Diamond Power (DIACABS): A ₹1,600 Cr QIP, six orders in 60 days, and a copper cable bet
Diamond Power Infrastructure (DIACABS, BSE: 522163) completed a ₹1,613.97 crore Qualified Institutions Placement on July 28, 2026, allotting 71.1 crore shares at ₹227 per share to QIBs including Smallcap World Fund, Motilal Oswal, HDFC, HSBC, Mirae Asset, and Goldman Sachs, per the company's BSE filing dated July 29, 2026. The paid-up equity capital moved from ₹52.70 crore to ₹59.81 crore as a result.
Diamond Power Infrastructure (DIACABS, BSE: 522163) completed a ₹1,613.97 crore Qualified Institutions Placement on July 28, 2026, allotting 71.1 crore shares at ₹227 per share to QIBs including Smallcap World Fund, Motilal Oswal, HDFC, HSBC, Mirae Asset, and Goldman Sachs, per the company's BSE filing dated July 29, 2026. The paid-up equity capital moved from ₹52.70 crore to ₹59.81 crore as a result.
This is the anchor event around which a dense 60-day stretch of disclosures sits. What follows is what the filings show.
The order flow: six wins between July 5 and September 3
Between July 5 and September 3, 2026, Diamond Power disclosed six orders with an aggregate stated value of roughly ₹1,006 crore (some figures inclusive of GST, some exclusive; the filings differ and the arithmetic is the reader's to do):
- July 5, 2026: Supply order worth ₹435.71 crore (exclusive of GST) for HT and LT power cables for the 310 MW HYD22–HYD26 data centre projects in Hyderabad, to be executed by Larsen & Toubro, Sterling and Wilson, and Blue Star. Deliveries run August 2026 to March 2027.
- July 16, 2026: Letter of Award from Adani Energy Solutions for AL59 Moose and AL59 Zebra conductors for the Tuticorin and Pune-III transmission projects, valued at approximately ₹185.16 crore (excl. GST), deliveries July 2026 to February 2027.
- August 11, 2026: Two purchase orders aggregating ₹195.48 crore (basic, excluding GST) from Rajesh Power Services Ltd for ~1,370 km of 11 kV medium-voltage underground cables for PGVCL's State Disaster Mitigation Fund and System Improvement (Urban Underground) projects in coastal Gujarat, executed over 12 months.
- August 12, 2026: Letter of Intent from Purvanchal Vidyut Vitran Nigam Limited (UP state discom) for 250 km of 33 kV HT XLPE cable, valued at ₹61.04 crore inclusive of GST (₹51.73 crore ex-GST), deliveries September 2026 to January 2027.
- August 22, 2026: Letter of Intent/order worth ₹52.86 crore from Aurionpro Solutions for HT and LT electrical cables to a hyperscale data centre campus in Hyderabad.
- September 3, 2026: Letter of Acceptance from a domestic EPC contractor for ~293 km of 66 kV extra high voltage underground power cables for a transmission project in Gujarat, valued at ₹76.06 crore including GST.
The data centre-linked share of this flow is worth noting separately: the ₹435.71 crore L&T/Sterling & Wilson/Blue Star order and the ₹52.86 crore Aurionpro order are both explicitly for Hyderabad data centre campuses.
Q1 FY27 results: revenue up 128.6%, PAT up 256.2%
On August 13, 2026, Diamond Power reported consolidated Q1 FY27 revenue of ₹68,987.64 lakh (+128.6% YoY) and PAT of ₹5,844.66 lakh (+256.2% YoY). The filing notes margin recovery continued, but gross margin compressed 165 bps as material costs rose faster than revenue. The company's FY26 annual results, filed July 23, 2026, showed revenue of ₹1,914 crore (+126% YoY) and PAT of ₹118 crore (+236% YoY), with the filing carrying a qualified audit opinion on PPE valuation.
