4%.Dec '24: Promoters 90.0%, FIIs 0.0%, Public 10.0%.Mar '25: Promoters 90.0%, FIIs 0.0%, Public 10.0%.Jun '25: Promoters 84.0%, FIIs 1.4%, DIIs 0.0%, Public 14.6%.Sep '25: Promoters 84.0%, FIIs 1.4%, DIIs 0.1%, Public 14.4%.Dec '25: Promoters 84.0%, FIIs 0.4%, DIIs 0.1%, Public 15.4%.Mar '26: Promoters 84.0%, FIIs 0.4%, DIIs 0.1%, Public 15.6%.Jun '26: Promoters 84.0%, FIIs 1.8%, DIIs 0.2%, Public 14.0%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Diamond Power Infrastructure Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| GSEC Limited | 29.68% | unchanged |
| Himanshu Jayantilal Shah | 15.18% | unchanged |
| Monarch Infraparks Private Limited | 7.85% | unchanged |
| Rakesh Ramanlal Shah | 6.64% | unchanged |
| Shaishav Rakeshkumar Shah | 5.69% | unchanged |
| Kinnari Vaibhav Shah | 3.80% | unchanged |
| Vaibhav Jayantilal Shah | 3.80% | unchanged |
| Bela Himanshu Shah | 3.80% | unchanged |
| Bankim Jayantilal Shah | 3.80% | unchanged |
| Vrushali Himanshu Shah | 1.90% | unchanged |
| Anushree Himanshu Shah | 1.90% | unchanged |
| Unitbhai Shantilal Mehta | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in DIACABS
Filings to Jul 2026
5 new, 0 added, 0 trimmed, 0 sold out — net +125.20 L shares.
- Held by funds
- ₹406 Cr
- 5 schemes
- Biggest holder
- HDFC Flexi Cap Fund
- ₹225 Cr · 0.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹225 Cr | new | Jul '26 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹75 Cr | new | Jul '26 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹50 Cr | new | Jul '26 |
| HDFC Value Fund HDFC Mutual Fund | ₹35 Cr | new | Jul '26 |
| HDFC Infrastructure Fund HDFC Mutual Fund | ₹20 Cr | new | Jul '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Jul 2026
0 added, 0 trimmed — net +1.25 cr shares
- Funds are sitting on
- -31%
- vs est. average cost
- Held by funds
- ₹406 Cr
- 5 schemes · ≈ 1.3% of the company
- Biggest holder
- HDFC Flexi Cap Fund
- ₹225 Cr · 0.2% of that fund
Learn to analyse Diamond Power Infrastructure Limited
Guides on how to read this kind of business and the numbers that matter.