Delton Cables Ltd

Business Overview

• Delton is a low-voltage cables maker expanding to railways, EPC, telecom and smart metering.
• Over 75 years of brand legacy with marquee global customers.
• Strategy: customised branded supplier for high-growth sectors; asset-light growth.
• Manufacturing capacity around ₹1,500 crore across segments.

Key Operational Highlights

• Q1 FY27 revenue ₹2,870m, up 83% YoY to a new high.
• EBITDA ₹254m; margin 8.88%.
• PAT ₹76m; EPS ₹8.79 in Q1 FY27.
• Order book ₹4,182m as of 30 Jun 2026; 88% EPC.
• Q1 FY27 segment mix: EPC 50%, Railways 19%, Telecom 9%, Others 21%.
• Order book by segment: EPC ₹3,697m (88%), Railway ₹250m (6%), Telecom ₹235m (6%).
• WC days improved to 74 in FY26.
• CCC improved to 51 days in FY26.
• Total assets ₹8,620.9m; equity ₹3,433.8m.
• Borrowings ₹1,606.1m; cash ₹193.1m.
• FY26 revenue ₹9,888m; YoY +39%.

Financial Performance

• Total income from operations Q1 FY27 ₹2,870m; YoY +83%.
• Cost of materials ₹2,300m; manufacturing ₹107m.
• Employee benefits ₹152m; other expenses ₹56m.
• PBT ₹105m; tax ₹29m; PAT ₹76m.
• FY26 revenue ₹9,888m; YoY +39%.

Capital Structure & Liquidity

• Debt increased to ₹1,606m in FY26 from ₹869.5m in FY25.
• Cash and cash equivalents ₹193.1m at FY26.

Strategic Priorities & Outlook

• Asset-light growth strategy.
• Entering Nuclear, Defense, Water and Smart Metering sectors.
• Expanding approvals; BIS certification strengthens organized-market share.
• Railways spend growth; electrification and data centers as demand drivers.
• B2B/B2B2C model to capture unbranded segments.

Governance & Leadership

• Board includes Chairman Vijender Kumar Gupta and MD Vivek Gupta.
• Independent directors bring infrastructure, energy, and corporate expertise.

Financial highlights

• Q1 FY27 revenue ₹2,863.6m, up 83% YoY.
• EBITDA ₹254.3m, margin 8.88%, up 408 bps from Q4 FY26.
• PAT ₹75.9m, up 146% YoY.
• EPS ₹8.79, up 146% YoY.

Operational mix

• Revenue by segment: EPC 50%; Railways 19%; Telecom/others 31%.
• EPC growth 80% YoY; Railways +15%; Telecom/others +207%.

Order book

• Order book as of June 30, 2026: ₹418 million.

Management commentary

• MD cites margin recapture and profitable growth with strong order book visibility.
• Diversified and customised product offerings supported growth.

Financial results

• Board approved unaudited results for quarter ended June 30, 2026 with Limited Review Report.

AGM & Directors Report

• Approved Notice and Directors Report for the 61st AGM on Sept 29, 2026 via VC/OAVM.

Dividend timetable

• Register and share transfer books closed Sept 23–29, 2026 for dividend eligibility.

Dividend entitlement

• Record date fixed at Sept 22, 2026 for dividend entitlement.

Dividend payout timing

• Dividend, if declared, paid within 30 days of declaration.

Auditor opinion

• Statutory auditors expressed an unmodified opinion on the results.

Dematerialisation processing status

• Securities received for dematerialisation during the quarter were confirmed to the depositories.
• Securities dematerialised have been listed on the stock exchanges where the earlier issued securities are listed.
• Physical certificates received for dematerialisation were mutilated and cancelled after verification.
• Depository's name substituted as registered owner within the prescribed timeline.

Business Overview

• Delton Cables specializes in low-voltage cables with 75+ years brand recall.
• Focus on high-growth sectors: EPC, railways, telecom, and smart metering.
• Offers wire & cables, structured cabling, and metering solutions.
• Pan-India presence with strong customer relationships and niche product portfolio.

Key Operational Highlights

• Capacity utilization improved to 81% in FY25 from 44% in FY22.
• Revenue increased 4.4x from FY22 to FY25.
• Expanded product basket with structured cabling solutions in 2020.
• Order book as of Dec 31, 2025 at ₹6940 million, 60% higher than Q2.

Financial Performance

• Q3 FY26 revenue ₹2684 million, up 42% YoY; 9M FY26 revenue ₹6661 million, up 31.4%.
• EBITDA Q3 FY26 ₹186 million, up 57.5% YoY; 9M FY26 ₹510 million, up 58.6%.
• EBITDA margin improved by 66 bps in Q3 and 132 bps in 9M FY26.
• Adjusted PAT Q3 FY26 ₹37.5 million, up 11% YoY; 9M FY26 ₹131.2 million, up 97%.
• EPC segment contributed 51% revenue, grew 26%; Railways 32%, declined 4%.
• Working capital days improved to 109 in FY25 from 218 in FY22.

Capital Structure & Liquidity

• Borrowings increased to ₹2311 million in H1 FY26 from ₹1714 million in FY25.
• Total equity at ₹981 million in H1 FY26, up from ₹904.5 million in FY25.
• Company follows asset-light capex model focusing on leased facilities.

Strategic Priorities & Outlook

• Focus on large private EPC players and high-margin segments.
• Gradual reduction of low-margin railway segment exposure.
• Phased capex to maximize asset utilization and improve productivity.
• Expanding approval base and entering new sectors like nuclear and defense.

Risks & Mitigation

• Reduced reliance on public sector clients to mitigate margin pressure.
• Rationalizing inventory and SKU count to optimize working capital.
• Focus on demand-pull strategy aligned with infrastructure spending.

Governance & Leadership

• Chairman Vijender Kumar Gupta with 60+ years industry experience.
• Managing Director Vivek Gupta leads transformation with 30+ years experience.
• Board includes independent directors with expertise in finance, real estate, and strategy.