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...
neutral
medium
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
71%Questions answered2Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
High priority
Volume vs realization growth in Q4
Asked by Push Silva Dani, Sundra Mates
Management provided specific percentages for volume and realization growth.
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Question
Can you help me understand how much has been the volume growth in this quarter and how much has been the realization growth?
Management (unidentified)
So for the quarter 12% is the realization growth and 8% volume growth for the and we and you are saying that we have discontinued uh this conductor and railway cables going forward
Answered
Medium priority
Contribution of discontinued railway cables in FY26 and compensation plan
Asked by Push Silva Dani, Sundra Mates
Management gave the exact contribution percentage for FY26 and FY25.
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Question
So how much was contribution for this RA cables for full year FI26 and like how do we plan to compensate for that going forward?
Management (unidentified)
So FI26 the relay signaling cable was zero. Okay. And in FI25 it was 4% contribution.
Partial answer
High priority
Growth outlook for FY27 given capex delay
Asked by Push Silva Dani, Sundra Mates
Management gave timeline but avoided specific H1/H2 growth numbers, citing no short-term guidance.
no specific growth guidancedeferred to long-term guidance
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Question
So how should we think about growth in FY27? Would it be largely flatters in first half and growth to resume in second half or so?
Management (unidentified)
So basically uh first of all let me give you uh I mean there has been a delay in the capex so there is no uh two doubts about it and the the the growth the it is I mean the new plant is going to start its production uh in September 27. So September 26, I'm so sorry, September 26, it will start the production.
Answered
High priority
Reason for order book growth only 11%
Asked by Push Silva Dani, Sundra Mates
Management explained the deferment due to raw material price spike.
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Question
I'm asking because our order book also has only grown by 18%. uh and given the pricing increase I'm assuming volume growth is not there any reason for this case
Management (unidentified)
So, so basically uh because of this price volatility. So in typically in the industry there is some deferment of uh order booking or kind and kind of uh sales booking or order booking uh when there is such a sudden increase in our raw material prices.
Evasive
Medium priority
Reason for gross margin decline to 17.9%
Asked by Push Silva Dani, Sundra Mates
Management dismissed the question and redirected to operating profit without explaining the gross margin drop.
redirected to operating profitno specific reason given
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Question
Sure. Uh so just last question uh in this quarter we have also seen gross margins going down. Any specific reason for that? It's 17.9.
Management (unidentified)
So gross margin I mean you have to look at uh operating profit is the right measure actually because gross profit may there is lot of there are lot of elements which uh come and go by and it all depends on the product makes customer makes uh which market we are selling to.
Partial answer
High priority
Will higher capex trajectory continue in FY27?
Asked by Yash, Origa Capital Advisors
Management gave directional guidance but no specific capex amount for FY27.
no specific capex number given
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Question
So will this trajectory of higher capex continue for FI27 and the medium-term?
Management (unidentified)
going forward in FI27 or probably in the medium term you can say there would be uh there would be cap capital expenditure uh each and every year because growth will demand capex it may not be as intense as it was in FI26 but yes relatively probably because the base is also increasing so to keep up the growth numbers we'll have to uh we'll have to uh continue our kex
Answered
High priority
Reasons for delay in new plant commissioning
Asked by Yash, Origa Capital Advisors
Management listed three specific reasons for the delay.
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Question
Can you speak more about it? Can you speak more about it? Uh what the reasons for the delay has been?
Management (unidentified)
Right. So basically there are three major reasons for the delay. One is that uh there were some government uh uh basically regulatory body approvals which uh which were delayed and that uh basically uh delayed the off I mean starting of the project implementation itself and um secondly there were some uh import machineries which which was got delayed because of this uh freight related issues of late after this Iran war.
Answered
High priority
Reason for slowest revenue growth in many quarters
Asked by Nathan Jen, Fair Value Equity Advisors
Management provided reasons: high base, raw material disruption, and discontinued products.
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Question
So what exactly is the reason of the slow execution
Management (unidentified)
So, basically there are two three reasons. uh uh Nitin I would like to I would like to just kind highlight that uh I mean if you look at quarterly basis it is really uh uh difficult to kind of uh do because last quarter we started this quarter with a very heavy base uh with a very high base so I think last year Q4 our growth was around 38 39% kind of so it was it was a very heavy base we started off it.
Answered
Medium priority
Reason for net debt increase and impact on finance costs
Asked by Nathan Jen, Fair Value Equity Advisors
Management explained the debt increase as seasonal and noted reduction in on-book debt.
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Question
So what what is the reason for that and uh as a result of this should we see a jump in finance costs again going forward?
Management (unidentified)
The entire borrowing which you look at is the is our working capital borrowings. So it all depends on the seasonality. March is a heavy quarter uh for the for all the cable manufacturers and so there has been a slight increase of uh of uh of debt in our in our uh uh in our u books and also if you look at our on books debt it has kind of reduced from 66 crores to 40 crores.
Evasive
Medium priority
Gross margin drop despite cost pass-through
Asked by Nathan Jen, Fair Value Equity Advisors
Management again deflected to operating profit without addressing the gross margin decline.
redirected to operating profitno specific explanation
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Question
still uh this quarter there is a significant margin drop at the gross margin levels So uh what would you ascertain this to?
Management (unidentified)
So again sir I'm again uh redising this part uh that you have to look at you have to look at the operating profit level uh because there are lot of uh components uh those are in the in the at the gross level. So there can be one or two% variation on a quarteronquarter basis.
Partial answer
Medium priority
Volume growth separately for cables and conductors
Asked by Nikl Puro, Sweden asset management
Management gave yearly cable growth but only a vague 'high single digit' for Q4.
no exact Q4 cable volume growth numberonly gave yearly cable growth
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Question
So what was the volume growth separately in cables and conductors? Separately.
Management (unidentified)
So conductors as I told you that there was a degrowth uh uh which which we have discussed in the past also on cable standalone basis I think on a yearly basis it was around 18%. And quarter four quarter four it should be around uh uh high uh single digit kind of in cables in cables.
Answered
Medium priority
Percentage of sales from solar cables in FY26 and FY25
Asked by Anojara, Interglobe Services
Management provided full year percentages for FY26 and FY25.
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Question
could you just give me the breakup basically in quarter 4 of FI26 and throughout the year FI26 could you just give me the percentage of fails from solar cables?
Management (unidentified)
I have a full year number as of now. Uh I Okay. I uh full year number is around 18%. Last year it was 105 crores. Uh so basically in percentage terms it was 10%.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Q4 core product growth 20% | 20% | 7% | Overstated vs filing |
| Q4 overall growth 7% | 7% | 7% | Matches filing |
| Long-term growth guidance 18-20% | 19% | 7% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.