The August 21 concall: what management said comes next
On August 21, 2026, Diamond Power held its first earnings call in the platform's tracked history — a notable disclosure event in itself. The company reiterated FY27 revenue guidance of ₹4,300–₹4,500 crore, supported by a ₹3,688 crore order book and planned capacity additions. Management described the brownfield expansion programme as one that will "triple" capacity — the filing's tone marker was "triples our capability at precisely the end of the market where we intend to lead" — without incurring heavy civil capex. The company also targets reducing Adani Group order concentration from 40%+ to 20% by the end of FY27, per the call transcript.
Copper cables: a new segment, commissioned August 20
On August 20, 2026, the company commissioned a dedicated copper wire drawing and copper cable manufacturing line at its Vadodara facility, with installed capacity of 1,500 MT per month. Commercial production started the same day. The filing states no substantial new investment was required — existing machinery and infrastructure were used. The line targets high-power applications: data centres, power plants, industrial installations.
Governance and compliance items in the same window
Three governance disclosures sit alongside the operational news. On June 18, 2026, the board approved raising the QIP limit from ₹1,000 crore to ₹2,000 crore, constituted a CSR committee, and noted non-compliance with minimum public shareholding norms. On August 19, 2026, the company disclosed NSE and BSE notices for MPS non-compliance for the quarter ended June 30, 2026 — with the QIP completed July 28 having taken public shareholding from 15.98% to 25.97%, achieving the required 25% threshold. A penalty of ₹4,55,000 per exchange was imposed. Separately, on June 6, 2026, Diksha Sharma resigned as Company Secretary & Compliance Officer for health/maternity reasons, continuing as Assistant Company Secretary; Jayesh Patel was appointed CS & Compliance Officer effective June 7.
What to watch, per the filings themselves
The stated items ahead: deliveries against the six disclosed orders run through March 2027 (the Hyderabad data centre order), February 2027 (Adani conductors), and January 2027 (Purvanchal). The FY27 guidance of ₹4,300–₹4,500 crore stands as management's own stated target. The copper cable line's revenue contribution is not yet disclosed in any filing. The QIP's effect on the share count — paid-up equity at ₹59.81 crore post-issue — is a disclosed fact for anyone modelling per-share figures.
None of this is a recommendation. It is what the company has filed with the exchanges.
Alpha Inflection is research infrastructure, not investment advice. We are not SEBI-registered investment advisers. Everything above is compiled from public corporate filings, with sources cited. Do your own research.
The filing evidence
| Date | What the filing said | Detail | Source |
|---|---|---|---|
| 5 Jul 2026 | Diamond Power Infrastructure receives Rs. 435.71 crore order for HT & LT cables for 310 MW data center projects in Hyderabad from L&T, Sterling and Wilson, and Blue Star. | Diamond Power Infrastructure Limited has received a supply order valued at Rs. 435.71 crore (exclusive of GST) for High Tension and Low Tension power cables for the 310 MW HYD22 to HYD26 Data Center Projects in Hyderabad, to be executed by Larsen & Toubro, Sterling and Wilson, and Blue Star. Deliveries will commence in August 2026 and complete by March 2027. | filing |
| 16 Jul 2026 | Diamond Power Infrastructure wins ₹185 crore order from Adani Energy Solutions for AL59 conductors for two transmission projects. | Diamond Power Infrastructure received a Contract Confirmation/Letter of Award from Adani Energy Solutions Limited for the supply of AL59 Moose and AL59 Zebra conductors for the Tuticorin and Pune-III projects, valued at approximately ₹185.16 crore (excl. GST) with deliveries scheduled from July 2026 to February 2027. | filing |
