The company secured a Letter of Award (LoA) worth ₹179.43 crore from Adani Electricity, Mumbai, on September 3, for the supply of specialised MV cables, according to a regulatory filing made on Tuesday.
This also marks the third consecutive year the company has won the contract from Adani Electricity, Mumbai.
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The order includes all packing, forwarding, freight, and transit insurance for underground cables laid across 871 km. It encompasses 33kV and 11kV medium voltage lines, along with associated 1.1kV low voltage cables, according to the company.
The company said the cables would be custom-engineered to withstand Mumbai’s low-lying coastal environment and monsoon flooding, where underground power lines frequently operate under stress.
Deliveries will commence upon manufacturing clearance, at a scheduled rate of approximately 50 km per month, with the potential to advance based on project requirements.
The cables will include TR-XLPE insulation, superabsorbent water-swellable tapes that restrict longitudinal water migration, water-blocked conductors, and a protective HDPE outer sheath to prevent insulation breakdown caused by water treeing.
The cables are manufactured at Diamond Power’s integrated plant in Vadodara, Gujarat, using catenary continuous vulcanisation (CCV) lines, triple-extrusion heads, dry-cure crosslinking, clean-room compound handling, and controlled degassing.Beyond Adani Electricity, Diamond Power is also an established cable supplier to the Brihanmumbai Electric Supply & Transport Undertaking (BEST), Mumbai’s other major distribution utility.
The company noted that domestic MV cable demand is currently being driven by urban grid conversions from overhead to underground lines, renewable energy evacuation, and expansion across data centres and industrial capacity.
Shares of Diamond Power rose 5% to hit a new 52-week high of ₹387.50 on Tuesday. The stock has gained about 15% in the last three trading sessions and is currently trading at 3.35 times its 52-week low. It has surged 181% so far in 2026 and about 145% in the last one year.
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