Diamond Power wins Rs 116.49 crore Gujarat cable order for 655 km of 11 kV supply

Diamond Power Infrastructure makes power cables and conductors, the wires and links that carry electricity from plants to homes and factories, sold to utilities and large project builders . On 21 September 2026 it said it has received four orders aggregating Rs 116.49 crore including GST from Polite Powertech Limited for supply of 11 kV XLPE power cables for underground distribution projects in Gujarat . The takeaway is a strategic repeat win in medium voltage cables, about 655 km for Bhavnagar and Ahmedabad, that adds to an order book which stood at Rs 3,688 crore on 11 August 2026.

What the Rs 116.49 crore order covers

The orders are for 11 kV three-core aluminium XLPE-insulated medium voltage power cables in sizes of 300, 240, 95 and 70 sq mm, about 655 km in aggregate, for urban underground distribution in the Bhavnagar and Ahmedabad regions . The buyer is Polite Powertech Limited, Surat, a Gujarat-based EPC contractor executing underground cabling for Paschim Gujarat Vij Company Ltd and Uttar Gujarat Vij Company Ltd . The award is domestic, for supply only, with no promoter interest and not a related party transaction .

Broad consideration is Rs 116.49 crore including GST at base prices, comprising basic value of Rs 98.72 crore and GST of Rs 17.77 crore . It is on a variable-price basis with base months of February, April and July 2026, with final realisation linked to the price-variation formula . Delivery is at site in lots against written manufacturing clearances, with inspection and testing as per end-utility tender terms, expected over the next 12 months . Cables will be made at the integrated plant near Vadodara, which draws aluminium from the company's own rod mills .

Order-wise summary as disclosed :

PO No.	Project and location	Utility	Qty	Value incl GST
PO/PPPL/26-27/274	Chitra-2, Bhavnagar	PGVCL	27,430 m	Rs 4.49 crore
PO/PPL/26-27/275	Kumbharwada, Bhavnagar	PGVCL	71,183 m	Rs 14.27 crore
PO/PPL/26-27/276	Diamond Chowk, Bhavnagar	PGVCL	88,966 m	Rs 17.89 crore
PO/PPPL/26-27/277	Kathwada and Shilaj, Ahmedabad	UGVCL	4,67,777 m	Rs 79.83 crore
Total			6,55,356 m	Rs 116.49 crore

Orders aggregating Rs 79.83 crore including GST under PO 277 are subject to receipt of the Letter of Award by the EPC contractor from UGVCL . Cable sizes are 3Cx300 and 3Cx95 sq mm for PGVCL and 3Cx300, 3Cx240 and 3Cx70 sq mm for UGVCL .

Commenting on the orders, Vice President Kavish Shah said Gujarat distribution utilities are taking large parts of urban networks underground to improve reliability and resilience, and medium voltage cables are at the heart of that programme . He said winning four orders in a single day for Bhavnagar and Ahmedabad reflects trust in DICABS quality, testing standards and delivery, and that with the resolution plan fully implemented and the company out of the NCLT framework, it is scaling up MV and EHV cable business and building a strong, diversified order book .

The company, listed as BSE 522163 and NSE DIACABS, describes itself as an established manufacturer of EHV, HV, MV and LV power cables and conductors under the DICABS brand with a five-decade legacy . Its Vadodara facilities have installed capacity of 250,000 MT per annum across 125 operational machines, supported by four in-house aluminium rod mills and captive wind power . In September 2026 the company prepaid its resolution-plan obligations in full, a year ahead of schedule, and has exited the NCLT mechanism .

A repeat in Gujarat underground cabling

This is the latest in a run of Gujarat utility and EPC-led underground cable wins in 2026 . In March 2026 it received a Rs 60.53 crore order from Gujarat Energy Transmission Corporation Limited for 270 km of 66 kV EHV cables . The same month it won a Rs 43.94 crore order from Uttar Gujarat Vij Company Limited for 453 km of cables . In August 2026 it received Rs 195.48 crore in orders from EPC contractor Rajesh Power Services Limited for 1,370 km of 11 kV cables for Paschim Gujarat Vij Company Limited projects. In September 2026 it received a Rs 76.06 crore Letter of Acceptance from a domestic EPC contractor for 293 km of 66 kV EHV cables for a Gujarat transmission project .

Order book has tripled since March 2024

Order inflows have been very strong, especially in the last two quarters, with the total order book rising rapidly .

Order book date	Outstanding order book
March 2024	Rs 1,100 crore
March 2025	Rs 2,028 crore
March 2026	Rs 3,240 crore
11 August 2026	Rs 3,688 crore

Between April and September 2026 the company announced several large orders including a Rs 435.71 crore data-center order, a Rs 263.25 crore MSEDCL order and a Rs 185.16 crore Adani Energy order . As of 11 August 2026 the outstanding order book for cables including data-centre cables stood at Rs 1,791.42 crore, or 48.6 percent of the total Rs 3,687.55 crore order book . Within cables the data-centre MV cable order book was Rs 435 crore . Management described the medium voltage band as its largest single component .

Cables, and medium voltage within it, drive sales and margins

For FY26 the company reported consolidated revenue of Rs 1,910.1 crore with PAT of Rs 158.17 crore, EBITDA margin of 12.1 percent and net margin of 8.3 percent . For Q1 FY27 ended June 2026 it reported consolidated revenue of Rs 690 crore with EBITDA of Rs 85 crore at 12.3 percent margin and profit after tax of Rs 58.5 crore at 8.5 percent net margin . Revenue grew 129 percent year-on-year, EBITDA grew 172 percent and profit grew 191 percent . Management said profit is growing considerably faster than revenue, evidence of operating leverage as fixed costs spread over a larger top line .

