A small-cap company that is a manufacturer of power infra cables that includes LT, HT, EHVC, Power control & instrumentation cables, flexible & industrial cables, solar cables and railway signaling cables, is in the spotlight after the stock has delivered multi-bagger returns of 2,617.04 percent to the shareholders in 5 years.
With a market capitalization of Rs. 1,773.59 crore, the shares of Dynamic Cables Limited closed at Rs. 366 per equity share, down by 2.65 percent from its previous day’s close price of Rs. 375.95.
Stock’s Return
Over the past year, the stock has provided negative returns of 17.98 percent. The stock is currently trading at a discount of 33.15 percent from its 52-week high of Rs. 547.50.
On November 7, 2025, the shares of Dynamic Cables Limited closed at Rs. 366, showing a gain of around 2,617.04 percent compared to the price of Rs. 13.50 on November 6, 2020. For example, if someone had invested Rs. 1 lakh in the company’s stock 5 years ago, it would have turned into around Rs. 27.17 lakh.
About the Company
Dynamic Cables Limited, established in 1986 and based in Jaipur, is a leading manufacturer and supplier of power infrastructure cables in India and abroad. The company produces a wide range of products including LV, MV, and HV power cables, control and instrumentation cables, railway signaling cables, and conductors made of copper and aluminum.
It caters to government and private utilities, EPC contractors, industrial clients, solar projects, and railway systems. The company operates three manufacturing facilities located in Jaipur and Reengus, supported by a corporate office in Jaipur and five regional sales offices across India, ensuring strong market presence and efficient service delivery.
Order Book
As of September 30, 2025, the company’s order book stood at Rs. 721 crore, remaining largely unchanged over the past three quarters due to execution delays caused by an extended monsoon and an early festive season. Exports account for about Rs. 90–100 crore, representing roughly 12–14 percent of the total order book. Management expects execution momentum to improve in the second half, in line with typical seasonal trends.
Expansion Plans and Capex
The company has successfully debottlenecked its operations, enhancing its monthly revenue capacity from approximately Rs. 100 crore to Rs. 135 crore. The debottlenecking process involved a capex of about Rs. 15 crore, primarily incurred in FY25 and partly in H1 FY26. Current capacity utilization stands at around 70 percent, with an optimal level of 85–90 percent, factoring in seasonality and product customization.
The company is setting up a new greenfield facility with an E-beam curing line, which can produce both normal and specialty cables, including solar DC types. The project is on track for commissioning in the second half of FY26, with revenue expected to ramp up from FY27. It aims for asset turns of about six times its investment, which means a potential annual revenue of Rs. 240–270 crore on a Rs. 40–45 crore capex. The total capex for FY26 is expected to be Rs. 40–50 crore, with Rs. 25 crore spent in the first half and Rs. 15–20 crore planned for the second half.
Financial Highlights
The company reported revenue of Rs. 282 crore in Q2FY26, reporting a 20.5 percent YoY increase from Rs. 234 crore in Q2FY25 and a 7.6 percent QoQ growth from Rs. 262 crore in Q1FY26. The rise was driven by consistent demand and improved execution across key segments.
Net profit for the quarter stood at Rs. 20 crore, up 42.9 percent YoY from Rs. 14 crore and 11.1 percent QoQ from Rs. 18 crore, supported by better margins and operational efficiencies, indicating sustained business momentum.
Dynamic Cables Limited’s revenue and net profit have grown at a CAGR of 19 percent and 29 percent, respectively, over the last five years.
The company’s ROCE and ROE stand at 26.4 percent and 22.1 percent, respectively, and its debt-to-equity ratio at 0.19x indicates the company’s financial position. At the moment, the company’s P/E ratio is 23x which is higher as compared to its industry P/E 21.7x.
Written By Akshay Sanghavi
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