Diamond Power's profit jumps as revenue growth outpaces expenses
Standalone net profit rose 84.78% QoQ, but other income supplied 16.23% of pre-tax profit and operating margin remained below the Industrials median.
Filed 03 Nov 2026, 13:03 IST · Diamond Power Infrastructure Ltd (DIACABS)
Key takeaways
- Standalone revenue rose 47.63% QoQ to Rs 1,044.21 cr, while expenses rose 46.98%, lifting operating margin by 0.40 percentage points.
- Net profit rose 84.78% QoQ to Rs 105.49 cr, helped by a 40.19% fall in interest and a -0.03% tax rate.
- Operating margin at 9.97% was 1.53 percentage points below the 11.50% median for 201 Industrials peers reporting the quarter.
Price around the results
Revenue accelerated on order execution
Standalone revenue grew 47.63% QoQ, slightly ahead of the 46.98% rise in expenses, which supported a 0.40 percentage-point improvement in operating margin. Management said live orders stood at Rs 4,829 cr, of which Rs 1,094 cr had been executed. It also said data-centre orders were worth Rs 485 cr basic, with Rs 242 cr executed in Q2FY27.
Lower interest lifted pre-tax profit
Operating profit rose 53.80% QoQ, while interest expense fell 40.19%; depreciation increased 7.04%. Pre-tax profit therefore grew 85.26%, faster than operating profit. Profit quality was partly supported by other income, which accounted for 16.23% of pre-tax profit, while the -0.03% tax rate also aided net profit.
Margin improved but stayed below peers
Operating margin increased from 9.57% in Q1FY27 to 9.97% in Q2FY27, reversing the sequential pressure seen in the prior quarter. It remained 1.53 percentage points below the 11.50% median for 201 Industrials companies that had reported the quarter.
Polymer project moved into machinery finalisation
Management said machinery for the polymer project was frozen at the 28 September 2026 Project Review and that the Phase I machinery price was finalised on 12 October 2026. The company said a polymer expert was mandated to prepare the project report from first principles and that Dr G L Gupta was appointed Head of the Polymer Project.
Shares gained 5% on results day
The stock rose 5.00% on the results date, after opening 1.43% higher, with trading volume at 3.04 times the reference level. The return reached 10.24% by the next session.
Q2FY27 at a glance
Standalone figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹1,044 cr | ₹707 cr | +47.63% |
| Other income | ₹17 cr | ₹7 cr | +153.48% |
| Expenses | ₹940 cr | ₹640 cr | +46.98% |
| Operating profit | ₹104 cr | ₹68 cr | +53.80% |
| Operating margin (%) | 9.97% | 9.57% | — |
| Interest | ₹4 cr | ₹6 cr | -40.19% |
| Depreciation | ₹12 cr | ₹11 cr | +7.04% |
| Profit before tax | ₹105 cr | ₹57 cr | +85.26% |
| Tax | ₹-0 cr | ₹-0 cr | +75.00% |
| Net profit | ₹105 cr | ₹57 cr | +84.78% |
| EPS (₹) | ₹1.83 | ₹1.08 | +69.44% |
Operating margin of 9.97% compares with a Industrials sector median of 11.50% across 201 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +5.00% | +3.42% |
| Next session | +10.24% | — |
Volume on the results session was 3.04× its 20-day average.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Expansion
- Machinery for the polymer project was frozen at the 28 September 2026 Project Review.
- The Phase I machinery price was finalised on 12 October 2026.
New orders
- Live orders total ₹4,829 crore, with ₹1,094 crore already executed.
- Data-centre orders were worth ₹485 crore basic, with ₹242 crore executed in Q2 FY27.
New initiatives
- A polymer expert was mandated to prepare the project report from first principles.
- Dr G L Gupta was appointed as Head of the Polymer Project.
What to watch
- Whether operating margin holds above 9.97% while remaining close to the 11.50% Industrials median.
- Whether expenses continue to grow more slowly than revenue after the current 46.98% versus 47.63% QoQ split.
- Progress in executing the Rs 4,829 cr live-order book beyond the Rs 1,094 cr already executed.