In Q1 FY27 cables were 63 percent, conductors 34 percent and others 3 percent of the quarter's Rs 689.9 crore consolidated revenue . Voltage-wise cables revenue totalled Rs 457.2 crore :

Voltage class	Q1 FY27 cables revenue
1.1 kV LV	Rs 51.4 crore
3.3 kV	Rs 55.5 crore
11 kV	Rs 109.3 crore
22 kV	Rs 8.7 crore
33 kV	Rs 190.7 crore
66 kV	Rs 41.4 crore
132 kV	Rs 0.2 crore

Medium-voltage cables of 3.3 kV, 11 kV, 22 kV and 33 kV together totalled Rs 364.2 crore, or about 53 percent of consolidated revenue . For full-year FY26 cables were 59 percent of revenue, implying cables revenue of roughly Rs 1,127 crore on total revenue of Rs 1,910.1 crore . Overall Q1 FY27 EBITDA was Rs 84.6 crore at 12.3 percent, up from 10.3 percent in Q1 FY26, and PAT was Rs 58.5 crore at 8.5 percent, up from 6.7 percent, with operating-cost ratio falling from 9.1 percent to 6.6 percent of revenue on volume, mix and higher realisations .

The March 2026 presentation gives the consolidated margin path that preceded this quarter :

Metric	Q3 FY26	Q2 FY26	Q3 FY25	9M FY26	9M FY25
Revenue from operations	Rs 474.08 crore	Rs 438.33 crore	Rs 307.42 crore	Rs 1,214.24 crore	Rs 781.58 crore
Gross margin	Rs 110.25 crore, 23.3 percent	Rs 81.94 crore, 18.7 percent	Rs 44.07 crore, 14.3 percent	Rs 250.66 crore, 20.6 percent	Rs 127.94 crore, 16.4 percent
EBITDA	Rs 69.76 crore, 14.7 percent	Rs 46.02 crore, 10.5 percent	Rs 16.03 crore, 5.2 percent	Rs 146.90 crore, 12.1 percent	Rs 53.34 crore, 6.8 percent
PAT	Rs 49.72 crore, 10.5 percent	Rs 27.73 crore, 6.3 percent	Rs 6.27 crore, 2.0 percent	Rs 97.55 crore, 8.0 percent	Rs 26.83 crore, 3.4 percent

Product mix then was LT Cable 36 percent, HT Cable 41 percent and Conductors 23 percent in Q3 FY26, versus LT 41 percent, HT 37 percent and Conductors 22 percent in Q2 FY26 and LT 29 percent, HT 67 percent and Conductors 4 percent in Q3 FY25 . Management linked margin gains to price variation clauses driven by the metal index and a cost optimisation programme on raw material, packaging and logistics, plus successful introduction of EHV cables driving new sales volume .

No separate profit is disclosed for medium voltage alone, but management gave margin bands on the August 2026 call: 11 kV medium voltage cables around 14 percent to 15 percent EBITDA, 33 kV around 16 percent, and 66 kV and above between 18 percent to 22 percent . It said mix will shift with medium and high voltage offtake rising as a share of sales in Q2 through Q4, which should strengthen overall EBITDA margin .

Strategy is to climb the voltage ladder

On the 14 August 2026 call, Head of Corporate Strategy Amit Bhatnagar said Diamond Power is moving decisively towards a leadership position in the medium voltage and extra high voltage segment . He said low voltage is commoditised with many competitors, while enduring value sits higher up the voltage ladder, medium voltage from 11 to 66 and extra high voltage above it, where qualification is difficult, credible suppliers are fewer and realisations are materially better .

Execution rests on de-bottlenecking and new lines. The board approved two aluminium corrugation lines that will materially expand 66 kV and 132 kV capacity by converting existing CCV capacity from 33 kV with capex of Rs 17 crore . Two additional MV lines are under installation, the incremental MV silane line to start around 15 September and the CCV line in March 2027, with a sixth CCV line to be ordered for commissioning by December 2027 as the workhorse for 11 to 220 kV . A brownfield LV conversion will add 42,000 km of LV capacity with Rs 1,880 crore revenue potential, deliberately built for copper LV cables to suit data centers . Management cited structural demand from RE build-out adding lines at scale, ageing grids being reinforced and moved underground, smart-city underground mandates, climate resilience procurement and data centers on top . It guided FY27 revenue of Rs 4,300 crore to Rs 4,500 crore at 11 percent to 13 percent EBITDA margin, with an internal target of at least Rs 1,000 crore of data center orders by March 2027 and about Rs 750 crore of data center sales in the current year .

Capacity headroom to execute the 655 km

For full-year FY26 overall cable utilisation was 34 percent and conductors 20 percent, described as the base being ramped with headroom as the turnaround lever . On the call management said cables should be around 50 percent to 52 percent in FY27 and conductors around 40 percent, rising to around 60 percent each in FY28 as new lines commission, noting Q1 is seasonally weak and was hit by early monsoons with several lines only partially loaded .

Medium-voltage capability rests on four CCV lines and four silane-based lines in operation, with one MV silane line and one CCV line under installation and one more CCV line under ordering . The March 2026 plan lists current annual capacity for 11 kV and 22 kV cables at 7,500 CKM with another 7,500 CKM planned for a total of 15,000 CKM, and 33 kV at 4,500 CKM now plus 3,000 CKM additional . A next two-year capex aims to de-bottleneck MV capacity from 900 km per month to 1,500 km per month .

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