| 11 Aug 2026 | Diamond Power Infrastructure wins ₹195.48 crore order for 11 kV medium-voltage cables for PGVCL's disaster-resilience and urban underground projects in Gujarat. | Diamond Power Infrastructure received two purchase orders aggregating ₹195.48 crore (basic, excluding GST) from Rajesh Power Services Ltd for supply of ~1,370 km of 11 kV medium-voltage underground cables for PGVCL's State Disaster Mitigation Fund and System Improvement (Urban Underground) projects in coastal Gujarat, to be executed over 12 months. | filing |
| 12 Aug 2026 | Diamond Power Infrastructure receives ₹61.04 crore order from Purvanchal Vidyut Vitran Nigam for supply of 33 kV HT XLPE cable, to be executed by January 2027. | Diamond Power Infrastructure has received a Letter of Intent from Purvanchal Vidyut Vitran Nigam Limited (a Uttar Pradesh state discom) for supply of 250 km of 33 kV HT XLPE cable, valued at ₹61.04 crore inclusive of GST (₹51.73 crore ex-GST). Deliveries are scheduled from September 2026 to January 2027. | filing |
| 22 Aug 2026 | Diamond Power Infrastructure receives ₹52.86 crore order from Aurionpro Solutions for cable supply to Hyderabad data centre campus | Received a Letter of Intent/order worth ₹52.86 crore from Aurionpro Solutions for supply of HT and LT electrical cables to a hyperscale data centre campus in Hyderabad. | filing |
| 3 Sept 2026 | Diamond Power Infrastructure wins ₹76.06 crore order for 66 kV EHV underground cables from a domestic EPC contractor for a Gujarat transmission project. | Diamond Power Infrastructure received a Letter of Acceptance from a domestic EPC contractor for the supply of approximately 293 km of 66 kV extra high voltage underground power cables for a transmission project in Gujarat, valued at ₹76.06 crore including GST. | filing |
| 20 Aug 2026 | Diamond Power Infrastructure commissions a copper cable manufacturing line with 1,500 MT/month capacity, marking its entry into the higher-realisation copper cable segment. | Diamond Power Infrastructure has commissioned a dedicated copper wire drawing and copper cable manufacturing line at its Vadodara facility, with an installed capacity of 1,500 MT per month. Commercial production started on August 20, 2026. The line enables in-house copper conductor drawing and targets high-power applications like data centres, power plants, and industrial installations. The company states no substantial new investment was required as existing machinery and infrastructure were used. | filing |
| Adani Group order book share — 20% — by Q4FY27 | [Diamond Power] targets bringing Adani Group order concentration down from 40%+ to 20% by the end of FY27. | ||
| 23 Jul 2026 | FY26 annual results: Revenue ₹1,914 Cr +126% YoY, PAT ₹118 Cr +236% YoY — 5th straight quarter of margin expansion, but qualified audit opinion on PPE valuation remains an overhang | filing | |
| 13 Aug 2026 | Q1FY27 consolidated revenue rose to ₹68,987.64 lakh, +128.6% YoY, while PAT reached ₹5,844.66 lakh, +256.2% YoY; margin recovery continued but gross margin compressed 165bps as material costs rose faster than revenue. | filing | |
| 21 Aug 2026 | Diamond Power delivered 129% YoY revenue growth in Q1 FY27 to ₹690 Cr and expanded EBITDA margins to 12.3%, reiterating FY27 revenue guidance of ₹4,300–₹4,500 Cr supported by a ₹3,688 Cr order book and capacity additions. | filing | |
| 6 Jun 2026 | Diamond Power Infrastructure appoints Jayesh Patel as Company Secretary & Compliance Officer; Diksha Sharma steps down to Assistant Company Secretary due to health/maternity reasons. | The Board of Directors of Diamond Power Infrastructure noted that Diksha Sharma resigned as Company Secretary and Compliance Officer (KMP) effective June 6, 2026, due to health issues and maternity leave, and she will continue as Assistant Company Secretary. The Board approved the appointment of Jayesh Patel as the new Company Secretary and Compliance Officer (KMP) effective June 7, 2026. | filing |
| 6 Jun 2026 | Diamond Power Infrastructure Limited Announces Change in Key Management Personnel | The Board of Directors of Diamond Power Infrastructure Limited has noted the resignation of Mrs. Diksha Sharma, the Company Secretary and Compliance Officer, due to health issues and maternity leave. Mr. Jayesh Patel has been appointed as the new Company Secretary and Compliance Officer. | filing |
