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EBITDA
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What the record says.
Dynamic Cables reported a steady quarter with revenue growth of ~19% YoY, though volume growth was subdued at 2-4% due to a shift in product mix away from conductors. EBITDA margin remained in the 10-11% range, supported by higher HV cable sales and improved operating leverage. The order book grew 10% QoQ to ₹787 crore, reflecting sustained demand from private and renewable segments. Management reiterated its long-term growth trajectory of 18-20% and guided for a new greenfield plant (capex ₹40-45 crore) to be commissioned by end-FY26, adding ~₹250 crore annual capacity. However, US export plans remain stalled due to tariffs, and the company faces competitive pressure in B2B segments. Key risks include volume growth deceleration and margin volatility from product mix shifts.
Colored figures show movement against the previous available record.
Guidance to track
- Capex of ₹40-45 Cr for E-beam facility, expected commissioning by end-FY26, unlocking incremental turnover of ~₹250 Cr based on asset turns of 6x.
- Management reiterated historical growth trajectory of 18-20% CAGR, driven by power distribution, renewables, and new product segments.
- Management expects normalized EBITDA margins of 10-11% on a yearly basis, with quarterly fluctuations due to product mix.
Risks flagged
- Volume growth slowed to 2-4% in Q3 vs 17% for 9M, raising concerns about competitive pressure and market share loss.
- Management acknowledged that US tariff situation is unfavorable and delaying entry, with no clear timeline for resolution.
- Gross margins fluctuate quarterly due to mix of high/low margin orders; long-term EBITDA margin range is 10-11% but could be impacted by competitive pricing.
Key quotes
- Our growth in order book demonstrates the continued trust and confidence of our customers reinforcing our strong market.
- In the cable business the normalized margin on a yearly basis on a long-term yearly basis will remain in 10 10 and a half 11% range.
- The order book is also a function of our capacity to deliver. So we can't take more... the order book has to be in line with our deliverable capacity.
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