DYCL

Dynamic Cables share price & financials

Price
₹366.75
Market cap
₹1.9k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 20 Jul 2026

Dynamic Cables Limited Q1 FY27

Revenue — +33%EBITDA ₹38 cr +41%EBITDA Margin 10.9% PAT ₹25 cr +37%

What went well

  • Revenue growing by 33% year-on-year to its highest ever first quarter level.
  • EBITDA increased by 41% to INR38 crores supported by improved operating leverage, favorable product mix, and continued cost discipline.
  • EBITDA margin improved to 10.9% reflecting enhanced operational efficiency.

What to watch

  • Order book growth was only 10% year-on-year, described as 'weak' despite sharp increase in aluminium prices.
  • Volume growth was weaker in Q1 (5-6%) due to high base effect and sudden increase in raw material prices leading to order postponement.
Read the full call →

What Dynamic Cables Limited does

Dynamic Cables manufactures and supplies LV/MV/HV power cables, aerial bunched cables, control and railway-signalling cables, aluminium/copper conductors (ACSR, AAAC, AL-59) and solar, housing and specialty wires across four manufacturing facilities in Jaipur and Reengus, Rajasthan. It sells to government utilities/discoms, private industrial and EPC/infra customers domestically and exports to 43+ countries. The company is also expanding into HTLS carbon-core conductors through a technical partnership with TS Conductor Corp (USA) and has added E-Beam cross-linking technology to widen its specialty cable and conductor range.

Segments

  • HV Cables
  • LV Cables
  • Conductors
  • Railway Signalling Cables
  • Renewable (Solar) Cables
Manufacturing facilities
4 (Jaipur and Reengus, Rajasthan)
Export footprint
43+ countries
Captive solar power capacity
2.67 MW installed (up from 2.38 MW)
Operating track record
40+ years since inception
Export recognition
Government-recognized Two Star Export House
Management system certifications
ISO 9001:2015 (Quality), ISO 14001:2015 (Environmental), ISO 45001:2018 (Occupational Health & Safety)
Founded 2007Headquarters Jaipur, Rajasthan, India Company website

Guidance record · Q1 FY27

what the last two calls moved 19 tracked 5 delivered 5 missed 9 open
  • Export Revenue Share delivered said Q3 FY25 Promised: Around 10% Q1 FY27: Export sales were 13% of revenue, meeting the original target and falling within the revised 10-15% range.
  • Existing Plant Annual Turnover Potential went quiet said Q3 FY25 Promised: INR 1,150-1,200 crores Q1 FY27: No update provided. Focus has shifted to the new plant's potential.
  • New Capacity Commissioning on track said Q3 FY25 Promised: Operational by Q2 FY26 Q1 FY27: Our ongoing capacity expansion project is progressing as planned and we expect commissioning to commence from September '26.

All 19 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 33.2%, net profit up 38.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue234 252 331 262 282 +21%299 +19%355 +7%349 +33%
EBITDA24 26 34 27 31 +29%34 +31%38 +12%38 +41%
Net profit14 16 24 18 20 +43%22 +38%24 +0%25 +39%
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 +2.3% 1Y

₹300₹400₹500Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 28 Oct 2025Q3 FY26 — 2 Feb 2026Q4 FY26 — 12 May 2026Q1 FY27 — 20 Jul 2026

1Y: ₹445.35 on 10 Sept 2025 → ₹455.45. High ₹544.3 (3 Sept 2026), low ₹240.9 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+15.3%
20 Jul
Q4 FY26
−21.5%
12 May
Q3 FY26
−1.0%
2 Feb
Q2 FY26
−8.2%
28 Oct

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 21.5% a year over 3 years, FY23 to FY26. Operating margin widened to 10.9%.

Year endingFY23FY24FY25FY26
Revenue₹668 Cr₹768 Cr₹1.0k Cr₹1.2k Cr
Operating profit₹63 Cr₹76 Cr₹106 Cr₹130 Cr
Operating margin9.4%9.9%10.3%10.9%
Interest₹16 Cr₹20 Cr₹16 Cr₹12 Cr
Depreciation₹8 Cr₹9 Cr₹12 Cr₹12 Cr
Net profit₹31 Cr₹38 Cr₹66 Cr₹84 Cr
Net margin4.6%4.9%6.4%7.0%
Cash from operations₹27 Cr₹1 Cr₹56 Cr₹62 Cr
Free cash flow₹14 Cr₹-20 Cr₹32 Cr₹4 Cr
ROCE24.0%24.0%26.0%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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹22 Cr₹22 Cr₹22 Cr₹22 Cr₹48 Cr₹48 Cr
Reserves₹95 Cr₹126 Cr₹155 Cr₹192 Cr₹362 Cr₹409 Cr
Borrowings₹118 Cr₹77 Cr₹82 Cr₹119 Cr₹77 Cr₹43 Cr
Other liabilities₹62 Cr₹125 Cr₹144 Cr₹165 Cr₹119 Cr₹182 Cr
Total liabilities₹297 Cr₹350 Cr₹403 Cr₹499 Cr₹607 Cr₹683 Cr
Fixed assets₹55 Cr₹53 Cr₹56 Cr₹63 Cr₹95 Cr₹97 Cr
Capital work in progress₹0 Cr₹0 Cr₹3 Cr₹7 Cr₹8 Cr₹33 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹1 Cr₹48 Cr₹31 Cr
Other assets₹242 Cr₹297 Cr₹345 Cr₹428 Cr₹456 Cr₹523 Cr
Total assets₹297 Cr₹350 Cr₹403 Cr₹499 Cr₹607 Cr₹683 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.

What the price assumes

Attractive

To justify its price of ₹455, this stock must grow earnings at 16% every year for 7 years. Our analysis caps realistic growth at ~35%. At that growth it is worth ₹1189 — upside of 161%.

Growth the price implies
16.0% a year
for 7 years, fading to 4%
It has actually compounded at
39.4% a year
net profit, FY23–FY26 · EPS 35.2%
The gap
-0.2 pp
161% downside if it only repeats history
Price today ₹455.45 Value at the reference growth ₹1,188.74

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Dynamic Cables Limited

Guides on how to read this kind of business and the numbers that matter.