Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 21 Sep - Diamond Power wins ₹116.49 crore cable orders for Gujarat underground distribution projects.
Source: Bse
Diamond Power Infrastructure Limited (DIACABS)
Micro CapIndustrials stocks · Micro cap · NSE
Diamond Power Infrastructure Ltd (DIACABS) is an integrated manufacturer of power transmission equipment and turnkey services. It operates India's largest single-location cables & conductors complex in Vadodara, Gujarat, offering a full EHV range up to 400 kV cables with capability up to 500 kV.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result13 Aug, 04:36 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage11/14 · 79%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
57NeutralSMA20 +4.2% / mo · MACD −
Stock trend: 61
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
DIACABSD candles · FIT view+113.9%Latest close ₹345.85 on 2026-10-19
Bar
-3.7%
RSI
43
MACD hist
-2.17
52W pos
80%
2026-10-19O ₹359.00H ₹363.00L ₹345.50C ₹345.85Vol 7.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DIACABSNifty India ManufacturingNifty 500
- DIACABS
- +41.4%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +47.0 pp
Chart stats
19 Oct 2026- From 52W high
- -14.4%
- 52W range position
- 80%
- ATR (14)
- 5.3%
- Volume vs 20D
- 0.96x
- Avg traded value
- ₹28.3 Cr
- 20D price channel
- ₹333.7 - ₹390
₹404
₹115.6 - ₹404
₹18.3
Latest completed session
20-session average
43.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST34
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +128.5% · PAT +262.5% YoY
Technical
Neutral57
Price trend and sector-relative-strength timing.
Valuation
Legacy model-140.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +128% YoY · PAT +263% YoY · margin expansion · operating leverage
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹690 Cr | +128.5% | -0.9% |
| EBITDA | ₹77 Cr | +148.4% | -1.3% |
| Operating margin | 11.0% | +100 bps | +0 bps |
| PAT | ₹58 Cr | +262.5% | +1.8% |
| PAT margin | 8.4% | +311 bps | +22 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 115.00
- P/B
- —
- EV/EBITDA
- 82.35
- Market Cap
- 22580.00Cr
Profitability
- ROE
- —
- ROCE
- 11.80%
- ROA
- 8.03%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 373.00%
- EPS 5Y
- 373.00%
- Revenue 3Y
- 302.00%
- EPS 3Y
- 302.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 5.40×
- Altman Z
- 5.45
- Book Value
- -11.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 36.00 Cr
- EPS TTM
- 3.66
Shareholding
- Promoter Hold
- 74.04%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 90%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,298+106.1% vs prev
Net Profit
₹ CrLatest: 34.0+100.0% vs prev
Return on Equity
%Latest: -123-180.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 43. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~4.0% over last month) — short-term momentum positive.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 14% off 52W high · 199% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
97
RS percentile
Stage 2 UptrendEstablished S2
1M return
-5.7%
3M return
+41.4%
6M return
+116.4%
1Y return
+129.7%
RS 1D
0
RS 20D
0
Sector rank
#2
Industry rank
#8
Stage evidence
- Price is 38.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +14.0%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
08 May 2026
S2 age
115 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 236.33-3.58%
RS vs Nifty 500236
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth19/25
Quality1/20
Balance Sheet9/15
Cash Flow1/10
Piotroski
7/9 (+5)
Penalties
-1
Raw sum
34
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
34/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -140.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
115.0
PB
—
EV/EBITDA
82.3
ROE
—
ROCE
11.8%
FCF Yield
—
Debt/Equity
0.0
MoS
-140.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
34
Previous: 34
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-140.4%
Previous: -140.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
36
36
36
36
36
34
34
34
34
34
34
34
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
39.3
Growth-justified Value
₹143.84
-140.4% MoS
PEG
0.33
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
FINCABLES
Large
Finolex Cables Limited
Electrical Equipment
match 83
36
26.1
12.3%
-2%
WATCHLIST
DYCL
Small
Dynamic Cables Limited
Electrical Equipment
match 80
67
23.1
19.9%
+46%
UNDERVALUED
RRKABEL
Large
R R Kabel Limited
Electrical Equipment
match 79
53
49.2
21.3%
-13%
FAIR VALUE
VINDHYATEL
Small
Vindhya Telelinks Limited
Electrical Equipment
match 75
29
13.0
5.3%
-164%
OVERVALUED
VMARCIND
SME
V Marc India Ltd.
Electrical Equipment
match 74
56
40.5
41.2%
-12%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-11T15:10:49.278Z
Management commentary snapshot
DIACABS reported a breakout Q1 FY27 with revenue up 129% YoY to ₹6,899 mn, EBITDA up 172% YoY to ₹846 mn (12.3% margin), and PAT up 191% YoY to ₹585 mn (8.5% margin). The outstanding order book reached ₹3,687.55 Cr as of Aug 11, 2026.
The company delivered strong Q1 FY27 results, demonstrating significant operating leverage with profits growing faster than sales. The substantial order book growth and ongoing strategic capacity additions, particularly in high-value segments like data-centre cables and EHV, support continued momentum. Management's focus on utilizing existing headroom and new projects provides a clear growth path.
