Diamond Power Infrastructure Ltd.

What Diamond Power Infrastructure Ltd. does

Diamond Power Infrastructure Ltd., operating under the DICABS brand, is an Indian power transmission and distribution equipment manufacturer with its manufacturing facility in Vadodara, Gujarat and registered office in Ahmedabad. The company designs and manufactures a full-spectrum portfolio of LV, HV, and EHV power cables (1.1 kV to 550 kV) — including XLPE, fire-survival, solar, marine/offshore, control, instrumentation, communication, and E-beam cross-linked variants — alongside overhead conductors spanning 11 kV to 765 kV HVDC, with specialized new-age offerings such as AL-59 and HTLS. Installed conductor capacity exceeds 2,50,000 MT and the Vadodara MV/EHV cable facility is being scaled from 8 commissioned production lines (June 2026) to 10 lines by March 2027.

The company monetizes primarily through direct B2B project-based contracts and competitive bidding, supplying utilities, state transmission corporations, private power generators, and renewable energy developers with order execution timelines typically ranging from 4 months to 2 years. Its go-to-market is enterprise field sales anchored on Letters of Intent and direct negotiation with anchor customers across the Adani Group ecosystem, Tata Power, GETCO, KPI Green Energy, and similar counterparties. Pricing is not publicly disclosed and is established through competitive bidding.

Following an NCLT-acquired turnaround by GSEC Ltd (a Gujarat state entity) for ~₹500 crore in September 2022, Diamond Power Infrastructure has executed a sharp operational recovery: FY26 revenue reached ₹1,910.10 crore (+71.25% YoY) with net profit of ₹158.17 crore (+358.46%), the order book exceeded ₹3,500 crore, and market capitalization crossed ₹10,000 crore in May 2026. The company was discharged from long-pending CBI/ED/PMLA proceedings under Section 32A of the IBC in May 2026, releasing over ₹1,000 crore in attached fixed assets and ~₹900 crore in receivables, and has approved a QIP of up to ₹2,000 crore to comply with SEBI Minimum Public Shareholding norms while funding Vision 2030 growth targets.

Name

Diamond Power Infrastructure Ltd.

Legal name

Diamond Power Infrastructure Ltd.

Website

http://www.dicabs.com/

Company type

Public

Founded year

1970

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Diamond Power Infrastructure Ltd. (DICABS) is an Indian manufacturer of LV, HV and EHV power cables and overhead conductors, supplying utilities, power generators, and renewable energy developers through direct project-based B2B contracts from its Vadodara facility.

Ownership category

akta.pro rank

Product category

Power Transmission and Distribution Equipment

NAICS

Electrical Equipment Manufacturing (33531)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

HVDC Cables & Overhead Lines (Subsea, Underground, Overhead) (EUADAMAB)

akta.pro secondary industry

Transmission & Distribution Line Equipment (Bushings, Insulators, Arresters, Conductors, Hardware) (IMAGAAAF)

Keywords

• Power cables
• Overhead conductors
• Transmission equipment
• EHV cable manufacturing
• Conductor manufacturing

Headquarters

HQ city

Vadodara

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Power Cable Sales: Revenue generated from manufacturing and supplying Medium Voltage (MV), High Voltage (HV), and Extra High Voltage (EHV) power cables to utilities, power generation companies, and infrastructure projects. Products include underground power cables, XLPE cables, fire survival cables, and specialized cables for various applications.
2. Conductor Sales: Revenue from overhead conductor manufacturing including traditional T&D conductors, railway overhead conductors, new age conductors (AL-59, HTLS), copper rods and wires, and specialty wires for power transmission applications.
3. Project-based Orders: Large-scale project contracts from government and private entities including state transmission corporations, Adani Group companies, Tata Power, and renewable energy developers. Execution timelines typically range from 4 months to 2 years.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Diamond Power Infrastructure Ltd. (DICABS) manufactures and supplies a complete range of power transmission and distribution cables and overhead conductors. The portfolio spans LV (1.1 kV), HV (up to 132 kV), and EHV (220 kV to 550 kV) power cables plus specialized cables (solar, fire survival, marine, control, instrumentation, communication), and conductors from 11 kV to 765 kV HVDC lines including traditional, railway overhead, AL-59, HTLS, and MVC variants. Products are sold directly to utilities, power generation companies, renewable energy developers, and infrastructure projects through contract-based B2B orders.

Product overview

DICABS (a brand of Diamond Power Infrastructure Ltd.) is India's largest integrated power transmission and distribution equipment manufacturer offering a comprehensive portfolio of power cables and conductors. The product portfolio includes LV/HV/EHV cables ranging from 1.1 kV to 550 kV, specialized cables (Fire Survival, Marine & Offshore, Solar, Control, Instrumentation, Communication), and conductors (Traditional Overhead, Railway Overhead, New Age Overhead including AL-59 and HTLS, MVC Conductor, Copper Rods). The company operates from a Vadodara, Gujarat manufacturing facility with installed conductor capacity exceeding 2,50,000 MT, serving utilities, power generation projects, renewable energy evacuation systems, metro rail projects, airports, and data centers.

