Any current/future new fundraising through debt or equity?

The management did not provide a specific update on any new fundraising through debt or equity during the call. They mentioned that the current CAPEX of around Rs. 40-45 crores is underway and will contribute incremental turnover, but no mention of external funding. Future CAPEX plans beyond the current projects will be decided and shared once the existing CAPEX is completed. No explicit discussion around raising new debt or equity funding was made in the transcript. The company appears to be focused on organic growth funded through operational cash flows and internal accruals at this stage.

Any current/future capex/capital investment/strategic investment?

Dynamic Cables Limited is undertaking a Greenfield CAPEX of around Rs. 35-45 crores, expected to complete by the end of FY26. This CAPEX is anticipated to add incremental revenue of approximately Rs. 250-260 crores annually, based on a 6x asset turnover ratio. The current CAPEX will be exhausted by FY27 end or early FY28; additional CAPEX plans will be considered thereafter to sustain 18%-20% growth. Optimum capacity utilization is expected around 80%-85%, and new CAPEX decisions will align with growth targets and asset turns. The company will share detailed CAPEX plans once the curren

Future growth expectations in sales/revenue/volumes?

Long-term revenue growth target is 18%-20% annually, consistent with past performance. Management expects industry growth around 12%-13%, with the company aiming to grow at 1.5x industry rate (~18%-20%). Volume growth is difficult to quantify quarterly but is expected to correlate with product mix; long-term growth remains optimistic. Order book shows a steady increase (10% quarterly growth recently), indicating sustained demand. New CAPEX of Rs.40-45 crores expected to add incremental annual turnover of Rs.250-260 crores, supporting revenue growth from FY26 end. Expansion in solar c

Future growth expectations in earnings/operating earnings/profits/EPS?

Long-term revenue growth is projected at 18%-20% annually, consistent with the company's historical trend. Operating profit growth is expected to continue with improved operating leverage and better product mix; recent nine-month growth was 29%. Sustainable EBITDA margins are targeted around 10%-11% for the B2B cable business. Gross margins historically fluctuate around 20%, driven by sales mix; long-term sustainable margin expected to remain stable. Incremental CAPEX of Rs.40-45 crores is expected to generate an additional turnover of around Rs.250 crores, supporting growth beyond FY2

Current/ Expected Orderbook/ Pending Orders?

As of December 31, 2025, the order book stands at Rs. 787 crores, showing a 10% quarter-on-quarter growth. The order book has grown from around Rs. 450-500 crores three years ago to Rs. 700-800 crores currently. Capacity constraints influence the order book size; it is maintained in line with deliverable capacity. Capacity utilization is around 75%-80%. With the completion of new CAPEX by March 2026, management aims to increase the order book further, potentially targeting around Rs. 1000 crores by March or June 2026. Order wins have accelerated post-monsoon, supporting order book growth. The

Dynamic Cables LtdQ4 FY26

Dynamic Cables Ltd Q4 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹455P/E: 21.6Market Cap: ₹2.0K Cr

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Long-term revenue growth target is 18%-20% annually, consistent with past performance.
→Management expects industry growth around 12%-13%, with the company aiming to grow at 1.5x industry rate (~18%-20%).
→Volume growth is difficult to quantify quarterly but is expected to correlate with product mix; long-term growth remains optimistic.
→Order book shows a steady increase (10% quarterly growth recently), indicating sustained demand.
→New CAPEX of Rs.40-45 crores expected to add incremental annual turnover of Rs.250-260 crores, supporting revenue growth from FY26 end.
→Expansion in solar cable business (currently 15%-20% of sales) projected to at least double in 3-4 years, contributing to revenue increase.
→Opportunities in power distribution, renewable energy, data centers, and conductors are expected drivers of future growth.
→Competition and tariff issues (e.g., US exports) may influence short-term growth; however, overall outlook remains positive.

Margin guidance

Category 3

→Long-term revenue growth is projected at 18%-20% annually, consistent with the company's historical trend.
→Operating profit growth is expected to continue with improved operating leverage and better product mix; recent nine-month growth was 29%.
→Sustainable EBITDA margins are targeted around 10%-11% for the B2B cable business.
→Gross margins historically fluctuate around 20%, driven by sales mix; long-term sustainable margin expected to remain stable.
→Incremental CAPEX of Rs.40-45 crores is expected to generate an additional turnover of around Rs.250 crores, supporting growth beyond FY26.
→New product segments (solar DC cables, data center cables) and expansion into high growth verticals (renewable energy, power transmission) provide upside potential.
→Earnings growth is optimistic, supported by order book stability (Rs.787 crores) and expanding private sector business (currently 78%).
→Overall, management remains confident of sustaining growth momentum and long-term value creation for stakeholders.

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Fundraise plans

→The management did not provide a specific update on any new fundraising through debt or equity during the call.
→They mentioned that the current CAPEX of around Rs. 40-45 crores is underway and will contribute incremental turnover, but no mention of external funding.
→Future CAPEX plans beyond the current projects will be decided and shared once the existing CAPEX is completed.
→No explicit discussion around raising new debt or equity funding was made in the transcript.
→The company appears to be focused on organic growth funded through operational cash flows and internal accruals at this stage.

Order book

Yes

→As of December 31, 2025, the order book stands at Rs. 787 crores, showing a 10% quarter-on-quarter growth.
→The order book has grown from around Rs. 450-500 crores three years ago to Rs. 700-800 crores currently.
→Capacity constraints influence the order book size; it is maintained in line with deliverable capacity.
→Capacity utilization is around 75%-80%.
→With the completion of new CAPEX by March 2026, management aims to increase the order book further, potentially targeting around Rs. 1000 crores by March or June 2026.
→Order wins have accelerated post-monsoon, supporting order book growth.
→The company focuses on absorbing increased capacity efficiently to grow the order book.
→Q4 experiences higher dispatches due to seasonality with government projects.

Capex plans

Yes

→Dynamic Cables Limited is undertaking a Greenfield CAPEX of around Rs. 35-45 crores, expected to complete by the end of FY26.
→This CAPEX is anticipated to add incremental revenue of approximately Rs. 250-260 crores annually, based on a 6x asset turnover ratio.
→The current CAPEX will be exhausted by FY27 end or early FY28; additional CAPEX plans will be considered thereafter to sustain 18%-20% growth.
→Optimum capacity utilization is expected around 80%-85%, and new CAPEX decisions will align with growth targets and asset turns.
→The company will share detailed CAPEX plans once the current project is finished and new investments are decided.
→The CAPEX supports product expansion into solar DC cables and data center cable development, targeting new growth verticals.

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