Synopsis: Backed by a letter of intent from Adani Electricity Mumbai Limited, Diamond Power Infrastructure has secured a Rs.45.47 crore cable supply order to be executed between May 2026 and May 2027.
Shares of a Vadodara-based power cables and transmission products manufacturer came into focus on April 15, 2026, after the company filed an intimation disclosing receipt of a letter of intent from Adani Electricity Mumbai Limited for cable supply worth Rs .45.47 crore. The contract runs for 12 months beginning May 2026.
With a market capitalisation of Rs. 7,482.99 crore, the shares of Diamond Power Infrastructure Limited were trading at Rs. 142 per share, up 2.73 percent from its previous close of 137.87. It is trading at a P/E of 69.05.
The letter of intent covers the supply of cables to Adani Electricity Mumbai Limited, a domestic power distribution utility serving Mumbai. Execution is scheduled between May 2026 and May 2027. The company confirmed the contract does not constitute a related party transaction and that no member of the promoter or promoter group holds any interest in the awarding entity.
At Rs.45.47 crore, the order is modest relative to quarterly revenues. Diamond Power reported sales of Rs.474 crore in the December 2025 quarter. The strategic read, however, is in the client. Adani Electricity Mumbai is among the larger private distribution utilities in India, and a successful cable supply relationship of this kind can expand scope in subsequent tender cycles. For a company rebuilding its commercial standing after a prolonged insolvency resolution, the quality of counterparties matters as much as order size.
Diamond Power’s financial trajectory over the last two years tells a recovery story worth tracking. Quarterly revenues have climbed from Rs.74 crore in June 2023 to Rs.474 crore by December 2025, a roughly sixfold increase in six quarters. Operating margins have also improved, with OPM reaching 15 percent in December 2025 against a low of 5 percent seen through much of FY2024-25. Net profit for December 2025 came in at Rs.50 crore, up from Rs.17 crore in June 2024.
The recovery is not without structural caveats. Book value remains negative at Rs. -13.6 per share, a residue of the company’s earlier debt burden. Interest costs are also accelerating — rising from Rs.1 crore per quarter in early FY2025 to Rs.11 crore in December 2025 — as the company scales working capital borrowings to fund faster execution. The pace of order wins and revenue conversion will determine whether margin improvement is sustainable.
Business Overview
Diamond Power Infrastructure Limited is a Vadodara-based manufacturer of cables, conductors, transmission towers, and related power transmission and distribution products, operating under the DIACABS brand. The company was incorporated in 1992 and listed on both BSE and NSE.
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