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Diamond Power Infrastructure announced that it has completed its exit from the resolution framework of the Insolvency and Bankruptcy Code, 2016 (IBC), administered by the National Company Law Tribunal (NCLT).
The Company has prepaid, in full, the entire ₹501 crore cash Plus 30 years Bonds aggregating Rs 1900 cr consideration payable to its erstwhile lenders under the NCLT-approved Resolution Plan.
This amount was contractually payable over five years, with the final instalment due on 30 September 2027. By discharging it one year in advance — and availing the pre-payment discounts extended by the lenders in the plan — every obligation of the Promoters under the Approved Resolution Plan now stands fulfilled, and Diamond Power has formally exited the NCLT mechanism.
The company said it has prepaid the entire Rs 501 crore cash consideration payable to its erstwhile lenders under the NCLT-approved resolution plan, along with redeemable bonds worth Rs 1,900 crore. The cash component was originally payable over five years, with the final instalment due on 30 September 2027. The company said it discharged the cash obligation in September 2026, one year ahead of schedule.
Diamond Power was acquired through the NCLT process by a consortium comprising Rakesh Shah, GSEC and the Monarch Group. With the resolution plan fully implemented, the company said it is now eligible to obtain credit ratings from recognised rating agencies and access bank credit, debt capital markets and institutional investors on standard commercial terms.
The company also said its entire fixed-asset base, including its Vadodara manufacturing facility, plant and machinery, rod mills and captive power assets, is free of resolution-era charges and can be used as security for working-capital and term financing.
Diamond Power said criminal proceedings involving the Central Bureau of Investigation and Enforcement Directorate relating to the period before its acquisition under the IBC have been cleared by the respective courts. The company said it has returned to sustained profitability during FY2023-26 and will now focus on expanding its MV and EHV cable capacity, strengthening backward integration and broadening its customer base.
Diamond Power, marketed under the DICABS brand, manufactures LV, MV, HV and EHV power cables, aerial bunched cables, control cables and overhead conductors. Its products cater to power utilities, transmission and distribution companies, renewable-energy developers, EPC contractors and industrial customers in India and export markets.
The company’s consolidated net profit soared 256.19% to Rs 58.45 crore in the quarter ended June 2026 from Rs 16.41 crore in the corresponding quarter of the previous year. Sales surged 128.57% to Rs 689.88 crore in Q1 FY27 from Rs 301.82 crore in Q1 FY26.
The remaining scope includes 33 kV (E) grade aluminium XLPE armoured FRLS cables, 1.1 kV aluminium armoured LT power cables and copper control cables. The cables will be manufactured in accordance with the client's IEC 61914 cleat and fire-performance specifications.
The company clarified that the transaction does not constitute a related-party transaction and that neither the promoters nor the promoter group companies have any interest in the work contract.
Diamond Power Infrastructure is engaged in the manufacturing of power cables and conductors, offering a wide product range from 1.1 kV to 400 kV. Its clientele includes utilities, EPC contractors, renewable energy developers, and industrial customers.
On the financial front, the company’s consolidated net profit rose 256.19% to Rs 58.45 crore in the quarter ended June 2026 from Rs 16.41 crore in the corresponding quarter of the previous year. Sales increased 128.57% to Rs 689.88 crore in Q1 FY27 from Rs 301.82 crore in Q1 FY26.
The counter slipped 1.10% to Rs 352.20 on the BSE.
The line has an installed capacity of 1,500 MT per month of copper cables and is designed for cables used in applications with high power intensity and high current-carrying requirements, including data centres, power plants and industrial installations. The scope of the line includes in-house drawing of copper wire from copper wire rod, thereby integrating conductor manufacture within the Company's own facility.
The award covers the design, engineering, manufacture, testing, packing, dispatch and transportation on a Delivery-at-Place (DAP) basis of:
• 1,050 Km of AL59 Moose Conductor for the Tuticorin Project; and • 3,770 Km of AL59 Zebra Conductor for the Pune-III Project.
The order is valued at Rs. 185.16 crore inclusive of packing, forwarding, freight and transit insurance, and exclusive of GST — aggregating to approximately Rs. 218.49 crore including GST. The contract is on a variable-price basis linked to aluminium LME and USD/INR movements through an agreed price variation formula, and the realised value may therefore differ. Deliveries are scheduled between July 2026 and February 2027.