Differentiator

Problem solved

Functional benefit

Products and services

• LV Power Cables Low Voltage power cables including UrjaFlex Single & Multi Core variants designed for power distribution applications, covering voltages from 1.1 kV upward.
• HV Power Cables High Voltage power cables for industrial and utility power transmission applications, covering LV/HV range from 1.1 kV to 132 kV.
• EHV Power Cables Extra High Voltage power cables ranging from 220 kV to 550 kV for high-capacity power transmission networks and renewable energy evacuation systems.
• Solar Cables Cables designed for solar power installations and renewable energy applications, part of the ReNew product line, serving solar project developers and renewable energy evacuation systems.
• Fire Survival / Resistant Cables Specialized cables designed to maintain circuit integrity during fire conditions, serving critical infrastructure applications including metro rail, airports, and data centers.
• Marine & Offshore Cables Specialized cables designed for marine environments and offshore installations, serving oil & gas, port infrastructure, and offshore renewable energy projects.
• Control & Instrumentation Cables Cables for control and instrumentation applications in power systems, industrial automation, and utility settings.
• Communication Cables Cables for communication and data transmission in power infrastructure and industrial applications.
• T&D Traditional Overhead Conductors Traditional overhead conductors for transmission and distribution power lines from 11 kV to 765 kV HVDC lines, manufactured in configurations from 7 strands to 90 strands with installed capacity exceeding 2,50,000 MT.
• New Age Overhead Conductors (AL-59 & HTLS) Advanced overhead conductors including AL-59 alloy conductors and HTLS (High Temperature Low Sag) conductors for modern power transmission needs, including higher-capacity and lower-sag performance for renewable energy and grid modernization applications.
• Railway Overhead Conductors Conductors specifically designed for railway overhead catenary systems, serving Indian Railways and metro rail electrification projects.
• Copper Rods & Wires Copper rods and wires for electrical transmission and distribution applications, used as raw material input and for direct sale to electrical industry customers.
• MVC Conductor (MVCC) Medium Voltage Covered conductors (MVCC) for enhanced power transmission reliability and performance, used for covered conductor overhead distribution systems.

Quantifiable outcome

• Q4 FY26 net profit grew 691.25% to ₹60.61 crore with revenue up 108.46% to ₹695.87 crore
• +3 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Arfin IndiaminorOthers · 30 December 2025Arfin India secured a ₹321 crore order from Diamond Power Infrastructure for supply of 11,000 metric tonnes of conductors for the aluminium sector. The order is scheduled for execution over 11 months from January 2026 to November 2026, generating monthly revenues of approximately ₹29.20 crore. This reflects sustained repeat business relationship between the companies.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Polycab India Limited: India's largest cable and wire manufacturer with a broad portfolio spanning LV, HV, and EHV cables plus conductors. Polycab is the most direct competitor to DPIL/DICABS in the Indian power cable market, competing head-to-head on utility tenders, renewable evacuation contracts, and institutional B2B bids.
• KEI Industries Limited: Manufacturer of power cables (LV/MV/HV/EHV), control cables, and house wires with strong presence in industrial and utility segments. KEI is a direct peer competing for the same EHV cable and project-based orders that anchor DPIL's order book.
• Finolex Cables Limited: Established Indian cable manufacturer offering LV/MV/HV power cables, communication cables, and conductors. Overlaps with DPIL in utility and infrastructure cable supply and competes in similar B2B and project-based channels.
• RR Kabel Limited: Manufacturer of power cables, wires, and conductors serving retail, institutional, and export markets. RR Kabel directly competes with DICABS on LV/MV cable categories and is increasingly active in EHV and renewable segments.
• Universal Cables Limited: Manufacturer of EHV power cables up to 550 kV, control cables, and special cables, part of the M.P. Birla Group. Universal Cables is one of the few Indian peers with overlapping EHV cable capability that competes for utility and industrial transmission tenders.
• Apar Industries Limited: Leading manufacturer of overhead conductors (ACSR, AAAC, AL-59, HTLS) along with transformer oils and cables. Apar is the most direct competitor to DPIL's conductor business and overlaps in HTLS/AL-59 supply for T&D and renewable projects.

Broad incumbents

• Havells India Limited: Large diversified electrical goods company with cables/wires as one segment alongside switches, lighting, and appliances. While Havells competes in cables, it operates as a broader incumbent across multiple electrical categories rather than specializing in DPIL's T&D niche.
• Bajaj Electricals Limited: Diversified electrical and lighting company with EPC and cables exposure. Overlaps with DPIL in infrastructure cable demand and transmission EPC, but operates as a broader incumbent with consumer-facing products as a significant share of revenue.

Emerging players

• Sterlite Power Transmission Limited: Power transmission infrastructure developer and solutions provider focused on EHV overhead lines, HVDC systems, and conductor technologies. Sterlite is a buyer of specialty conductors in the same market and an adjacent player in transmission execution rather than a cable manufacturer.
• Gloster Cables Limited: Manufacturer of power cables, control cables, and instrumentation cables serving industrial and utility customers in India. Smaller scale than DPIL but competes in similar LV/MV cable categories and institutional B2B channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/DiamondpowerMd
• LinkedInlinkedin.com/company/diamond-power-infrastructure-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Diamond Power Infrastructure Ltd.