Delton Cables revalues land, quadrupling book value per share
A non-cash accounting adjustment lifts the company's book value to ₹397 per share, while the EPC division anchors a ₹513 crore order book.
— 3 earlier stories on Delton Cables Ltd. →What's new
- Delton Cables revalued its freehold land to a fair market value exceeding ₹240 crore.
- The accounting shift nearly quadrupled the company's book value per share to ₹397.
- Annual revenue grew 39%, with the EPC division now dominating the ₹513 crore order book.
Why this matters
The revaluation is a balance-sheet exercise that creates no cash, yet it changes the company's financial profile instantly. By inflating net worth, Delton improves its optics for credit assessments and future borrowing. The real test remains the EPC division's ability to convert its ₹513 crore order book into actual cash flow despite margin pressure.
What we're watching
- Whether the higher book value leads to improved credit terms or lower borrowing costs.
- EBITDA margin recovery as input cost volatility persists.
- Execution speed on the ₹513 crore order book.
The full read
Delton Cables finished the year with a 39% increase in annual revenue, but the most material change to its financials is a non-cash accounting move. By revaluing its freehold land to a fair market value of over ₹240 crore, the company has nearly quadrupled its book value per share to ₹397. This accounting shift provides a larger asset base, which the company intends to use to improve its credit profile. Meanwhile, the EPC division remains the core of the business, accounting for the bulk of the ₹513 crore order book. While the balance sheet looks different today, the underlying operational reality is more constrained. EBITDA margins are currently under pressure from geopolitical disruptions and volatile input costs. The company has successfully expanded its financial footprint on paper, but the next phase of growth depends on whether the EPC division can translate its order book into consistent cash flow.
Questions answered
- What drove the jump in book value per share?
- The company adopted a new land revaluation policy, marking up its freehold land from historical costs to a fair market value of over ₹240 crore. This non-cash adjustment increased the net worth and pushed the book value per share to ₹397.
- How is the company's order book performing?
- The order book stands at ₹513 crore, with the EPC division serving as the primary driver of growth.
- Did the company see revenue growth this year?
- Yes, Delton Cables reported annual revenue growth of 39%.
- Are there any concerns regarding operational performance?
- Operational EBITDA margins faced pressure during the period due to geopolitical disruptions and volatile input costs.
Story so far
All notes on DLTNCBL →- 27 May 2026 · 11:31 PM IST Delton Cables revalues land, quadrupling book value per share
- today Delton Cables board approves FY26 results and ₹2 dividend
- today Delton Cables revalues land to boost net worth by ₹240 crore
- today Delton Cables revenue jumps 39%, but net profit slips 28%