Dynamic Cables Limited (DYCL)
₹408.75 -0.55% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Dynamic Cables' revenue was ₹349 Cr (+33.2% year on year, -1.7% on the previous quarter), and net profit ₹25.0 Cr (+37.0% year on year); the operating margin was 10.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹349 | +33.2% | -1.7% |
| Operating profit | ₹38.0 | +41.0% | -0.0% |
| Net profit | ₹25.0 | +37.0% | +4.0% |
| EPS (₹) | 5.15 | +37.0% | +3.2% |
| Operating margin | 10.9% | — | — |
DYCL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 40.45% of the DYCL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.16%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 43.6% · 45.4% · 43.3% · 47.0% · 40.5%
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
Dynamic Cables Limited announced that its officials will participate in an investor and analyst conference organized by Arihant Capital Markets Ltd. The event, 'Bharat Connect Conference: Rising Stars-September 2026', is scheduled for Tuesday, September 29, 2026, at 01:00 PM IST. The meeting will be held virtually in a group setting. The company noted that no unpublished price sensitive information (UPSI) will be discussed.
- Conference date set for September 29, 2026, at 01:00 PM IST
- Organized by Arihant Capital Markets Ltd under 'Bharat Connect Conference: Rising Stars'
- Format specified as a virtual group meeting
- Explicitly stated that no UPSI will be shared or discussed
Dynamic Cables Limited announced the resignation of Mr. Awadh Kumar Ojha, Deputy General Manager (Quality) and designated Senior Management Personnel (SMP), effective September 10, 2026. The resignation is attributed to personal reasons, and the company has accepted it with immediate effect from the close of business hours. The change affects middle-to-senior operational quality management and has no direct financial impact on the company's TTM revenue of Rs 1,285 Cr or operations.
- DGM (Quality) Awadh Kumar Ojha tendered resignation citing personal reasons
- Resignation effective from the close of business hours on September 10, 2026
- Disclosed under Regulation 30 following SEBI Master Circular dated January 30, 2026
Dynamic Cables Limited submitted a clarification on September 03, 2026, in response to surveillance queries from BSE and NSE regarding recent significant movements in its share price. The company confirmed that it has made all required disclosures under Regulation 30 of SEBI LODR Regulations, 2015. Management affirmed that no undisclosed material or price-sensitive events exist and that recent trading activity is entirely market-driven.
- Responded to BSE and NSE surveillance queries dated September 02, 2026 regarding share price movement
- Confirmed full compliance with Regulation 30 of SEBI LODR Regulations, 2015
- Stated that no undisclosed material or price-sensitive information has been withheld
- Management clarified that the stock movement is purely market-driven and independent of management
Dynamic Cables Limited has received a favorable order from the Office of the Commissioner (Appeals), CGST, Jaipur, under Section 107(11) of the CGST Act, 2017. The appellate authority allowed the company's appeal, setting aside a previous tax demand of Rs 3,28,030 for FY 2018-19 related to Reverse Charge Mechanism (RCM). The company confirmed zero penalty or adverse financial impact arising from this ruling.
- Appellate authority dropped a GST demand of Rs 3,28,030 for FY 2018-19
- Appeal allowed under Section 107(11) of the CGST Act, 2017 on August 14, 2026
- Nil penalty, sanctions, or adverse operational/financial impact confirmed by company
Dynamic Cables reported its highest-ever Q1 revenue with a 33% YoY increase, supported by a strong order book of Rs 811 Cr (approx. 68% of TTM revenue). While value growth was robust, volume growth was modest at 5-6% due to high base effects and volatile aluminum prices causing some order postponements. The company successfully entered the US market and maintained a healthy EBITDA margin of 10.9%. Management confirmed that the Reengus plant expansion is on track for commissioning in September 2026, targeting 80-85% utilization by FY28.
- Revenue grew 33% YoY to its highest-ever Q1 level, driven by price realizations and product mix.
- Order book as of June 30, 2026, stands at Rs 811 Cr, providing strong revenue visibility.
- EBITDA increased 41% YoY to Rs 38 Cr, with PAT growing 37% to Rs 25 Cr.
- Private sector sales now account for 71% of total revenue, reflecting a strategic shift from government contracts.
- Volume growth was limited to 5-6% as customers postponed orders due to a sharp spike in aluminum prices.
Dynamic Cables Limited (DYCL) shareholders have approved all resolutions at the 19th Annual General Meeting held on July 21, 2026. Key approvals include a final dividend of ₹0.50 per share for FY26 and an increase in the company's borrowing limits to support future growth. While most resolutions passed with near-unanimous support, institutional investors notably cast 94.58% of their votes against the approval of material related party transactions with the GM of Marketing. The company remains focused on its 20% growth target, supported by a low debt-to-equity ratio of 0.09.
