Diamond Power Infrastructure makes power cables and conductors, and enters Q2 FY27 with an order book of Rs. 3,687.55 Cr and a management target of Rs. 4,500 crores in FY27 revenue. The print will test whether revenue can step up to the guided Rs. 1,200-1,250 crores per quarter from Rs. 689.9 Cr in Q1, and whether the 11-13% EBITDA margin band holds against a quarter of record copper and firming polymer prices.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 689.90 Cr |
| Previous quarter PAT | Rs. 58.50 Cr |
| Previous quarter EBITDA margin | 12.3% |
| Market cap | Rs. 20,455.1 Cr |
| CMP | Rs. 341.65 |
A board meeting is scheduled on November 3, 2026 to approve the Q2/H1 FY27 unaudited standalone and consolidated results. The trading window has been closed since October 1, 2026.
The Q2 FY27 earnings call is scheduled for November 4, 2026 at 10:00 AM IST, arranged through Monarch Networth Capital. Participants announced are Amit Bhatnagar (Corporate Strategy) and Kundip Thakker (CFO).
The central question for Q2 FY27 is whether revenue can move from Rs. 689.9 Cr in Q1 toward the guided Rs. 1,200-1,250 crores per quarter run-rate, with management attributing the sequential shape to seasonality — a gradual increase through Q2 and the sharpest acceleration in H2 as Q3 and Q4 carry project commissioning deadlines. Demand signals into the quarter were strong: IIP electrical-equipment output grew 30.9% YoY in August 2026, the company entered the quarter with a Rs. 3,687.55 Cr order book (up 13.80% from March 2026) plus Rs. 688.09 Cr of order wins announced in the window, and data-centre capacity announcements accelerated sharply. On costs, LME copper ran from about $13,398.5/t in mid-July to a record $14,635/t by September 8, and domestic PVC firmed from about Rs. 80/kg on July 1 to about Rs. 94/kg from September 1 — a timing headwind, since Price Variation Clauses indexed to the metal index reset with a lag, though management states polymers and steel are secured at low rates via firm contracts. Management has guided FY27 EBITDA margin of 11-13% (a band it says absorbs metal price fluctuation), utilization of about 40% for conductors and 50-52% for cables in FY27, and data-centre sales of Rs. 750 crores in FY27, with the new 1,500 MT/month copper cable line commissioned August 20, 2026 adding a new cost dynamic in a record-copper quarter. The call, the first for CFO Kundip Thakker and COO Ashwani Saraf, will cover the ramp cadence, the margin bridge, and how the July QIP of Rs. 1,613.97 crore and the September resolution prepayment of Rs. 2,401 crore flow through the Q2 balance sheet.
Revenue vs the guided Q2-Q4 run-rate: The guided step-up implies a near-doubling from Q1's Rs. 689.9 Cr.
EBITDA margin vs the 11-13% FY27 band
Data-centre cable execution
Capex milestones and order-book conversion
Customer concentration and balance-sheet items
Management has guided utilization of about 40% for conductors and 50-52% for cables in FY27, rising to 60% for both segments in FY28. FY26 utilization was 34% for cables and 20% for conductors, with the company framing current utilization at 25-30% against a potential of 70-80%.
Management has guided an FY27 EBITDA margin of 11-13%, and stated the same range applies for the next year with confidence in maintaining it and working to improve it. The band explicitly acknowledges that metal price fluctuations can impact the margin.
Management flagged the Iran war's impact on polymer prices, rising metal prices, and the business suddenly needing 20-30% more incremental working capital, noting promoters have invested Rs. 500 crores in working capital. Mitigation stated includes Price Variation Clauses driven purely by the metal index and polymers and steel secured at low rates via firm contracts.
Management guided FY27 revenue of Rs. 4,500 crores, implying Rs. 1,200-1,250 crores per quarter for Q2-Q4 FY27 versus Rs. 689.9 Cr actual in Q1, and said, 'it is going to be a gradual ramp-up, but we clearly see that we'll be able to meet the target.' Management attributes the sequential shape to seasonality, with Q3 and Q4 typically strongest due to project commissioning deadlines.
Management said AL-59 is now almost 70% of the conductor market, replacing ACSR as the traditional main product, and the company stopped producing ACSR because most customers shifted to AL-59. AL-59 demand comes mainly from new transmission lines in the PbCB segment and state distribution utilities.