Diamond Power Secures ₹93 Crore Power Cable Supply Order from KPI Green Energy

Diamond Power Infrastructure Ltd has clinched a ₹93.08 crore Letter of Intent (LOI) for power cable supply from KPI Green Energy Limited, with execution eyed by June 30, 2026.

Reader Takeaway: New order win bolsters revenue visibility; past fraud and governance issues remain watchpoints.

What just happened (today’s filing)

Diamond Power Infrastructure Limited (DPIL) announced on February 26, 2026, that it has received a Letter of Intent (LOI) from KPI Green Energy Limited.

The order, valued at ₹93.08 crore including Goods and Services Tax (GST), is for the supply of power cables.

Execution of this supply contract is expected to be completed by June 30, 2026, based on a 'Kms rate basis with PV Formulae'.

Why this matters

This new order provides a significant revenue stream for DPIL, enhancing its order book and business momentum.

It demonstrates the company's ability to secure new business in the critical power infrastructure sector, especially as it recommissions its manufacturing facilities.

The backstory (grounded)

DPIL, an integrated manufacturer of power transmission equipment, has been actively securing large orders.

This includes a substantial ₹747.64 crore LOI from Adani Green Energy for power and solar cables, with execution spanning January to December 2026.

The company, which underwent a debt resolution process under the Insolvency and Bankruptcy Code (IBC) and was acquired by a GSEC-Monarch consortium, has been recommissioning its Vadodara manufacturing unit, expected by September 2025.

Its FY2023-24 consolidated turnover stood at ₹343 crore.

What changes now

• The company's order book receives a substantial boost, improving revenue visibility.
• Potential for increased capacity utilization as execution ramps up.
• Reinforces DPIL's position in the power cable supply market.
• Provides critical revenue post-IBC acquisition and during facility recommissioning.

Risks to watch

Diamond Power Infrastructure Limited has a history of significant financial and regulatory challenges.

In 2018, the company and its directors faced investigations by the ED and CBI in a ₹2,654 crore bank fraud case, leading to asset attachments.

More recently, DPIL was penalized ₹10.85 lakh by BSE and NSE for failing to meet Minimum Public Shareholding (MPS) norms for the quarter ending December 31, 2025.

While the company has paid the fine and pledged to rectify the MPS issue, such governance lapses can impact investor confidence.

Peer comparison

DPIL competes with established players in India's cable manufacturing sector, including Polycab India Ltd, KEI Industries Ltd, R R Kabel Ltd, and Finolex Cables Ltd. These peers are known for their diversified product portfolios and strong market presence in power and telecommunication cables.

Context metrics (time-bound)

• Consolidated turnover for FY2023-24 was ₹343 crore.

What to track next

• Progress on the ₹93.08 crore LOI execution with KPI Green Energy.
• Successful recommissioning of the Vadodara manufacturing facility.
• Compliance with Minimum Public Shareholding (MPS) norms and steps taken to ensure future adherence.
• Future order wins and their contribution to the order book.
• Updates on any ongoing financial or regulatory matters.