Diamond Power wins ₹185.16 crore Adani order 2026

Key development: LOA from Adani Energy Solutions

Diamond Power Infrastructure Limited (DPIL) has received a Contract Confirmation and Letter of Award (LOA) dated July 16, 2026, from Adani Energy Solutions Limited (AESL). The award is for AL59 aluminium alloy conductors for two transmission projects. The order value is ₹185.16 crore excluding GST, and the company disclosed that the amount includes packing, forwarding, freight and transit insurance charges. With 18% GST, the aggregate contract value is approximately ₹218.49 crore. The contract is structured on a Delivery-at-Place (DAP) basis.

The scope covers design, engineering, manufacturing, assembly, testing, packing, dispatch and transportation of the conductors. DPIL said the final realised contract value will vary under an agreed price variation formula. The variable pricing is linked to aluminium prices on the London Metal Exchange (LME) and movements in the USD/INR exchange rate. For base pricing, the company cited an aluminium LME price of USD 2,550 per metric tonne, a premium of USD 106 per metric tonne, and a USD/INR exchange rate of 87.

What DPIL will supply: quantities and conductor types

The AESL award comprises a total supply of 4,820 km of AL59 conductors. This includes 1,050 km of AL59 Moose conductor for the Tuticorin project and 3,770 km of AL59 Zebra conductor for the Pune-III project. DPIL also described the order as covering high-performance aluminium alloy conductors.

The breakdown by project clarifies where volumes are expected to be deployed. Tuticorin receives the Moose conductor quantity, while Pune-III receives the Zebra conductor quantity. DPIL indicated that delivery locations will be communicated separately by Adani Energy Solutions.

Delivery schedule: July 2026 to February 2027

DPIL provided an execution timeline spanning about eight months. Supplies for the Tuticorin project are scheduled during July and August 2026. Deliveries for the Pune-III project are planned from August 2026 through February 2027. Overall execution is expected to be completed within approximately eight months.

This schedule pushes most deliveries into FY27, given that the Pune-III supplies continue until February 2027. The company has positioned the timeline as part of the agreed delivery schedule with AESL, and the contract will be executed in line with those dates.

Variable price mechanism: what moves the final contract value

The LOA follows a variable-price mechanism tied to two external variables: LME aluminium rates and the USD/INR exchange rate. DPIL stated the base pricing assumptions used in the award documentation, including LME aluminium at USD 2,550 per metric tonne and a premium of USD 106 per metric tonne, alongside USD/INR at 87.

Because the final realised contract value is “subject to the agreed price variation formula,” the invoiced value can change if aluminium prices or the exchange rate move during the execution window. DPIL has not provided the full formula in the disclosed snapshot, but it has explicitly flagged the linkage and the base inputs.

Market snapshot: stock reaction after the announcement

After the company announced the AESL order, Diamond Power Infrastructure shares traded marginally lower by 0.17% at ₹224.54, even as the broader market was described as strong. The disclosed move reflects the price level at the time cited alongside the order update.

Summary table: AESL conductor order (Tuticorin and Pune-III)

Other recent orders mentioned: cables and conductors across projects

Separate from the AESL conductor award, DPIL has also been reported as winning additional orders across cables and conductors. The company won a ₹435.71 crore order to supply HT and LT power cables for the 310 MW HYD22 to HYD26 Data Center Projects in Hyderabad. The buyers named for this cable order are L&T, Sterling and Wilson, and Blue Star.

DPIL also received a ₹214.65 crore order from Adani Green Energy Limited for supplying conductors to the Khavda Power Project in Gujarat. In addition, the company received a Letter of Intent from Adani Electricity Mumbai Limited valued at ₹45.47 crore (inclusive of GST), with an execution period from May 2026 to May 2027.

Comparison table: other orders referenced in the update

Why this order matters for DPIL’s execution profile

The AESL award adds a defined quantity (4,820 km) and a fixed delivery window (July 2026 to February 2027), which helps investors map near-term execution requirements. It also highlights DPIL’s participation in transmission-linked supply, where commodity and currency linkages are commonly embedded into contracts.

At the same time, the variable pricing mechanism makes the final billing value dependent on aluminium and USD/INR movements, and DPIL has disclosed the base assumptions used at the time of award. With other orders referenced across cables and conductors, the update indicates DPIL is handling multiple projects with timelines extending into FY27.

Conclusion

Diamond Power Infrastructure’s ₹185.16 crore (ex-GST) LOA from Adani Energy Solutions covers AL59 Moose and Zebra conductors for the Tuticorin and Pune-III transmission projects, with deliveries scheduled from July 2026 to February 2027. The contract is variable-priced and linked to LME aluminium and USD/INR, with base inputs disclosed by the company. Next disclosures to track are execution progress updates as the Tuticorin shipments begin in July 2026 and the longer Pune-III delivery schedule runs through February 2027.