Diamond Power Infrastructure Limited order book reaches ₹3,735 crore

Diamond Power Infrastructure Limited reported a ₹3,735 crore firm order book at quoted value in September 2026, after implied order inflow of ₹2,217 crore exceeded ₹1,722 crore of revenue executed in H1 FY27. The ₹495 crore surplus over execution lifted the backlog from ₹3,240 crore at March 2026.

How did DICABS' order book grow through Sep-26?

DICABS' closing firm order book reached ₹3,735 crore in Sep-26, up from ₹3,240 crore in Mar-26 and ₹1,100 crore in Mar-24. The company describes this as 3.4 times growth over the period, based on the pending quoted value of live orders with variable-price terms.

The order book increased by ₹495 crore in H1 FY27, compared with increases of ₹1,212 crore from Mar-25 to Mar-26 and ₹928 crore from Mar-24 to Mar-25. All orders carry price-variation, or PV, clauses, and DICABS said the quoted-value backlog would be worth about ₹4,300 crore, or 15% more, at present market prices.

DICABS distinguished the firm book from ₹4,829 crore of live orders in its Sep-26 sales management information system. Of the live-order total, ₹1,094 crore had already been executed, leaving ₹3,735 crore outstanding. The reported backlog therefore measures pending orders at quoted value rather than the full gross value of live orders.

What did H1 FY27 order inflow say about execution?

DICABS reported ₹2,217 crore of implied order inflow in H1 FY27, ₹495 crore above the ₹1,722 crore of revenue executed during the first half of financial year 2027, or FY27. The company derives inflow by adding revenue to the change in the closing firm order book, rather than reporting it as a separate measure of new signed contracts.

The H1 FY27 book-to-bill ratio was 1.29 times, versus 1.63 times in FY26 and 1.83 times in FY25. The ratio declined from the two preceding financial years, but remained above one because implied inflow exceeded execution and the firm book increased from ₹3,240 crore to ₹3,735 crore.

H1 FY27 execution of ₹1,722 crore exceeded the ₹1,115 crore recorded for full-year FY25, although the periods are not directly comparable. DICABS noted that revenue includes PV pass-through and other sales, while the order book is at quoted value, making its inflow and book-to-bill measures indicative.

Which products make up DICABS' ₹3,735 crore backlog?

DICABS' Sep-26 backlog was led by conductors at ₹1,718 crore, or 46.0%, and medium-voltage, or MV, 11 kilovolt, 22 kilovolt and 33 kilovolt cables at ₹1,328 crore, or 35.5%. These two categories together accounted for ₹3,046 crore, or 81.5%, of the quoted-value order book.

The conductor category includes ₹974 crore of AL-59 Lapwing orders for the high-voltage direct-current, or HVDC, programme. Other named conductor products include Zebra, Moose, Panther, all-aluminium alloy conductors and multistrand wire conductors, while MV cables form the second-largest family in the backlog.

Low-tension 1.1 kilovolt cables, including data-centre copper cables, represented ₹339 crore, or 9.1%, of the Sep-26 book. Solar 3.3 kilovolt cables accounted for ₹221 crore, or 5.9%, and 66 kilovolt extra-high-voltage, or EHV, cables accounted for ₹130 crore, or 3.5%; together these three categories totalled ₹690 crore.

DICABS separately disclosed ₹485 crore of data-centre orders at basic value, including ₹435 crore plus ₹50 crore for AurionPro, or about ₹620 crore with the 28% PV clause. It said ₹242 crore was executed in Q2 FY27 through orders involving Larsen & Toubro, AurionPro, Sterling & Wilson and Blue Star EPC.

How diversified are DICABS' customers and Adani exposure?

DICABS said it served about 670 customers in FY27, with non-Adani customers representing 57% of the order book and Adani group entities representing 43%. The company separately stated a policy to hold Adani's share of topline at 20% to 22% over time, which differs from the disclosed order-book mix.

Management said Adani orders are awarded at market prices through a reverse-auction basis. Its listed non-Adani customers include POWERGRID, GETCO, MAHAVITARAN, MAHATRANSCO, JVVNL and WBSEDCL, as well as Larsen & Toubro, Tata Power, ACME and Waaree RTL.

Recent listed wins included a ₹152 crore basic-value letter of award from AEML Mumbai on 14-Sep-2026 for additional MV and low-tension cables. DICABS also cited a ₹64.5 crore Sep-26 order for 66 kilovolt EHV cable for a GETCO Jamnagar project through an engineering, procurement and construction contractor, and a ₹195 crore Aug-26 order for 1,370 kilometres of 11 kilovolt cable for PGVCL coastal underground schemes.

What order-development steps has DICABS disclosed?

DICABS said firm contracts for AL-59 conductors for AESL tariff-based competitive-bidding projects were expected to start releasing from Oct-2026 against a ₹1,349 crore letter of intent. Their release is relevant to the order book because conductors already accounted for ₹1,718 crore of the Sep-26 total.

The company classified Tata Power Solar as a Key Account in Oct-2026 and assigned it a dedicated servicing team. DICABS said its national marketing organisation includes city teams, a Key Accounts Group, a conductors desk and an exports desk, alongside marquee-account coverage across utilities, engineering contractors and industrial customers.

Management has targeted FY28 as DICABS' first export year, with a United Arab Emirates distributor appointed and participation at Middle East Energy Dubai 2026 disclosed. Its presentation identifies grid build-out, renewable evacuation, urban undergrounding, data centres and industrial capital expenditure as demand drivers for MV and EHV products.

Conclusion

DICABS' Sep-26 firm order book of ₹3,735 crore reflects ₹495 crore more implied inflow than execution in H1 FY27. Conductors and MV cables made up ₹3,046 crore, or 81.5%, of the backlog, while the company reported a 57% non-Adani order-book share and a separate 20% to 22% policy cap for Adani's share of topline over time.

The next disclosed milestones are the release of AESL contracts against the ₹1,349 crore letter of intent from Oct-2026, execution of data-centre orders after ₹242 crore was completed in Q2 FY27, and progress towards management's FY28 first-export target. The order-book mix and adherence to the stated Adani topline cap are also measurable items as contracts move into revenue.