Diamond Power revenue tops Rs 1,031 crore as profit rises

Diamond Power Infrastructure Limited reported consolidated revenue from operations of Rs 1,031.90 crore and net profit of Rs 107.88 crore for the quarter ended September 30, 2026, compared with revenue of Rs 438.33 crore and profit of Rs 24.03 crore a year earlier. The filing also shows substantial increases in receivables and inventories during the half year.

How much did Diamond Power's September-quarter revenue and profit grow?

Diamond Power's revenue from operations rose to Rs 1,031.90 crore in the quarter ended September 30, 2026, from Rs 438.33 crore in the September 2025 quarter and Rs 689.88 crore in the June 2026 quarter. Total income, including other income of Rs 18.16 crore, was Rs 1,050.07 crore, against Rs 438.44 crore a year earlier.

Net profit increased to Rs 107.88 crore from Rs 24.03 crore in the September 2025 quarter and Rs 58.45 crore in the preceding quarter. Basic and diluted earnings per share, which are not annualised for quarterly periods, were Rs 1.87, compared with Rs 0.46 a year earlier and Rs 1.11 in June 2026.

The year-on-year profit comparison includes a difference in exceptional items. The September 2025 quarter included a Rs 3.70 crore exceptional charge for short provision of depreciation, whereas no exceptional item was recorded in the September 2026 quarter; profit before exceptional items and tax increased to Rs 108.64 crore from Rs 28.81 crore.

What changed in Diamond Power's costs and half-year results?

Diamond Power's material-consumption expense rose to Rs 928.61 crore in the September 2026 quarter from Rs 366.68 crore a year earlier, alongside higher revenue. The change in inventories of finished goods, work-in-progress and stock-in-trade was negative Rs 71.10 crore, compared with negative Rs 10.29 crore in the September 2025 quarter, reducing reported total expenses by a larger amount.

Employee-benefit expense increased to Rs 9.27 crore from Rs 5.45 crore, other expenses rose to Rs 50.06 crore from Rs 30.57 crore, and depreciation increased to Rs 12.54 crore from Rs 7.40 crore. Finance costs were Rs 12.05 crore, higher than Rs 9.82 crore a year earlier but below Rs 14.24 crore in the June 2026 quarter.

For the half year ended September 30, 2026, revenue from operations was Rs 1,721.78 crore, compared with Rs 740.16 crore in the corresponding half year of 2025. Half-year net profit was Rs 166.33 crore against Rs 40.43 crore, while total expenses rose to Rs 1,580.29 crore from Rs 691.53 crore.

Diamond Power and its subsidiary, DICABS Nextgen Special Alloys Private Limited, are reported as one operating segment under Indian Accounting Standard 108, or Ind AS 108. The consolidated entities manufacture cables and conductors, according to the results notes dated November 3, 2026.

What changed in Diamond Power's balance sheet?

Diamond Power reported total assets of Rs 3,211.71 crore at September 30, 2026, compared with Rs 2,403.61 crore at March 31, 2026. Current assets increased to Rs 2,264.19 crore from Rs 1,048.72 crore, while non-current assets declined to Rs 947.52 crore from Rs 1,354.88 crore.

Trade receivables increased to Rs 869.46 crore at September 30 from Rs 464.23 crore at March 31, while inventories rose to Rs 574.52 crore from Rs 369.23 crore. Bank balances other than cash equivalents increased to Rs 593.10 crore from Rs 67.97 crore, and cash and cash equivalents were Rs 54.96 crore, compared with Rs 35.81 crore.

Long-term borrowings declined to Rs 1,939.49 crore from Rs 2,487.65 crore, and short-term borrowings fell to Rs 35.91 crore from Rs 42.34 crore. Total equity attributable to shareholders was Rs 763.87 crore at September 30, compared with negative Rs 604.20 crore at March 31, with other equity moving to Rs 704.07 crore from negative Rs 656.90 crore.

Why was Diamond Power's operating cash flow negative?

Diamond Power reported net cash used in operating activities of Rs 490.47 crore for the half year ended September 30, 2026, despite operating profit before working-capital changes of Rs 193.17 crore. The cash-flow statement records a Rs 405.23 crore increase in trade receivables and a Rs 205.29 crore increase in inventories during that period.

Other current assets used Rs 75.98 crore of cash and other current liabilities used Rs 79.61 crore, while trade payables provided Rs 75.96 crore. Cash generated from operations was therefore negative Rs 490.47 crore; the filing does not disclose collection periods or inventory-turnover measures for these movements.

Investing activities used Rs 551.50 crore in the half year, including Rs 515 crore in other fixed deposits and Rs 51.50 crore for fixed-asset purchases. Financing activities generated Rs 996.94 crore, supported by equity issued through a qualified institutional placement, or QIP, partly offset by a Rs 390.56 crore reduction in unsecured inter-company deposits and a Rs 164.03 crore decrease in borrowings.

How is Diamond Power using QIP proceeds and addressing depreciation?

Diamond Power raised gross QIP proceeds of Rs 1,613.97 crore during the September 2026 quarter by issuing 7.11 crore equity shares of face value Rs 1 each at Rs 227 per share. Of the gross proceeds, Rs 1,097.78 crore had been utilised by September 30, 2026, leaving Rs 516.19 crore unutilised.

Of the utilised QIP amount, Rs 489.08 crore was allocated to working capital, Rs 33.17 crore to capital expenditure, Rs 340 crore to repayment of outstanding borrowings and Rs 198.55 crore to general corporate purposes. The remaining disclosed QIP balance included Rs 260.92 crore for working capital, Rs 172.01 crore for capital expenditure, Rs 78.88 crore for general corporate purposes and Rs 4.38 crore for issue-related expenses.

Diamond Power said it completed physical verification and reconciliation of property, plant and equipment, or PPE, related to the period before the new management takeover. It adjusted a depreciation shortfall of Rs 380.9256 crore for April 1, 2018 to March 31, 2022 against capital reserve, while the limited-review auditor drew attention to the matter without modifying its conclusion.

The independent agency determined useful lives of 15 years for plant and machinery and 10 years for electrical installations from the year of implementation of the resolution plan. Diamond Power said depreciation of Rs 12.54 crore for the September quarter and Rs 24.24 crore for the half year was computed at fully regularised statutory rates, and comparative 2025-26 figures were restated.

Conclusion

Diamond Power's September 2026 quarter combined revenue of Rs 1,031.90 crore with net profit of Rs 107.88 crore, extending half-year revenue to Rs 1,721.78 crore and profit to Rs 166.33 crore. The balance-sheet and cash-flow statements show that the expansion coincided with a Rs 405.23 crore increase in receivables and a Rs 205.29 crore increase in inventories.

The next results can show how the remaining Rs 516.19 crore of QIP proceeds are deployed under the disclosed working-capital, capital-expenditure and corporate-purpose allocations. They can also show whether receivables of Rs 869.46 crore and inventories of Rs 574.52 crore at September 30, 2026 change alongside revenue and operating cash flow.