Delton revenue reached Rs 987 crore in FY26, up 6.2 times

Delton increased revenue 6.2 times from Rs 160 crore in FY22 to Rs 987 crore in FY26, while H1FY27 revenue rose 62% year on year to Rs 644 crore, led by Project Cables. The presentation links the trajectory to a revitalised sales strategy, a focus on large private engineering, procurement and construction (EPC) players, and additional contributions from newer segments.

How did Delton grow revenue from FY22 to FY26?

Delton grew reported revenue in every financial year shown, rising from Rs 160 crore in FY22 to Rs 987 crore in FY26. The presentation reports a compound annual growth rate (CAGR) of 64% for FY22 to FY26 and explicitly describes FY26 revenue as 6.2 times the FY22 level. It presents market analysis, customer targeting, tailored products, focused marketing and monitoring as elements of its revitalised sales strategy.

Revenue increased by Rs 242 crore from FY23 to FY24, by Rs 307 crore from FY24 to FY25, and by Rs 278 crore from FY25 to FY26. Delton says its transformation involved moving from a concentrated product portfolio, non-diversified segments and concentrated clientele towards large private EPC players and a niche portfolio in high-growth segments. The stated outputs include revenue growth, improved profitability and an improved working-capital cycle.

Which segment drove Delton's H1FY27 revenue increase?

Project Cables drove Delton's H1FY27 increase because the segment rose by Rs 133 crore to Rs 328 crore, the largest absolute gain among the four reported businesses. Total revenue in the first half of FY27 reached Rs 644 crore, compared with Rs 398 crore in H1FY26, an increase of 62% year on year according to the presentation.

Telecom Cables increased by Rs 35 crore to Rs 71 crore, while Others rose by Rs 84 crore to Rs 121 crore. Railway Cables was the exception, declining by Rs 6 crore from Rs 130 crore to Rs 124 crore even as total H1 revenue rose by Rs 246 crore. Delton's stated plans include entering nuclear, defence, water and smart-metering applications through Project Cables, building Railway Cables around Quad Cables, and expanding Telecom Cables approvals for more customers.

What operational changes accompanied Delton's revenue increase?

Delton reported working-capital days of 74 in FY26, compared with 218 in FY22 and 138 in FY24. Cash-conversion-cycle days were 51 in FY26, down from 214 in FY22 and 112 in FY24. The presentation links these changes to inventory rationalisation, direct customer sales and a reduced focus on public-sector clients in favour of high-rated EPC players.

The detailed FY26 data show receivable days of 73, inventory days of 88 and payable days of 111, with a cash-conversion cycle of 51 days. Compared with FY25, cash conversion remained at 51 days, while inventory days rose from 86 to 88, receivable days increased from 66 to 73 and payable days rose from 101 to 111. Delton says it aims to maintain its working-capital cycle below 75 to 80 days.

How is Delton planning capacity for further growth?

Delton says it plans capacity additions through an asset-light operating model that uses leased facilities and machinery rather than a capital expenditure-heavy approach. Its stated mechanism is to maximise asset utilisation, install machinery in leased sites and allocate resources gradually and systematically. The presentation's phased-capex graphic displays Rs 400 crore of revenue for 2024 and Rs 2,500 crore for 2030 as part of its future-growth plan.

Capacity utilisation rose from 44% in FY22 to 81% in FY25 before falling to 66% in FY26, alongside fresh capacities cited in the presentation. Fixed-assets turnover was reported at 6.3 times in FY22, 19 times in FY25 and 3 times in FY26. Delton notes that land was revalued in FY26, while its footnote says restated fixed-assets turnover for FY25 would be 2.7 times, providing context for comparisons with the reported FY25 figure.

Conclusion

Delton's presentation records a four-year expansion from Rs 160 crore of revenue in FY22 to Rs 987 crore in FY26, with Project Cables contributing the largest absolute increase in H1FY27. The H1 segment data also show larger Telecom Cables and Others contributions, while Railway Cables declined from Rs 130 crore to Rs 124 crore in the same half-year comparison.

The next measures to watch are execution of Delton's asset-light capacity plan, capacity utilisation after its decline to 66% in FY26, and progress towards the Rs 2,500 crore revenue figure displayed for 2030. Management also says it aims to keep the working-capital cycle below 75 to 80 days, after reporting 74 working-capital days and a 51-day cash-conversion cycle in FY26.