Dynamic Cables Q1: standalone PAT +37% YoY to ₹24.95 Cr, margins expand past 10.5%

Dynamic Cables opened FY27 with a strong standalone print: revenue from operations rose 33.2% YoY to ₹349.10 Cr and net profit climbed 37.0% YoY to ₹24.95 Cr (EPS ₹5.15, bonus-adjusted), with net margin widening to ~7.1% from 6.9% a year ago. Crucially, EBITDA margin came in near ~10.9% — above the 10.5% baseline analysts flagged as the key thing to watch and inside management's own guided 10.5–11% band — so the beat is profit-led, not just topline. There are no exceptional items on either side, so the reported and adjusted YoY growth are the same; this is clean, underlying growth. The sequential dip (revenue −1.8% QoQ, PAT +3.2% QoQ) is the expected seasonality — management has guided that H2 FY27 is the stronger half, so a softer June quarter versus the audited March quarter is not a red flag.

Against its own framework the quarter tracks ahead: management reiterated 18–20% annual revenue growth on the last call, and +33% YoY in Q1 sits well above that, while margins held in the guided range. Street had no published PAT number for a company this size, but the qualitative bar — EBITDA holding above 10.5%, order execution intact — was cleared; the ₹808 Cr order book flagged going into the print underpins visibility. The board also declared a final dividend (record date July 10) and refreshed the board/marketing leadership during the quarter — governance housekeeping rather than anything that moves the numbers. The one checkpoint the result does NOT yet answer is the delayed greenfield capacity, which management pegged to commence by September 2026 and called critical for the seasonally stronger second half.

The stock went into the print at ₹405, up 9.9% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 4 consecutive quarters.

Unaudited, limited review by A Bafna & Co with unmodified conclusion — single business segment