Diamond Power Infrastructure Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Diamond Power Infrastructure Ltd trades at ₹222, in a confirmed uptrend and 12 weeks into that stage. That is +35.6% against its own 200-day average. It sits at 94% of a 52-week range of ₹120 to ₹229. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a confirmed uptrend — week 12 of stage 2, confirmed. At ₹222 it trades +35.6% versus its 200-day average and sits at 94% of its 52-week range (₹120–₹229).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +8,831% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 26th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Diamond Power Infrastructure Ltd trades at 98.3× P/E, near the bottom of its own range — cheaper only 26% of the time. Its long-run median P/E is 128.8×, measured across 2.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 98.3× is near the bottom of its own range — cheaper only 26% of the time, against a long-run median of 128.8× measured over 2.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +361.5% against a +31.7% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Diamond Power Infrastructure Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 8 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The return-on-capital curve is not shown — net worth is negative, so a return on capital is not a meaningful number in any basis. This is a distressed balance sheet, and the stage is read from the growth curves alone.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

64.1/100 — rank 2 of 10 in Cables - Power · 79% evidence confidence

Diamond Power Infrastructure Ltd scores 64.1 out of 100 against the 10 companies it is compared with in Cables - Power, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 28.8 + 9.7 + 8.5 + 17.1 = 64.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Diamond Power Infrastructure Ltd reported ₹696 Cr of revenue in the Mar 26 quarter, +108.4% year on year. That is the 8th straight quarter of year-on-year growth. Over 16 years it has compounded at 5.1% a year. The last full year, FY26, came in at ₹1,910 Cr. The last four reported quarters add to ₹1,910 Cr.

Diamond Power Infrastructure Ltd reported ₹696 Cr of revenue in the Mar 26 quarter, +108.4% year on year. That is the 8th straight quarter of year-on-year growth. Over 16 years it has compounded at 5.1% a year. The last full year, FY26, came in at ₹1,910 Cr. The last four reported quarters add to ₹1,910 Cr.

FY26 revenue came in at ₹1,910 Cr (+71.3% on the year), capping 16 years at 5.1% compound. The latest quarter (Mar 26) printed ₹696 Cr, +108.4% year on year — the 8th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +68.2% growth against the decade's 5.1% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +71.3% over the last 4 quarters against +136.0%/yr over the last 8 — rolling over; TTM profit +354.3% vs +205.8%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 11.0% this quarter (+7.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Diamond Power Infrastructure Ltd's operating margin is 11.0% in the Mar 26 quarter, +7.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −57.0% to 14.0%. The current quarter sits inside that band.

Diamond Power Infrastructure Ltd's operating margin is 11.0% in the Mar 26 quarter, +7.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −57.0% to 14.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 11.0%, +7.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −57.0%–14.0%.

Why the margin moved: operating margin went +7.0 pp year on year while gross margin went +4.4 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit +662.5% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Diamond Power Infrastructure Ltd earned ₹61.0 Cr of net profit in the Mar 26 quarter, +662.5% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹158 Cr. The 16-year compound rate is 6.0%. That is 8.8% of the quarter's revenue. The same quarter a year earlier earned ₹8.0 Cr.

Diamond Power Infrastructure Ltd earned ₹61.0 Cr of net profit in the Mar 26 quarter, +662.5% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹158 Cr. The 16-year compound rate is 6.0%. That is 8.8% of the quarter's revenue. The same quarter a year earlier earned ₹8.0 Cr.

Mar 26 profit was ₹61.0 Cr, +662.5% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹158 Cr (+364.7%), and the 16-year compound rate is 6.0%.

Why profit moved: revenue contributed +108.4% and the margin +7.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +503.4% vs revenue +68.2%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 6% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 6% of Diamond Power Infrastructure Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−80.0 Cr of operating cash against ₹158 Cr of profit. After ₹81.0 Cr of capital spending, ₹−161 Cr was left as free cash.

FY26: operating cash of ₹−80.0 Cr against reported profit of ₹158 Cr, leaving free cash of ₹−161 Cr after ₹81.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 6% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 6%: the cash cycle tightened 113 days between FY15 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 93-day cycle and ₹154 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Diamond Power Infrastructure Ltd's cash conversion cycle runs 93 days in FY26, down from 206 days in FY15. Capital spending ran ₹154 Cr over the last 3 years. At FY26 sales of ₹1,910 Cr each day of that cycle holds about ₹5.2 Cr, so roughly ₹487 Cr sits inside the business at any moment.

FY26: debtors at 89 days, inventory at 88 days — roughly 2.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 93 days, tighter than FY15's 206.

The full loop: cash goes out to suppliers and production on day 0; stock waits 88 days to sell; customers pay about 89 days after that; and suppliers themselves are paid at 84 days — netting out to the 93-day cycle.

In money terms: at FY26 sales of ₹1,910 Cr, each day of the cycle holds about ₹5.2 Cr — so the 93-day loop keeps roughly ₹487 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹154 Cr over the last 3 fiscal years against ₹145 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹152 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 26% and the ROIC − WACC spread is −2.0 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Diamond Power Infrastructure Ltd earns a ROCE of 26% in FY26. That is up from a trough of −29% in FY17. Return on invested capital clears the cost of that capital by −2.0 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 8.3% net margin on 0.79× asset turns.

FY26 ROCE is 26%, recovered from a FY17 trough of −29% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 8.3% net margin × 0.79× asset turns × −3.98× balance-sheet leverage ≈ −26.1% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 10.0% − 12.0% = a −2.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is −4.20.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Diamond Power Infrastructure Ltd's net worth is negative — it owes more than it owns — so a debt-to-equity ratio is not meaningful here. On the annual view that ratio went from −3.29 in FY22 to −4.20 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹2,537 Cr against shareholder equity of ₹−604 Cr — a debt-to-equity of −4.20. On the annual view, debt-to-equity went from −3.29 (FY22) to −4.20 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 6.6 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 6.6 points of Diamond Power Infrastructure Ltd over 8 quarters, the biggest move on the register. That takes promoters to 84.0% of the company. Foreign institutions moved +1.7 points over the same window, to 1.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −6.6 points over 8 quarters to 84.0%; Foreign institutions: +1.7 points over 8 quarters to 1.8%; Domestic institutions: +0.2 points over 8 quarters to 0.2%.

🚨 Why the register moved: promoters drove it (−6.6 points), absorbed on the other side by foreign institutions (+1.7 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Diamond Power Infrastructure Ltd: the Z-score reads 1.66. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits inside the distress zone. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

🚨 Why it matters: a Z-score of 1.66 is inside the distress zone — the balance sheet is a real risk, not a detail.

The safety line in one sentence: the Z-score reads 1.66.

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