Dynamic Cables Ltd (DYCL)
🎯 Key Takeaways
- Dynamic Cables Ltd is transitioning from a domestic-focused capital goods supplier to a high-margin, export-oriented player with strategic expansion into the US market and high-growth segments like HTLS and data center cables. Management is executing a disciplined growth strategy centered on capacity expansion, pricing power, and working capital efficiency, targeting 18-20% long-term growth and 80-85% plant utilization by FY28.
- Revenue declined 1.8% QoQ to ₹349 in Q1FY27.
- ⚠️ The company faces near-term execution risks related to timely commissioning of new capacity in September 2026 and sustaining margin expansion amid pri
📖 The Story
Dynamic Cables Ltd is transitioning from a domestic-focused capital goods supplier to a high-margin, export-oriented player with strategic expansion into the US market and high-growth segments like HTLS and data center cables. Management is executing a disciplined growth strategy centered on capacity expansion, pricing power, and working capital efficiency, targeting 18-20% long-term growth and 80-85% plant utilization by FY28.
📰 What's Happening
In Q1 FY27, the company delivered record financials with 33% YoY revenue growth to ₹349 Crs and 41% YoY EBITDA growth to ₹38 Crs, driven by strong export demand and pricing discipline. Management highlighted entry into the US market, a robust order book of ₹811 Crs, and capacity expansion nearing commissioning in September 2026. Capital allocation is focused on fungible capex for strategic growth, with new plant utilization targeted at 80-85% by FY28. The company is prioritizing high-margin segments, including HTLS and data center cables, while managing raw material volatility through variable pricing mechanisms.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 282 | 299 | 355 | 349 |
| Operating Profit | 28 | 31 | 34 | 35 |
| OPM % | 9.9% | 10.4% | 9.7% | 10.1% |
| Net Profit | 20 | 22 | 24 | 25 |
| EPS | ₹4.05 | ₹4.63 | ₹4.99 | ₹5.15 |
Revenue and profitability have shown consistent upward momentum over the past four quarters, with operating margins expanding to 10.9% in Q1 FY27 from 10.3% in the prior quarter, supported by scale and pricing power. Net profit grew 37% YoY to ₹25 Crs in Q1 FY27, reflecting improved operational efficiency and margin discipline. Despite macroeconomic headwinds, the company maintained strong top-line growth, indicating successful execution of its growth strategy. The order book remains healthy at ₹811 Crs, providing visibility into future revenue streams, although growth has moderated slightly due to pricing pressures in export markets.
🔮 Management Outlook & What's Next
Management maintains a confident outlook, targeting 18-20% long-term growth and expects capacity utilization of 80-85% by FY28, with new plant capacity to contribute from Q4 2026 onward. They emphasized sustainable growth through high-margin segments like HTLS and data center cables, supported by infrastructure investments and a robust order pipeline. Management also highlighted working capital optimization and variable pricing as key levers to manage raw material volatility, reinforcing their focus on disciplined capital allocation and profitability preservation amid market fluctuations.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 24 | 24 | 48 | 48 |
| Reserves | 310 | 350 | 362 | 409 |
| Borrowings | 118 | 59 | 77 | 40 |
| Total Liabilities | 567 | 589 | 607 | 683 |
| Fixed Assets | 80 | 83 | 95 | 97 |
| Investments | 77 | 44 | 48 | 31 |
| Total Assets | 567 | 589 | 607 | 683 |
The balance sheet reflects a conservative and strategic capital structure, with equity of ₹48 Crs and reserves of ₹409 Crs as of March 2026, indicating strong internal financing. Borrowings remain low at ₹40 Crs, suggesting minimal reliance on external debt, though they increased slightly from ₹77 Crs in the prior period, possibly linked to capital expenditures. The company maintains ample liquidity, supported by a healthy asset base of ₹683 Crs, enabling it to fund growth initiatives without over-leveraging. The recent approval of enhanced borrowing limits to ₹700 Crs provides flexibility for future investments while maintaining financial stability.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +62 |
| Investing | -32 |
| Financing | -30 |
| Net Cash Flow | +0 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 68.2% | 68.2% | 68.2% | 68.2% |
| FII | 0.6% | 0.5% | 0.9% | 0.7% |
| DII | 1.6% | 1.0% | 1.3% | 1.0% |
| Public | 25.1% | 25.9% | 25.9% | 25.4% |
| # Shareholders | 51,549 | 52,771 | 48,957 | 51,019 |
Institutional investor interest is gradually increasing, with FII holdings rising from 0.53% in Q3FY26 to 0.9% in Q4FY26 and 0.67% in Q1FY27, while DII holdings also showed modest growth. The promoter holding remains stable at 68.18%, indicating confidence in long-term prospects. The growing number of shareholders (51,019 in Q1FY27) and consistent institutional participation suggest expanding market confidence. No significant dilution or pledging activity is evident, and the shareholding pattern remains stable, reflecting a solid foundation for sustained growth.
