Diamond Power’s Rs 3,735 crore book is led by conductors

Diamond Power’s firm order book stood at Rs 3,735 crore on September 30, led by Rs 1,718 crore of conductors and Rs 1,328 crore of medium-voltage cables. H1 FY27 order inflow of Rs 2,217 crore exceeded Rs 1,722 crore of revenue, while management said Adani entity sales were below 30% of Q2 FY27 revenue.

What is in Diamond Power’s Rs 3,735 crore order book?

Diamond Power’s quoted-value order book was Rs 3,735 crore at September 30, comprising 46% conductors and 36% medium-voltage cables. Management said the same orders were worth about Rs 4,300 crore at current market prices because contracts include price-variation clauses, which adjust quoted values for movements in metal prices.

Diamond Power added orders faster than it reported revenue in H1 FY27. Order inflow was Rs 2,217 crore against Rs 1,722 crore of revenue, resulting in a book-to-bill ratio of 1.29 times. This was lower than the 1.63 times reported for FY26, but H1 inflow still exceeded H1 revenue by Rs 495 crore.

Management said monthly order intake averaged Rs 350 crore to Rs 400 crore and expected tender conversion to increase in Q3 and Q4. Its explanation was that government-budgeted tenders are generally finalised in Q2 and early Q3, with orders then flowing through engineering, procurement and construction, or EPC, contractors.

Why are AL59 conductors central to Diamond Power’s demand?

AL59 conductors are central to Diamond Power’s Rs 1,718 crore conductor backlog, which includes a Rs 974 crore AL59 order for an 800 kilovolt high-voltage direct-current, or HVDC, line. Management called it the company’s largest FY27 order and said it would support prequalification credentials for tariff-based competitive-bidding, or TBCB, projects.

The company said its conductor strategy is focused on AL59, ECO conductors and high-temperature low-sag conductors through its TS Conductor partnership. Management said it was deliberately not pursuing standard aluminium conductor steel-reinforced volume, instead targeting products requiring greater qualifications and project approvals.

Diamond Power reported conductor dispatches of 6,850 kilometres in Q2 FY27 and said it had supplied more than 40,000 kilometres to TBCB developers and Power Grid during the preceding year. It has also begun making back-to-back supply arrangements at the pre-bid stage, which management said are intended to convert a developer’s bid award into conductor orders.

Renewable evacuation is one identified source of conductor demand. Management cited the Khavda renewable park in Kutch, where its AL59 conductor is used for evacuation, and said solar-related demand had become a separate product opportunity alongside the transmission-led conductor backlog.

Which cable products are adding to Diamond Power’s backlog?

Medium-voltage cables accounted for Rs 1,328 crore, or 36%, of Diamond Power’s September 30 order book. In Q2 FY27, 11 kilovolt and 33 kilovolt products generated 79% of cable revenue excluding data-centre cables, while management said 33 kilovolt was the company’s largest individual product line.

Cables represented 40% of Q2 FY27 revenue of Rs 1,032 crore, compared with conductors at 31%. This revenue mix differs from the order book, where conductors hold the larger share, indicating that cable products, including the new data-centre line, were a larger part of quarterly revenue than of contracted backlog.

The disclosed wins include a Rs 152 crore letter of intent from Adani Electricity Mumbai, almost Rs 195 crore of orders from PGVCL-related contractors in the quarter, and a Rs 164.5 crore 66 kilovolt extra-high-voltage cable order for Jamnagar. Management said the Jamnagar supply was its third consecutive year on the GETCO project and expected additional 66 kilovolt tender inflow within 90 days.

Solar cables are a smaller but growing element of demand. Diamond Power recorded Rs 39 crore of 3.3 kilovolt solar-cable revenue in Q2 FY27 and reported Rs 221 crore of firm solar-cable orders from developers including Tata Power Solar. Management said it was building a 1,000-kilometre-a-month single-core 3.3 kilovolt cable plant, targeted to come on stream within 18 months.

Is Diamond Power becoming less dependent on Adani entities?

Diamond Power is reducing Adani concentration in reported sales, although Adani Group entities were still 43% of the September 30 order book. Management said Adani sales were below 30% of Q2 FY27 revenue and that each Adani order was won at market price through reverse auctions.

The difference between the below-30% Q2 sales share and the 43% order-book share suggests that current-quarter revenue was more diversified than the outstanding backlog. It does not establish the future sales mix, because the timing of the Rs 3,735 crore order book’s execution was not separately disclosed.

Diamond Power served around 670 customers in H1 FY27 across utilities, EPC companies, data centres and industrial customers. Data-centre cables, a line that did not exist in Q1 FY27, generated Rs 242 crore, or 23%, of Q2 revenue through contractors including L&T, AurionPro, Sterling Wilson and Blue Star.

Its operating copper-cable capacity is 1,500 tonnes a month, with management planning to increase it to 2,500 tonnes a month. Management also said it had appointed a distributor in the United Arab Emirates and Middle East and expected a large export contribution in FY28, while prequalification work in Europe and the US remained under way.

How much execution visibility has Diamond Power disclosed?

Diamond Power retained its FY27 revenue guidance of Rs 4,300 crore to Rs 4,500 crore after delivering Rs 1,722 crore in H1 FY27. Reaching that range requires Rs 2,578 crore to Rs 2,778 crore in H2, and management said the cable industry generally generates 60% of annual revenue in Q3 and Q4.

Management said it was targeting about Rs 2,500 crore of execution by March from existing orders. It also said current orders had a market value of about Rs 4,300 crore, and expected to have 50% of the following year’s target in hand by the end of Q3 and the full next-year order book by the end of Q4.

That outlook depends on the conversion and execution of transmission, underground-cabling and solar projects. The key disclosed near-term items are the expected 66 kilovolt tender inflow over 90 days, continued TBCB bid awards, and delivery from the 1,500-tonne-a-month copper cable line that supplied Rs 240 crore of data-centre cables in September.

Conclusion

Diamond Power’s Rs 3,735 crore September 30 order book is anchored by conductors and medium-voltage cables, with the Rs 974 crore 800 kilovolt AL59 HVDC project providing a large identified conductor order. H1 FY27 inflows exceeded revenue, while data-centre cables contributed Rs 242 crore in Q2 and Adani sales fell below 30% of quarterly revenue despite a 43% order-book share.

The next measure is execution against management’s Rs 4,300 crore to Rs 4,500 crore FY27 revenue guidance, which requires Rs 2,578 crore to Rs 2,778 crore in H2. Management’s expected 90-day 66 kilovolt tender pipeline, the planned 1,000-kilometre-a-month solar cable plant and its stated FY28 export contribution are the disclosed developments to watch next.