1. At a Glance
Diamond Power Infrastructure Ltd (DPIL), better known by its brand “DIACABS,” is living proof that Indian capitalism is basically a Bollywood movie—bankruptcy, NCLT, heroic comeback, and now a stock that’s up 803% in three years. From owing banks ₹3,308 crore to rising like a phoenix after creditors accepted a haircut bigger than a Gen Z influencer, DPIL today manufactures cables, conductors, and towers under one Vadodara roof while pretending FY17 never happened. Current market cap: ₹7,751 crore. Current PE: 204. Translation? Investors are either drunk or see diamonds in this power junkyard.
2. Introduction
Let’s rewind to the early 2010s. DPIL was flexing as an “integrated power T&D solutions player.” Sounds great on paper—conductor lines, cables, transmission towers, EPC projects, all under one umbrella. Problem: umbrellas don’t help when the storm is debt.
Expansion plans stalled, land acquisitions delayed, and the sector slowed. By FY17, DPIL was bleeding faster than a budget airline. Enter NCLT Ahmedabad. Banks lined up, hoping to recover ₹3,308 crore, but walked away with just ₹501 crore. That’s not even a haircut—that’s a clean head shave.
In 2022, a consortium led by GSEC Ltd and Rakesh Shah scooped up DPIL with a resolution plan: ₹50 crore equity infusion, ₹72 crore upfront, and ₹1,900 crore unsecured bonds. Creditors called it “resolution.” Investors called it “second chance.”
Today, the company is pitching itself as India’sonly T&D player making conductors, cables, and towers under one roof. Clients? From Adani Energy to ABB. Future plans? EV cables, solar boom, and capex in advanced tech. Basically, DPIL 2.0 is selling the dream that bankruptcy is just “character development.”
3. Business Model (WTF Do They Even Do?)
Here’s DPIL’s product buffet:
- Conductors: 11 kV to 765 kV HVDC lines. Because electricity still needs wires, despite Elon Musk’s wireless fantasies.
- Cables: From LV 1.1 kV to EHV 550 kV. Including solar and EV cable expansions. Basically, if it carries current, DPIL wants to make it.
- Transmission Towers: Installed capacity 48,000 MTPA. Yes, those giant steel skeletons you see on highways.
- EPC Solutions: Engineering, Procurement &
- Construction. The “we’ll do everything” pitch to discoms.
USP? Unlike Apar Industries (specializes in conductors) or KEI (specializes in cables), DPIL makesall three. Think of it as the thali meal of T&D equipment.
Problem: execution. Being “integrated” doesn’t save you if margins stay at 6%.
4. Financials Overview
| Metric | Jun 2025 (Latest Qtr) | Jun 2024 (YoY) | Mar 2025 (QoQ) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 302 | 224 | 334 | +34.8% | -9.6% |
| EBITDA (₹ Cr) | 31 | 24 | 14 | +29.2% | +121% |
| PAT (₹ Cr) | 20.1 | 17 | 8 | +18.2% | +151% |
| EPS (₹) | 0.38 | 0.31 | 0.15 | +22.6% | +153% |
Commentary:Sales growth is hot (35% YoY), PAT doubled QoQ, and EBITDA is finally flexing. But at PE 204, the market is pricing this like it’s Infosys in 2000, not a recently-bankrupt cable-maker from Vadodara.
5. Valuation (Fair Value RANGE Only)
- P/E Method: EPS TTM = ₹0.72. Industry PE ~39. FV = 0.72 × 39 = ~₹28/share.
- EV/EBITDA: EV = ₹8,200 Cr, EBITDA = ₹74 Cr. EV/EBITDA = 110x. Industry ~12–15x. FV range = ~₹15–20/share.
- DCF: Assume revenue growth of 20% CAGR for 5 years, margins stabilizing at 8–9%. Even optimistically, FV comes ~₹40–60/share.
👉Final FV Range: ₹20 – ₹60/share (Educational Only). CMP ₹147 is way above this.
6. What’s Cooking – News, Triggers, Drama
- AGM (Sep 26, 2025):Expect fireworks, maybe more expansion announcements.
- Q1 FY26 Results:Revenue
