Diamond Power Infrastructure Ltd (DIACABS) Q1 FY27 Results Analysis: PAT Surges 256%, EBITDA Margin Expands 214 bps

Diamond Power Infrastructure Ltd's Q1 FY27 numbers came in strong, with revenue of Rs. 689.88 Cr (+128.57% YoY) and PAT growth of +256.25% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

Revenue and PAT grew 128% and 256% YoY respectively, with EBITDA margin expanding 214 bps despite aluminium cost pressure. Legal discharge and QIP closure are key catalysts for balance sheet improvement and receivables recovery, positioning the company for continued growth.

Key Investment Insights

Key Positives

• Consolidated revenue grew 128.57% YoY to Rs.689.88 Cr.
• PAT grew 256.25% YoY to Rs.58.45 Cr.
• EBITDA margin expanded 214 bps YoY and 53 bps QoQ to 11.16%.
• Order book stood at Rs.3,498 Cr (1.8× FY26 revenue), with additional Rs.666 Cr orders in Apr–Jul 2026.
• Legal discharge from CBI/ED/PMLA matters enables recovery of Rs.978 Cr in pre-NCLT receivables.
• QIP of Rs.1,614 Cr completed post-quarter to strengthen balance sheet and reduce finance costs.
• Auditor opinion unmodified for Q1FY27 after completion of Fixed Asset Register reconciliation.
• Normalized PAT (excluding exceptionals) grew 190.77% YoY.

Risk Factors

• Material cost as % of revenue rose 570 bps QoQ to 86.99% due to aluminium price spike, pressuring gross margins.
• Net worth remains negative at (Rs.604.20 Cr) despite improvement from (Rs.931.36 Cr) in FY25.
• Finance costs of Rs.14.24 Cr remain elevated, though expected to reduce post QIP deployment.
• Working capital drag persisted in FY26 (OCF of (Rs.80.43 Cr) vs PAT of Rs.158.17 Cr); Q1 trajectory not assessable.