Delton Cables Q3 FY26: ₹268 Cr Revenue (+42%), ₹4.09 Cr PAT, 2.6x Debt-Equity — Is This 75-Year Veteran Finally Rewiring Itself?
1. At a Glance – The 1948 Wire That Refuses to Short Circuit
A 75+ year old cables company doing ₹868 Cr TTM sales and trading at a market cap of ₹430 Cr? That’s a Price-to-Sales of just 0.49. Welcome to Delton Cables — currently priced at ₹497, down 28% in 3 months and 33% in 1 year.
Yet Q3 FY26 revenue jumped 42% YoY to ₹268 Cr, PAT came in at ₹4.09 Cr, and sales have grown 36% TTM. ROCE stands at 19.4%, ROE at 16.2%, and P/E at 22.9 — slightly below industry median of 24.7.
But wait… Debt is ₹255 Cr. Debt-to-equity? A spicy 2.6x. Interest coverage? 1.7x. That’s not conservative. That’s tightrope walking without a safety net.
So what’s this? A turnaround cable story? Or a leveraged voltage experiment?
Let’s open the distribution board.
2. Introduction – From Telecom Cables to Smart Meter Dreams
Incorporated in 1948, Delton Cables has been around longer than most of us. Back when India was figuring out landlines, Delton was already laying cables.
Originally known for telecom cables, the company now calls itself a “low voltage electric products” player serving EPC, railways, telecom, metering, and industrial segments.
Over 75 years of brand recall? That’s not small. But here’s the real question:
If brand recall was everything, why was ROE just 7–8% for 5 years and only recently improved?
Between FY14–FY19, profits were inconsistent. FY19 even saw a ₹50 Cr profit spike due to high other income (₹59 Cr). Not exactly recurring business quality.
But post FY21, something changed. Sales jumped from ₹123 Cr (FY21) to ₹709 Cr (FY25). That’s not growth. That’s rewiring the transformer.
So is this a structural shift — or just demand cycle tailwind?
