# Diamond Power Infrastructure share price today (Diamond Power Infrastructure Ltd, NSE: DIACABS)

> Diamond Power Infrastructure share price today: ₹385.85 at the NSE close on 4 November 2026, up 153.8% in a year. Diamond Power Infrastructure (NSE: DIACABS) is worth ₹23,104 crore, trades at a P/E of 117.8 and has closed between ₹119.70 and ₹385.85 over the past 52 weeks. > Diamond Power Infrastructure Ltd's balance sheet is under water: its net worth is negative, so it owes more than it owns. This is a high-risk situation: shareholders can be wiped out by new shares or a restructuring before the business recovers. DIACABS · Cables - Power · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/diamond-power-infrastructure-ltd

Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Turning around, from fewer quarters than usual
- Price: ₹385.85 (+153.8% in a year)
- P/E: 117.8× (lower than 60% of the last 2.3 years)
- Revenue (Jun 2026): ₹690 Cr (+128.5% on a year ago)
- Profit (Jun 2026): ₹58.0 Cr (+262.5% on a year ago)
- Operating margin: 11.0% (+1.0 points on a year ago)
- ROCE: 12%, FY26
- ROIC: 15.3%, against a 12.0% cost of capital: +3.3 points

The main question: yearly earnings per share moved +361.5% while the share price moved +153.8%. ## What is the Diamond Power Infrastructure share price today? Diamond Power Infrastructure Ltd's share price was ₹385.85 at the close on 4 November 2026. It has been rising for 27 weeks. That is 49.4% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹120 and ₹386, and at that close it was at the high of that range. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 19 weeks in a row. Over the last 11 years the share price moved +15,396% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Diamond Power Infrastructure this quarter? Three changes stood out: indian funds and insurers (DIIs) raised their stake for 3 quarters in a row, revenue up on a year earlier for 9 quarters in a row (every quarter we can compare) and highest quarterly profit in 15 quarters. 1. Indian funds and insurers (DIIs) raised their stake for 3 quarters in a row From 0.1% to 11.2% of the company by the September 2026 quarter. 2. Revenue up on a year earlier for 9 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹690 crore, +128.5% on a year earlier. 3. Highest quarterly profit in 15 quarters Profit of ₹58 crore in the June 2026 quarter is the highest of the last 15 quarters. Why: Profit rose because fixed costs like staff, plants and power were spread over more sales. Next results: check whether the wider profit margin holds as metal prices move and old orders get repriced. From the earnings call on 14 Aug 2026. ## What are Diamond Power Infrastructure's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Diamond Power Infrastructure reported revenue of ₹690 crore, up 128.5% from ₹302 crore a year earlier, and a profit of ₹58.0 crore, up 262.5% from ₹16.0 crore. ### Diamond Power Infrastructure results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹690 crore | ₹302 crore | +128.5% |
| Profit | ₹58.0 crore | ₹16.0 crore | +262.5% |
| Earnings per share | ₹1.11 | ₹0.31 | +258.1% |
| Operating margin | 11.0% | 10.0% | +1.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Diamond Power Infrastructure's management discussed these results on a call held on 14 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Diamond Power Infrastructure share price history? Diamond Power Infrastructure closed at ₹385.85 on 4 November 2026, up 153.8% from ₹152.04 a year earlier (7 November 2025) and up 2,75,507.1% over five years. Its highest weekly close since March 2016 was ₹385.85 on 4 November 2026. ### Diamond Power Infrastructure share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹344.40 | +12.0% |
| 1 month ago · 1 Oct 2026 | ₹345.00 | +11.8% |
| 6 months ago · 8 May 2026 | ₹172.85 | +123.2% |
| 1 year ago · 7 Nov 2025 | ₹152.04 | +153.8% |
| 3 years ago · 3 Nov 2023 | ₹7.62 | +4,963.6% |
| 5 years ago · 11 Nov 2021 | ₹0.14 | +2,75,507.1% |
| 10 years ago · 4 Nov 2016 | ₹4.97 | +7,663.6% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹2.49 | +15,396.0% |
| Highest weekly close since March 2016, also the 52-week high · 4 Nov 2026 | ₹385.85 | 0.0% |
| Lowest weekly close since March 2016 · 20 Feb 2020 | ₹0.04 | +9,64,525.0% |
| 52-week low (weekly close) · 1 Feb 2026 | ₹119.70 | +222.3% |