- Final dividend of ₹0.50 per equity share approved for the financial year ended March 31, 2026.
- Resolution to increase borrowing limits passed with 99.99% of total votes cast in favour.
- Institutional investors showed significant dissent on Related Party Transactions (Item 5), with 1,16,000 votes (94.58% of the institutional segment) cast against.
- Total voting participation stood at 70.28% of the 4,84,58,638 total outstanding shares.
- Appointment of Mr. Neeraj Bali as an Independent Director was confirmed with 100% approval.
Dynamic Cables Limited concluded its 19th Annual General Meeting on July 21, 2026, where shareholders approved a final dividend of ₹0.50 per equity share for FY26. Key resolutions included an increase in the company's borrowing limits and the approval of material related party transactions with the General Manager of Marketing. The company currently maintains a very low debt-to-equity ratio of 0.09, suggesting significant headroom for the proposed increase in borrowing. Management also highlighted the company's financial performance for FY26 during the proceedings.
- Final dividend of ₹0.50 per equity share declared for the financial year ended March 31, 2026
- Shareholders approved an increase in the borrowing limits of the company to support future requirements
- Material Related Party Transactions approved with Mr. Rasik Mangal, General Manager, Marketing
- Appointment of Mr. Neeraj Bali as an Independent Director (Non-Executive) for the company
- The meeting was conducted via video conferencing and concluded at 02:44 P.M. IST
Dynamic Cables has released the audio recording of its investor conference call held on July 20, 2026, regarding the Q1 FY27 unaudited financial results. This disclosure provides transparency into management's discussion of the company's performance following a fiscal year (FY25) where revenue reached Rs 1,025 Cr. Investors can access the recording to understand the progress of the Reengus plant expansion and the company's strategy to maintain its 10.9% operating margins. The company currently operates with a low debt-to-equity ratio of 0.09 and a TTM revenue of Rs 1,198 Cr.
- Audio recording link provided for the investor call held on July 20, 2026
- Discussion focused on Un-audited Financial Results for the quarter ended June 30, 2026
- Company maintains a robust TTM revenue of Rs 1,198 Cr and PAT of Rs 85 Cr
- Promoter holding remains stable at 68.18% as per latest filings
Dynamic Cables reported a strong start to FY27 with revenue growing 33% YoY to ₹349.1 Cr and PAT increasing 37% to ₹25.0 Cr. Operating margins expanded to 10.9% from 10.3% YoY, supported by a strategic entry into the US market and a higher share of private sector orders. The order book remains robust at ₹811 Cr, representing approximately 68% of TTM revenue, providing clear visibility for the coming quarters. However, net debt increased sequentially to ₹88.8 Cr from ₹58.2 Cr in March 2026, reflecting higher working capital needs.
- Revenue increased 33% YoY to ₹349.1 Cr, marking the company's highest-ever first-quarter performance.
- Operating margins improved by 60 basis points YoY to 10.9%, driven by an improved product mix.
- Order book stands at ₹811 Cr as of June 30, 2026, compared to ₹721 Cr in September 2025.
- Exports contributed 13% of total revenue, significantly boosted by a breakthrough entry into the US market.
- Net debt rose to ₹88.8 Cr from ₹58.2 Cr in the previous quarter, with working capital loans increasing to ₹64.4 Cr.
Dynamic Cables Limited (DYCL) reported a strong year-on-year performance for the quarter ended June 30, 2026. Revenue from operations grew 33.2% YoY to ₹349.10 Cr, while Net Profit increased 37% YoY to ₹24.95 Cr. Sequentially, performance remained stable with revenue slightly down by 0.3% and PAT up 3.2% compared to Q4 FY26. The company has successfully utilized 94.7% of its ₹96.59 Cr preferential issue proceeds, with the remaining ₹5.08 Cr invested in mutual funds.
- Revenue from operations increased to ₹349.10 Cr in Q1 FY27 from ₹262.04 Cr in Q1 FY26.
- Net Profit rose to ₹24.95 Cr, representing a 37% growth over the ₹18.21 Cr reported in the same quarter last year.
- Earnings Per Share (EPS) improved to ₹5.15 from ₹3.76 (adjusted for bonus) in Q1 FY26.
- Total expenses for the quarter stood at ₹316.82 Cr, with cost of materials consumed at ₹313.45 Cr.
- Utilized ₹91.51 Cr out of ₹96.59 Cr raised via preferential issue for stated business objectives.
Dynamic Cables Limited (DYCL) has scheduled its Q1FY27 earnings conference call for July 20, 2026, at 2:00 PM IST. The call, hosted by PhillipCapital, will feature the Managing Director and CFO discussing financial results for the quarter ended June 30, 2026. This follows a period where the company reported a TTM revenue of ‡1,198 Cr and a healthy ROCE of 27.0%. Investors will be looking for updates on the Reengus plant expansion and the ramp-up of high-margin solar and data center cable segments.
