Diamond Power Infrastructure Receives ₹76.06 Crore Gujarat EHV Cable Order

Market snapshot: Diamond Power Infrastructure Limited has secured a domestic order valued at ₹76.06 crore (including GST) for the supply of 66 kV Extra High Voltage (EHV) underground power cables. The contract, awarded by an undisclosed domestic private-sector EPC contractor, is for a 66 kV transmission project in Gujarat.

Data Snapshot

• The contract is valued at ₹76.06 crore including GST, and approximately ₹64.46 crore excluding GST.
• The scope of supply covers approximately 293 km of 66 kV Extra High Voltage underground power cables.
• Cable deliveries are scheduled at a steady rate of approximately 50 km per month upon receipt of manufacturing clearance.

What's Changed

• The company's Q1 FY27 consolidated net profit rose 256.19% YoY to ₹58.45 crore (derived: ₹58.45 crore vs ₹16.41 crore), while revenue increased 128.57% YoY to ₹689.88 crore (derived: ₹689.88 crore vs ₹301.82 crore).
• The promoter and promoter group shareholding decreased to 74.03% from 84.02% (derived: a decline of 9.99 percentage points), while the public shareholding increased to 25.97% from 15.98% following the QIP allotment on July 28, 2026.

Key Takeaways

• Secures a domestic contract valued at ₹76.06 crore for EHV underground cables for a Gujarat transmission project.
• The order entails the supply of approximately 293 km of 38/66 kV single-core aluminium conductor XLPE-insulated cables.
• Deliveries will proceed on a variable-price basis at approximately 50 km per month after manufacturing clearance.
• Strengthens Diamond Power's position in high-value Extra High Voltage (EHV) underground cabling segment.

SAHI Perspective

The ₹76.06 crore contract underscores Diamond Power's growing traction in India's specialized EHV cabling market. Cabling upgrades in urban and industrial zones are driving cyclical demand, and Diamond Power's success in converting manufacturing capacity into high-margin EHV orders reflects strong execution capabilities.

Market Implications

The contract helps solidify Diamond Power's order book, bringing greater revenue visibility over the coming fiscal year. Given the high-margin nature of EHV cables, execution of this project should support profitability and margins.

Trading Signals

Market Bias: Bullish

The contract of ₹76.06 crore reinforces Diamond Power's robust pipeline, following multiple recent wins including a ₹195.48 crore contract in August. Strong momentum in specialized EHV cables should support order execution and margins.

Overweight: Power Cables, Power Transmission & Distribution

Trigger Factors:

• Timely receipt of manufacturing clearance to kick off the 50 km/month delivery schedule.
• Raw material price movements, as the contract is on a variable-price basis.
• Execution of the ₹2,113.16 crore order book (as of August 2026) in the upcoming quarters.

Time Horizon: Medium-term (3-12 months)

Industry Context

India's aggressive transmission network expansion and shift towards underground cabling in industrial and urban regions are acting as powerful secular drivers. Growth in renewable power grid integration is particularly stimulating the demand for specialized Extra High Voltage (EHV) cables.

Key Risks to Watch

• Variable-price structure means profitability remains exposed to fluctuating raw material prices, subject to price variation formulas.
• Delays in securing manufacturing clearances could defer the scheduled monthly delivery of 50 km of cable.
• Execution risks associated with managing multiple simultaneous large-scale orders.

Recent Developments

On August 22, 2026, the company received a ₹52.86 crore LOI from Aurionpro Solutions for HT/LT electrical cables for a Hyderabad data centre project. Earlier, on August 11, 2026, the company bagged two contracts worth ₹195.48 crore from Rajesh Power Services for PGVCL projects in Gujarat.

Closing Insight

Securing the ₹76.06 crore underground cable contract demonstrates Diamond Power's ability to capitalize on specialized transmission projects. As the company continues to convert its expanded manufacturing capacity into high-value orders, its operational scale and sector leadership are poised for sustained enhancement.

High Performance Trading with SAHI.