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Dynamic Cables Ltd

DYCL

NSE

₹396.40-3.02%19 Oct 2026

Reports

Cables Power

Dynamic Cables Ltd

DYCL

NSE

₹396.40

-3.02%

19 Oct 2026

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Cables Power

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

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).

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Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

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Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹1,919Cr

Close Price

₹396.00

Industry

Cables Power

Price To Earnings

21.04

Price To Sales

1.49

Revenue

₹1,285Cr

Rev Gr TTM

Revenue Growth TTM

19.10%

PAT Gr TTM

PAT Growth TTM

27.67%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	154	192	241	209	234	252	331	262	282	299	355	349
Growth YoY Revenue Growth YoY%	-11.5	21.1	35.0	15.1	52.5	30.8	37.5	25.6	20.3	18.8	7.3	33.2
Expenses ExpensesCr	140	174	215	187	210	226	297	235	251	265	318	311
Operating Profit Operating ProfitCr	13	18	25	22	24	26	34	27	31	34	38	38
OPM OPM%	8.7	9.4	10.6	10.5	10.1	10.2	10.3	10.3	10.9	11.5	10.6	10.9
Other Income Other IncomeCr	1	1	1	1	2	2	1	3	1	2	1	1
Interest Expense Interest ExpenseCr	5	6	5	5	5	4	2	3	3	3	3	3
Depreciation DepreciationCr	2	2	3	3	3	3	3	3	3	3	3	3
PBT PBTCr	7	10	18	16	18	21	31	24	26	30	32	33
Tax TaxCr	2	3	5	4	4	5	7	6	7	8	8	9
PAT PATCr	5	8	14	12	14	16	24	18	20	22	24	25
Growth YoY PAT Growth YoY%	-29.5	13.3	38.0	1.9	172.1	110.1	71.1	57.0	41.8	41.9	2.6	37.0
NPM NPM%	3.3	3.9	5.7	5.6	5.9	6.3	7.1	7.0	7.0	7.5	6.8	7.2
EPS EPS₹	1.2	1.7	3.1	2.6	2.9	3.3	4.9	3.8	4.0	4.6	5.0	5.2

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	154	192	241	209	234	252	331	262	282	299	355	349
Growth YoY Revenue Growth YoY%	-11.5	21.1	35.0	15.1	52.5	30.8	37.5	25.6	20.3	18.8	7.3	33.2
Expenses ExpensesCr	140	174	215	187	210	226	297	235	251	265	318	311
Operating Profit Operating ProfitCr	13	18	25	22	24	26	34	27	31	34	38	38
OPM OPM%	8.7	9.4	10.6	10.5	10.1	10.2	10.3	10.3	10.9	11.5	10.6	10.9
Other Income Other IncomeCr	1	1	1	1	2	2	1	3	1	2	1	1
Interest Expense Interest ExpenseCr	5	6	5	5	5	4	2	3	3	3	3	3
Depreciation DepreciationCr	2	2	3	3	3	3	3	3	3	3	3	3
PBT PBTCr	7	10	18	16	18	21	31	24	26	30	32	33
Tax TaxCr	2	3	5	4	4	5	7	6	7	8	8	9
PAT PATCr	5	8	14	12	14	16	24	18	20	22	24	25
Growth YoY PAT Growth YoY%	-29.5	13.3	38.0	1.9	172.1	110.1	71.1	57.0	41.8	41.9	2.6	37.0
NPM NPM%	3.3	3.9	5.7	5.6	5.9	6.3	7.1	7.0	7.0	7.5	6.8	7.2
EPS EPS₹	1.2	1.7	3.1	2.6	2.9	3.3	4.9	3.8	4.0	4.6	5.0	5.2

