Dynamic Cables is a manufacturer that makes the specialised cables and conductors that carry electricity from power plants to factories, solar farms and cities - it does not sell wires in retail shops. The company started in 1986 as a small partnership making winding wires and has since transformed into a mid-tier B2B supplier shipping to more than 40 countries, with the founding Mangal family still running the business. The recurring pattern is a deliberate climb up the value chain: the company keeps exiting low-margin commodity products and moving into higher-voltage, technically demanding cables where approvals and testing create a barrier to entry. # Business segments A single engine with three product families at different stages of maturity - a high-voltage power-cable core that generates the bulk of revenue, a fast-growing solar-cable line that doubled in a year, and an early-stage building-wires pilot - all manufactured on the same factory floors and sold to the same institutional buyers. ## 1. Power cables and conductors: the core engine **The company earns by manufacturing and selling high-voltage power cables to utilities, EPC contractors and industrial buyers - a one-time sale per order, with raw-material price swings passed through to the customer.** - **Price-variation clauses protect the margin** - copper and aluminium prices can swing wildly (copper touched $13,000-14,000 per metric ton in early 2026), so most sales contracts include clauses that adjust the final price based on raw-material costs at the time of delivery, and for large orders the company locks in material prices upfront or holds strategic inventory. - **Sold to institutions, not households** - government discoms and railways contribute about 13% of revenue, private EPC contractors and industrial users about 80%, and exports about 7%, with marquee names like Tata Power, ABB, Siemens, L&T and Hitachi Energy on the customer list. No single customer accounts for more than 8% of sales, and the top five together make up roughly 31%. - **Approvals are the entry ticket** - the company holds product approvals with all major Indian utilities, while its cables are type-tested by NABL-accredited labs like CPRI and ERDA; its own in-house labs are also NABL-accredited, which lets it certify products without waiting for outside agencies. - **Three plants, one cluster** - all manufacturing happens across three facilities in Jaipur and Reengus, Rajasthan, with the largest Reengus plant rated GreenCo Bronze; the company runs its own PVC compounding, has deployed SAP across the organisation, and generates about 28% of its energy from 3.06 MW of rooftop solar. ## 2. Renewable energy cables: the growth accelerator **Solar power cables contributed roughly 19% of revenue in FY26 and grew more than 100% - a product line that barely existed two years earlier.** - **Launched from a standing start** - the company introduced solar power cables only in FY24, and the renewable order book went from zero to ₹100 crore in FY25. The products need separate technical testing and approvals from specialised agencies before they can be supplied to wind and solar projects, which slows down new entrants. - **UL certification opens export doors** - the company holds UL 4703 certification for photovoltaic solar cables rated for both 600V and 1000/2000V applications, covering copper conductors from 18 AWG to 2000 kcmil and aluminium from 12 AWG to 2000 kcmil, using moisture-curable XL compound insulation. That certification is a prerequisite for many international solar projects. - **E-Beam curing is the next step** - a greenfield integrated plant is under construction at Reengus with an electron-beam curing facility specifically aimed at the solar DC cable market, because E-beam cross-linking produces cables that can handle higher temperatures and last longer in outdoor solar farms. Production is expected to begin by September 2027, though the project was delayed by approval timelines and machinery shipment disruptions linked to the Iran conflict. ## 3. Building wires: the B2B pilot **A February 2026 entry into copper building wires - but sold only to large project buyers, not through retail channels, and treated as a measured experiment rather than an all-in bet.** - **Flame-retardant, low-smoke, low-halogen** - the wires use electrolytic-grade copper and lead-free PVC insulation that meets RoHS and REACH environmental standards, are BIS-marked under IS 694, and are designed to emit less smoke and halogen gases in a fire, which matters for high-rise and commercial building codes. - **Projects-only, no retail** - the wires are channelled exclusively through builders, EPC contractors, project consultants and institutional buyers, either directly or through project-focused distributors; the company has explicitly ruled out entering the retail wires market where brands like Polycab and Havells dominate. - **Pilot first, scale later** - manufacturing is being done on existing plant lines as a strategic pilot, and any decision on adding dedicated capacity or capital will wait until the company has watched demand, margins and returns for three to four quarters against internal benchmarks. # Group structure and partners **A single listed entity with no subsidiaries, run by the founding brothers and advised by a small board - plus one technology partnership that gives it access to American HTLS conductor IP.** - The company is a standalone legal entity with no subsidiaries, associates or joint ventures, listed on both NSE and BSE after migrating from the SME platform in 2020. - Ashish Mangal is the Managing Director with over 30 years in the cables industry; his brother Rahul Mangal is Chairman and Non-Executive Director, and also runs Mangal Electrical Industries Ltd. The seven-member board includes four independent directors with backgrounds in development banking, fashion retail, and startups. - The sole technical partnership is a manufacturing agreement signed in April 2026 with TS Conductor Corp of the USA, giving Dynamic Cables a licence to make and sell High Temperature Low Sag (HTLS) carbon-core conductors under the TS® brand for the Indian market. The patented aluminium-encapsulated carbon core is supplied by TS Conductor, and the conductors can reduce line losses by up to 50% compared to conventional ones - targeting Power Grid, state transmission companies and renewable developers. - The company completed a 1:1 bonus issue of equity shares in July 2025, and its credit rating was affirmed as CRISIL A/Stable (long-term) and CRISIL A1 (short-term).