DICABS Q2 revenue crossed ₹1,000 crore as PAT rose 3.9 times

Diamond Power Infrastructure Limited reported its first ₹1,000 crore revenue quarter in Q2 FY27, with ₹1,032 crore of revenue from operations and ₹108 crore of profit after tax, or PAT, for the quarter ended 30 September 2026. PAT rose 3.9 times year on year, faster than the 135% increase in revenue.

How did DICABS reach its first ₹1,000 crore quarter?

DICABS reached ₹1,032 crore of revenue from operations in Q2 FY27, compared with ₹438 crore in Q2 FY26 and ₹690 crore in Q1 FY27. The year-on-year increase was 135%, while revenue rose 50% sequentially from the preceding quarter.

PAT increased to ₹108 crore in Q2 FY27 from ₹28 crore in Q2 FY26, a 289% rise. Earnings before interest, tax, depreciation and amortisation, or EBITDA, including other income, increased to ₹133 crore from ₹46 crore, while profit before tax rose to ₹109 crore from ₹29 crore.

DICABS’ EBITDA margin expanded to 12.9% in Q2 FY27 from 10.5% a year earlier, and its PAT margin rose to 10.5% from 6.3%. Employee benefits expense grew 70% to ₹9.3 crore and other expenses rose 64% to ₹50.1 crore, both at lower rates than revenue; together, these costs represented 5.7% of revenue against 8.2% in Q2 FY26.

Which products drove DICABS Q2 FY27 revenue?

DICABS said medium-voltage 11 kilovolt and 33 kilovolt cables, 66 kilovolt extra-high-voltage cables, AL-59 conductors and data-centre cables led Q2 FY27 growth. Data-centre cables generated ₹242 crore, or 23% of gross Q2 sales of ₹1,032 crore, after recording nil revenue in Q1 FY27.

Cables excluding data-centre products contributed ₹412 crore, or 40% of Q2 revenue, while conductors supplied ₹315 crore, or 31%, and other products added ₹62 crore, or 6%. Within the cable category excluding data-centre products, 33 kilovolt cables generated ₹199 crore, 11 kilovolt cables ₹128 crore, 3.3 kilovolt solar cables ₹39 crore and 66 kilovolt cables ₹34 crore.

DICABS sold 6,850 kilometres of conductors in Q2 FY27. AL-59 Zebra generated ₹156 crore, equal to 49% of conductor revenue, while AL-59 Moose generated ₹149 crore and AL-59 Panther ₹11 crore.

The ₹242 crore data-centre cable contribution came from DICABS’ new copper cable line, which the presentation identifies as an independent product line. This was larger than the ₹199 crore Q2 revenue from 33 kilovolt cables, although the presentation does not disclose data-centre cable volumes, customers or contribution margin.

How did DICABS’ Q2 costs and margins change?

DICABS’ contribution margin declined to 16.9% in Q2 FY27 from 18.7% in Q2 FY26, even as EBITDA margin rose by 241 basis points to 12.9%. Cost of goods sold increased 141% to ₹858 crore, slightly faster than the 135% increase in revenue.

Management attributed the lower contribution-margin percentage to higher London Metal Exchange aluminium prices increasing the revenue base. The presentation says price-variation clauses protect absolute contribution per tonne, but it does not provide contribution per tonne for either Q2 FY27 or Q2 FY26.

Operating EBITDA excluding other income increased 151% to ₹115 crore, showing that the EBITDA increase was not limited to treasury income. Other income was ₹18.2 crore in Q2 FY27, compared with ₹0.1 crore a year earlier, and reflected interest earned on qualified institutional placement, or QIP, funds held in fixed deposits.

Finance costs were ₹12.1 crore in Q2 FY27, down 15% from ₹14.2 crore in Q1 FY27 but above ₹9.8 crore in Q2 FY26. DICABS said promoter loans and inter-corporate deposits were repaid during Q2 from QIP proceeds, leaving finance costs largely related to letter-of-credit discounting and bank charges; tax expense was ₹0.8 crore because of carried-forward losses.

What does H1 FY27 show about DICABS’ full-year progress?

DICABS reported H1 FY27 revenue of ₹1,722 crore and PAT of ₹166 crore for the half year ended 30 September 2026. Revenue was 133% above ₹740 crore in H1 FY26, while PAT was 140% above ₹69 crore and exceeded the ₹158 crore reported for the whole of FY26.

H1 FY27 revenue represented 90% of FY26 revenue of ₹1,910 crore. EBITDA including other income rose 183% to ₹218 crore from ₹77 crore, lifting the EBITDA margin to 12.7% from 10.4%, while operating EBITDA excluding other income increased 150% to ₹192 crore.

H1 finance costs rose to ₹26 crore from ₹3 crore in H1 FY26, and depreciation and amortisation increased to ₹24 crore from ₹5 crore. Despite those movements, PAT margin reached 9.7% in H1 FY27, compared with 9.4% in the prior-year half.

DICABS reported six consecutive quarters of year-on-year growth from Q1 FY26 through Q2 FY27. Across the eight-quarter series beginning in Q3 FY25, Q2 FY27 revenue of ₹1,032 crore was 3.4 times ₹307 crore, EBITDA of ₹133 crore was 8.3 times ₹16 crore, and PAT of ₹108 crore was 18 times ₹6 crore.

Management has guided for approximately ₹4,300 crore of FY27 revenue. Based on H1 FY27 revenue of ₹1,722 crore, that target implies about ₹2,580 crore in the second half; management cited seasonally stronger H2 demand, its firm order book and new capacity, without quantifying the order book on the supplied pages.

Conclusion

DICABS’ Q2 FY27 performance paired a first ₹1,000 crore revenue quarter with profit growth that outpaced sales growth. The reported drivers were ₹242 crore of data-centre cable revenue, growth in cables and conductors, and lower employee and other expenses as a proportion of revenue, despite a lower contribution-margin percentage.

The next measure is delivery against management’s approximately ₹4,300 crore FY27 revenue guidance, requiring about ₹2,580 crore in H2 after ₹1,722 crore in H1. The presentation also points to the effect of QIP-funded actions, including repayment of ₹391 crore of promoter and inter-corporate deposits in Q2 and the ₹501 crore Resolution Plan cash prepayment completed in September 2026.