1. 10 new MV cable lines adding over 8,000 km/year, plus EHV setup up to 400 kV Pending - In the FY25 annual report, management initiated a capex cycle to double cable capacity, including 10 new MV cable lines adding over 8,000 km/year and a dedicated EHV setup up to 400 kV with type-testing infrastructure. Two additional MV cable lines are under installation and on schedule; no 10-line completion is confirmed in our record.
2. PPE verification exercise completed by end of Q1 next fiscal year Partial - At the Q4 FY25 result, management said the PPE verification exercise would be completed by end of the first quarter of the next fiscal year, with effects provided in the next fiscal year. The agency report was completed only in Q1 FY27, a year late, with useful lives of 15 and 10 years applied from April 1, 2022, retrospective Ind AS 8 adjustments made, and the auditor qualification resolved.
3. Solar wire and EV cable expansion over next three years Pending - In the FY24 annual report, DICABS planned significant expansions in solar wire and cable as well as EV cable markets over the next three years, including increased manufacturing capacity. The solar cable order book stands at ₹199.42 cr; no specific EV cable expansion read is in our record.
4. Conductor capacity +25% over next 18 months via stranding/compacting machines Pending - In the FY25 annual report, management said additional high-speed stranding and compacting machines would enhance conductor capacity by 25% over the next 18 months. Conductor capacity has been restated to 1,00,000 Mt; no specific 25% enhancement confirmation is in our record.
5. Top 3 Indian cable brand, institutional and retail (FY 2025-30) Pending - In the FY25 annual report, management set a FY 2025-30 goal to establish DICABS as a top 3 Indian cable brand in both institutional and retail markets. DICABS is National Cable Partner for CREDAI India 2025-26; no top 3 brand confirmation yet.
6. Double cable revenues by FY 2027-28 Pending - In the FY25 annual report, management targeted doubling cable revenues by FY 2027-28, with increasing share from EHV, solar, and exports. FY26 revenue was ₹1,910 cr; no FY28 cable revenue read yet.
7. 100% capacity utilisation of new cable lines by FY 2026-27 Pending - In the FY25 annual report, management targeted 100% capacity utilisation of new cable lines by FY 2026-27. FY26 utilisation was 34% for cables and 20% for conductors; no FY27 utilisation actuals yet.
8. Export revenue 40-50% CAGR over 3 years; at least 10% of cable revenues by FY 2026-27 Pending - In the FY25 annual report, management expected export revenue to grow at 40-50% CAGR over the next 3 years, contributing at least 10% of total cable revenues by FY 2026-27. Exports are currently negligible; no export revenue figure disclosed yet.
9. ECHO/advanced conductor positioning - margin expansion, reconductoring at 30-40% lower costs Delivered - In the Q3 FY26 PPT, management positioned ECHO/advanced conductors as a premium product with margin expansion potential and reconductoring at up to 30-40% lower costs. ECHO conductors are type tested with a 550 KM order secured; 850 km of ECO/HTLS conductors were secured and executed, and the AECC example showed 600 MW uplifted to 1,800 MW at 30-40% lower re-conductoring cost.
10. Market capturing roadmap - voltage rating up to 400 kV Delivered - In the Q3 FY26 PPT, management laid out a market capturing roadmap to increase voltage rating up to 400 kV, focusing on retail, new energy, niche products, data centres, higher voltages and exports. In FY26, capability was expanded up to 400 kV in EHV and premium cable offerings, with EHV cable manufacturing capability from 66 kV to 400 kV.
11. Customer base from 275 to 2,000 in two years Pending - In the Q3 FY26 PPT, management targeted increasing the customer base from 275 to 2,000 in two years. The network stands at 900 diversified customers, with 200-plus customers in the outstanding order book and around 670 active customers; no 2,000 customer confirmation yet.
12. Steel/wooden drums elimination - 80% of products in 2 years Pending - In the Q3 FY26 PPT, management said 80% of product roll-out in steel/wooden drums would be eliminated in 2 years' time, reiterated in the Q1 FY27 PPT. The Zero-Defect programme recorded no products returned on quality grounds last quarter; no drum elimination progress figure disclosed.