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (507 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on Diamond Power Infrastructure? 4 Nov 2026: Diamond Power Infrastructure closed at ₹385.85, up 12.0% on the week and up 11.8% on the month. 14 Aug 2026: Diamond Power Infrastructure held its results call for April to June 2026. Management guided: FY27 revenue ₹4,300-4,500 crore, supported by around ₹1,045 crore of backlog scheduled within the next year and ₹275-325 crore of monthly order additions. ### Earlier

- Results for April to June 2026: Revenue up 128.5% and profit up 262.5% on a year earlier. - 3 Dec 2024: Share split: face value cut from ₹10 to ₹1 a share (ex-date). ## What dividend does Diamond Power Infrastructure pay? Diamond Power Infrastructure has paid no dividend on the NSE since 1 April 2021, the start of the period we checked. Not in its latest year. Diamond Power Infrastructure Ltd paid out 0% of its profit as dividends in FY26. It did pay a dividend in 5 of its last 13 reported years, so there is a history but no current dividend. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Diamond Power Infrastructure management say on the latest results call? On the call for April to June 2026, held on 14 August 2026, Diamond Power Infrastructure's management guided: FY27 revenue ₹4,300-4,500 crore, supported by around ₹1,045 crore of backlog scheduled within the next year and ₹275-325 crore of monthly order additions. > “The quarter you have just heard - 690 crores of revenue and profit up by 191% - was delivered before a single rupee of the QIP proceeds was put to work.”
> Amit Bhatnagar, Head of Corporate Strategy, on the call for April to June 2026

### What management guided

- FY28 revenue ₹7,500 crore; no substantial debt expected through March 2028 absent a new opportunity or plant. - Operating margin 11%-13% for FY27 and FY28; operating costs planned at 6% from 6.5%, tax charge negligible for at least two years; peak-mix margins: LV 8%-9%, conductors 9%-10%, 11 kV 14%-15%, 33 kV 16%, 66 kV-plus 18%-22%. - Capacity milestones: two corrugation lines approved for approximately ₹17 crore; MV trailing and silane lines around September 15, installed CCV by March 2027, LV production in FY27-28; sixth CCV delivery August next year and commissioning by December 2027 at around ₹100 crore installed cost. - Utilization goals: FY27 conductors around 40% and cables 50%-52%; FY28 conductors up to 60% and cables around 60%; longer-term goal around 75% within three years. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/2320/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 14 August 2026.)

## What is the future of Diamond Power Infrastructure? What is changing in the business? What is changing at Diamond Power Infrastructure, from the latest results and calls: operating leverage on turnaround base, ehv cable introduction and order book ramp and india t&d capital spending supercycle tailwind. - Operating Leverage on Turnaround Base. Revenue growing 54-75% on a year earlier is translating to 335-693% operating profit/profit growth, classic fixed-cost leverage on near-zero base. ⚠ estimate
- India T&D Capital spending Supercycle Tailwind. India T&D sector to receive ₹9 trillion capital spending through 2032; 10-15% cable demand yearly growth underpins DPIL's addressable market expansion. ⚠ estimate
- Retail URJA Brand Expansion. Retail sales grew 100% on the previous quarter in October to December 2025, nascent brand-pull strategy aiming for 7x customer base increase in 2 years, but track record is limited. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 17 May 2026.)

## What is Diamond Power Infrastructure's order book? Company has an order book of over ₹3,300 crore, ensuring clear visibility for FY27; major orders include ₹1,349 Cr from Adani Energy Solutions and ₹748 Cr from Adani Green Energy. - As of March 2026, the company boasts a robust order book exceeding ₹3,500 crore, underpinned by a staggering 733% on a year earlier surge in net profit during October to December 2025. ✓ fact

(Our read after the latest results, written 17 May 2026.)

## What could change the Diamond Power Infrastructure story? What are the risks? Book value is -₹13.6/share; ₹610 Cr borrowings (Sep 2025); interest expense growing from ₹1 Cr (Mar25) to ₹11 Cr (Dec25), financial fragility persists despite operating turnaround. ### The main risks

- Negative Net Worth and High Leverage: Book value is -₹13.6/share; ₹610 Cr borrowings (Sep 2025); interest expense growing from ₹1 Cr (Mar25) to ₹11 Cr (Dec25), financial fragility persists despite operating turnaround. ✓ fact
- Aluminium/Copper Price Volatility: Raw material is the primary cost driver; despite PV formula clauses, timing mismatches between procurement and billing can compress margins 8-12% on sharp spikes. ⚠ estimate
- Adani Group Customer Concentration: Adani Energy Solutions (₹1,349 Cr) + Adani Green Energy (₹748 Cr) = ~60% of the ₹3,300 Cr order book, any Adani capital spending slowdown or dispute flows directly to DPIL. ✓ fact
- Promoter Stake Reduction via OFS: Promoter stake declined from 90.6% (Jun 2024) to 84.0% (Dec 2025), with an OFS in June 2025, post-NCLT resolution monetization by the acquirer is a natural event but worth monitoring for further dilution. ✓ fact

(Our read after the latest results, written 17 May 2026.)