⚖️ Peer Comparison — Cables
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| POLYCAB | 1.39 L Cr | 48.1 | 34.1% | 24.2% | 0.01 |
| KEI | 53,536 | 53.7 | 23.6% | 17.2% | 0.03 |
| STLTECH | 37,432 | 146.6 | 14.6% | 11.3% | 0.85 |
| RRKABEL | 33,146 | 54.5 | 32.1% | 23.6% | 0.09 |
| FINCABLES | 19,073 | 23.8 | 19.0% | 14.6% | 0.00 |
| DIACABS | 18,233 | 92.8 | -58.8% | -21.9% | -0.52 |
| UNIVCABLES | 5,729 | 28.6 | 12.5% | 10.6% | 0.62 |
| LASERPOWER | 4,410 | — | — | — | 1.14 |
| DYCL | 2,390 | 26.2 | 26.9% | 19.9% | 0.09 |
| ADVAIT | 2,375 | 40.4 | 42.0% | 32.8% | 0.24 |
⚠️ Risk Factors
The company faces near-term execution risks related to timely commissioning of new capacity in September 2026 and sustaining margin expansion amid pricing pressures in export markets. Raw material volatility remains a concern, though mitigated by variable pricing mechanisms. Export growth, while promising, is still nascent and subject to global demand and geopolitical headwinds. Additionally, the order book growth has moderated slightly due to competitive pricing, which could pressure near-term top-line expansion if not managed effectively.
📋 Recent Filings
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🔴 Financial Results 23 July 2026Dynamic Cables Limited reported record Q1 FY27 results with revenue growth of 33% YoY and EBITDA of INR 38 crores (+41% YoY), driven by strong demand ...
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🟡 Board Meeting 21 July 2026Dynamic Cables Limited held its 19th Annual General Meeting on July 21, 2026 via video conference, adopting audited financial statements for FY2025-26...
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🟡 Board Meeting 20 July 2026Dynamic Cables Limited announced the outcome of its board meeting held on July 20, 2026, where it approved unaudited financial results for the quarter...
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🔴 Financial Results 20 July 2026Dynamic Cables Limited reported Q1 FY27 revenue of ₹349 Crs, up 33% YoY, with PAT at ₹25 Crs (+37% YoY) and operating margin at 10.9%. The company hig...
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🔴 Financial Results 15 July 2026Dynamic Cables Limited announced a conference call on July 20, 2026 at 2:00 PM IST to discuss Q1FY27 financial results, with no unpublished price sens...
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share transfer 13 July 2026Dynamic Cables Limited received a SEBI Regulation 74(5) certificate for Q1 FY2026 confirming all shares are held in demat form with no rematerializati...
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🟡 concall transcript 30 June 2026Dynamic Cables Limited reported Q1 FY27 results showing 33% YoY revenue growth to INR 119 crores and 41% YoY EBITDA growth to INR 38 crores, driven by...
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Financial Results 26 June 2026Dynamic Cables Limited announced that its trading window will close on July 1, 2026, for designated persons and their immediate relatives until 48 hou...
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🔴 annual report 22 June 2026Dynamic Cables Limited announced its FY 2025-26 Annual Report and convened the 19th AGM on July 21, 2026, via video conferencing. The report highlight...
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🔴 Corporate Action 16 June 2026Dynamic Cables announced its 19th AGM on July 21, 2026 via video conference and set the record date for FY2025-26 dividend eligibility as July 10, 202...
🧠 Analyst's Read
Dynamic Cables is executing a well-defined growth strategy with strong financial momentum, but near-term success hinges on seamless capacity ramp-up and sustained pricing discipline in international markets. Investors should monitor execution of US market entry and utilization trends at new facilities as key catalysts for future growth.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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