13. Drum/in-process inventory tracking on or before 30 June 2026 Missed - In the Q3 FY26 PPT, management committed to tracking of each drum / in-process inventory on or before June 30, 2026. Our record holds no disclosure of completion by that deadline.
14. HRMS/CRM software completely online on or before 31 March 2026 Partial - In the Q3 FY26 PPT, management committed to implementing HRMS/CRM software completely online on or before March 31, 2026. Digital tools were upgraded to Business Central, ZOHO CRM, HRMS & Hau log via Grant Thornton; no confirmation of complete online implementation by the deadline is in our record.
15. Next two-year capex - high power centric products (GAP, ECO & Carbon Core Conductors) On track - In the Q3 FY26 PPT, management laid out two-year capex for investment and development of high power centric products (GAP, ECO & Carbon Core Conductors) for higher ampacity transmission. 850 km of ECO/HTLS conductors were secured and executed, with 2,000 km expected in the current FY; no specific GAP/Carbon Core product read is in our record.
16. Next two-year capex - de-bottleneck MV cables from 900 to 1,500 kms per month On track - In the Q3 FY26 PPT, management laid out two-year capex to de-bottleneck MV cables capacity from 900 kms per month to 1,500 kms per month. Two additional MV cable lines are under installation and on schedule; no de-bottleneck completion confirmation yet.
17. NABL accreditation and BASEC assessment underway On track - In the Q4 FY25 PPT, management said NABL accreditation and BASEC assessment were underway to boost customer confidence and open export avenues, reiterated in the Q3 FY26 PPT. NABL Phase 1 audit was conducted by the inhouse laboratory, the 700 kV UHV lab is NABL-accredited and BIS certified, and the BASEC/CPR/UL roadmap is under process; no BASEC accreditation confirmation yet.
18. B2B distribution - 65+ distributors growing at 5 per month Pending - In the Q4 FY25 PPT, management said 65+ pan-India distributors were expected to grow at the rate of 5 distributors per month. The distributor network stands at 65 at present; no growth rate confirmation in our record.
19. New Energy initiatives - 2.1 MW x 3 windmills and solar rooftop, ₹24 cr power cost saving Pending - In the Q4 FY25 PPT, management said New Energy initiatives (2.1 MW x 3 windmills and solar rooftop) would result in saving of ₹24 cr in power cost, reiterated in the FY25 annual report as over ₹24 cr annually. Three windmills of 2.1 MW each are in progress and rooftop solar is on the anvil; no ₹24 cr saving confirmation in our record.
20. Capital-light growth - ₹125 cr balancing equipment, ₹10,000 cr topline potential Pending - In the Q4 FY25 PPT, management described capital-light growth via a balancing equipment and backward integration project of ₹125 cr (₹60 cr already invested, additional ₹65 cr), with potential to reach ₹10,000 cr topline. FY26 revenue was ₹1,910 cr; no ₹125 cr project completion or ₹10,000 cr topline read in our record.
21. Third rod mill commissioned by July 2025 Partial - In the Q4 FY25 PPT, management said one rod mill of the 3 integrated AL 59 rod mills would be commissioned by July 2025, two already commissioned in March 2025, for total installed capacity of 75,000 MTPA, reiterated in the FY25 annual report. The third rod mill was on track as of the FY25 annual report; our record holds no July 2025 commissioning confirmation.
22. 2030 Vision - top 3 globally, double-digit market share, ₹10,000 cr revenue Pending - In the FY25 annual report, DICABS aspired by 2030 to be among the Top 3 cable and conductor companies globally with double-digit market share in every product category and revenues crossing ₹10,000 cr, echoed in the Q4 FY25 PPT 2030 Vision. FY26 revenue was ₹1,910 cr; no 2030 outcome yet.
23. Gujarat disaster management orders - first ₹4,000-5,000 cr finalized by end of FY27 Pending - At the Q1 FY27 call, management said Gujarat is expected to flow ₹22,000 cr of disaster management orders over the next 3 years, of which ₹16,000 cr is 11 kV and 33 kV medium voltage cables, with the first ₹4,000-5,000 cr finalized by end of the year. 43 tenders are finalized to around 19 contractors and the company won a 1,370-km medium voltage underground cable order via Rajesh Power; no ₹4,000-5,000 cr finalization figure disclosed yet.