## What to watch in Diamond Power Infrastructure's next results? When Diamond Power Infrastructure reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Q2 revenue and operating profit progression as monsoon disruption recedes; check whether the gradual ramp supports the full-year framework. - What to check (from the call)
- Q2 revenue and operating profit progression as monsoon disruption recedes; check whether the gradual ramp supports the full-year framework. - September MV trailing and silane commissioning; check production start and early utilization contribution. - Gujarat and UP cable awards converting into dispatches and collections; check backlog replenishment and customer concentration. - QIP deployment and legacy-receivable recovery; check capacity spend, working-capital absorption and first cash realization. ## Which stock lists is Diamond Power Infrastructure on? Diamond Power Infrastructure is on 4 of our India lists: Momentum stocks, Small & mid cap stocks, AI & data centre stocks and Power & green energy stocks. - [Momentum stocks Market cap cr: 23077.05662020906](https://www.sectoralpha.in/momentum-stocks-india)
- [Small & mid cap stocks Size rank in India: 358](https://www.sectoralpha.in/small-cap-stocks-india)
- [AI & data centre stocks Group on the list: Data centre suppliers](https://www.sectoralpha.in/ai-stocks-india)
- [Power & green energy stocks Group on the list: Power equipment, transformers and cables](https://www.sectoralpha.in/sectors/power-stocks-india)

