Thank you very much, sir. We will now begin the question -and-answer session. We have our first question from the line of Rohan Kalle from InCred. Please go ahead.

Yes. Hi, team. Congrats on a strong set of numbers. I just have a couple of questions. We currently have three rod mills, four CCV lines and four MV silane lines, which are operational. By when will the fourth rod mill start production and the incremental one silane line and one CCV line underway, when will these start production?

So, the rod mill should start by 15th of October. The incremental MV silane line should start somewhere by 15th of September, and the CCV line will start in March 2027.

Okay. And sir, in general, this sixth CCV line that has received an in -principle approval, with the purchase order being targeted this month, is that order placed? Or rather, if it is placed in this month, by when can the delivery come for this line?

We are getting delivery assurances for August next year. There is one line which is available in the market. We should place the order within this month. We have arrived at a price already for the line, and once it is delivered, it shall take us four to five months to commission it. We are confident that it will get commissioned by December 2027.

Okay. Last one for now, and then I will come back with you. On the export side, what is maybe the timeline for the first export sale that we can expect and which geographies would we be targeting first, and maybe what kind of products can we target here? What are we building maybe in terms of exports over the next few years, if any guidance you can share.

So, the export at present is very negligible, and we are building a team for exports.

Sorry to interrupt you, sir, but we are unable to hear you.

he export at present is very negligible, and we are building a team for exports. We have got some key people who have joined us and are joining us in the next 90 days. On the other end, our certification process for various markets, especially targeting Europe and the U.S., are on track.

So we are confident that quarter three and quarter four, we will see a good export inflow of orders. For this year, we have targeted that we will get an order book of at least INR500 crores before we end the year, and this shall be our first year. We will target conductor business and medium voltage business in the current year.

Understood. Sir, just quick one on talent. You have been hiring top executives from the industry. Your latest addition, Mr. Chhaya, would be a big addition in terms of, at least within your senior leadership team. What gaps do you see are still left, maybe across functions like sales, marketing, production, and so on?

I will not use the word gap because we are appropriately manned today. But when we say that we will grow from INR1,900 crores to INR4,500 crores and the year next to INR7,500 crores, we need to build a team. We need to strengthen the team at every stage. So most of the hires are going to be in the higher part of the lower middle management, and one or two areas we will get leaders also. So the major focus will be on higher side of the middle management so that we are able to deliver the quantum increase which we are planning.

We have our next question from the line of Mahesh Patil from ICICI Securities. Please go ahead.

Yes. Hi, sir. Congrats on a very good set of numbers. So my first question is on the HTLS side. You have mentioned in one of the slides that HTLS is one of the products for data centers, right? So just want to understand where does it go exactly, because from what I understand, HTLS is largely used for reconducting, right?

Correct. So HTLS is used for reconducting, that is where the answer is, because the data centers are being put up in urban areas, cities like Hyderabad, New Bombay, where the existing transmission lines have to be upgraded, or the current carrying capacity has to be i ncreased where data center comes in. So to give you an example of the New Bombay data center coming of Adani, they are upgrading a line with an HTLS conductor. Same way is the case in Hyderabad data center of Microsoft, that the incoming transmission line has to be upgraded. It cannot be recreate d because of the geographical condition. So one of the important uses of HTLS is going to be to power data centers.

Okay. And sir, my second question is more on the industry side for AL -59. We have seen AL- 59 production has gone up significantly over last couple of years, right? So j ust want to understand in terms of split, roughly how much of it is coming from new line versus just kind of upgrading their existing line. If you can just roughly give us the split.

Yes. AL-59 demand is not coming from upgradation projects. It is majorly coming from new transmission lines in the P bCB segment and by the state distribution of utilities. To the extent that Diamond has stopped producing ACSR conductor, which is a traditional conductor, because most of the customers who were buying ACSR have now shifted to AL-59. Earlier, traditionally, ACSR used to be the main product of the conductor industry. Now, AL-59 is almost 70% of the market.

Okay, sir. Got it. Thank you.

Thank you. We have our next question from the line of Ajit Sethi from Eiko Quantum solutions. Please go.

Yes. Thank you for the opportunity. Sir, with a net worth still negative and having now raised around INR1,600 crores through QIP, will this infusion be enough to make DICABS net worth positive? And if yes, by when? And out of this INR1,600 crores raised, how much is going towards clearing promoter debt legacy liability versus funding new capacity?.....

