Diamond Power FY26 Profit Jumps 355% with New Line

Momentum in the power-cables cycle

Diamond Power Infrastructure Limited (DIACABS) has stayed in focus after reporting a sharp jump in FY26 profitability, along with a steady stream of order wins across power utilities and large private-sector customers. The company operates in the power transmission and distribution cables and conductors space, where demand has been supported by grid upgrades, renewable evacuation work, and urban distribution investments. In FY26, Diamond Power also expanded its manufacturing footprint in Vadodara by operationalising a new production line. The expansion was funded fully through internal resources, according to disclosures in the provided information.

FY26 results: revenue and profit step up sharply

For FY26, the company reported consolidated net profit of ₹158.17 crore, up 355% year-on-year. Consolidated revenue rose 71% to ₹1,910.10 crore. EBITDA increased 243% to ₹231.62 crore, and the EBITDA margin improved to 12.1%. The FY26 numbers were presented alongside commentary highlighting a stronger order book and an expansion in premium cable offerings.

Order book visibility: ₹3,498 crore and rising

Diamond Power reported a strong order book of ₹3,498 crore, and another update pegged the outstanding order book at over ₹3,500 crore as of March 30. The company also stated that this backlog provides revenue visibility for the next 12 to 24 months. Separately, the backlog was described as exceeding ₹3,300 crore, supporting the outlook into FY27. The provided data also highlights that the company has benefited from orders from the Adani Group and other power-sector entities.

Vadodara expansion: seventh MV/EHV line commissioned

A key operational development was the commissioning of the company’s 7th MV/EHV power cable production line at Vadodara using CCV technology. The project was funded through ₹55 crore of internal accruals, with no external debt mentioned in the provided text. The new line adds 150 km per month to the existing 900 km per month capacity. Capacity utilisation was stated at around 60% at the time of the update.

Contract flow: utilities and large private customers

Diamond Power has continued to add orders across utilities and private-sector counterparties. A cable supply contract worth ₹45.47 crore was disclosed from Adani Electricity Mumbai Limited, with a 12-month execution period from May 2026 to May 2027. The company also received a letter of intent worth ₹43.26 crore from Adani Power Limited for power and control cables for the Raipur Phase-II Thermal Power Projects in Chhattisgarh, with completion scheduled by July 31, 2026.

In the transmission segment, Diamond Power secured a ₹60.53 crore order from Gujarat Energy Transmission Corporation to supply 270 km of 66 kV EHV cables, with a four-month execution timeline from the purchase order date. In distribution, the company reported a ₹43.94 crore letter of intent from Uttar Gujarat Vij Company Limited for supply of 453 km of cables, to be executed over seven months with equal monthly deliveries and a 45-day commencement period. The company stated that promoters had no interest in the awarding entity and that the transaction does not qualify as a related-party transaction.

Stock moves and investor interest around announcements

The provided snapshot shows the stock up 0.75% over one day, 14.92% over one month, and 52.15% over one year, with a 6-month return of 52.48%. One update also said the past month rise was 35% and the one-year return was 102%, indicating the figures vary across time windows and snapshots. In another market reaction note, the stock rose 2.86% to ₹141.85 after the company announced the ₹45.47 crore letter of intent from Adani Electricity Mumbai.

On March 30, 2026, Diamond Power’s share price was reported down 1.43% to ₹121.19 at 1:48 pm IST after the UGVCL order update, after opening at ₹121.00, moving up to ₹124.48, and easing back. Another trading update around the Larsen & Toubro order said the share price rose 2.55% to ₹140.50 at 1:42 pm IST on NSE, with a market capitalisation of ₹7,400 crore, a P/E of 119.60, and a 52-week range of ₹81.50 to ₹183.50.

Quarterly print: Q3 FY26 jump in sales and profit

The company also reported strong quarterly performance in Q3 FY26. Consolidated net profit rose 693% year-on-year to ₹49.72 crore, driven by a 54.2% increase in net sales to ₹474.08 crore. Another summary described the December-quarter net profit at about ₹50 crore versus ₹6 crore a year earlier, with operational revenue at ₹474 crore (from ₹307 crore) and EBITDA at ₹69 crore, supported by improved margins and execution.

Key figures at a glance

Recent orders and execution timelines

Market impact: what these updates change

The FY26 performance and the Q3 FY26 jump signal stronger execution and operating leverage in a segment where project schedules and raw material pass-through can materially affect outcomes. The order book levels of about ₹3,498 crore to over ₹3,500 crore add near-term revenue visibility, while the cluster of mid-sized orders supports workload continuity across months. The Vadodara capacity expansion increases output potential by 150 km per month over the existing 900 km per month rated capacity, and the reported 60% utilisation offers room for higher throughput if order execution scales.

From a market perspective, the stock reaction described in the provided notes shows that incremental orders can sometimes be treated as steady, but not transformative, depending on expectations and the size of the win relative to the backlog. The updates also underline investor attention to large counterparties and repeat ordering behaviour, particularly in transmission, distribution, and renewable-linked evacuation needs.

Analysis: why FY26 matters for Diamond Power

The combination of a higher EBITDA margin (12.1% in FY26) and a larger backlog points to a period where operational scaling and order intake moved together. The internal funding of the ₹55 crore CCV-based line reduces dependence on external borrowing for this specific expansion, based on the disclosure. At the same time, the company’s order disclosures repeatedly clarify the absence of promoter interest and related-party exposure in certain contracts, which is an important governance point investors track for procurement-heavy businesses.

Another relevant development mentioned is that regulatory approvals from CBI/ED cases unlocked about ₹1,000 crore in assets, which was described as supporting expansion efforts. Separately, the company was described as having crossed a ₹10,000 crore market capitalisation amid a surge in share price, with commentary that it had earlier been in bankruptcy proceedings and later transformed into a key supplier for power evacuation, renewables, transmission networks, and industrial applications.

Conclusion

Diamond Power’s FY26 results show a sharp rise in profit and revenue, supported by a sizeable order book and multiple order wins across transmission and distribution customers. The commissioning of the seventh MV/EHV line at Vadodara adds incremental capacity and signals continued focus on higher-end cable manufacturing. Key near-term watchpoints are the execution timelines already disclosed, including deliveries starting after the UGVCL acceptance window and completion deadlines running through June 2026 to May 2027 for different contracts.