## Is Diamond Power Infrastructure profitable? Diamond Power Infrastructure Ltd earned ₹58.0 Cr of net profit in the Jun 2026 quarter, +262.5% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹158 Cr. Over 16 years profit has grown 6.0% a year on average. That is 8.4% of the quarter's revenue. The same quarter a year earlier earned ₹16.0 Cr. 1 of the last 12 reported quarters were loss-making. For the full year, FY26 profit was ₹158 Cr (+364.7% on the year before). Why profit moved: revenue changed +128.5% on a year earlier and the margin moved +1.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +552.1% and revenue +91.6%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. FY26-Q2. Strong Q2: Revenue +75% YoY, PAT +593% YoY. QIP fundraising of ₹1,000 Cr approved (Board approval, Nov 2025). New aluminium rod mill commissioned (Sep 2025). ₹1,554 Cr order book as of Jun 2025 ramp to ₹3,300+ Cr by Q3 end, significant order intake in H2. FY26-Q3. Breakout quarter: Revenue ₹474 Cr (+54% YoY), EBITDA ₹69.76 Cr (+335% YoY), PAT ₹49.72 Cr (+692% YoY). Gross margin 23.3%. Three drivers cited: EHV cable introduction, retail sales +100% QoQ, cost optimization in RM/packaging/logistics. HT Cable = 41% of sales, LT = 36%, Conductors = 23%. Why-sources: our stock research file (17 May 2026) and the company’s own results for those quarters. ## How much revenue does Diamond Power Infrastructure make, and is it growing? Diamond Power Infrastructure Ltd reported ₹690 Cr of revenue in the Jun 2026 quarter, +128.5% on the same quarter a year earlier. That is the 9th quarter in a row with growth on the year before. Over 16 years it has grown 5.1% a year on average. The last full year, FY26, came in at ₹1,910 Cr. Why this happened. India's National Electricity Plan goals 500 GW non-fossil capacity by 2030 under RDSS/PM Gati Shakti, requiring massive transmission infrastructure. The T&D capex cycle that started FY22-23 drove sharp order book growth across the sector. Near-term (FY26) ordering slowed to 16 schemes from 45 in FY25 due to bandwidth constraints, but structural demand is intact. DPIL directly benefits via HTLS conductors, MV covered conductors, and EHV cable capability expansion. The company serves utilities in 16 states and is adding Adani's renewable energy projects as a major customer cluster. The last four reported quarters add to ₹2,298 Cr. FY26 revenue was ₹1,910 Cr, +71.3% on the year before. Recent pace: the last four quarters grew +91.6% on average, against 5.1% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +92.6%, against +115.9% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +467.6%, against +162.5% a year (accelerating). FY26-Q2. Strong Q2: Revenue +75% YoY, PAT +593% YoY. QIP fundraising of ₹1,000 Cr approved (Board approval, Nov 2025). New aluminium rod mill commissioned (Sep 2025). ₹1,554 Cr order book as of Jun 2025 ramp to ₹3,300+ Cr by Q3 end, significant order intake in H2. FY26-Q3. Breakout quarter: Revenue ₹474 Cr (+54% YoY), EBITDA ₹69.76 Cr (+335% YoY), PAT ₹49.72 Cr (+692% YoY). Gross margin 23.3%. Three drivers cited: EHV cable introduction, retail sales +100% QoQ, cost optimization in RM/packaging/logistics. HT Cable = 41% of sales, LT = 36%, Conductors = 23%. Why-sources: our stock research file (17 May 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Diamond Power Infrastructure keep? Diamond Power Infrastructure Ltd's operating margin was 11.0% in the Jun 2026 quarter, 1.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between −57.0% and 14.0%. The latest quarter is within that range. Why this happened. Diamond Power's cost structure was reset in the NCLT resolution. Fixed overhead (interest, depreciation) was restructured, and the company restarted production on legacy capacity. As volumes recovered, every incremental rupee of revenue dropped disproportionately to profit. Q3 FY26 EBITDA growth of 335% YoY on 54% revenue growth is the clearest proof. The company executed a cost optimization program covering raw material consumption, packaging, and logistics simultaneously. This leverage is real but also means any demand softness would hit profits hard, it cuts both ways. Why the margin moved: operating margin changed +0.9 percentage points on the year while gross margin