Diamond Power Infrastructure wins ₹435.71 crore DC order

Order win ties cable demand to data-centre expansion

Diamond Power Infrastructure has secured a cable supply contract valued at ₹435.71 crore (excluding GST) for a major data-centre build-out in Hyderabad. The order covers High Tension (HT) and Low Tension (LT) power cables for the 310 MW HYD22 to HYD26 Data Center Projects. As India’s data-centre capacity ramps up, power infrastructure including cables has become a direct beneficiary of fresh capex cycles.

In its exchange filing, the company said the order is among the largest single cable supply contracts in India’s data-centre segment. The contract also adds to Diamond Power Infrastructure’s order book in its power-transmission equipment business, where delivery timelines determine when revenue is recognised.

Who placed the order and who executes the project

The order has been placed by a consortium involving prominent engineering and project players. The execution across the Hyderabad data-centre phases is to be carried out by Larsen & Toubro, Sterling and Wilson, and Blue Star, as outlined in the disclosure.

The project allocation mentioned in the release indicates L&T is associated with HYD22 and HYD23, Sterling and Wilson with HYD24 and HYD25, and Blue Star with HYD26. Such multi-party execution structures are common in large infrastructure programmes, where different phases or packages are awarded to different contractors.

Scope of supply: HT and LT cable volumes

Diamond Power Infrastructure will supply about 21.35 lakh metres of power cables for the Hyderabad project. The filing also describes this as over 2,100 km of cabling, underscoring the scale of the requirement.

The cable mix includes both HT and LT categories:

• HT cables: 1,89,404 metres (about 1.89 lakh metres)
• LT cables: 19,45,920 metres (about 19.46 lakh metres)

This split indicates that the bulk of the contracted volume is LT cabling, which typically has extensive deployment across distribution runs within large facilities.

Delivery schedule: August 2026 to March 2027

The company has guided that deliveries will begin in the first week of August 2026. Supplies are expected to be completed in a staggered manner by March 2027.

Because cable supply contracts are executed over multiple months, delivery schedules matter for billing and revenue recognition. The company has also highlighted this as a key operational element, since progress is tied to phased requirements at the site.

Pricing and contract terms: IEEMA variation formula

A key feature of the deal is the price variation mechanism. The contract uses the Indian Electrical & Electronics Manufacturers' Association (IEEMA) price variation (PV) formula, with April 2026 IEEMA indices specified as the base.

This structure adjusts the final price based on material cost fluctuations, which is relevant for cable manufacturers where metal prices can influence input costs. The filing also notes that the overall price includes packing and forwarding and freight and transit insurance, while the stated contract value is exclusive of GST.

Regulatory and governance disclosures

Diamond Power Infrastructure stated that the order was received in the ordinary course of business and on an arm’s length basis. The company also clarified that the transaction does not fall within related party transactions.

Such disclosures are material for investors tracking order inflows, particularly where large contracts could raise questions around counterparty linkage or exceptional terms.

Why data centres are becoming a new demand driver for cables

The company’s announcement explicitly links the order to mission-critical digital infrastructure. Data centres are power-intensive projects and require robust electrical networks, including HT and LT cabling, to support high availability.

The Hyderabad order is also positioned as an indicator of rising demand for reliable power infrastructure as India’s digital sector expands. For cable makers, data-centre projects can add a new category of demand alongside traditional end-markets like power, infrastructure, oil and gas, renewables, real estate, and industrial capex.

Stock reaction: upper circuit move cited after the announcement

Market commentary included with the report noted that Diamond Power Infrastructure’s shares saw buying interest after news of the order, with the stock rising 10% and hitting an upper circuit. The move was attributed to the size of the contract and its positioning as a large data-centre cable supply order.

Key facts table

Timeline snapshot

Market impact and what to watch next

The order reinforces Diamond Power Infrastructure’s positioning in the power-transmission equipment and cable supply chain, with data centres emerging as an incremental demand segment. The size of the contract, the named execution partners, and the IEEMA-linked pricing framework are the key operational anchors disclosed so far.

Next, investors typically track how quickly phased deliveries convert into billed sales and whether further orders emerge from similar data-centre campuses. For this contract, the most concrete monitorable items are the August 2026 start and the staged completion targeted by March 2027.