Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
Pending
verification pending
Revenue YoY
7%
reported change
EBITDA
₹130 Cr
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Dynamic Cables reported a mixed Q4 FY26 with overall revenue growth of 7% YoY, but core product growth of 20% after adjusting for discontinued low-voltage conductors and railway signaling cables. EBITDA rose 23% to ₹130 crore, with margins improving to 10.8% driven by better product mix and cost discipline. PAT grew 30% to ₹84 crore. The order book stood at ₹808 crore, up 11% YoY, but order booking was deferred in March due to raw material price spikes. Management reiterated its long-term 18-20% growth guidance, with new capacity expected to go live by September 2026, supporting H2 FY27. Key risks include further delays in capacity commissioning and sustained raw material volatility impacting order flow.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated its medium-to-long-term revenue growth guidance of 18-20% annually, consistent with past performance.
- The greenfield plant is expected to start trial production by September 2026, with full ramp-up in H2 FY27.
- Management guided for operating profit margin of 10.5-11%, consistent with historical performance.
- Solar cables revenue share is expected to rise from 18% in FY26 to 22-23% in FY27.
Risks flagged
- The greenfield plant has been delayed by ~15 months due to regulatory approvals, import machinery delays, and Iran war logistics. Further delays could impact H2 FY27 growth.
- Sudden spikes in aluminium and PVC prices led to order deferments in March. If prices remain elevated, customers may continue to delay purchases, affecting near-term revenue.
- Gross margin declined to 17.9% in Q4 despite higher-margin product growth. Management attributed it to mix shifts, but analysts flagged inconsistency with pass-through claims.
- US exports were disrupted by tariffs; management is restarting distributor relationships but expects only modest contribution in FY27.
Key quotes
- Our core product growth has been 20%... if you adjust the low voltage conductors and railway signaling cables.
- We have never been giving yearly guidances; we have always been giving a long-term guidance of 18 to 20% growth.
- The entire borrowing which you look at is our working capital borrowings. It all depends on seasonality.
Research modules