24. QIP impact on P&L - Q3 and Q4 FY27 Pending - At the Q1 FY27 call, management said the QIP impact will land on P&L in the third and fourth quarter as new lines commission and load, reiterated in the automated transcript. Q1 FY27 results were delivered before any QIP proceeds were deployed; no Q3/Q4 actuals yet.
25. Leadership appointments - several over next two quarters; export hires in 90 days Pending - At the Q1 FY27 call, management said several further leadership appointments will join over the next two quarters, with key export hires joining in the next 90 days. Mr. Umesh Chhaya joined as Whole-Time Director and more than 15 leaders at AVP and VP levels; no specific export hire confirmations yet.
26. Tax benefit from carried-forward losses - at least next two years On track - At the Q1 FY27 call, management said the tax benefit from carried-forward accumulated losses will last at least for the next two years, reiterated in the automated transcript. The Q1 FY27 tax charge was negligible due to carried-forward accumulated losses; no later read.
27. FY28 order book - 50-60% in place at start of year Pending - At the Q1 FY27 call, management expected FY28 to begin with more than 50% to 60% of the order book already in place, given monthly order additions of ₹275 cr to ₹325 cr, reiterated in the automated transcript. The order book as on 11 August 2026 stood at ₹3,688 cr, with over ₹1,000 cr of fresh wins since April and ₹400 cr added in the last 6-7 days; no FY28 start order book yet.
28. No substantial debt up to March 2028 On track - At the Q1 FY27 call, management said "up to 2027, 2028, we don't expect to have any substantial debt" unless opportunities arise, with no borrowing needed for the current year target, reiterated in the automated transcript. Only ₹75 cr LC and ₹5 cr CC limits exist, not currently utilized, and the company has "virtually zero debt on the books".
29. Legacy receivables recovery - \~₹300 cr over next 1-18 months Pending - At the Q1 FY27 call, management expected around ₹300 cr of legacy receivables (of ₹957 cr on books) to be recovered over the next 1 year to 18 months. A special recovery team is doing first-stage evaluation of the ₹957 cr on books; no recovery amount disclosed yet.
30. QIP funds deployment - specified allocations Pending - At the Q1 FY27 call, management said QIP funds will be deployed: ₹130 cr on LV cable expansion, ₹74 cr on balancing equipment, ₹325 cr for general corporate purposes, ₹350 cr returned to promoters' unsecured loans, and around ₹750 cr towards working capital funding. The QIP raised ₹1,640 cr and the ₹400 cr promoter unsecured loan was paid back post-QIP; no full deployment breakdown disclosed yet.
31. Operations cost down to 6% (internal target) On track - At the Q1 FY27 call, management set an internal target to bring operations cost down to 6%. Operations cost has come down from 9% earlier to 6.5%, with the Q1 FY27 operating-cost ratio at 6.6% versus 9.1%.
32. Adani Group order book share down to 20% by end of FY27 Pending - At the Q1 FY27 call, management said the Board mandate is to bring Adani Group share of the order book down to 20% by the end of the year, from \~40% plus currently. Adani is around 40% plus of the present order book; no later share disclosed.
33. Export order book - at least ₹500 cr before end of FY27 Pending - At the Q1 FY27 call, management targeted an export order book of at least ₹500 cr before the end of the year, the first year of exports, targeting conductor and medium voltage business with good inflow expected in Q3 and Q4 as certifications for Europe and US are on track. Exports are currently negligible and a dedicated export team is being assembled targeting U.S., Middle East, and Africa; no export order book figure disclosed yet.
34. Data center sales \~₹750 cr before March 2027; \~₹1,500 cr orders next year Pending - At the Q1 FY27 call, management expected data center sales to contribute around ₹750 cr before March of the current year, with a target of around ₹1,500 cr of data center orders next year and 20% of business from data centers current and next year. The data center order book in hand is ₹435 cr; no sales actuals disclosed yet.
