Dynamic Cables reported a 16.8% revenue growth to ₹1,197.8 crore for FY26. EBITDA also increased to ₹129.6 crore. However, ratings for its bank loan facilities were withdrawn at the company's request.

Dynamic Cables FY26 Results: Revenue Grows, EBITDA Improves Amidst Rating Withdrawal

Dynamic Cables Ltd. has reported strong financial performance for the fiscal year 2026, with revenue reaching ₹1,197.8 crore, an increase of 16.8% from ₹1,025.4 crore in FY25. EBITDA also saw a significant rise to ₹129.6 crore from ₹105.4 crore in the previous year.

Reader Takeaway: Strong revenue and EBITDA growth offset by capex delay and rating withdrawal.

What just happened

India Ratings and Research has withdrawn the credit ratings for Dynamic Cables' bank loan facilities at the company's request. This action follows a 'no-objection' from lenders. Financially, the company posted a robust revenue of ₹1,197.8 crore for FY26, up from ₹1,025.4 crore in FY25. EBITDA grew to ₹129.6 crore, with margins expanding to 10.82% from 10.28%. The interest coverage ratio improved substantially to 11.28x, and net adjusted leverage reduced to 0.68x.

Why this matters

The revenue and EBITDA growth indicate the company's increasing scale and operational efficiency. The improved interest coverage and reduced leverage point to a healthier balance sheet. However, the withdrawal of ratings, though at the company's behest, removes a layer of independent financial assessment. Furthermore, a key capex project's delay could impact future growth trajectories.

The backstory

Dynamic Cables is a manufacturer of cables and conductors. The company has been focusing on expanding its capacity and market reach. The current fiscal year's performance reflects its ongoing efforts to scale operations. The withdrawal of ratings is a procedural step, not indicative of a credit deterioration, as it was initiated by the company itself.

What changes now

With the ratings withdrawn, the company will no longer have external credit ratings for its bank loan facilities. Investors should focus on the company's operational performance, order book, and the successful completion of its capital expenditure projects. The order book stood at ₹808.0 crore as of March 31, 2026.

Risks to watch

Profitability is sensitive to fluctuations in copper and aluminium prices. The ongoing greenfield capex project at Reengus, Sikar, faces a delay, now expected by September 2026 instead of March 2026, which could impact future capacity ramp-up. Intense competition in the cable industry also poses a risk to pricing flexibility.

Peer comparison

(No specific peer comparison data provided in the filing).

Context metrics (time-bound)

• Revenue (FY26): ₹1,197.8 crore (vs. ₹1,025.4 crore in FY25)
• EBITDA (FY26): ₹129.6 crore (vs. ₹105.4 crore in FY25)
• EBITDA Margin (FY26): 10.82% (vs. 10.28% in FY25)
• Interest Coverage (FY26): 11.28x (vs. 6.90x in FY25)
• Net Adjusted Leverage (FY26): 0.68x (vs. 0.92x in FY25)
• Order Book (as of March 31, 2026): ₹808.0 crore
• Capex Project Completion: Delayed to September 2026 from March 2026.

What to track next

Investors should closely monitor the progress of the Reengus facility and its timely completion. Management's ability to navigate commodity price volatility and intense industry competition will also be key.