changed −1.7 points. So the gain came mostly from the gross margin, which means input costs and prices charged. FY26-Q2. Strong Q2: Revenue +75% YoY, PAT +593% YoY. QIP fundraising of ₹1,000 Cr approved (Board approval, Nov 2025). New aluminium rod mill commissioned (Sep 2025). ₹1,554 Cr order book as of Jun 2025 ramp to ₹3,300+ Cr by Q3 end, significant order intake in H2. FY26-Q3. Breakout quarter: Revenue ₹474 Cr (+54% YoY), EBITDA ₹69.76 Cr (+335% YoY), PAT ₹49.72 Cr (+692% YoY). Gross margin 23.3%. Three drivers cited: EHV cable introduction, retail sales +100% QoQ, cost optimization in RM/packaging/logistics. HT Cable = 41% of sales, LT = 36%, Conductors = 23%. Why-sources: our stock research file (17 May 2026) and the company’s own results for those quarters. ## Is Diamond Power Infrastructure's profit turning into cash? Over the last 3 years, 62% of Diamond Power Infrastructure Ltd's reported profit came in as cash from its operations, so most of the profit is real cash. In FY26 it brought in ₹36.0 Cr of operating cash against ₹158 Cr of profit. After ₹81.0 Cr of spending on assets, free cash was −₹45.0 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 62% of profit came in as cash: the cash cycle got 113 days shorter between FY15 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does Diamond Power Infrastructure's cash go? Diamond Power Infrastructure Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 93 days in FY26, down from 206 days in FY15. It spent ₹154 Cr on assets over the last 3 years. Customers take 89 days to pay, and stock sits for 89 days on average. At FY26 sales of ₹1,910 Cr, each day of that cycle ties up about ₹5.2 Cr, so roughly ₹487 Cr is tied up in the business at any time. FY26: customers took 89 days to pay and stock sat for 89 days, about 2.9 months of sales sitting as stock, for a full cycle of 93 days, shorter than FY15's 206. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 89 days. Customers pay about 89 days after that. Suppliers are paid at 85 days. Together that makes the 93-day cycle. Spending on assets: ₹154 Cr over the last 3 years, against ₹145 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹152 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is Diamond Power Infrastructure's P/E ratio, and how does it compare with its own history? Diamond Power Infrastructure Ltd's P/E is 117.8×, in the middle of its own history: higher than 40% of past readings. Its usual P/E (the middle reading) is 126.4×, over 2.3 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹3.66. Why the multiple is where it is: over the past year earnings per share moved +361.5% while the price moved +153.8%. Earnings did better than the price, which pulled the multiple down within its own range. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Diamond Power Infrastructure business getting better or worse? Diamond Power Infrastructure Ltd's business is turning around. Profit growth has swung from −24.4% at its low to +262.5%, rising from a low 5 quarters ago (from single-quarter figures). This is based on 8 quarters of 2 measures, with some gaps. Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it. The return-on-capital line is not shown: net worth is negative, so a return on capital means nothing. The balance sheet is in distress, and this reading uses the growth lines alone. One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the Diamond Power Infrastructure story, and has it been checked? Diamond Power Infrastructure Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: Not stated in the research file. Still open: Book value is -₹13.6/share; ₹610 Cr borrowings (Sep 2025); interest expense growing from ₹1 Cr (Mar25) to ₹11 Cr (Dec25), financial fragility persists despite operating turnaround. Our read, 17 May 2026. What is proven. What is not proven yet. Book value is -₹13.6/share; ₹610 Cr borrowings (Sep 2025); interest expense growing from ₹1 Cr (Mar25) to ₹11 Cr (Dec25), financial fragility persists despite operating turnaround. The test written in advance. Negative Net Worth and High Leverage. Measured by: Negative Net Worth and High Leverage Three consecutive quarters of net worth turning positive AND D/E <0.5x would downgrade this risk to MEDIUM. by the next result.

