Any current/future new fundraising through debt or equity?

There is no announcement or indication of any new fundraising through debt or equity beyond the ongoing CAPEX. Management mentioned only the ongoing CAPEX (around Rs. 35 crore) which is under implementation; no other CAPEX or fundraising plans have been announced currently. The company has reduced its debt levels and mainly uses working capital debt, which fluctuates with operational needs. They possess vacant land for future capacity expansion, but no concrete fundraising plans tied to that yet. Focus is on utilizing existing and ongoing CAPEX for growth without immediate plans for additional

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

Dynamic Cables is implementing a Greenfield expansion project with a CAPEX of Rs. 35 crore, expected to commence operations in H2 FY ‘26. The new plant will focus on HV and LV segments, including solar cables and E-beam technology. The Greenfield expansion aims for an asset turn of 5 to 6 times revenue. Post commissioning of the new plant, management will evaluate further capacity expansion using vacant land near existing facilities (around 15,000 sq meters). No other CAPEX beyond the ongoing Rs. 35 crore project has been announced yet. The company follows incremental CAPEX to optimi

Future growth expectations in sales/revenue/volumes?

Dynamic Cables has achieved a 5-year sales CAGR of around 20%, with FY ’25 showing 34% growth. The company expects to maintain around a 20% CAGR in sales over the next few years due to strong structural demand. Volume growth for recent periods was about 33%, with realizations increasing roughly 3%-4%, expected to continue similarly. Order book growth from Rs. 680 crore to Rs. 725 crore in 3 months indicates strong demand visibility. Capacity expansions (new Greenfield plant operational by H2 FY ’26) will add revenue potential of Rs. 200-250 crores, supporting future sales growth. Focus on rene

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

The company has a strong historical sales CAGR of around 20% over the last 5 years and aims to maintain this trajectory given favorable structural demand in the power infrastructure sector. Operating margins have been stable and consistent at 10% to 10.5% over the past 10 years, with management expecting this to continue considering the competitive landscape. Export markets, especially the U.S. and Australia, present growth potential but will take 1-2 years to contribute significantly. The ongoing Greenfield CAPEX (Rs. 35 crore) will add capacity with revenue potential of Rs. 200-250 cro

Current/ Expected Orderbook/ Pending Orders?

As of March 31, 2025, the order book stands at INR 726 crore, providing strong revenue visibility. The order book increased from around INR 680 crore in December to INR 725 crore in three months after delivering approximately INR 330 crore in sales. Around 70% of the order book is from power utilities: 15% export and 55% domestic. Approximately 15% of the order book is from the renewable sector. About 7%-8% of the order book comes from the government segment, mainly government DISCOMs. The average delivery time for orders is around 6 to 9 months. Export order book is roughly INR 100 crore. The

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Dynamic Cables LtdQ1 FY25Industrial Products

Dynamic Cables Ltd Q1 FY25 Earnings Call Analysis

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

Price: ₹370P/E: 17.7Market Cap: ₹1.5K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Dynamic Cables has achieved a 5-year sales CAGR of around 20%, with FY ’25 showing 34% growth.
→The company expects to maintain around a 20% CAGR in sales over the next few years due to strong structural demand.
→Volume growth for recent periods was about 33%, with realizations increasing roughly 3%-4%, expected to continue similarly.
→Order book growth from Rs. 680 crore to Rs. 725 crore in 3 months indicates strong demand visibility.
→Capacity expansions (new Greenfield plant operational by H2 FY ’26) will add revenue potential of Rs. 200-250 crores, supporting future sales growth.
→Focus on renewable segment and power utilities, especially domestic demand, is expected to sustain volume growth.
→Export markets (U.S., Australia) offer long-term growth potential but currently remain marginal; meaningful traction expected from FY ’27.
→Management expects stable margins (10%-10.5%) alongside growth.

Margin guidance

Category 3

→The company has a strong historical sales CAGR of around 20% over the last 5 years and aims to maintain this trajectory given favorable structural demand in the power infrastructure sector.
→Operating margins have been stable and consistent at 10% to 10.5% over the past 10 years, with management expecting this to continue considering the competitive landscape.
→Export markets, especially the U.S. and Australia, present growth potential but will take 1-2 years to contribute significantly.
→The ongoing Greenfield CAPEX (Rs. 35 crore) will add capacity with revenue potential of Rs. 200-250 crores, expected to achieve optimum utilization within 1-2 years.
→Realizations are expected to rise modestly by 3-4% driven by higher share of value-added products; volume growth was 33% recently and expected to continue.
→Overall, earnings and operating profits are expected to grow steadily with volume expansion, stable margins, and expanding product/export mix.

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Fundraise plans

→There is no announcement or indication of any new fundraising through debt or equity beyond the ongoing CAPEX.
→Management mentioned only the ongoing CAPEX (around Rs. 35 crore) which is under implementation; no other CAPEX or fundraising plans have been announced currently.
→The company has reduced its debt levels and mainly uses working capital debt, which fluctuates with operational needs.
→They possess vacant land for future capacity expansion, but no concrete fundraising plans tied to that yet.
→Focus is on utilizing existing and ongoing CAPEX for growth without immediate plans for additional fundraising.

Order book

Yes

→As of March 31, 2025, the order book stands at INR 726 crore, providing strong revenue visibility.
→The order book increased from around INR 680 crore in December to INR 725 crore in three months after delivering approximately INR 330 crore in sales.
→Around 70% of the order book is from power utilities: 15% export and 55% domestic.
→Approximately 15% of the order book is from the renewable sector.
→About 7%-8% of the order book comes from the government segment, mainly government DISCOMs.
→The average delivery time for orders is around 6 to 9 months.
→Export order book is roughly INR 100 crore.
→The company is adding capacity with a new Greenfield CAPEX of Rs. 35 crore to support future orders.
→Expect some exports to start impacting revenue by FY 2026-27.

Capex plans

Yes

→Dynamic Cables is implementing a Greenfield expansion project with a CAPEX of Rs. 35 crore, expected to commence operations in H2 FY ‘26.
→The new plant will focus on HV and LV segments, including solar cables and E-beam technology.
→The Greenfield expansion aims for an asset turn of 5 to 6 times revenue.
→Post commissioning of the new plant, management will evaluate further capacity expansion using vacant land near existing facilities (around 15,000 sq meters).
→No other CAPEX beyond the ongoing Rs. 35 crore project has been announced yet.
→The company follows incremental CAPEX to optimize utilization before initiating further investments.

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