Divine Power Energy Limited (DPEL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Divine Power's revenue was ₹346 Cr, and net profit ₹18.9 Cr; the operating margin was 9.9%.
| H2 FY26 (₹ Cr) | Value | YoY | vs prev. half |
|---|---|---|---|
| Revenue | ₹346 | — | +24.0% |
| Operating profit | ₹34.2 | — | +104.3% |
| Net profit | ₹18.9 | — | +141.3% |
| EPS (₹) | 7.65 | — | +138.3% |
| Operating margin | 9.9% | — | — |
DPEL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 58.73% of the DPEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 66.58%. That is close to its usual level.
Delivery in the last 5 sessions: 66.7% · 60.5% · 59.3% · 69.6% · 58.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Divine Power Energy Limited submitted a regulatory filing to the exchange titled 'Outcome of Board Meeting' held on October 06, 2026. However, the provided document extract contains only digital signature metadata and lacks substantive disclosures regarding the decisions taken. The company holds a market cap of ₹1,426 Cr and reported TTM revenue of ₹729 Cr with PAT of ₹29 Cr. Investors must await the detailed text or an updated clarification from the company to assess any financial or strategic implications.
- Board meeting outcome intimation filed on October 06, 2026
- Filing extract contains digital signatures dated 2026-10-06 at 17:41 IST without resolution details
- Specific agenda items and decisions taken were not disclosed in the extract
Divine Power Energy Limited (DPEL) released its investor presentation outlining a combined revenue outlook of ₹950–1,000 Cr for FY27, compared to TTM revenue of ₹729 Cr (~30-37% growth). The company has an integrated manufacturing capacity of 15,600 MTPA across DPEL and its subsidiary Vimlesh Industries. Vimlesh Industries expanded its manufacturing capacity by 1,500 MTPA and is entering Continuously Transposed Conductors (CTC). On a standalone basis, DPEL reported FY26 revenue of ₹415.98 Cr, EBITDA of ₹38.69 Cr, and PAT of ₹20.42 Cr.
- Targets combined FY27 revenue of ₹950–1,000 Cr backed by capacity expansions
- Current integrated manufacturing capacity stands at 15,600 MTPA across DPEL and Vimlesh Industries
- Subsidiary Vimlesh Industries expanded capacity by 1,500 MTPA and entered Continuously Transposed Conductors (CTC)
- Standalone FY26 revenue reached ₹415.98 Cr with PAT of ₹20.42 Cr (up 123% YoY)
- Awaiting regulatory approval for the merger scheme of Viraj Upkram Private Limited into DPEL (initiated Jan 2026)
Divine Power Energy Limited (DPEL) has received ancillary machinery for its Continuously Transposed Conductor (CTC) line via subsidiary Vimlesh Industries. The proposed facility will have a planned capacity of 200 MT per month, expanding its existing footprint of 400 MT/month aluminium and 500 MT/month copper. The main CTC machinery is expected shortly, with commercial operations targeted by December 2026. This project aims to tap import substitution and higher-margin transformer-grade conductor demand.
- Planned initial CTC capacity of approximately 200 MT per month
- Targeting commercial operations commencement by December 2026
- Received ancillary machinery from overseas supplier; main machinery expected shortly
- Current existing capacity stands at 400 MT/month of Aluminium and 500 MT/month of Copper
- Agreement includes 3 years of technical support from the technology partner
Divine Power Energy Limited (DPEL) has entered into an engagement with Finportal Investments Private Limited on August 21, 2026, to serve as its Investor Relations (IR) agency. The mandate encompasses investor communication, analyst engagement, and market outreach. DPEL confirmed that the agency is an independent third party with no related-party affiliation. Furthermore, the company established a dedicated communication channel via the email investor.relations@dpel.in for investor queries.
- Engaged Finportal Investments Private Limited as IR Agency on August 21, 2026
- Scope covers investor communication, analyst engagement, and investor outreach
- Confirmed agency is an independent third party and not a related party
- Designated investor.relations@dpel.in as dedicated email for investor queries
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew by 54% YoY, increasing from INR 222.08 Cr in FY 2023–24 to INR 341.67 Cr in FY 2024–25, driven primarily by higher order execution and stronger demand in the power and transformer sector.
