Diamond Power Bags Rs 116.49 Crore Orders; Stock Near 52-Week High

Diamond Power Infrastructure Limited has secured four orders aggregating Rs 116.49 crore, including GST, for supplying 11 kV medium-voltage power cables for underground electricity-distribution projects in Gujarat.

The orders were placed by Surat-based EPC contractor Polite Powertech Limited and cover around 655 km of three-core aluminium XLPE-insulated cables in 300, 240, 95 and 70 sq mm sizes. The basic order value is Rs 98.72 crore, with GST of Rs 17.77 crore.

The contracts are linked to underground cabling works for Paschim Gujarat Vij Company Limited in Bhavnagar and Uttar Gujarat Vij Company Limited in Ahmedabad. Diamond Power will manufacture the cables at its integrated Vadodara facility, which includes aluminium rod mills supplying a key input for its cable and conductor operations.

The orders are meaningful in the context of the company’s recent scale-up. At Rs 116.49 crore, the aggregate value is equivalent to around 6.1 per cent of Diamond Power’s consolidated FY26 revenue of Rs 1,910.10 crore. The company reported revenue growth of 71 per cent in FY26, while consolidated profit after Tax rose to Rs 158.17 crore from Rs 34.50 crore a year earlier.

Three orders relate to Bhavnagar projects under PGVCL. The Chitra-2 project is valued at Rs 4.49 crore, including GST, and involves the supply of 27,430 metres of cable. The Kumbharwada project is worth Rs 14.27 crore for 71,183 metres, while the Diamond Chowk project is valued at Rs 17.89 crore for 88,966 metres.

The largest contract is for Kathwada and Shilaj in Ahmedabad, where Diamond Power is to supply 467,777 metres of cable under an Rs 79.83 crore order, including GST. However, this purchase order is conditional on Polite Powertech receiving a Letter of Award from UGVCL, making the execution of a substantial part of the announced value dependent on the utility award.

The company said the contracts carry variable-price terms, with base months ranging from February to July 2026. Consequently, the Rs 116.49 crore value reflects the base prices stated in the purchase orders, while final realisation will depend on the applicable price-variation formula. This is relevant for cable makers because aluminium and polymer prices can affect raw-material costs and working-capital requirements, even where contracts provide for pass-through mechanisms.

Deliveries will be made in lots over the next 12 months against manufacturing clearances issued by the customer. The company said the cables would be manufactured, inspected and tested according to the technical requirements and tender conditions of the end utilities.

The wins also align with management’s stated focus on medium-, high- and extra-high-voltage products, where qualification requirements, type testing and execution credentials can be important entry barriers. In its latest quarterly commentary, the company had highlighted undergrounding and climate-resilience spending in Gujarat as an important demand opportunity for 11 kV and 33 kV cable products.

Diamond Power’s most recently reported quarterly net sales stood at Rs 689.88 crore, up 128.57 per cent year-on-year, while profit after tax rose 190.69 per cent to Rs 58.45 crore. The company has said that project execution can be affected by monsoon conditions, particularly for underground cable-laying work that depends on trenching and site access.

Kavish Shah, Vice President of Diamond Power Infrastructure, said the orders reflected demand from Gujarat utilities to move urban electricity networks underground to improve reliability and resilience. He added that the company was scaling its medium-voltage and extra-high-voltage cable business after completion of its resolution plan.

As of 2:27 pm on September 21, 2026, Diamond Power Infrastructure shares were trading at Rs 371.50. The stock was up 1.18 per cent from the previous close and remained about 5.9 per cent below its 52-week high of Rs 394.80. Over the past year, the shares have gained 149.68 per cent, compared with a 3.73 per cent decline in the BSE 500.

Disclaimer: The article is for informational purposes only and not investment advice.