Okay. So, on net worth, Pawan, why don't you share?

So, as on 30th June '26, our net worth is negative by INR922 crores. But after this QIP proceed from QIP, which is INR1,614 crores, our as on today, our net worth is positive by INR691 crores.

So yes. Now coming to the usage of the funds from QIP, it is very clearly mentioned that we will be spending INR130 crores on our LV cable expansion, INR74 crores on our present balancing equipment part, INR325 crores for general corporate purposes. We would be returning back INR350 crores to the -- of the unsecured loan to the promoters and the remaining will go towards long-term funding of the working capital. So around INR750 crores will go towards infusion towards working capital.

Great, sir. And sir, on May 2026, PMLA discharge or released INR10 billion plus of fixed assets and INR9.78 billion of the NCLT receivable. Has the company started using or monetizing this? And how much of this receivable do you realistically expect to recover in cash?

See, the asset was already under use since last four years because under PMLA possession was not taken. It was given to the new management. What has happened is now legally, it has got discharged and under IBC's clean fleet theory, it is basically the right of the new management to take over the assets. So whatever little legal hurdle was there got settled in May. Coming to the receivables, there are INR957 crores of legacy receivables on the books. Post this order, we have put a special team in place, comprising of senior legal hand, one senior guy from accounts and three juniors. And we are doing a first stage evaluation on how much can be recovered. At this stage, it seems around INR300 crores can be recovered over a period of next 1 year to 18 months. And that is where we will focus and we feel we'll be able to get it.

Okay. And sir, regarding the audit qualification on depreciation of PP E and the company has indicated that the issue is resolved. So how should we think about the depreciation expense going forward?

Okay. And sir, in our previous presentation, we have indicated that our existing capacity at peak would generate around INR1,400 crores of revenue. Is the upcoming new capacity already factored into this estimate or it will be incremental to this INR14,000 crores revenue potential?

No, it is factored. And accordingly, we have said additions. It will be factored in.

Okay. And sir, just a clarification from the call before. So we expect INR7,500 crores in FY28. Have you mentioned that?

Yes. Yes.

And can we expect to do a INR14,000 crores in FY29, full utilization?

No.

Okay. And so we were expecting somewhere around 75% utilization in next three years. So, is the guidance intact?

So we are targeting INR1,000 crores. We are a growing company. The market is growing. We are now getting financially stronger. We have zero -- virtually zero debt on the books. So if we see some opportunities going forward, organic, inorganic, some products doing better, three years is a long time. We are open in terms of how we can ramp up and scale up. We are always on the lookout..

Thank you, sir. Ajeet, we request you to re -join for any follow-up questions. We have our next question from the line of Nishant Bagrecha from InCred Research. Sir, please go ahead.

Yes. Thank you for the opportunity, and for taking us through the business strategy in detail. Sir, I have specific questions regarding your guidance, the order book execution and also a few questions around the broader industry opportunity. So firstly, regarding your near-term guidance for FY27 of around INR4,500 crores, which implies the remaining three quarters need to average roughly around INR1,200 crores to INR1,250 crores per quarter versus INR690 crores in 1Q. So you have explained that seasonality, utilization ramp -up and order book execution breach this gap. So could you help us understand the phasing a little better? Should we expect a more gradual ramp-up through Q2 and a sharper acceleration in second half of current financial year? Or should Q2 itself see a meaningful step-up?

No, no, it is always gradual. If you see last year also, every quarter, we grew almost 50%. And seasonality in our industry is very clearly that the first quarter is rain affected. Second quarter is partially affected. The third and the fourth quarter is always the strongest. In fact, the fourth one is always the biggest quarter because the projects have to be commissioned before March. The customers are willing to lift the material faster. Infrastructure projects have the deadlines. Capacity we already have on our side. So it is going to be a gradual ramp-up, but we clearly see that we'll be able to meet the target.

Sure. And just a follow -up on this question. So FY26 utilization was, let's say, 34% for cables and 20% for conductors. So with the current order book and also the additional lines coming on

stream, where do you see the utilization ending for FY27 and FY28, particularly for cables and conductors?

So, conductors should be around 40%, and cables should be around 50%, 52%.

This is for FY27?

'27.

Okay. And for '28?

So '28, our LV cable around INR2,000 crores of capacity will come into picture. Our additional CCV line, which can make around INR600 crores will come into picture. So we will see going up in conductor to 60% and the cable also will be around 60%..