- Conference call scheduled for July 20, 2026, at 02:00 PM IST via PhillipCapital.
- Management participants include Managing Director Ashish Mangal and CFO Murari Lal Poddar.
- Discussion will focus on financial performance for the quarter ended June 30, 2026.
- Company maintains a TTM revenue of ‡1,198 Cr and a market capitalization of ‡1,894 Cr.
- Previous order book was reported at ‡721 Cr as of September 2025.
Dynamic Cables Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the quarter ended June 30, 2026. The company's Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed that no requests for dematerialization or rematerialization were received during the period. This is primarily because the entire shareholding of the company is already maintained in dematerialized form. This is a standard administrative filing with no impact on the company's financial performance or business operations.
- Quarterly compliance certificate issued for the period ended June 30, 2026
- 100% of the company's shares are currently held in demat form
- Zero requests for dematerialization or rematerialization were received during the quarter
- Confirmation provided by Registrar and Share Transfer Agent, Bigshare Services Private Limited
Dynamic Cables Limited (DYCL) has announced the closure of its trading window effective July 01, 2026, in compliance with SEBI Insider Trading regulations. This closure is a standard procedure ahead of the declaration of the company's unaudited financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be communicated to the exchanges at a later date.
- Trading window closure starts on July 01, 2026
- Closure is for the purpose of declaring Unaudited Financial Results for the quarter ended June 30, 2026
- Window to remain closed until 48 hours after the financial results are announced
- Restriction applies to all designated persons and their immediate relatives under SEBI regulations
Dynamic Cables Limited (DYCL) reported a strong financial performance for FY2025-26, with revenue reaching ₹1,198 crore and net profit growing 30% to ₹84.4 crore. The company's EBITDA margin improved to 10.8%, driven by a favorable product mix and operational efficiency. DYCL maintains a robust order book of ₹808 crore and is actively expanding capacity through a greenfield facility at Reengus. Additionally, the company successfully entered the building wires segment and raised ₹96.58 crore via preferential allotment to support its growth initiatives.
- Revenue increased by 17% YoY to ₹1,198 crore for the financial year 2025-26.
- Net Profit grew by 30% to ₹84.4 crore, with EBITDA margins expanding to 10.8%.
- The company holds a strong order book of ₹808 crore as of the end of FY26.
- Successfully raised ₹96.58 crore through preferential allotment for strategic expansion.
- Strategic entry into the building wires segment and progress on the Reengus greenfield facility with E-beam technology.
Dynamic Cables Limited (DYCL) has strengthened its leadership by appointing Mr. Neeraj Bali, a veteran with 40+ years of experience, as an Independent Director for a five-year term. Simultaneously, Mr. Rasik Mangal, an NYU Stern graduate, has been appointed as General Manager – Marketing and designated as Senior Management Personnel. The company also finalized July 10, 2026, as the record date for the FY26 dividend and scheduled its 19th AGM for July 21, 2026. These moves indicate a focus on strategic governance and expanding market reach.
- Appointment of Mr. Neeraj Bali as Independent Director for a 5-year term effective June 16, 2026.
- Mr. Rasik Mangal appointed as General Manager – Marketing and Senior Management Personnel.
- Record date for FY 2025-26 dividend eligibility fixed as July 10, 2026.
- 19th Annual General Meeting (AGM) scheduled for July 21, 2026.
- New appointees bring expertise in strategic leadership, geopolitics, and international marketing operations.
Financial Performance
Revenue Growth by Segment
Revenue grew 33.5% YoY to INR 1,025.4 Cr in FY25. For 1HFY26, revenue reached INR 543.6 Cr, a 23% YoY increase. Segmental contribution in 1HFY26 was led by High Voltage (HV) cables at 55%, Low Voltage (LV) cables at 37%, and Conductors at 8%. The growth is primarily driven by a ramp-up in LT and HT wire capacities which constitute 88% of total revenue.
Geographic Revenue Split
Domestic sales dominated with 91% contribution in FY25 (up from 88% in FY24), while export share declined to 9% from 12% in the previous year. In 1HFY26, the split was 90% domestic and 10% exports. The shift reflects robust domestic demand from the power and infrastructure sectors.
Profitability Margins
Net Profit Margin improved to 6.32% in FY25 from 4.92% in FY24. PAT for FY25 was INR 65 Cr, representing a 72% YoY increase. 1HFY26 PAT rose 49% YoY to INR 38 Cr. Operating Profit Margin stood at 10.28% in FY25 and improved to 10.63% in 1HFY26 due to effective cost management and higher realization from a diversified product mix.
