Diamond Power: NCLT Exit, Rs 4,300 Crore Orders

DIACABS Diamond Power Infrastructure manufactures medium-voltage, extra-high-voltage and low-voltage cables, power conductors and copper data centre cables. It sells to electrical consultants, utilities, engineering contractors and data centre builders on a business-to-business model. It exited the NCLT framework in September 2026. What happened: In Q2FY27, revenue grew 135% year on year to Rs 1,031.9 crore. EBITDA rose 189% to Rs 133.2 crore, with margin expanding 241 basis points to 12.9%. Net profit grew 289% to Rs 107.9 crore. Data centre cables contributed Rs 242 crore, representing 23% of quarterly revenue. The firm order book stood at Rs 3,735 crore as of September 2026, approximately Rs 4,300 crore at current market prices. Why it matters: Data centre cabling is a relatively new product line. Monthly copper capacity is expanding from 1,500 to 2,500 metric tons. Management targets Rs 750 crore in data centre cable revenue for FY27, supported by Rs 485 crore in outstanding orders. Clients include L&T, Sterling and Wilson, and Blue Star. Carry-forward losses of Rs 1,432 crore shield Diamond Power from tax until Q1FY29. What I am watching: Adani Group entities represent 43% of the current order book, against a policy cap of 20% to 22% of revenue. A Rs 170 crore polymer facility investment is underway; once operational, EBITDA margins are expected to expand from the current 11% to 13% to 14% to 16%. My stance: Diamond Power trades at 71.6 times EV/EBITDA versus an industry median of 14.5 times. FY27 revenue guidance is Rs 4,300 to 4,500 crore. The NCLT exit, QIP and order book growth mark a genuine turn. That multiple prices near-flawless execution. I do not hold a position in Diamond Power at the time of writing. This is not investment advice.