The test written in advance.

The test written in advance. Aluminium/Copper Price Volatility. Measured by: Aluminium/Copper Price Volatility Six consecutive quarters of OPM >12% despite commodity swings would confirm the PV clause protection is effective. by the next result. What the company does. Q3 FY26: Revenue +54% YoY to ₹474 Cr, PAT +692% YoY to ₹49.7 Cr, EBITDA +335% YoY, operating leverage from a near-zero base now clear in the numbers. Order book >₹3,500 Cr (Mar 2026), anchored by Adani Energy Solutions ₹1,349 Cr and Adani Green Energy ₹748 Cr, gives 9M+ revenue visibility at current run-rates. Lever 1 · Operating leverage: building. Revenue growing 54-75% YoY is translating to 335-693% EBITDA/PAT growth, classic fixed-cost leverage on near-zero base. What proves it keeps working: Operating Leverage on Turnaround Base. It stops working if Three consecutive quarters of net worth turning positive AND D/E <0.5x would downgrade this risk to MEDIUM. Lever 10 · New geographies: building. India T&D sector to receive ₹9 trillion capex through 2032; 10-15% cable demand CAGR underpins DPIL's addressable market expansion. What proves it keeps working: India T&D Capex Supercycle Tailwind. It stops working if Three consecutive quarters of net worth turning positive AND D/E <0.5x would downgrade this risk to MEDIUM. Lever 7 · Consolidation: building. Retail sales grew 100% QoQ in Q3 FY26, nascent brand-pull strategy aiming for 7x customer base increase in 2 years, but track record is limited. What proves it keeps working: Retail URJA Brand Expansion. It stops working if Three consecutive quarters of net worth turning positive AND D/E <0.5x would downgrade this risk to MEDIUM. Sources: our stock research file (17 May 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## How much does Diamond Power Infrastructure earn on its capital? Diamond Power Infrastructure Ltd earned a ROCE of 12% in FY26. That is up from a low of −29% in FY17. Its return on capital used (ROIC) is 3.3 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 8.3% net margin and 0.79× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 8.3% net margin × 0.79× asset turnover × −3.98× leverage (assets divided by equity) ≈ −26.1% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 15.3% − 12.0% = +3.3 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. The 15.3% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 11.6%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Diamond Power Infrastructure have too much debt? Diamond Power Infrastructure Ltd's net worth is negative: it owes more than it owns, so a debt-to-equity ratio means nothing here. Year by year, that ratio went from −3.29 in FY22 to −4.20 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Diamond Power Infrastructure shareholding pattern? Promoters cut their stake in Diamond Power Infrastructure Ltd by 16.0 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 74.0% of the company. Domestic institutions moved +11.2 points over the same period, to 11.2%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: −16.0 points over 8 quarters, to 74.0%; Domestic institutions: +11.2 points over 8 quarters, to 11.2%; Foreign institutions: +4.1 points over 8 quarters, to 4.1%. Why the owners changed: promoters drove it (−16.0 points), with the other side taken by domestic institutions (+11.2 points). They reduced their stake. ## How far is Diamond Power Infrastructure from balance-sheet trouble? For Diamond Power Infrastructure Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Diamond Power Infrastructure rank in its industry? 64.8 out of 100, rank 2 of 11 in Cables - Power, with 79% of the evidence available. Diamond Power Infrastructure Ltd scores 64.8 out of 100 against the 11 companies it is compared with in Cables - Power, ranking 2. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 28.5 + 8.9 + 8.5 + 18.9 = 64.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Diamond Power Infrastructure compared with? Diamond Power Infrastructure ranks 2 of 11 Cables - Power companies on the 4-Factor Sector Score, with 64.8 out of 100. 1. [V-Marc India Ltd](https://www.sectoralpha.in/stocks/v-marc-india-ltd) VMARCIND · leader · Most evidence points up · 63% evidence 67.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.0/35 · Revenue 48.9% · Profit 90.5% · Operating margin change 0 points · 59% evidence Capital efficiency 19.5/25 · ROCE 41.3% · Operating margin 11% · 76% evidence Valuation 9.1/20 · P/E 38.4× · PEG n/a · 15% evidence Relative strength 14.5/20 · Lead over its industry 29.9% · Lead over NIFTY 500 57.9% · 1 year 225.2% · 100% evidence · 11 of 12 weeks ahead Exact sum: 24 + 19.5 + 9.1 + 14.5 = 67.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. Diamond Power Infrastructure Ltd this page DIACABS · leader · Evidence leans up · 79% evidence 64.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.5/35 · Revenue 92.6% · Profit 100% · Operating margin change 1 points · 88% evidence Capital efficiency 8.9/25 · ROCE 11.8% · Operating margin 11% · 100% evidence Valuation 8.5/20 · P/E 105× · PEG n/a · 15% evidence Relative strength 18.9/20 · Lead over its industry 36.7% · Lead over NIFTY 500 69.7% · 1 year 125.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 28.5 + 8.9 + 8.5 + 18.9 = 64.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [R R Kabel Ltd](https://www.sectoralpha.in/stocks/r-r-kabel-ltd) RRKABEL · losing its lead · Evidence leans up · 100% evidence 55.