EBITDA Margin
EBITDA margin was 10.28% in FY25, a slight increase from 10.06% in FY24. In 1HFY26, it further improved to 10.63% (INR 57.8 Cr). The margin resilience is attributed to back-to-back raw material procurement which hedges against price volatility.
Capital Expenditure
Planned capex for FY26 is between INR 40 Cr and INR 50 Cr, with INR 25 Cr already deployed in 1HFY26. This includes the completion of a new solar cable facility at Reengus, Rajasthan, scheduled for commissioning in H2FY26 to drive FY27 growth.
Credit Rating & Borrowing
Credit rating was upgraded to CRISIL A (Stable) from CRISIL A-. Interest coverage ratio significantly improved to 6.90x in FY25 (from 3.73x in FY24) and reached 10.46x in 1HFY26. Borrowing costs are reduced following a debt reduction of INR 96.58 Cr via preferential allotment in June 2024.
Operational Drivers
Raw Materials
Aluminum and Copper are the primary raw materials, accounting for 80% to 85% of the total product value. Fluctuations in these commodities directly impact the cost of goods sold.
Import Sources
Not specifically disclosed in available documents, though the company manages volatility through prudent inventory policies and cost-plus pricing on an order-to-order basis.
Capacity Expansion
Current expansion is focused on the Reengus plant for solar cables, expected to be completed by March 2026. This will allow for a gradual ramp-up in production volumes starting FY27.
Raw Material Costs
Raw material costs represent approximately 80-85% of revenue. The company mitigates price risk by placing procurement orders only after receiving firm client orders, ensuring margins remain stable despite commodity price swings.
Manufacturing Efficiency
Return on Capital Employed (ROCE) improved to 24.6% in FY25 from 22.9% in FY24. Capacity utilization is expected to improve further post-debottlenecking and commissioning of the Reengus facility.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
The company aims to grow at 1.5x the industry rate by expanding its product portfolio into high-margin segments like solar cables and data center cables. Growth is supported by a robust order book of INR 721 Cr as of September 2025 and the commissioning of new capacities in H2FY26.
Products & Services
Low Voltage (LV) cables, Medium Voltage (MV) cables, High Voltage (HV) cables, Extra High Voltage (EHV) cables, solar cables, data center cables, and railway signaling cables.
Brand Portfolio
Dynamic Cables.
New Products/Services
Recently added solar cables and data center cables with advanced technology. These are expected to contribute to a gradual margin expansion post-FY26 ramp-up.
Market Expansion
Targeting the renewable energy sector and private infrastructure projects. The share of private sector orders increased to 73% in FY25 from 64% in FY24.
External Factors
Industry Trends
The industry is shifting toward renewable energy (solar) and specialized cables for data centers. The cables and wires sector is expected to grow at 12-13% annually, driven by rural electrification and real estate expansion.
Competitive Landscape
Highly fragmented and competitive industry with presence of large branded players who restrict the pricing power of smaller entities.
Competitive Moat
Moat is built on a diversified product mix, long-standing promoter experience, and a shift toward private sector clients which improves liquidity. Sustainability is supported by a low gearing ratio of 0.16x and strong interest coverage.
Macro Economic Sensitivity
Highly sensitive to infrastructure and power sector spending. Growth is linked to India's GDP, urbanization, and the establishment of smart cities.
Consumer Behavior
Increasing preference for branded and high-quality specialized cables in the private infrastructure and renewable sectors.
Geopolitical Risks
Exposure to global commodity price cycles for aluminum and copper, which are influenced by international trade and geopolitical stability.
Regulatory & Governance
Industry Regulations
Compliance with Indian Accounting Standards (Ind AS) and Section 133 of the Companies Act. Revenue recognition is monitored as a key audit matter to ensure control transfer compliance.
Environmental Compliance
The company spent the entire required amount as per Section 135 of the Companies Act, 2013, for CSR and statutory requirements.
Legal Contingencies
Auditors reported an unmodified opinion on internal financial controls. No whistle-blower complaints were received during the year. Specific pending court case values were not disclosed.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (80-85% of value) and the inherent cyclicality of the power and infrastructure industries pose risks to sustained revenue growth.
Geographic Concentration Risk
91% of revenue is concentrated in the domestic Indian market, making the company vulnerable to local economic downturns.
Third Party Dependencies
High dependency on aluminum and copper suppliers; however, the company uses multiple vendors to mitigate supply chain disruptions.
Technology Obsolescence Risk
The company is addressing technology risks by investing in new product lines like data center and solar cables to stay relevant in a shifting energy landscape.
Credit & Counterparty Risk
Receivables quality has improved, with debtor days falling to 84 days. The shift to 78% private sector clients reduces the risk of long payment cycles associated with government contracts.
