Dynamic Cables Q4 FY26: Revenue ₹355 Cr, PAT ₹24 Cr

Key takeaway from the March quarter

Dynamic Cables Ltd reported steady profitability in Q4 FY26 even as operating margins narrowed sequentially due to input cost volatility. Revenue hit a quarterly high, while profit rose at a slower pace, reflecting margin pressures in a competitive cables market. The company also ended FY26 with double-digit growth in revenue and profit, alongside a higher order book.

Q4 FY26 financials: revenue rises, profit grows modestly

For the quarter ended March 31, 2026, Dynamic Cables posted revenue from operations of ₹355.46 crore, up 7.33% year-on-year from ₹331.18 crore in Q4 FY25. Sequentially, revenue increased 18.97% from ₹298.77 crore in Q3 FY26. Total income for the quarter was ₹356.42 crore versus ₹300.64 crore in Q3 FY26.

Net profit came in at ₹24.17 crore, compared with ₹23.56 crore a year earlier, a 2.58% to 2.6% increase. On a quarter-on-quarter basis, PAT rose about 7.8% from ₹22.42 crore. Earnings per share (adjusted/latest quarter) stood at ₹4.99, up from ₹4.63 in Q3 FY26 and ₹4.86 to ₹4.87 in Q4 FY25.

Margin picture: OPM at 10.56%, PAT margin 6.80%

Operating margin (excluding other income) stood at 10.56% in Q4 FY26, down 90 basis points sequentially from 11.46% in Q3 FY26. The company linked the sequential compression to copper and aluminium price movements and employee cost factors.

Gross profit margin was reported at 9.98% in Q4 FY26 versus 11.10% in Q3 FY26, indicating that input cost increases could not be fully passed through during the quarter. PAT margin was 6.80% in Q4 FY26, compared with 7.50% in Q3 FY26 and 7.11% in Q4 FY25. The company’s tax rate was 25.19% in Q4 FY26, broadly in line with 25.39% in the prior quarter.

Cost line items: materials and expenses move up

Total expenses for Q4 FY26 increased to ₹324.11 crore from ₹301.90 crore in Q4 FY25, with the rise attributed largely to raw material costs. Consumption of materials climbed to ₹289.55 crore from ₹247.30 crore in Q4 FY25.

Employee benefit expenses were ₹11.57 crore in Q4 FY26, down from ₹12.28 crore to ₹12.30 crore in Q3 FY26, as disclosed in the quarter commentary and results coverage. Finance costs were about ₹3.0 crore, with interest cost reported at ₹3.02 crore for Q4 FY26.

Full-year FY26: revenue up 16.8%, PAT up 30.3%

For FY26, Dynamic Cables reported revenue from operations of ₹1,197.82 crore, up 16.81% to 16.8% from ₹1,025.37 crore to ₹1,025.40 crore in FY25. Annual net profit rose 30.26% to 30.3% to ₹84.44 crore, compared with ₹64.80 crore to ₹64.82 crore in FY25.

Profit before tax for FY26 increased to ₹113.1 crore from ₹85.7 crore in FY25. Operating profit for FY26 was reported at ₹129.6 crore versus ₹105.4 crore a year earlier, and the FY26 operating margin improved to 10.8% from 10.3% in FY25.

Order book and mix: visibility improves, value-added focus

The company reported its highest-ever order book at around ₹808 crore as of March 31, 2026, up from ₹787 crore as of December 31, 2025. Management commentary also pointed to healthy order inflows and a focus on higher value-added products.

In the earnings call commentary included in the provided material, management said core products (including LV and HV power cables, renewable cables and niche products) delivered growth of nearly 20% in Q4 FY26 and 25% during FY26. The CFO also shared customer-wise contribution for FY26 as government sales 13%, private sales 30%, and export 7%, and product-wise contribution as HVK 64%, LV cable 30%, and conductor 6%.

Balance sheet and cash flow disclosures

Dynamic Cables reported cash flow from operations of ₹62 crore during FY26. Receivable days on a trailing six-month gross sales basis were approximately 68 days in Q4 FY26.

Borrowings data disclosed alongside the results showed total on-balance sheet debt reduced to ₹40.4 crore as of March 31, 2026, compared with ₹66.6 crore as of December 31, 2025. The company also reported half-year ROCE of 24.89%, described as its highest ever.

Dividend and corporate actions

The board recommended a final dividend of ₹0.50 per equity share (face value ₹10 each) for FY26, subject to shareholder approval at the upcoming annual general meeting. The company also said bonus shares issued in July 2025 were considered while calculating EPS for all comparative periods presented.

Stock reaction: sharp fall after results

Despite reporting growth in revenue and profit, the stock saw heavy selling after the earnings release and management commentary. One report noted the counter fell 19.98% to ₹328.85 on the BSE. Another market update said the shares traded at ₹333.20, down 18.89% as of 1:55 PM IST on May 12, 2026, after opening at ₹409 and touching an intraday low around ₹328.65.

Summary table of reported metrics

What management highlighted, and what to track

Management commentary described FY26 performance as resilient amid a volatile macro environment, with lower finance costs linked to credit rating enhancement and continued financial discipline. The company also pointed to sustained demand across key power and electrical segments and long-term opportunities in the Indian power transmission and distribution ecosystem.

For investors tracking the name after the sharp price reaction, the next set of markers in the disclosed material are execution pace against the order book, the trajectory of raw material costs that influenced quarterly margins, and updates around the implementation delays linked to statutory approvals and imported machinery deliveries referenced in the market coverage.

Conclusion

Dynamic Cables closed Q4 FY26 with record quarterly revenue of ₹355.46 crore and a net profit of ₹24.17 crore, while margins moderated sequentially. FY26 ended with revenue of ₹1,197.82 crore, PAT of ₹84.44 crore, and an order book of about ₹808 crore. The final dividend proposal of ₹0.50 per share will be placed before shareholders at the ensuing AGM.