| 18 Jun 2026 | Diamond Power Infrastructure board approves raising up to ₹2,000 crore via QIP to address minimum public shareholding compliance and other governance matters. | The Board of Directors approved enhancing the QIP fund raising limit from ₹1,000 crore to ₹2,000 crore, constituted a CSR committee, reconstituted the Risk Management and Management Committees, and approved a postal ballot for shareholder approval, noting the company is non-compliant with minimum public shareholding norms. | filing |
| 18 Jun 2026 | Diamond Power Infrastructure board approves raising up to ₹2,000 crore via QIP, doubling the earlier limit, to also address minimum public shareholding compliance. | The Board of Directors of Diamond Power Infrastructure Limited approved a proposal to raise up to ₹2,000 crore through a Qualified Institutions Placement (QIP), which is an increase from the previously approved ₹1,000 crore. The company also noted its non-compliance with minimum public shareholding norms and intends to use the QIP as a method to achieve compliance. The proposal is subject to shareholder approval via postal ballot and other regulatory approvals. | filing |
| 29 Jul 2026 | Diamond Power Infrastructure completes ₹1,614 crore QIP, allotting 71.1 crore shares at ₹227 each to QIBs including Smallcap World Fund, Motilal Oswal, HDFC, HSBC, Mirae Asset, Goldman Sachs, and others. | Diamond Power Infrastructure's Management Committee approved the allotment of 71,10,00,000 equity shares at ₹227 per share (including a premium of ₹226) to qualified institutional buyers, raising ₹1,613.97 crore via a QIP that opened on July 23, 2026 and closed on July 28, 2026. The paid-up equity capital increased from ₹52.70 crore to ₹59.81 crore. Key allottees include Smallcap World Fund (10.17%), Motilal Oswal funds (24.78% collectively), HDFC funds (18.59%), HSBC funds (6.20%), Mirae Asset funds (6.20%), Goldman Sachs Funds (5.95%), VQ Fastercap Fund (5.58%), and Tata funds (5.58%). | filing |
| 13 Aug 2026 | Diamond Power Infrastructure appoints Umeshkumar Chhaya as Additional and Whole-time Director effective August 13, 2026, subject to shareholder approval. | The Board of Directors appointed Mr. Umeshkumar Chhaya as an Additional Director and Whole-time Director for a term from August 13, 2026, to September 30, 2027, pending shareholder approval at the AGM. | filing |
| 19 Aug 2026 | Diamond Power Infrastructure receives NSE and BSE notices for non-compliance with minimum public shareholding requirement for the quarter ended June 30, 2026, but has since achieved compliance via a QIP. | The company was notified by NSE and BSE of non-compliance with the minimum public shareholding (MPS) requirement (Regulation 38) for the quarter ended June 30, 2026. It subsequently completed a QIP on July 28, 2026, which increased public shareholding from 15.98% to 25.97%, thereby achieving the required 25% MPS. A penalty of ₹4,55,000 per exchange has been imposed. | filing |
Quick answers
- What did Diamond Power disclose?
- Diamond Power Infrastructure (DIACABS, BSE: 522163) completed a ₹1,613.97 crore Qualified Institutions Placement on July 28, 2026, allotting 71.1 crore shares at ₹227 per share to QIBs including Smallcap World Fund, Motilal Oswal, HDFC, HSBC, Mirae Asset, and Goldman Sachs, per the company's BSE filing dated July 29, 2026.
- What are the key numbers?
- Between July 5 and September 3, 2026, Diamond Power disclosed six orders with an aggregate stated value of roughly ₹1,006 crore (some figures inclusive of GST, some exclusive; the filings differ and the arithmetic is the reader's to do):
- What does Diamond Power say comes next?
- The stated items ahead: deliveries against the six disclosed orders run through March 2027 (the Hyderabad data centre order), February 2027 (Adani conductors), and January 2027 (Purvanchal). The FY27 guidance of ₹4,300–₹4,500 crore stands as management's own stated target. The copper cable line's revenue contribution is not yet disclosed in any filing.
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