Diamond Power Infrastructure (522163) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue reached ₹1,031.90 crore, the first quarter above ₹1,000 crore; H1 revenue was ₹1,721.78 crore and H1 PAT of ₹166.33 crore exceeded FY26 full-year PAT of ₹158 crore.

• Growth was attributed to higher-value product mix, data-centre cable ramp-up and operating leverage; Q2 was the eighth consecutive growth quarter per management.

• Board approved in principle a ₹170 crore integrated polymer complex at Vadodara, while noting QIP proceeds were used for stated purposes without deviation.

Financial highlights

• Consolidated Q2 PAT was ₹107.88 crore versus ₹24.03 crore a year earlier; Q2 revenue was ₹1,031.90 crore versus ₹438.33 crore.

• Q2 operating EBITDA excluding other income was ₹115.1 crore; EBITDA including other income was ₹133.2 crore versus ₹46 crore.

• H1 consolidated revenue was ₹1,721.78 crore versus ₹740.16 crore; PAT was ₹166.33 crore versus ₹40.43 crore.

• Standalone Q2 revenue was ₹1,044.21 crore and net profit ₹105.49 crore; standalone H1 revenue was ₹1,751.52 crore and net profit ₹162.58 crore.

• September production exceeded ₹575 crore plus GST, including ₹240 crore of data-centre cables.

Outlook and guidance

• FY27 revenue guidance is ₹4,300–₹4,500 crore; H1 revenue of ₹1,722 crore implies ₹2,580 crore of H2 revenue to meet the stated plan.

• FY28 revenue target is ₹7,500 crore and FY29 target is ₹10,000 crore.

• EBITDA margin guidance is 11%–13% until polymer capacity starts; management expects a 14%–16% band in the following year after commissioning by Dec 2027.

• Current-year data-centre cable revenue is expected at ₹750 crore, with orders in hand; exports are expected to contribute substantially in FY28.

• The polymer complex will produce cable-grade compounds and super-clean XLPE for cables up to 400 kV; commissioning is planned across FY28.