Dynamic Cables Ltd: ₹734 Cr Order Book, Jaipur’s Own Power Plug to India’s Infra Boom
1. At a Glance
Dynamic Cables isn’t your neighborhood “bijli ka dukaan” — it’s a ₹2,327 Cr market-cap manufacturer wiring up India’s infra dreams. With three plants in Jaipur/Reengus, a client list featuring Tata Power, NTPC, Delhi Metro, BHEL, Nepal Electricity Authority, and exports to 40+ countries, the company has transformed from a local player into a serious cables contender. CMP sits at ₹480 with a P/E of ~33x — not cheap, but hey, it’s delivering 76% returns in 1 year. Order book? A juicy ₹734 Cr as of July 2025.
2. Introduction
Imagine an electrician from Jaipur who started making wires for colony projects and now supplies cables for metros, railways, solar parks, and exports to Kenya and the US. That’s Dynamic Cables’ growth story.
Founded with an infra-first mindset, the company focuses on power, railways, and renewables. Over the years, it rode India’s infra cycle, the solar wave, and now the railway electrification + data center + EV revolution. While peers like Polycab and KEI hog the limelight with giant balance sheets, Dynamic has carved a neat mid-cap niche: lean, fast, and ready to shock (figuratively).
Question for you: if Polycab is the Ambani of wires, is Dynamic Cables the “Marwari startup unicorn” from Jaipur?
3. Business Model (WTF Do They Even Do?)
Dynamic makes:
HT Cables (60%) → backbone of revenue.
LT Cables (33%) → steady bread-and-butter.
Railway Signaling Cables (4%) → a fast-scaling niche.
Conductors & Others (3%) → shrinking share, once 14% in FY22.
Market split:
Private sector 64%, Govt 28%, Exports 8%.
Clients include Godrej, Voltas, Tata Power, Delhi Metro, and multiple PSUs. Top 5 customers = 40% revenue → some customer concentration risk.
Plants: 3 in Rajasthan with 20% expanded capacity (FY24 brownfield expansion) + new greenfield capex for renewable and railway cables (commissioning in FY26).
4. Financials Overview
Source table
Metric
Latest Qtr (Jun ’25)
YoY Qtr (Jun ’24)
Prev Qtr (Mar ’25)
YoY %
QoQ %
Revenue
₹262 Cr
₹209 Cr
₹331 Cr
+25.6%
-20.8%
EBITDA
₹27 Cr
₹22 Cr
₹34 Cr
+22.7%
-20.6%
PAT
₹18.2 Cr
₹11.6 Cr
₹24 Cr
+57.0%
-24.2%
EPS (₹)
3.75
2.39
4.86
+57%
-22.8%
Annualised EPS ~₹15 → CMP P/E ~32x.
Verdict: High growth, healthy margins, but valuation is sizzling like a short-circuit.
