Diamond Power Infrastructure shares hit a fresh 52-week high of ₹387.50, extending their three-day winning streak on Tuesday, September 15. The stock has gained about 15% in the last three trading sessions and is currently trading at 3.35 times its 52-week low. As per CNBC TV18, the stock has surged 181% so far in 2026 and about 145% in the last one year, demonstrating sustained investor confidence in the multibagger stock.
Diamond Power Infrastructure has secured a significant contract win from Adani Electricity Mumbai (AEML) worth ₹179.43 crore inclusive of GST for supplying specialised medium voltage and low voltage underground power cables for the Mumbai distribution network. The contract covers approximately 871 kms of cable in aggregate 33 kV and 11 kV medium voltage cable together with associated 1.1 kV low voltage cable, with prices inclusive of packing, forwarding, freight and transit insurance. As reported by CNBC TV18, the cables will be custom-engineered to withstand Mumbai's low-lying coastal environment and monsoon flooding, where underground power lines frequently operate under stress. The order includes TR-XLPE insulation, superabsorbent water-swellable tapes, water-blocked conductors, and a protective HDPE outer sheath to prevent insulation breakdown caused by water treeing. Deliveries will commence upon manufacturing clearance, at a scheduled rate of approximately 50 km per month, with the potential to advance based on project requirements.
Diamond Power Infrastructure has successfully completed its exit from the resolution framework of the Insolvency and Bankruptcy Code, 2016 (IBC), administered by the National Company Law Tribunal (NCLT), a full year ahead of schedule. The company prepaid the entire ₹2,401 crore consideration to its erstwhile lenders, comprising ₹501 crore in cash and ₹1,900 crore in 30-year redeemable bonds. As reported by Business Standard, the company announced this development to the stock exchange, with shares rising 2.27% to ₹360 following the announcement. The early repayment, which included availing pre-payment discounts, signifies the full fulfillment of all promoter obligations under the approved resolution plan. This development also makes the company eligible to obtain credit ratings from recognised rating agencies in the ordinary course mechanism.
Diamond Power possesses captive aluminium rod mills, captive wind power, and a comprehensive product range spanning LV, MV, HV, and EHV power cables, along with overhead conductors. The company returned to sustained profitability during FY2023-26 and will now focus on scaling MV/EHV cable capacity, deepening backward integration and expanding its customer base. Mr. Rakesh Shah, Promoter Director, stated, "Today, having repaid every rupee of the cash consideration a full year ahead of schedule, and with every legacy legal matter behind us, that conviction has been vindicated. Diamond Power is now a clean, rateable, bankable and profitable company – and this is where its real growth story begins." Mr. Himanshu Shah, Promoter Director, added, "With a rated, bankable balance sheet and every asset free to fund growth, our ambition is to build Diamond Power into a global cables and conductors major."
The company has returned to sustained profitability during FY2023-26 and will now focus on expanding its MV and EHV cable capacity, strengthening backward integration and broadening its customer base. Diamond Power's consolidated net profit soared 256.19% to ₹58.45 crore in the quarter ended June 2026 from ₹16.41 crore in the corresponding quarter of the previous year. Sales surged 128.57% to ₹689.88 crore in Q1 FY27 from ₹301.82 crore in Q1 FY26. The company, marketed under the DICABS brand, manufactures LV, MV, HV and EHV power cables, aerial bunched cables, control cables and overhead conductors for power utilities, transmission and distribution companies, renewable-energy developers, EPC contractors and industrial customers in India and export markets.
