Core Product Revenue Growth (Q4)
20%
+20pp YoY
Core power cables and renewable cables grew 20% YoY in Q4, excluding discontinued low-value products.
DYNAMICCABLES
Diversified
15 May 2026
Dynamic Cables Ltd — Q4 FY26
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.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Order Book
₹808 Cr
+11% YoY
Order book provides strong revenue visibility; growth moderated due to March deferments.
Solar Cables Share of Revenue (FY26)
18%
+8pp YoY
Solar cables contributed 18% of FY26 revenue vs 10% in FY25, driven by renewable demand.
Capacity Utilization (Peak Monthly Turnover)
₹135 Cr/month
flat
Peak monthly turnover capacity is ₹135 Cr; optimal utilization is 85-90%.
Management Guidance
Long-term revenue growth of 18-20%
Management reiterated its medium-to-long-term revenue growth guidance of 18-20% annually, consistent with past performance.
Management guidance growthNew capacity commissioning by September 2026
The greenfield plant is expected to start trial production by September 2026, with full ramp-up in H2 FY27.
Management guidance expansionEBITDA margin guidance of 10.5-11%
Management guided for operating profit margin of 10.5-11%, consistent with historical performance.
Management guidance marginsSolar cables share to increase to 22-23% in FY27
Solar cables revenue share is expected to rise from 18% in FY26 to 22-23% in FY27.
Management guidance revenueKey Risks
Further delays in capacity expansion
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.
high · management_commentaryRaw material price volatility and order deferment
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.
medium · analyst_questionGross margin compression despite product mix improvement
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.
medium · data_observationUS export opportunity re-establishment may take time
US exports were disrupted by tariffs; management is restarting distributor relationships but expects only modest contribution in FY27.
low · management_commentaryNotable 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.
Frequently Asked Questions
What was Dynamic Cables's revenue in Q4 FY26?
Dynamic Cables reported revenue of — in Q4 FY26, representing a +7% change compared to the same quarter last year.
What guidance did Dynamic Cables management give for FY27?
Long-term revenue growth of 18-20%: Management reiterated its medium-to-long-term revenue growth guidance of 18-20% annually, consistent with past performance. New capacity commissioning by September 2026: The greenfield plant is expected to start trial production by September 2026, with full ramp-up in H2 FY27. EBITDA margin guidance of 10.5-11%: Management guided for operating profit margin of 10.5-11%, consistent with historical performance. Solar cables share to increase to 22-23% in FY27: Solar cables revenue share is expected to rise from 18% in FY26 to 22-23% in FY27.
What are the key risks for Dynamic Cables in FY27?
Key risks include Further delays in capacity expansion — 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.; Raw material price volatility and order deferment — 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 compression despite product mix improvement — 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 export opportunity re-establishment may take time — US exports were disrupted by tariffs; management is restarting distributor relationships but expects only modest contribution in FY27..
Did Dynamic Cables meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Dynamic Cables Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.