Transcript of Earnings Call held on November 4, 2026

DIAMOND POWER INFRASTRUCTURE LIMITED November 7, 2026 Corporate Relations Department Listing Department BSE Limited National Stock Exchange of India Limited 2nd Floor, P.J. Towers Exchange Plaza, Plot No. C/1, G- Block, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 522163 Scrip Symbol: DIACABS Sub.: Transcript of the Earnings Call held on November 4, 2026 Pursuant to Regulation 30 read with Para A of Part A of Schedule III and Regulation 46(2)(oa) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and further to our letter dated November 4, 2026, regarding the audio recording of the call, please find enclosed the transcript of the Earnings Call held on Wednesday, November 4, 2026. The call discussed the Company’s unaudited financial results for the quarter and half year ended September 30, 2026 (Q2 FY2027). The transcript is also available on the Company’s website at https://dicabs.com/investor/quarterly- results/. Kindly take the same on record. Thanking you, Yours sincerely, For, Diamond Power Infrastructure Limited Jayesh Patel Company Secretary ICSI M. No.: A14898 Encl: As above Regd. Office: Westgate (True Value) D Wing, 17th Floor, Office No 1703 to 1707, Nr. YMCA Club, SG Highway, Makarba, Ahmedabad, Gujarat – 380051 CIN: L31300GJ1992PLC018198 Email: cs@dicabs.com Website: www.dicabs.com Tel No.- 02667-251354/251516 Fax No.-02267-251202 “Diamond Power Infrastructure Limited Q2 FY27 & H1 FY27 Earnings Conference” November 04, 2026 MANAGEMENT: MR. UMESH CHHAYA – WHOLE-TIME DIRECTOR – DIAMOND POWER INFRASTRUCTURE LIMITED MR. AMIT BHATNAGAR – HEAD CORPORATE STRATEGY – DIAMOND POWER INFRASTRUCTURE LIMITED MR. KUNDIP THAKKER – CHIEF FINANCIAL OFFICER – DIAMOND POWER INFRASTRUCTURE LIMITED MR. ASHWANI SARAF – CHIEF OPERATING OFFICER – DIAMOND POWER INFRASTRUCTURE LIMITED MODERATOR: MR. AALOK SHAH – MONARCH NETWORTH CAPITAL. Moderator: Ladies and gentlemen, good day and welcome to the Diamond Cable Q2 FY27 and H1 FY27 Earnings Conference call hosted by Monarch Networth Capital Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aalok Shah from Monarch Networth Capital. Thank you, and over to you, sir. Page 1 of 23 Diamond Power Infrastructure Limited November 04, 2026 Aalok Shah: Yes, thank you,. Good morning to everyone. We welcome you for Diamond Power's Q2 FY27 and H1 FY27 earnings con call. Today we are joined by Mr. Amit Bhatnagar, Head Corporate Strategy, and Mr. Kundip Thakker, the Chief Financial Officer, to take us through the numbers and the performance here on. Without taking much of your time, I will hand over the call to Bhatnagar sir. Over to you, sir. Amit Bhatnagar: Good morning everyone, and thank you for joining the Diamond Power earnings call for the second quarter & the first half of financial year 2026-27. I'm Amit Bhatnagar, and with me on the call are Mr. Umesh Chhaya, Whole-Time Director, Mr. Kundip Thakker, CFO, Mr. Ashwani Saraf, the Chief Operating Officer, and the members of the senior management team. We will keep the opening remarks brief so that we have ample time for your questions. Let me start with the headline. This was Diamond Power's first INR1,000 crores quarter. Revenue from operations for Q2 was INR1,032 crores, up 135% over the same quarter last year and up 50% sequentially. EBITDA including other income was INR133 crores, up 189%, at a margin of 12.9%. Profit after tax was INR108 crores against INR28 crores a year ago. That is 3.9x. Earnings per share for the quarter was INR1.87. For the half-year, revenue was INR1,722 crores, EBITDA at INR218 crores, and PAT at INR166 crores. I would ask you to hold two numbers in mind. First is, in six months, we have delivered 90% of last year's full-year revenue. Second, our H1 profit of INR166 crores is already higher than the INR158 crores we earned in the whole year, in the financial year '26. You will see eight consecutive quarters of growth. Two years ago, in the Q3 FY25, we reported a revenue of INR307 crores and a PAT of INR6 crores. this quarter, revenue is 3.4x that and the PAT is 18x. The scale of the company has grown every single year and is still growing. Three things drove the quarter, and I want to be specific about them. First, the product mix. Growth came from medium voltage cables of 11, 33 and 66 kV, EHV, and from AL59 conductors the segments where qualification matters and fewer manufacturers compete. Cables were 40% of the revenue, conductors was 31%, and the remaining was data centre cables. Secondly, a new product line that did not exist in Quarter 1, data centre cables from our newly commissioned copper cable line Page 2 of 23 Diamond Power Infrastructure Limited November 04, 2026 contributed INR242 crores or 23% of the quarter's revenue, supplied through EPC contractors building hyperscale data centres including L&T, AurionPro, Sterling Wilson, and Blue Star. Three months ago, this line was zero. Copper capacity of 1,500 tons a month is live and is being scaled to 2,500. I want to dwell on September for a moment because it shows what this platform can do once it is funded. The QIP funds came into the company in August. In September, the very next month, we achieved record production of INR575 crores plus GST. of that, our team made and delivered INR240 crores of data centre cables in a single month. That is a historic month of production and sale for the company, and it was done with these lines, the same people, and the systems we already have in place. Third, operating leverage. Employee and other expenses came down to 5.7% of revenue from 8.2% a year ago. That is why EBITDA margin expanded on 240 basis points, even though the contribution margin as a percentage moved from 18.7% to 16.9%. The reason for that percentage move is simple. Higher LME aluminium prices inflate the revenue base. Our contracts carry price variation clauses, so the absolute contribution per ton is protected. We manage the business on rupee per ton and per kilometre and not on a percentage of metal. I want to be careful about one thing here, because this is a quarter in which every cable company in India has reported a big top line number. And a good part of that is metal. On LME, aluminium is roughly a fifth of a quarter on a year ago, and the copper is up around 40%. and because our contracts pass through metal, through the revenue lines carry that inflation. So the honest question for any cable company this quarter is, how much of the growth is metal and how much is real? Remember, Diamond Power major input is aluminium. If you read the analyst updates from the listed peers, you will see the answer for the industry. Our revenue grew by 135%. Metal and price variation pass-through account for perhaps a third of that. The rest is real. On actual production, kilometres of cables and tons of conductors made and dispatched, our growth is well above 60% to 70% year-on-year basis. Conductor dispatches were 6,850 kilometres in the quarter. Page 3 of 23 Diamond Power Infrastructure Limited November 04, 2026 A data centre line alone, which did not exist a year ago, delivered INR240 crores of product in a single month. That is the difference between a company riding a metal cycle and a company adding capacity, qualifications, and customers. We are the latter. I would like you to judge us on volumes, not on the rupee top lines. One more point on cost, since you will see it in the peer comparisons. Diamond Power does not spend 2% or 3% of sales on advertising and branding as consumer-facing cable companies do. We sell business to business and business to electrical [Showing first 8,000 characters — download PDF for full document]