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.4/35 · Revenue 45.4% · Profit 66.3% · Operating margin change 1 points · 100% evidence Capital efficiency 14.4/25 · ROCE 28.1% · Operating margin 9% · 100% evidence Valuation 8.8/20 · P/E 34.4× · PEG 2.45 · 100% evidence Relative strength 5.3/20 · Lead over its industry -12.6% · Lead over NIFTY 500 12.8% · 1 year 45.6% · 100% evidence · 10 of 12 weeks ahead Exact sum: 27.4 + 14.4 + 8.8 + 5.3 = 55.9 · What this means: Earnings are strong; relative strength in its sector is -12.6% and the one-year return is 45.6%. 4. [Apar Industries Ltd](https://www.sectoralpha.in/stocks/apar-industries-ltd) APARINDS · leader · Evidence leans up · 100% evidence 55.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.9/35 · Revenue 23.4% · Profit 46.4% · Operating margin change 2 points · 100% evidence Capital efficiency 15.9/25 · ROCE 31.8% · Operating margin 10% · 100% evidence Valuation 4.6/20 · P/E 46.9× · PEG 1.57 · 100% evidence Relative strength 16.2/20 · Lead over its industry 1.7% · Lead over NIFTY 500 30.9% · 1 year 80.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 18.9 + 15.9 + 4.6 + 16.2 = 55.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Polycab India Ltd](https://www.sectoralpha.in/stocks/polycab-india-ltd) POLYCAB · quiet · Evidence leans up · 100% evidence 55.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.5/35 · Revenue 40.7% · Profit 28.6% · Operating margin change -2 points · 100% evidence Capital efficiency 20.8/25 · ROCE 33.2% · Operating margin 14% · 100% evidence Valuation 11.2/20 · P/E 37.2× · PEG 1.48 · 100% evidence Relative strength 6.6/20 · Lead over its industry -26.8% · Lead over NIFTY 500 -0.7% · 1 year 1.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 16.5 + 20.8 + 11.2 + 6.6 = 55.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Universal Cables Ltd](https://www.sectoralpha.in/stocks/universal-cables-ltd) UNIVCABLES · losing its lead · Evidence leans down · 96% evidence 49.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.5/35 · Revenue 33.6% · Profit 69.5% · Operating margin change 0 points · 88% evidence Capital efficiency 5.6/25 · ROCE 11.7% · Operating margin 10% · 100% evidence Valuation 13.5/20 · P/E 20.9× · PEG 0.32 · 100% evidence Relative strength 7.1/20 · Lead over its industry -7.3% · Lead over NIFTY 500 18.9% · 1 year 63.2% · 100% evidence · 11 of 12 weeks ahead Exact sum: 23.5 + 5.6 + 13.5 + 7.1 = 49.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Delton Cables Ltd](https://www.sectoralpha.in/stocks/delton-cables-ltd) Evidence leans down · 61% evidence 47.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.1/35 · Revenue 54.6% · Profit -6.5% · Operating margin change 0.1 points · 83% evidence Capital efficiency 10.9/25 · ROCE 16.6% · Operating margin 8.7% · 95% evidence Valuation 10.3/20 · P/E 31.5× · PEG n/a · 15% evidence Relative strength 11.8/20 · Lead over its industry n/a · Lead over NIFTY 500 36.2% · 1 year n/a · 25% evidence Exact sum: 14.1 + 10.9 + 10.3 + 11.8 = 47.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Dynamic Cables Ltd](https://www.sectoralpha.in/stocks/dynamic-cables-ltd) DYCL · quiet · Evidence leans down · 100% evidence 45.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.7/35 · Revenue 21.2% · Profit 19.2% · Operating margin change -1 points · 100% evidence Capital efficiency 14.3/25 · ROCE 26.2% · Operating margin 10% · 100% evidence Valuation 14.2/20 · P/E 16.5× · PEG 0.84 · 100% evidence Relative strength 4.0/20 · Lead over its industry -29.6% · Lead over NIFTY 500 -5.9% · 1 year -20.9% · 100% evidence · 10 of 12 weeks ahead Exact sum: 12.7 + 14.3 + 14.2 + 4 = 45.2 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 9. [KEI Industries Ltd](https://www.sectoralpha.in/stocks/kei-industries-ltd) KEI · quiet · Evidence leans down · 100% evidence 44.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.5/35 · Revenue 25.1% · Profit 33.2% · Operating margin change 0 points · 100% evidence Capital efficiency 11.6/25 · ROCE 20% · Operating margin 10% · 100% evidence Valuation 11.4/20 · P/E 34.2× · PEG 1.37 · 100% evidence Relative strength 1.1/20 · Lead over its industry -37.9% · Lead over NIFTY 500 -15.5% · 1 year -6.5% · 100% evidence · 1 of 12 weeks ahead Exact sum: 20.5 + 11.6 + 11.4 + 1.1 = 44.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [JD Cables Ltd](https://www.sectoralpha.in/stocks/jd-cables-ltd) Too little evidence to rank firmly · 26% evidence 55.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.9/43.75 · Revenue n/a · Profit n/a · Operating margin change -1 points · 15% evidence Capital efficiency 21.3/31.25 · ROCE 33.6% · Operating margin 12% · 71% evidence Valuation 14.4/25 · P/E 14.8× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 19.9 + 21.3 + 14.4 = 55.6 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 11. [Systematic Industries Ltd](https://www.sectoralpha.in/stocks/systematic-industries-ltd) breaking out · Too little evidence to rank firmly · 43% evidence 46.7 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Cables - Power](https://www.sectoralpha.in/sectors/cables-power), all 11 compared on one page. ## Which companies are close to Diamond Power Infrastructure in size? Diamond Power Infrastructure is the 5th largest of 11 Cables - Power companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Apar Industries, KEI Industries and R R Kabel. Just below it: V-Marc India, Universal Cables and Dynamic Cables. ### Cables - Power companies close in size