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	268	300	357	527	429	343	564	669	768	1,025	1,198	1,285
Growth Revenue Growth%	2.9	12.0	19.0	47.5	-18.6	-20.1	64.5	18.6	14.9	33.5	16.8	19.1
Expenses ExpensesCr	247	281	337	478	384	317	504	606	691	920	1,068	1,144
Operating Profit Operating ProfitCr	21	19	20	48	45	26	60	63	77	105	130	141
OPM OPM%	7.7	6.3	5.5	9.1	10.5	7.5	10.6	9.4	10.1	10.3	10.8	10.9
Other Income Other IncomeCr	1	5	3	6	3	8	3	3	3	7	7	5
Interest Expense Interest ExpenseCr	10	9	9	13	15	12	13	16	21	15	11	12
Depreciation DepreciationCr	2	2	2	8	9	8	8	8	9	11	12	12
PBT PBTCr	10	12	11	33	24	13	42	42	51	86	113	122
Tax TaxCr	3	4	4	11	6	4	11	11	13	21	29	31
PAT PATCr	7	8	7	21	18	10	31	31	38	65	84	91
Growth PAT Growth%	164.2	17.0	-7.2	185.8	-14.2	-46.0	213.9	0.4	21.8	71.6	30.3	27.7
NPM NPM%	2.5	2.7	2.1	4.0	4.3	2.9	5.5	4.6	4.9	6.3	7.0	7.1
EPS EPS₹	6.8	5.2	2.1	4.8	4.1	2.2	7.0	7.0	8.6	13.7	17.4	18.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	268	300	357	527	429	343	564	669	768	1,025	1,198	1,285
Growth Revenue Growth%	2.9	12.0	19.0	47.5	-18.6	-20.1	64.5	18.6	14.9	33.5	16.8	19.1
Expenses ExpensesCr	247	281	337	478	384	317	504	606	691	920	1,068	1,144
Operating Profit Operating ProfitCr	21	19	20	48	45	26	60	63	77	105	130	141
OPM OPM%	7.7	6.3	5.5	9.1	10.5	7.5	10.6	9.4	10.1	10.3	10.8	10.9
Other Income Other IncomeCr	1	5	3	6	3	8	3	3	3	7	7	5
Interest Expense Interest ExpenseCr	10	9	9	13	15	12	13	16	21	15	11	12
Depreciation DepreciationCr	2	2	2	8	9	8	8	8	9	11	12	12
PBT PBTCr	10	12	11	33	24	13	42	42	51	86	113	122
Tax TaxCr	3	4	4	11	6	4	11	11	13	21	29	31
PAT PATCr	7	8	7	21	18	10	31	31	38	65	84	91
Growth PAT Growth%	164.2	17.0	-7.2	185.8	-14.2	-46.0	213.9	0.4	21.8	71.6	30.3	27.7
NPM NPM%	2.5	2.7	2.1	4.0	4.3	2.9	5.5	4.6	4.9	6.3	7.0	7.1
EPS EPS₹	6.8	5.2	2.1	4.8	4.1	2.2	7.0	7.0	8.6	13.7	17.4	18.8

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	11	22	22	22	22	22	22	22	24	48
Reserves ReservesCr	17	31	49	68	86	95	126	155	192	350	409
Current Liabilities Current LiabilitiesCr	104	98	112	148	143	147	176	213	277	208	216
Non Current Liabilities Non Current LiabilitiesCr	30	37	55	52	49	33	26	13	8	7	9
Total Liabilities Total LiabilitiesCr	161	176	238	290	299	297	349	403	499	589	683
Current Assets Current AssetsCr	142	134	174	222	241	241	294	343	426	493	545
Non Current Assets Non Current AssetsCr	19	42	64	68	58	56	56	61	72	96	138
Total Assets Total AssetsCr	161	176	238	290	299	297	349	403	499	589	683

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	11	22	22	22	22	22	22	22	24	48
Reserves ReservesCr	17	31	49	68	86	95	126	155	192	350	409
Current Liabilities Current LiabilitiesCr	104	98	112	148	143	147	176	213	277	208	216
Non Current Liabilities Non Current LiabilitiesCr	30	37	55	52	49	33	26	13	8	7	9
Total Liabilities Total LiabilitiesCr	161	176	238	290	299	297	349	403	499	589	683
Current Assets Current AssetsCr	142	134	174	222	241	241	294	343	426	493	545
Non Current Assets Non Current AssetsCr	19	42	64	68	58	56	56	61	72	96	138
Total Assets Total AssetsCr	161	176	238	290	299	297	349	403	499	589	683

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-39	22	-23	18	40	17	64	27	1	56	62
Investing Cash Flow Investing Cash FlowCr	-3	-14	-31	-9	-8	-6	-9	-16	-16	-76	-32
Financing Cash Flow Financing Cash FlowCr	33	-6	52	-9	-32	-11	-55	-12	15	19	-30
Net Cash Flow Net Cash FlowCr	-9	2	-2	0	0	0	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	-42	11	-54	8	33	10	58	14	-20	32	4
CFO To PAT CFO To PAT%	-574.7	273.2	-314.3	83.4	217.5	168.6	207.1	88.5	3.4	86.9	72.9
CFO To EBITDA CFO To EBITDA%	-190.8	116.6	-119.4	36.8	88.0	64.8	106.9	43.7	1.6	53.5	47.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-39	22	-23	18	40	17	64	27	1	56	62
Investing Cash Flow Investing Cash FlowCr	-3	-14	-31	-9	-8	-6	-9	-16	-16	-76	-32
Financing Cash Flow Financing Cash FlowCr	33	-6	52	-9	-32	-11	-55	-12	15	19	-30
Net Cash Flow Net Cash FlowCr	-9	2	-2	0	0	0	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	-42	11	-54	8	33	10	58	14	-20	32	4
CFO To PAT CFO To PAT%	-574.7	273.2	-314.3	83.4	217.5	168.6	207.1	88.5	3.4	86.9	72.9
CFO To EBITDA CFO To EBITDA%	-190.8	116.6	-119.4	36.8	88.0	64.8	106.9	43.7	1.6	53.5	47.5