35. Data center orders - at least ₹1,000 cr before 31 March 2027 On track - At the Q1 FY27 call, management set an internal target of getting at least ₹1,000 cr of data center orders before 31st March 2027. The order book includes an ₹435 cr data center order within the medium voltage band; no further data center order wins disclosed in our record.
36. FY28 utilization - conductors \~60%, cables \~60% Pending - At the Q1 FY27 call, management guided FY28 utilization of conductors up to 60% and cables around 60%, with LV cable (\~₹2,000 cr capacity) and the additional CCV line (\~₹600 cr) coming into picture. No FY28 actuals yet.
37. FY27 utilization - conductors \~40%, cables \~50-52% Pending - At the Q1 FY27 call, management guided FY27 utilization of conductors around 40% and cables around 50-52%. FY26 utilization was 34% for cables and 20% for conductors; no FY27 utilization actuals yet.
38. Two aluminium corrugation lines - commercial production June 2027, +₹375 cr/yr revenue On track - At the Q1 FY27 call, the board approved two aluminium corrugation lines with minimal capex of ₹17 cr to expand 66 kV and 132 kV cable capacity by converting one 33 kV line; the Q1 FY27 PPT set Project B commercial production for June 2027, adding +₹375 cr/yr revenue with break-even at 102 km/month and \~15 months payback. No production actuals yet; the project is approved and in progress.
39. LV cable project - \~42,000 km capacity, \~₹1,880 cr revenue potential, commercial production FY27-28 On track - At the Q1 FY27 call, management guided that the LV cable project, a brownfield conversion of the old rod mill/legacy conductor plant, will add \~42,000 km of LV capacity with revenue potential approaching ₹1,880 cr at full utilization, commercial production from FY27-28, and "We will commission it before March"; the Q1 FY27 PPT detailed Project A at ₹133.59 cr with IRR 25.8% and a ramp from ₹564 cr revenue in FY28 at 30% to ₹1,880 cr at 100%. No commissioning or production actuals yet; the project is in progress.
40. Rod mill start by 15 October 2026 Pending - At the Q1 FY27 call, management said the rod mill should start by 15th of October. One rod mill is being discarded and one new mill installed, with total rod capacity 1,00,000 MTPA; no start confirmation yet.
41. Incremental MV silane line start by 15 September 2026 Pending - At the Q1 FY27 call, management said the incremental MV silane line should start by 15th of September, reiterated in the automated transcript. Four silane-based lines are operational with one to be commissioned by 15th September; no commissioning confirmation yet in our record.
42. Fifth CCV line commissioned March 2027 On track - At the Q1 FY27 call, management said the fifth CCV line will start in March 2027, reiterated in the automated transcript. Four CCV lines are operational and one CCV line is installed but to be commissioned by March; no commissioning yet.
43. Sixth CCV line commissioned before December 2027 On track - At the Q1 FY27 call, management said the sixth CCV line should be commissioned before December 2027, with the order to be placed within August 2026 and delivery assured for August next year, reiterated in the automated transcript. The company was in final stages of ordering the line with price already arrived at and no additional civil or utility capex needed; no commissioning yet.
44. FY28 revenue - ₹7,500 cr Pending - At the Q1 FY27 call, management guided FY28 revenue of ₹7,500 cr, confirmed in Q&A, reiterated in the automated transcript. No FY28 actuals yet; Q1 FY27 revenue was ₹690 cr.
45. FY27 EBITDA margin - 11-13% On track - At the Q1 FY27 call, management guided FY27 EBITDA margin between 11% and 13%, dependent on metal prices. Q1 FY27 EBITDA margin was 12.3%, up \~200 bps YoY; no later quarter actuals yet.
46. FY27 consolidated revenue - ₹4,300-4,500 cr On track - At the Q1 FY27 call, management guided full-year FY27 consolidated top line of ₹4,300-4,500 cr while holding the Q1 margin profile, confirmed in Q&A, reiterated in the automated transcript. Q1 FY27 revenue was ₹690 cr, up 129% YoY, and management stated it met its internal target of ₹700 cr for the quarter despite monsoon flooding; no later quarter actuals yet in our record.