Okay. Okay. And my next question is on margins. So, you have indicated that you expect to hold the 1Q margin profile while delivering the FY27 revenue guidance. So, should we think of 11%, 12% as the floor for FY'27? Or could the mix improvement towards…

Management: Our guidance

Yes.

Our guidance is between 11% to 13%. This again depends upon the metal price. If you see in the month of May, aluminum was $3,800. And by the end of June, it came down to $3,000. So 22% or 23% margin went down, and it went up from 1st April to 22nd May by 20%. So EBITDA is always a product of the sale price versus the COGS and the expense. So the absolute contribution becomes constant when you have a price escalation contract with you. So that's why we put in a range of 11% to 13%. And the quarter 1, the sale of LV cable and conductor as a percentage to the total sales is higher because of t he reasons I've explained to you. Medium voltage cable and extra voltage cables are always delivered at the project site. They cannot be stored in warehouses at the customers because they will not have the ability to then move them. So as you go to quarter 2, quarter 3, quarter 4, the product mix will change a little bit medium and high voltage product offtake will increase a s a percentage to sales. So EBITDA will be stronger.

Okay. So the mix improvement towards 66 or 132 kV or EHV cables and higher value conductors will take margins further from current levels, right? Understanding correct?

Yes.

Yes. And I have one question on the data center cable orders. So you have already won INR435 crores of data center cable orders and you are setting up the next copper LV facility partly with the data center in mind. So how large do you see this opportunity becoming for tiecabs over the next 2 to 3 years? And what proportion of your future cable revenue could potentially come from data centers?

So because we have this large order, so any pre -qualifications, any questions regarding our ability to execute will -- so we have edge going to the other data center projects and talking about ourselves. So internally, we have given the team a target of getting at least INR1,000 crores of data center orders before 31st March 2027. And in the current year, we are expecting that our data center sales will contribute around INR750 crores before the month of March. And next year, we will give them a target of getting around INR1,500 crores. So 20% is what we want to get from data center business current and next year.

Okay. Okay. And my last question is on the industry. As you mentioned that the 1,370 kilometers underground MB cables order in the opening remarks, could you give us the approximate value of this order and the execution time line and whether you see simila r climate resilience or undergrounding cabling opportunities emerging from the other states as well?

So, Gujarat has come out with a project which is called Robust. The project cost is INR22,000 crores…

Hello. Sorry to interrupt, sir, your line was not clear. We weren't able to hear you.

Is it clear now?

Yes, sir, it's clear.

Yes. So Gujarat is expected to flow INR22,000 crores of disaster management orders in the next 3 years. Out of this INR16,000 crores is going to be the cost of 11 kV and 33 kV medium voltage cables. Presently, 43 tenders got finalized to around 19 contractors. And this order from Rajesh Power for 1,370 kilometers related to Paschim Gujarat, which company is the first order from it. So now we are expecting that by the end of the year, the first INR4,000 crores INR5,000 crores worth of orders will get finalized in Gujarat. Now Gujarat is one example. There are at least 9 to 10 states in India, which are on the sea coast, which have initiated this process. Tenders in Orissa have come out, tenders in West Bengal have come out. Tenders in Karnataka are under the process of comi ng out. Telangana and Andhra Pradesh. Andhra Pradesh, very aggressively, the tenders are coming out. So I'm confident that, as I always tell investors that whatever was the traditional demand of medium voltage cable till 2022, equal and five new markets have come into the picture. One is disaster management, vertical urbanization, Indian railways, smart city projects and renewable energy. So this is one of the most important part.

Sure, sir. Thank you. That's very helpful. So, I have a couple of other questions, but I'll fall in back in the queue.

Thank you.

Hello, sir. Can you hear me?

Yes, I can.

Sir, I have a couple of questions. One with respect to capex per line. Currently, how many lines are operational? One is that? And what's our capex per -- capex cost per line? And how much revenue per line on an average can we do?

