1. At a Glance
They say diamonds are forever—but Diamond Power Infrastructure Ltd (DPIL) almost flatlined. And now, it’s back from the dead, posting ₹1,115 Cr in sales and hogging ₹1,500 Cr+ in orders. With zero dividends, negative book value, a P/E that needs counselling (258x), and a promoter holding jump from 11% to 90%, it’s one of India’s wildest T&D turnarounds.
2. Introduction with Hook
Imagine your electrician uncle gets electrocuted… but walks it off, builds a transformer factory, and wins contracts from Adani and TS Conductor USA. That’s Diamond Power. From a -₹805 Cr loss in FY17 to now a rising phoenix with a ₹9,000 Cr market cap, DPIL is proof that second chances in Indian markets are like daily soaps—dramatic, dragged out, and sometimes electrifying.
Key Stats:
- FY25 Sales: ₹1,115 Cr
- FY25 PAT: ₹34 Cr
- ROCE: TBD (Post-zombie mode)
- CMP: ₹169 | P/E: 258x
3. Business Model (WTF Do They Even Do?)
DPIL is a T&D Infrastructure player manufacturing:
- Power Cables
- Conductors
- Transmission Towers
- Turnkey EPC Projects
Bonus:
- New EHV Testing Lab (NABL-accredited)
- Partnered with TS Conductor USA for advanced tech
- Contract manufacturing + OEM for brands like Adani, Rajesh Power
Think Apar Industries but with a Bollywood-worthy backstory.
4. Financials Overview
| Year | Sales (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) | EPS (₹) | OPM % |
|---|---|---|---|---|---|
| FY17 | 1,131 | -647 | -805 | -2.98 | -57% |
| FY24 | 343 | 43 | 17 | 0.32 | 12% |
| FY25 | 1,115 | 67 | 34 | 0.65 | 6% |
Growth YoY:
- Revenue: +225%
- PAT: Doubled
- OPM shrunk (as scale pushed low-margin orders)
5. Valuation
P/E-based: EPS ₹0.65, CMP ₹169 → P/E = 258x
Book Value: -₹16.7 → CMP/Book = undefined. Literally.
Valuation logic? Not fundamental. Purely momentum, order book hopes, and the “Adani-fication” premium.
EduInvesting FV Range: ₹60–₹90
(If FY26 EPS hits ₹3–₹4 & 20x multiple kicks in)
Current price? Way past the hope line. Almost at the hype stratosphere.
6. What’s Cooking – News, Triggers, Drama
Drama Highlights:
- Adani Electricity Order ₹71 Cr for LT cables
- Rajesh Power Order ₹150.99 Cr for cables
- TS Conductor USA tie-up to produce next-gen conductors by Sep 2025
- Capital raise approved ₹500 Cr in Nov 2024
- New MV cable line commissioned
Also:
- FY26 Order Book: ₹1,554 Cr (Execution by Mar 2026)
- Warning from SEBI on Corp Gov report (Apr 2024)
It’s Startup Energy meets Infrastructure Comeback.
7. Balance Sheet
| Particulars | FY25 (₹ Cr) |
|---|---|
| Equity Capital | 53 |
| Reserves | -931 |
| Borrowings | 463 |
| Other Liabilities | 2,203 |
| Total Liabilities | 1,787 |
| Fixed Assets | 1,168 |
| CWIP | 135 |
| Other Assets | 485 |
Key Insights:
- Reserves still negative due to legacy write-offs
- D/E cleaned up but hidden pain exists
- Assets rebuilt, but reinvestment is ongoing
8. Cash Flow – Sab Number Game Hai
| Year | CFO (₹ Cr) | CFI (₹ Cr) | CFF (₹ Cr) | Net Cash |
|---|---|---|---|---|
| FY24 | 131 | -94 | -13 | +24 |
| FY25 | 143 | -123 | -14 | +6 |
Positives:
- Positive CFO now (from years of red)
- Free cash flow positive
- Capex partially debt-funded
Still too early to relax. Zombie scars take years to heal.
9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROCE | TBD |
| ROE | TBD |
| OPM | 6% |
| Inventory Days | 80 |
| CCC | 60 days |
| Book Value | -₹16.7 |
| P/E | 258 |
Verdict: Stressy, not sexy. You need nerves of steel cables to hold this stock.
10. P&L Breakdown – Show Me the Money
| Year | Sales | EBITDA | PAT | EPS |
|---|---|---|---|---|
| FY23 | 343 | 43 | 17 | 0.32 |
| FY24 | 1,115 | 67 | 34 | 0.65 |
P&L is stabilizing post-bankruptcy. Key is whether FY26 margins expand past 8–10%.
11. Peer Comparison
| Company | CMP (₹) | M.Cap (Cr) | OPM % | P/E | ROCE |
|---|---|---|---|---|---|
| Diamond Power | 169 | 8,898 | 6% | 258 | TBD |
| Genus Power | 366 | 11,146 | 19% | 38 | 19% |
| Apar Inds | 8,902 | 35,758 | 8% | 43 | 32% |
| Shilchar Tech | 5,310 | 6,074 | 30%+ | 41 | 71% |
DPIL is the underdog, priced like a star.
12. Miscellaneous – Shareholding, Promoters
| Category | Mar 2023 | Mar 2025 |
|---|---|---|
| Promoters | 11.41% | 90.00% |
| DIIs | 66.65% | 0.00% |
| Public | 21.17% | 9.96% |
Insane Jump: Promoters went from 11% to 90%. Means:
- Either revival plan worked,
- Or public & institutions got fully diluted
Also: From 23,000 shareholders to 40,000+ = massive retail FOMO.
13. EduInvesting Verdict™
Diamond Power is not for the faint-hearted. This is a turnaround stock on anabolic steroids.
If you believe:
- Orders will convert into margins
- FY26 EPS can cross ₹3–₹4
- Balance sheet healing continues
- Corporate governance doesn’t derail again
Then yes, it’s a bet on Voltage meets Vision.
But today’s valuation (P/E 258) assumes perfection—already. And one SEBI red flag could trip the fuse.
Verdict: This isn’t a diamond yet. It’s still graphite with ambition.
Metadata
– Written by EduInvesting Research | 19 July 2025
– Tags: Diamond Power Infrastructure, Turnaround Stocks, T&D Revival, Infra Stocks, Adani Orders, EPC Phoenix