Profitability Margins
Net Profit Margin was approximately 2.68% in FY 2024-25 (INR 9.15 Cr profit on INR 341.67 Cr revenue). The Operating Profit Margin witnessed a slight moderation, decreasing from ~6.47% in FY 2023–24 to ~5.75% in FY 2024–25 due to raw material price fluctuations and increased finance costs.
EBITDA Margin
Operating Profit Margin was ~5.75% in FY 2024-25, representing a 72 basis point decline from the previous year's ~6.47% due to business expansion costs and commodity price volatility.
Capital Expenditure
The company made a 30% advance deposit on December 4, 2025, for the import of specialized production machinery and auxiliary equipment through its wholly-owned subsidiary, Vimlesh Industries Private Limited, to establish a new production facility.
Credit Rating & Borrowing
Total liabilities increased by 174.5% from INR 63.33 Cr to INR 173.8 Cr, indicating significantly higher borrowings to support the increased scale of operations and business expansion post-IPO.
Operational Drivers
Raw Materials
Copper and Aluminium are the primary raw materials used in manufacturing, with margins directly linked to the price volatility of these commodities.
Key Suppliers
The company maintains a reliable vendor base including major suppliers such as NALCO and Hindalco to reduce procurement risks.
Capacity Expansion
The company is expanding through its subsidiary, Vimlesh Industries Private Limited, which has executed a technical cooperation and machinery supply arrangement with an overseas manufacturer for a new production facility as of December 2025.
Raw Material Costs
Raw material costs are a major component of the cost structure; fluctuations in copper and aluminium prices were cited as a primary reason for the operating margin compression from 6.47% to 5.75%.
Manufacturing Efficiency
The company reported improved capacity utilization in FY 2024-25, which contributed to the 54% growth in revenue from operations.
Strategic Growth
Growth Strategy
Growth will be achieved through the establishment of a new production facility via subsidiary Vimlesh Industries, utilizing specialized imported machinery. The strategy also involves higher order execution from committed customers in the transformer sector and continuous technology updates to maintain a competitive cost advantage.
Products & Services
The company manufactures products for the power and transformer sector, specifically utilizing copper and aluminium (likely winding wires or conductors).
Brand Portfolio
Divine Power Energy Limited (DPEL).
New Products/Services
The company is seeking new product registrations and marketing authorizations to increase its product offerings, though specific revenue contribution percentages are not disclosed.
Market Expansion
Expansion is focused on the power distribution industry and increasing capacity through the new facility being established by Vimlesh Industries Private Limited.
Strategic Alliances
Vimlesh Industries Private Limited (wholly owned subsidiary) has entered a technical cooperation and machinery supply arrangement with an overseas equipment manufacturer for specialized production machinery.
External Factors
Industry Trends
The power and transformer sector is seeing stronger demand, but the industry is evolving with rapid technology changes. DPEL is positioning itself by regularly updating manufacturing facilities and adopting new technology to stay competitive.
Competitive Landscape
The company faces competition from both organized and unorganized players, competing on price, durability, product quality, and timely delivery.
Competitive Moat
The company's moat is built on an experienced management team, a reliable vendor base (NALCO/Hindalco), and long-term supply contracts which provide a degree of cost leadership and procurement stability.
Macro Economic Sensitivity
The company is sensitive to high inflation, interest rates, and currency pressures, which management describes as a challenging macro-economic situation.
Consumer Behavior
Demand is driven by the power distribution industry's requirements for transformers and related electrical infrastructure.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act, 2013, and the company must comply with Section 197 regarding director remuneration and Section 143 regarding internal financial controls.
Legal Contingencies
The company has disclosed the impact of pending litigations on its financial position in its financial statements, though specific case values in INR were not provided in the summary.
Risk Analysis
Key Uncertainties
Key risks include volatile input costs for copper and aluminium, which could impact margins by over 70 basis points as seen in the current fiscal year, and potential disruptions from rapid technology changes.
Third Party Dependencies
High dependency on an overseas equipment manufacturer for the technical cooperation and machinery supply required for the new production facility.
Technology Obsolescence Risk
The company faces risks from rapid technology changes in the power industry and is mitigating this by regularly updating its manufacturing facilities.