So we have four CCV lines operational. We have four silane-based lines operational. One CCV line installed, but will be commissioned by March. One silane-based line will get commissioned by 15th of September. One line which we are ordering at present will get commissioned by December 2027. The cost of a sil ane-based line is between INR15 crores to INR20 crores. A cost of a CCV line is -- line cost is around INR50 crores. Again, it depends on what size denominator rating you are going to do. The one I'm ordering will cost me around INR50 crores only for the line. The utilities civil construction, other things cost equal around INR50 crores. So a CCV line is broadly INR100 crores, where you can make up to 6 and 132. If you go for a bigger line of 220 and 400, the cost would go to around INR150 crores. The expected revenue from one CCV line, it again depends on what product you are making. If you are making 66 kV cable, you can make around 150 kilometers. It is a single core cable per month, and 1 kilometer would, again, depending on copper, aluminum, type of corrugation, but would be broadly INR30 lakh is a reasonable price you can consider. So , around INR45 crores to INR50 crores is the revenue from one line.

Understood, sir. Thank you for that. My second question is with respect to our debt , what will be our peak debt going forward in 2028?

Yes, Yes. So, at present we have INR75 crores LC, INR5 crores CC limit from one bank. We are not utilizing it at this point of time because you are aware we have a lot of QIP funds with us. Whatever money is required to achieve the target for the current year, we will not need any borrowing. Yes, we are looking at how we can get vendor fina ncing, how we can get dealer financing, because there are two parts of the business. If we can efficiently finance, support our vendors, support our dealers, we will improve our cash flow, and in process, we will improve our margins. Next year, INR7,500 crores. We are estimating that in the current year, if we own around INR500 crores plus. For the next year, the incremental cash is already available with us. So, up to 2027, 2028, we don’t expect to have any substantial debt on the books of the company unless we get some good opportunity or we look for some other additional plans, then I cannot tell you. As of now, I think mentally, the management and the professional s here are very clear that up to March 2028, our strategy, our capacity, and our route is very clear as on date.

So, basically, that was INR1,900 crores of bonds, 0.01% bonds payable after 30 years. These bonds are owned by the promoter. The next part was a INR400 crores unsecured loan from the promoter, which has been paid back post -QIP. There is no debt as such other than the residual value of those bonds if discounted on a net present value , they stood at INR47 crores in March 2026.

In 0.01% coupon rate bonds, right?

Yes. Payable after 30 years. This was the unsustainable debt of the company in the NCLT plan, which was converted to bonds payable after 30 years, and the bonds are now acquired by the promoter from the lenders. These are unsecured promoter -held bonds. If discounted on net present value, their value is INR47 crores.

Understood, sir. Thank you.

Sorry to interrupt you.

Yes. My question is done. Thank you. Thank you so much.

Thank you. Next question is from the line of Sanjaya Satapathy from Ampersand. Please go ahead.

Hi, sir. Thanks a lot for the opportunity. I just wanted to confirm the guidance that you have given. So, you have given about INR4,300 crores to INR4,500 crores revenue current year and INR7,500 crores next year, is that correct, sir?

Correct.

Okay. And w e noticed that most other wire and cable companies, they reported significant quarter-on-quarter growth in this quarter one, and you said that it is because of rain and couple of other things, but you did not grow. Can you just give some more color in this context of how your peers are doing versus what you are doing?

So, you have to understand our product mix. Most of the listed companies in India are 85% low voltage, 15% is medium or other products. Diamond Power is the other way around. We are 70%, 80% of our capacity is medium and extra high voltage. Our products are not used during rain. We deliver the product on the project site. If you compare us with other companie s which are making copper wires, industrial flexibles, the inside wiring work continues during the rains in real infrastructure projects. That is one point. Second point is, on a Q -to-Q basis, I don’t think any peer has grown so much. And if you see our growth in terms of Q1 last year and this year, we’ve almost doubled, done 129%. So, I think we are doing as the industry is doing, even the best of the companies in the lot, one or two of them in fact have grown negatively. So, t his is a cyclic thing which is more predominantly impacting medium voltage, but impacting all other manufacturers.

Thank you, sir. Sanjay a, we request you to rejoin the queue for any follow -up questions. We have our next question from the line of Manik Mahajan from Balyasny Asset Management. Please go ahead.

Hi. Thank you so much for the opportunity, and congrats on a great set of quarter. I just wanted to understand from a customer mix or a customer concentration perspective, how much would you say roughly is Adani Group versus non-Adani?

I think we told our…

Sorry to interrupt, sir.

The present order book from Adani is around 40% plus. Our Board mandate is to bring it down to 20% in the end of the year. Presently, we are engaging with around 670 active customers across various verticals. And out of my outstanding order book position, there are around 200 plus customers. So, this is the spread of our customer.

