Q2 FY27 results analysis · November 03, 2026
Diamond Power Infrastructure Ltd (DIACABS) Q2 FY27 Results Analysis: Revenue Surges 135%, Cash Flow Strain Persists
+348.9%PAT year on year, Rs. 107.88 Cr
Source: Quarterly results filing (BSE)
Quick summary
Diamond Power Infrastructure Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 1,031.90 Cr (+135.40% YoY) and PAT growth of +348.90% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,031.90 Cr (+135.40% YoY) |
| PAT (Q2) | Rs. 107.88 Cr (+348.90% YoY) |
| EBITDA margin | 12.91% (+326 bps YoY) |
| EPS (Q2) | Rs. 1.87 (+306.50% YoY) |
Quarter Snapshot
Revenue grew 135.4% YoY to Rs.1,031.90 Cr with EBITDA margin at 12.91% inside the guided 11–13% band, but revenue missed the guided Rs.1,200–1,250 Cr quarterly run-rate by 14.0%. The balance sheet was structurally repaired (equity swung to +Rs.763.87 Cr, net debt down 45%) via the Rs.1,613.97 Cr QIP, though H1 CFO of −Rs.490.47 Cr shows the ramp is QIP-funded. The Rs.4,500 Cr FY27 target now requires a 35% sequential step-up sustained across Q3–Q4, making Q3 revenue the key checkpoint.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue vs guided band | "whether it lands in the guided band is the quarter's key unknown"; re-phasing likelier than restatement | Rs.1,031.90 Cr vs Rs.1,200–1,250 Cr — band missed | Contradicted |
| YoY revenue ramp | "revenue should be sharply up YoY on the order-book ramp" | +135.4% | Played out |
| Margin vs Q1 12.3% | "margins likely face compression pressure… from record copper and firming polymers" | 12.91%, +64 bps QoQ — margin expanded | Contradicted |
| Margin vs 11–13% band | guided band absorbs metal fluctuation | 12.91% inside band | Played out |
| Cash burn | "the ramp itself consumes cash" | CFO −Rs.490.47 Cr, −2.95× PAT | Played out |
| Balance-sheet events show up in Q2 | QIP + Rs.2,401 Cr resolution prepayment in working capital/finance costs | Equity −Rs.604.20 Cr → +Rs.763.87 Cr; borrowings −Rs.554.60 Cr; finance costs −15.3% QoQ | Played out |
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Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Q2–Q4 FY27 revenue run-rate Rs.1,200–1,250 Cr/qtr | Q1 FY27 earnings call | Q2 revenue Rs.1,031.90 Cr — −14.0% vs low end | Missed |
| FY27 revenue Rs.4,500 Cr | Q1 FY27 earnings call | H1 Rs.1,721.78 Cr; needs Rs.1,389.11 Cr avg/qtr in Q3–Q4 — above the guided band itself | Stretch |
| FY27 EBITDA margin 11–13% | Q1 FY27 earnings call | Q2: 12.91%; H1: 12.65% (company Operating EBITDA margin basis) | On Track |
| Operating cost ratio toward 6% internal target | Management commentary, Q1 FY27 call | Other expenses 4.85% of revenue | Met |
| Export order book ≥Rs.500 Cr; DC orders +Rs.1,000 Cr by Mar-27; Adani share →20%; utilisation 40–52% | Q1 FY27 earnings call | Not disclosed in the filing | Too Early / Cannot assess |
| "Gradual increase expected through Q2, sharper acceleration in H2" | Q1 FY27 call | Revenue +49.6% QoQ — a sharp sequential step-up, but below the guided quarterly band | Confirmed in direction, Missed in quantum |
| Mix shift toward MV/HV in Q2–Q4 should strengthen EBITDA | Q1 FY27 call | Margin +64 bps QoQ to 12.91% — outcome consistent; mix not disclosed | Confirmed |
| Metal/polymer inflation is a margin risk within the 11–13% band | Q1 FY27 call | Net material cost ratio +82 bps QoQ, absorbed by opex leverage; margin still expanded | Confirmed as risk, absorbed this quarter |
Key Investment Insights
Key Positives
- Revenue grew 135.4% YoY and 49.6% QoQ to Rs.1,031.90 Cr
- PAT grew 348.9% YoY to Rs.107.88 Cr; normalized PAT (ex-other income) grew 275.5% YoY
- EBITDA margin expanded 326 bps YoY and 64 bps QoQ to 12.91%, inside the guided 11–13% band despite record copper/PVC
- Equity swung from −Rs.604.20 Cr to +Rs.763.87 Cr via the Rs.1,613.97 Cr QIP; net debt fell 45% to Rs.1,327.34 Cr
- Finance costs fell 15.3% QoQ after QIP-funded repayment of Rs.340 Cr borrowings
- Other expenses fell to 4.85% of revenue (yr-ago: 6.97%), meeting the 6% internal cost-ratio target
- PPE regularisation completed with unmodified auditor conclusion, closing the prior statutory audit qualification
- CBI/ED/PMLA discharge expected to enable release of asset attachments and pre-NCLT receivable recoveries
Risk Factors
- Q2 revenue of Rs.1,031.90 Cr missed the guided Rs.1,200–1,250 Cr quarterly run-rate by 14.0%
- FY27 revenue target of Rs.4,500 Cr requires Rs.1,389.11 Cr average per quarter in Q3–Q4, above even the guided band — a stretch
- H1 CFO was −Rs.490.47 Cr (−2.95× PAT) on a Rs.405.23 Cr receivables build and Rs.205.29 Cr inventory build, funded by QIP proceeds
- Other income of Rs.18.16 Cr (QIP-treasury interest) contributed ~17% of reported PAT
- Net material cost ratio rose ~182 bps YoY to 83.10% of revenue on firming aluminium, copper and polymers
- Effective tax rate of 0.70% flatters reported PAT via unabsorbed losses at the holding company
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