1. [Apar Industries Ltd](https://www.sectoralpha.in/stocks/apar-industries-ltd) ₹65,652 crore
2. [KEI Industries Ltd](https://www.sectoralpha.in/stocks/kei-industries-ltd) ₹36,058 crore
3. [R R Kabel Ltd](https://www.sectoralpha.in/stocks/r-r-kabel-ltd) ₹23,251 crore
4. Diamond Power Infrastructure Ltd ₹20,598 crore
5. [V-Marc India Ltd](https://www.sectoralpha.in/stocks/v-marc-india-ltd) ₹4,470 crore
6. [Universal Cables Ltd](https://www.sectoralpha.in/stocks/universal-cables-ltd) ₹4,176 crore
7. [Dynamic Cables Ltd](https://www.sectoralpha.in/stocks/dynamic-cables-ltd) ₹1,542 crore

[All 11 Cables - Power companies, largest first](https://www.sectoralpha.in/sectors/cables-power#all-companies)

### Companies close in size in other industries

1. [Welspun Living Ltd](https://www.sectoralpha.in/stocks/welspun-living-ltd) ₹20,698 crore · Textiles - Home Textile
2. [Amber Enterprises India Ltd](https://www.sectoralpha.in/stocks/amber-enterprises-india-ltd) ₹20,685 crore · Consumer Electronics - EMS
3. Diamond Power Infrastructure Ltd ₹20,598 crore
4. [Jyoti CNC Automation Ltd](https://www.sectoralpha.in/stocks/jyoti-cnc-automation-ltd) ₹20,595 crore · CNC - Machines
5. [SPR Auto Technologies Ltd](https://www.sectoralpha.in/stocks/spr-auto-technologies-ltd) ₹20,288 crore · Auto Ancillaries - Engine Parts

## What else do people ask about Diamond Power Infrastructure? ### What is Diamond Power Infrastructure's share price today? Diamond Power Infrastructure Ltd's share price is ₹385.85, +153.8% over the past year. The whole company is worth ₹23,104 Cr on the market. It is at its highest price of the past 52 weeks (range ₹120 to ₹386), 49.4% above its 200-day average. The price has been rising for 27 weeks (as of 4 November 2026). ### What were Diamond Power Infrastructure's latest quarterly results? Diamond Power Infrastructure Ltd reported revenue of ₹690 Cr and net profit of ₹58.0 Cr for the Jun 2026 quarter. Revenue rose 128.5% and profit rose 262.5% compared with a year earlier. Earnings per share were ₹1.11. The operating margin was 11.0%, 1.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is Diamond Power Infrastructure's market cap? Diamond Power Infrastructure Ltd's market capitalisation is ₹23,104 Cr at a share price of ₹385.85. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Diamond Power Infrastructure performing? Diamond Power Infrastructure Ltd's share price has been rising for 27 weeks. In its latest quarter, revenue rose 128.5% and profit rose 262.5% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 19 weeks running (as of 4 November 2026). ### Will Diamond Power Infrastructure's share price go up? This page does not forecast Diamond Power Infrastructure Ltd's share price. What it shows instead: the share price is ₹385.85, and it has been rising for 27 weeks. Its P/E of 117.8× is higher than 40% of its own last 2 years (as of 4 November 2026). ### Who owns Diamond Power Infrastructure? Promoters own 74.0% of Diamond Power Infrastructure Ltd, foreign institutions 4.1%, domestic institutions 11.2% and the public 10.6% (latest quarter). The biggest change over the last two years: Promoters cut their stake by 16.0 percentage points over 8 quarters (as of 4 November 2026). ### Does Diamond Power Infrastructure have too much debt? No, Diamond Power Infrastructure Ltd has little debt: its debt is −4.20× its equity, and its operating profit is 6 times its interest bill. FY26 borrowings were ₹2,536 Cr against equity of −₹604 Cr. So the returns on this page come from the business, not borrowed money (as of 4 November 2026). ### Where is Diamond Power Infrastructure in its business cycle? Diamond Power Infrastructure Ltd's FY26 operating margin was 12.0%, against a 13-year range of −57.0% to 14.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 11.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Diamond Power Infrastructure story? The main question: yearly earnings per share moved +361.5% while the share price moved +153.8%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Diamond Power Infrastructure a stock worth studying right now? What the numbers show: Diamond Power Infrastructure Ltd's balance sheet is under water: its net worth is negative, so it owes more than it owns. This is a high-risk situation: shareholders can be wiped out by new shares or a restructuring before the business recovers. The main open question: whether the business can earn its way back to positive net worth before new shares or a restructuring get there first. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Diamond Power Infrastructure share price forecast for 2026? What management itself guided: FY27 revenue ₹4,300-4,500 crore, supported by around ₹1,045 crore of backlog scheduled within the next year and ₹275-325 crore of monthly order additions. What is changing at Diamond Power Infrastructure, from the latest results and calls: operating leverage on turnaround base, ehv cable introduction and order book ramp and india t&d capital spending supercycle tailwind. What would change the story: Book value is -₹13.6/share; ₹610 Cr borrowings (Sep 2025); interest expense growing from ₹1 Cr (Mar25) to ₹11 Cr (Dec25), financial fragility persists despite operating turnaround. ## Lists

- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- AI & data centre stocks: https://www.sectoralpha.in/ai-stocks-india
- Power & green energy stocks: https://www.sectoralpha.in/sectors/power-stocks-india

This is research, not advice. We’re not SEBI-registered.