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr			97	60	43	53	270	369	817	1,367	1,167	1,919
Price To Earnings Price To Earnings			13.1	2.8	2.3	5.3	8.7	11.9	21.6	21.1	13.8	21.0
Price To Sales Price To Sales			0.3	0.1	0.1	0.1	0.5	0.6	1.1	1.3	1.0	1.5
Price To Book Price To Book			1.4	0.7	0.4	0.5	1.8	2.1	3.8	3.7	2.5	4.2
EV To EBITDA EV To EBITDA			10.9	3.8	3.1	5.8	5.3	6.7	11.7	13.2	9.1	14.2
Profitability Ratios Profitability Ratios
GPM GPM%	14.0	12.0	12.8	16.3	19.9	16.9	17.6	15.9	17.4	17.5	18.1	18.1
OPM OPM%	7.7	6.3	5.5	9.1	10.5	7.5	10.6	9.4	10.1	10.3	10.8	10.9
NPM NPM%	2.5	2.7	2.1	4.0	4.3	2.9	5.5	4.6	4.9	6.3	7.0	7.1
ROCE ROCE%	16.7	16.7	10.5	20.6	17.4	10.8	24.3	22.3	21.5	23.3	24.9	24.9
ROE ROE%	25.0	19.2	10.4	23.5	16.9	8.4	20.9	17.5	17.6	17.3	18.5	18.5
ROA ROA%	4.2	4.5	3.1	7.3	6.1	3.3	8.8	7.7	7.6	11.0	12.4	12.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr			97	60	43	53	270	369	817	1,367	1,167	1,919
Price To Earnings Price To Earnings			13.1	2.8	2.3	5.3	8.7	11.9	21.6	21.1	13.8	21.0
Price To Sales Price To Sales			0.3	0.1	0.1	0.1	0.5	0.6	1.1	1.3	1.0	1.5
Price To Book Price To Book			1.4	0.7	0.4	0.5	1.8	2.1	3.8	3.7	2.5	4.2
EV To EBITDA EV To EBITDA			10.9	3.8	3.1	5.8	5.3	6.7	11.7	13.2	9.1	14.2
Profitability Ratios Profitability Ratios
GPM GPM%	14.0	12.0	12.8	16.3	19.9	16.9	17.6	15.9	17.4	17.5	18.1	18.1
OPM OPM%	7.7	6.3	5.5	9.1	10.5	7.5	10.6	9.4	10.1	10.3	10.8	10.9
NPM NPM%	2.5	2.7	2.1	4.0	4.3	2.9	5.5	4.6	4.9	6.3	7.0	7.1
ROCE ROCE%	16.7	16.7	10.5	20.6	17.4	10.8	24.3	22.3	21.5	23.3	24.9	24.9
ROE ROE%	25.0	19.2	10.4	23.5	16.9	8.4	20.9	17.5	17.6	17.3	18.5	18.5
ROA ROA%	4.2	4.5	3.1	7.3	6.1	3.3	8.8	7.7	7.6	11.0	12.4	12.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	UNIVCABLES	VMARCIND	LASERPOWER	DYCL	DLTNCBL	SYSTEMATIC	JDCABLES
Market CapitalizationMkt CapCr	5,058	4,380	3,228	1,919	620	585	397
Close PriceClose₹	1,457.80	298.95	230.00	396.00	718.00	262.00	176.05
IndustryIndustry	Cables Power	Cables Power	Cables Power	Cables Power	Cables Power	Cables Power	Cables Power
Price To EarningsPE	25.29	37.18	29.60	21.04	32.26	27.84	12.52
Price To SalesPS	1.50	2.44	1.39	1.49	0.56	1.06	1.09
RevenueRevenueCr	3,368	1,797	2,326	1,285	1,116	553	365
Revenue Growth TTMRev Gr TTM%	33.6%			19.1%	54.6%		45.5%
PAT Growth TTMPAT Gr TTM%	70.4%			27.7%	-6.5%		44.1%

	UNIVCABLES	VMARCIND	LASERPOWER	DYCL	DLTNCBL	SYSTEMATIC	JDCABLES
Market CapitalizationMkt CapCr	5,058	4,380	3,228	1,919	620	585	397
Close PriceClose₹	1,457.80	298.95	230.00	396.00	718.00	262.00	176.05
IndustryIndustry	Cables Power	Cables Power	Cables Power	Cables Power	Cables Power	Cables Power	Cables Power
Price To EarningsPE	25.29	37.18	29.60	21.04	32.26	27.84	12.52
Price To SalesPS	1.50	2.44	1.39	1.49	0.56	1.06	1.09
RevenueRevenueCr	3,368	1,797	2,326	1,285	1,116	553	365
Revenue Growth TTMRev Gr TTM%	33.6%			19.1%	54.6%		45.5%
PAT Growth TTMPAT Gr TTM%	70.4%			27.7%	-6.5%		44.1%

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Jun 26