Dynamic Cables Q1 FY27 Results (NSE: DYCL)
Signal: Steady quarter
The read
Dynamic Cables reported a strong Q1 with revenue up 33% YoY to ₹349 Cr and OPM expanding to 10.9%, its highest Q1 ever, driven by robust demand from renewables, private utilities, and a breakthrough US export order. PAT grew 37% YoY to ₹25 Cr. Key positives include a healthy order book of ₹811 Cr and entry into the US market, though sequential revenue slipped marginally and net debt rose to ₹89 Cr from ₹58 Cr QoQ, warranting a watch on working capital management.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹349.1 Cr | +33% | -2% |
| EBIT | ₹35.1 Cr | +45% | |
| Net profit | ₹25 Cr | +37% | |
| EPS | ₹5.2 | +37% | |
| EBIT margin | 10.9% |
P&L walk
Revenue grew 33% YoY to ₹349 Cr, with OPM expanding 60bps to 10.9% on improved product mix and operating leverage; PAT rose 37% YoY to ₹25 Cr, though other income halved.
Key positives
- Revenue grew 33% YoY to ₹349 Cr, highest Q1 ever
- Operating margin expanded 60bps YoY to 10.9%, driven by product mix and operating leverage
- PAT increased 37% YoY to ₹25 Cr
- Order book healthy at ~₹811 Cr (2.3x trailing 12-month revenue)
- Entry into US market, with exports contributing 13% of revenue in Q1
Key concerns
- Revenue declined 2% QoQ from ₹355.5 Cr in Q4FY26
- Net debt increased sharply to ₹88.8 Cr from ₹58.2 Cr QoQ, driven by working capital buildup
- Other income dropped 56% YoY to ₹1.2 Cr, compressing overall profitability growth
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