That’s helpful. The margin guidance that you’ve given, 11% to 13%, is that the same for FY 2028? There’s no operating lever as you increase your utilization?

If you see our cost, which was earlier 9%, has come down to 6.5% operations cost. As you compare this with any other cable company in the country, it is extremely low because what we make is per kilometer high-value product. Our internal target is to bring it down to 6%. I think that would be a very good number, compare it with any other listed peer. The EBITDA guidance for the next year, we are confident we will maintain it between what I am telling you today, but we will work on how to improve upon it.

Okay, thank you. I will go back to the queue. Thank you so much.

Thank you. We have our next question from the line of Rajesh Vora from Jainmay Ventures . Please go ahead.

Good morning, Amit, and the team. Congrats on terrific turnaround and super set of numbers. As you have given the guidance at the peak revenue potential of INR14,000 crores over the next few years, how would the revenue mix look like in terms of voltage, EHV, LV, exports, and data center, if you can give an idea? At that level, what margins one can expect?

You would expect the conductor business to do between 30% to 35%, the low voltage cable business to do between 10% to 15%, and the remaining 55% to 50% will continue to be in medium and extra high voltage. We -- rating-wise, if I bifurcate, the LV cable, 1.1 kV EBITDA is anytime between 8% to 9%. Conductor is between 9% to 10%. Conductor is the HTLS business we can grow, would see one or two notch above what we are targeting today. The medium voltage 11 kV should be around 14% to 15%, 33 should be around 16% EBITDA, and 66 and above will depend upon the nature of the configuration of the product, but will be between 18% to 22%. Considering this, we are seeing an average of 11% to 13%. Rajesh, you have been tracking the company very aggressively. So, I think you are one person who can tell

all of the other audience that we have delivered whatever we have promised you for last two years.

No, it's your team and efforts. But what would be the percentage revenue from exports and data center when you get to INR14,000 crores revenue mark?

Data center, I told you, we are targeting 20% and for export, it is too early for me to put a number, because we have to test the waters properly. That’s why I put a number of INR500 crores in the current year to get as an order, right? Once we are at the end of the year, I will give you a guideline for the next year.

Sure. If I may ask, Amit bhai, the challenges -- the rate at which you are growing, almost doubling, what are the two, three big challenges in terms of handling such a high growth, and what can go wrong?

Every industry has its challenges, and some are macro and some are micro , right? The macro challenges are not in our control. Things like the Iran war suddenly resulted in increase in polymer prices. The metal prices went up. You need to suddenly have 20%, 30% more of incremental working capital. So, the macro challenges are not in our control, but fortunately, we have very strong promoters, right? When a promoter can put in INR500 crores in working capital in an NCLT turnaround company, you can understand his confidence and stomach on putting money. So, that -- such parameters are macro, we are fortunately insulated with the two promoters we have. In terms of micro, that is where we are diligently working, and that is where we have not said that we can go from -- now we are INR1,600 crores, the logical thing would be please use up your entire capacity in one year and become INR8,000 crores. We are not saying that. Because when you produce more, you dispatch more. When you dispatch more, you have more challenges on the ground. So, w e are realistically growing the team, we are realistically growing the infrastructure. We are working on automation. This Board has given me a special mandate this time, how to use AI, and how are we going to now increase the output with the same number of people. So, our technology team is working on SOP, machinery. We are capturing the production at every stage in our production cycle. A customer can come to our factory and figure out from which batch of raw material the cable has been manufactured. We are dealing with extra high voltage cable, where the customer is interested to know how I produce. But h e is equally interested to know what quality of input has gone in. So, c onsidering these things, we are focusing on systems, processes, automation, AI, and you will see that the operation efficiency numbers going forward will show that.

Great, Amitbhai. Thank you so much, and wish you all the very best.

Thank you. Ladies and gentlemen, due to time constraints, that will be the last question of the day. I now hand the conference over to the management for closing comments.

I would like to thank the investors for remaining present in very large numbers. We have been welcoming a lot of investors to the factory, and we would again be happy to have you guys back. Your support in the QIP has really motivated our team, and we are confident that whatever confidence has been reposed on us, we would all strive to work hard. Our promoters also are very confident, and we are working towards the targets we have promised to you. Thank you very much, and see you back again the next quarter.

Thank you, sir. On behalf of Monarch Networth Capital, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.