### **Overview** Dynamic Cables Limited is a leading mid-tier Indian manufacturer and supplier of power and infrastructure cables, operating exclusively in the B2B (institutional) segment. It differentiates itself from major peers like Polycab, Havells, and Finolex by not engaging in the retail or household wires market. The company has evolved from a partnership firm—**Dynamic Engineers**, established in 1986—into a publicly listed entity on both the **BSE and NSE**, having migrated from the BSE SME platform in October 2020. Headquartered in Jaipur, Rajasthan, Dynamic Cables serves diverse sectors including power transmission & distribution (T&D), renewable energy, railways, airports, and industrial infrastructure, with a strong presence in **over 40 countries**. Recognized as a **Two Star Export House** by the Directorate General of Foreign Trade (DGFT), the company combines decades of technical experience with a strategic focus on high-margin, specialized cable solutions. --- ### **Core Business & Product Portfolio** Dynamic Cables manufactures a comprehensive range of cables across multiple voltage categories: - **Low Voltage (LV), Medium Voltage (MV), High Voltage (HV), and Extra High Voltage (EHV)** - **Control & Instrumentation Cables** - **Solar Power Cables (AC only currently, transitioning to DC)** - **Railway Signaling Cables (RDSO-approved)** - **Flexible, Industrial, and Special-Purpose Cables** It also produces conductors (e.g., ACSR, AAA, copper) but has strategically reduced exposure to low-margin products in favor of **higher-value HT and specialty cables**. --- ### **Operations & Manufacturing Infrastructure** - **Three state-of-the-art manufacturing plants**: - Two in **Jaipur**, one in **Reengus**, Rajasthan. - Total area: ~350,000 sq. ft. - Combined capacity: **40,000 metric tons per annum (MTPA)** of aluminum and copper cables. - **Production capabilities**: Up to **66kV XLPE power cables**, with MVCC and EHV cables under development. - **Capacity Expansion**: - Debottlenecking in FY25 increased current facility capacity to **₹1,150–1,200 crore** in annual sales. - A **greenfield facility** is under construction, expected to become operational in **H2 FY26**. - This new plant will expand production into **high-voltage and specialty cables** and support entry into high-growth international markets (e.g., **U.S., Australia**). --- ### **Strategic Focus & Growth Drivers** #### **1. Shift to High-Margin Specialty Cables** - Strategic pivot from lower-margin conductors and LT cables toward **high-tension (HT) and specialty cables**. - As of FY23, HT cables accounted for **~63% of sales**, up from 16% in FY17–18. - Conductors' share declined from ~45% (FY17) to **~3% (FY25)**. #### **2. Renewable Energy – Solar Cable Focus** - **Solar DC cables** will be a key growth engine via the upcoming greenfield plant. - Currently supplies **only AC solar cables**, contributing **10–15% of total revenue** (~₹600–900 crore TAM in India). - With **E-beam irradiation facility** being set up, the company aims to produce **DC solar cables** and capture larger wallet share in the solar EPC ecosystem. - Global solar cable market ~₹10,000 crore; Indian segment ~₹1,500–2,000 crore. - **Key competitors**: Finolex, Apar Industries. #### **3. Expansion in Rail & EV Segments** - RDSO-approved **railway signaling cables** launched in FY22 and now a major growth vector. - Government rail electrification, metro projects, and infrastructure programs (e.g., Gati Shakti, Bharatmala) are strong tailwinds. - **EV and automotive cables** under R&D, with future expansion into **optical fiber (OFC)** and communication cables. #### **4. Export Market Growth** - Exports contributing **7–15% of sales/order book**, with focus on **Africa, Middle East, Asia, and emerging entry into U.S. and Australia**. - Strong client base includes **KPLC (Kenya), TANESCO (Tanzania), NEPAL (UETCL), CEB (Mauritius), ECG (Ghana)**. - Export order book visibility improving post-normalization of shipping costs. --- ### **Financial & Operational Highlights (FY24–25)** - **FY24 Revenue**: ₹768 crore (**+23.1% YoY**), Operating Profit: ₹77.28 crore (**10.1% margin**) - **H1 FY25 Performance**: - Sales: **+32% YoY** - EBITDA: **+35%** to ₹45.6 crore - PAT: **+54%** to ₹25.5 crore (Operating Margin: **10.3%**) - **Q4 FY24** and **Q4 FY25** typically strongest due to industry seasonality and government capex cycles. - **Revenue Mix (H1 FY25)**: - Private sector: **64.3%** - Government: **28.4%** - Exports: **7.4%** - **Product Mix (H1 FY25)**: - HV Cables: **60%** - LV Cables: **32.98%** - Railway: **3.97%**, Conductors: **3.04%** - **FY25 Milestone**: Crossed **₹1,000 crore in revenue** and **₹100 crore in operating profit** for the first time. --- ### **Capital Allocation & Expansion Strategy** - Raised **₹96.58 crore (June 2025)** and **₹97 crore (Oct 2024)** via preferential allotments to fund CAPEX and growth initiatives. - **CAPEX on track** for greenfield plant commissioning in **Q2 FY26**. - Initiating **PQR (Product Qualification Records)** and securing **BIS licenses** early to reduce gestation period. - **Captive solar plant** installed at Reengus (1.4 MW) to reduce energy costs and enhance sustainability. --- ### **Market Positioning & Competitive Advantages** - **Exclusively B2B**: Avoids retail competition, enabling focused execution and margin control. - **Real-time price adjustment clauses** in customer contracts help pass through raw material cost volatility (copper, aluminum, PVC) without margin erosion. - **Diversified client base**: Government discoms, private EPCs (e.g., L&T, Bajaj), industrial clients, and global utilities. - **Strong approvals**: CE, ISO 9001/14001/45001, CPRI, ERDA, and **37+ international utility approvals**. - **NABL-certified in-house lab** ensures quality compliance up to 66kV. --- ### **Management & Governance** - Promoters: **Ashish Mangal (MD)** and **Rahul Mangal**, with **~75% ownership** and over two decades of industry experience. - Emphasis on **rational capital structure**, disciplined expansion, and **ROCE-accretive investments**. - R&D team actively developing niche products for EVs, renewables, and railways. ---