Current business mix
Revenue by Product Category (Q1 FY27)
Latest issuer-disclosed distribution across 3 reported categories.
Cables63.0%
Conductors34.0%
Others3.0%
Growth engines
Data-Centre Products
₹435 Cr MVCC order book in hand; new copper LV cables facility focused on winning more data-centre orders.
TS Conductor AECC Alliance
Licensed manufacturing partner for Aluminium-Encapsulated Carbon-Fibre Core (AECC); participated in tenders worth ₹1,200 Cr.
EHV Range Expansion
Deepening EHV capability up to 400 kV (500 kV capable); adding 2 aluminium corrugation lines to de-bottleneck 33 kV capacity and build 66–132 kV cables.
Capacity Utilization & Expansion
Ramping off FY26 base (cables 34% / conductors 20% util.); capacity headroom is a core turnaround lever; new projects underway.
Capacity and execution
CCV and Silane Lines
4 CCV and 4 Silane lines operational; 1 CCV + 1 Silane line under commissioning before March 2027.
LV Cables Expansion (Project A)
Commercial production from FY 2027-28, adding 42,000 km of annual LV capacity.
Corrugation Lines (Project B)
Two additional lines to de-bottleneck 66 kV and 132 kV completion; commercial production June 2027.
6th CCV Line (Project C)
In-principle approval granted; PO targeted Aug 2026, commissioning before Dec 2027 to unlock HV/EHV plan.
Tailwinds
Cables & Wires Market Growth
India cables & wires market expected to grow at ~10-13% CAGR.
Power Sector Investment
₹37–42 Tn power-sector investment projected for FY27-31P, including ₹5 Tn in transmission.
Data Centre Demand
Data-centre capacity projected to grow from 1,300 MW (FY25) to 5,000 MW (FY30P), needing HV feeds.
Renewable Energy Integration
500 GW non-fossil target by 2030 and ₹30 Tn RE generation investment (FY27-31P) drive mass EHV evacuation.
Risk radar
Increased Finance Costs
Finance cost increased by 286% YoY in Q1 FY27, impacting profitability despite strong operational performance.
Project Execution & Ramp-up
Successful commissioning and ramp-up of multiple new capacity projects (LV cables, corrugation lines, 6th CCV line) are critical for realizing projected growth and returns.
Working Capital Management
New LV cables expansion project alone requires ~₹428 Cr working capital at 90% utilization, necessitating efficient management of QIP funds.
Competitive Environment
The "Safe Harbour Statement" mentions the competitive environment as a risk factor that could cause actual results to differ materially from forward-looking statements.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company explicitly presents Q1 FY27 results against Q1 FY26, highlighting significant year-on-year growth in revenue, EBITDA, and PAT. This comparison is crucial for assessing performance in a project-based and potentially seasonal business.
Sector KPIs management disclosed
Revenue
₹6,899 mn, +129% YoY
EBITDA
₹846 mn, 12.3% margin, +172% YoY
PAT
₹585 mn, 8.5% margin, +191% YoY
Outstanding Order Book
₹3,687.55 Cr as on 11-Aug-2026, up from ₹32,404 mn at Mar-26
Management forward view
Operating Leverage at Work
Management highlights profit growing faster than sales (PAT 2.9x vs Revenue 2.3x YoY), indicating operating leverage.
Capacity Headroom as Lever
Management views existing capacity headroom (cables 34% / conductors 20% utilization in FY26) as the core turnaround lever.
Strategic Growth Workstreams
Six workstreams, including TS Conductor alliance, data-centre products, and EHV range, are compounding the growth engine.
Revenue Ramp Target
LV cables expansion is cited as "one of the volume engine of the ₹4,000 → ₹7,500 Cr revenue ramp" from FY28.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Conversion | ₹3,687.55 Cr outstanding order book as of 11-Aug-2026. | Pace of execution and conversion of the order book into revenue, especially for conductors executable in FY28. |
| Capacity Utilization & Ramp-up | FY26 utilization at 34% for cables and 20% for conductors. | Timely commissioning and ramp-up of new lines (LV cables, corrugation, 6th CCV) and improvement in overall utilization rates. |
| EBITDA Margin Trend | 12.3% in Q1 FY27, up 196 bps YoY. | Sustained margin expansion, indicating continued operating leverage and favorable product mix. |
| Finance Cost Management | Finance cost increased 286% YoY in Q1 FY27. | Trends in finance costs and their impact on net profitability as the company scales and funds new projects. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
71Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 64th percentile within Industrials. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
25 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Industrials: 64th pctile, median 68 · Micro: 46th pctile, median 73
Evidence depth
Financial-only
25 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
68
acceptable · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 74%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.00.
- ▸ROCE is 26.5%.
Trust risks
- ▸Promoter holding fell 10%.
- ▸Operating cash flow is negative at ₹-80 Cr.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Diamond Power Infrastructure Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 17 Sep - Diamond Power wins ₹263.25 crore MSEDCL urban power infrastructure order for cables and conductors.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 15 Sep - DPIL won ₹179.43 crore order from AEML for 871 km specialised MV cables.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 3 Sep - Won ₹76.06 crore order to supply 293 km of 66 kV EHV underground cables in Gujarat.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.