What happens when a 76-year-old cable company suddenly starts giving “start-up style” numbers? You get Delton Cables Ltd — a power wire veteran turned quarterly sensation. For Q2 FY26, the company reported sales of ₹241.34 crore and a PAT of ₹6.29 crore, marking a 38% YoY revenue growth and a 221% jump in profit. That’s not an “electrifying performance”; that’s a short circuit in the competition’s ego.
With a market cap of ₹592 crore, P/E of 32.2x, ROCE of 19.4%, and a ROE of 16.2%, Delton has crawled out of the slow lane into the fast-growing EVs-and-infrastructure highway. At ₹685/share, the stock sits 50% below its 52-week high of ₹1,375 — perfect for those who like their cables undervalued but livewired.
Debt? A chunky ₹255 crore. Promoters? Still holding tight at 73%, with zero pledges (for once, the wires aren’t crossed). The company’s interest coverage of 1.75x looks fragile, but hey, when you’re wiring metros, oil plants, and railways, maybe that’s the cost of doing “electric business.”
2. Introduction
Let’s be honest — Delton Cables is the kind of company your father would buy shares in and forget about, only to discover years later that it quietly tripled while everyone else was chasing “AI multibaggers.”
Founded in 1948, when India was still figuring out its first five-year plan, Delton made cables before “electricity reform” was even a political slogan. For decades, it’s been doing the boring but essential job of wiring the nation — supplying cables, wires, and switchgear for every industry you can name: power, telecom, oil & gas, steel, railways, defence, and even your friendly neighbourhood sewage treatment plant.
But FY25 changed everything. Revenue exploded 76% YoY to ₹7,109 million, and PAT climbed 40% to ₹205 million. Suddenly, this vintage manufacturer found itself in investor watchlists, aided by a ₹4,250 million order book (and a few jealous competitors).
In November 2025, its Q2 FY26 report confirmed the momentum wasn’t a one-time spark: another 38% jump in sales and over 200% growth in profit. Add a brand-new Palwal plant commissioned in June 2025, and Delton’s growth looks like someone upgraded its wires to 5G speeds.
Still, the company isn’t flawless. The interest coverage is barely above the comfort zone, working capital is heavy, and despite an impressive ROCE, margins are thinner than LAN cables. But that’s the thing about cables — they look small, but they carry big power.
3. Business Model – WTF Do They Even Do?
In short: Delton manufactures cables, wires, and switchgear products. But describing it that simply would be like calling Mumbai “a village with traffic.”
The business splits into two primary segments:
a) Wires & Cables (94% of revenue) This is Delton’s bread, butter, and entire tandoori platter. From power and control cables to LAN, solar, railway signalling, and thermocouple cables, they make wires for every industrial fetish.
They even supply rubber, coaxial, cathodic protection, and compensating cables — terms that sound confusing enough to make any MBA nod wisely and pretend to understand.
b) Switchgear (1%) The minor sibling in the family, making MCBs, RCCBs, MCCBs, changeover switches, and all those tiny boxes that stop your house from catching fire when the AC and geyser are both on.
Add some copper trading and scrap sales, and you get a mix that’s boring on paper but wired for consistency.
Delton’s clientele reads like the who’s who of industrial India: GE, ABB, Honeywell, Indian Oil, IRCTC, L&T, Reliance, Tata Steel, BHEL, Siemens, JSW, BSNL, and DMRC. Basically, everyone who builds, runs, or maintains something that consumes electricity has a Delton product hiding somewhere in its veins.
Exports, however, contribute less than 1% of revenue — proving once again that Indian cables prefer domestic drama over global exposure.
4. Financials Overview
Quarterly Results (₹ in crore)
Metric
Q2 FY26
Q2 FY25
Q1 FY26
YoY %
QoQ %
Revenue
241.34
174.92
156.33
37.9%
54.4%
EBITDA
18.21
10.05
13.30
81.2%
36.9%
PAT
6.29
1.96
3.08
221.0%
104.2%
EPS (₹)
7.28
2.26
3.56
222%
104%
That’s not a balance sheet — that’s an audition tape for “India’s Got Growth.”
Despite rising input costs and interest, Delton delivered nearly 8% operating margin. Sure, it’s not an FMCG-type margin, but in the world of copper, cables, and contracts, this is heroic.
EBITDA more than doubled YoY, and PAT jumped over 3x. Looks like the new Palwal plant wasn’t just
