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Swing Capital

Dynamic Cables Ltd

NSE: DYCL BSE: 540795Energy

Dynamic Cables Ltd. is a manufacturer of power infra cables that includes LT, HT, EHVC, Power control & instrumentation cables, flexible & industrial cables, solar cables and railway signaling cables. It supplies cables to Government Discom, Private Distribution companies, Private EPC contractors, industrial and Export clients. Co. has 3 manufacturing plants situated at Jaipur and Reengus. Business operations are managed through a corporate office in Jaipur and 5 regional sales offices across India. [1]

₹288
52W: ₹237 — ₹527
PE 16.6 · Book ₹94.4 · +205% vs book
Market Cap₹1,398 Cr
Stock P/E16.6Price to Earnings
ROCE26.7%Return on Capital
ROE20.3%Return on Equity
Div. Yield0.08%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 53.8% CAGR over last 5 years

Weaknesses

  • −Promoter holding has decreased over last 3 years: -6.25%

Shareholding Pattern

Promoters68.18%
FIIs0.9%
DIIs1.27%
Public29.65%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters68.17%68.17%68.17%68.18%▲0.068.18%68.18%68.18%68.18%
FIIs0.39%0.32%▼0.11.19%▲0.91.08%▼0.11.27%▲0.20.55%▼0.70.53%▼0.00.9%▲0.4
DIIs2.34%2.06%▼0.32.45%▲0.42.17%▼0.31.62%▼0.51.57%▼0.11.03%▼0.51.27%▲0.2
Public29.09%29.43%▲0.328.19%▼1.228.58%▲0.428.93%▲0.429.69%▲0.830.25%▲0.629.65%▼0.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales192241209234252331262282299355
Expenses174215187210226297235251265318
Operating Profit18252224263427313438
OPM %9%11%10%10%10%10%10%11%11%11%
Net Profit8141214162418202224
EPS ₹1.713.132.392.863.264.863.754.054.634.99

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,198Cr, up 16.9% YoY. OPM at 11%.

Debt Position

Borrowings at ₹43Cr. Debt-to-equity ratio: 0.11x. Healthy balance sheet.

Capex Cycle

CWIP at ₹33Cr (34% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 1.27% (+1.27pp change). FIIs: 0.9% (+0.55pp change). Promoters hold 68.18%.

Margin & Efficiency

ROCE improving from 0% (Mar 2015) to 27% (Mar 2026). Working capital days: 92.

Valuation

PE 16.6x with 26.7% ROCE. Price is 205% above book value of ₹94.4. Dividend yield: 0.08%.

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