Divine Power EnergyShare price, financial results, shareholding and management
- Market cap
- ₹1,700 cr
- Stock P/E
- 63.6peers 23.8
- Book value
- ₹51.7
- Price to book
- 13.17
- EV / operating profit
- 36.3
- Market cap to sales
- 2.72
- ROCE · FY26
- 21.4%
- ROE · FY26
- 24.8%
- ROE, 3-year average
- 29.1%
- Operating margin · FY26
- 8.1%peers 6.6%
- Sales growth, 3 years
- 60.6%
- Profit growth, 3 years
- 107.3%
- Debt to equity
- 1.21peers 0.36
- Borrowings
- ₹156 cr
- Interest cover
- 4.0×
- Cash from business / op. profit
- -49%
- Debtor days
- 49
- Pledged
- 0.00%
- Promoter holding
- 63.20%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,160
- 52-week high / low
- ₹724 / ₹240
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Divine Power Energy share price chart
Close on 6 Nov 2026 · -1.58% on the day · Vol 18,500
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +12.4%
- 3 months
- +22.5%
- 6 months
- +30.8%
- 1 year
- +122.7%
- Since IPO
- +1602.3%
- Traded a day, 20 days
- ₹3.06 cr
- Taken for delivery
- 64%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +83% | +192% |
| 3 years, a year | +61% | +107% |
| Latest half, H2 FY25 | +66% | +16% |
About Divine Power Energy: business, products and customers
Divine Power Energy makes copper and aluminium wires and strips that are wound into coils inside electrical transformers, and sells them to power companies and transformer makers, mostly in North India. Its shares trade on NSE Emerge.
Divine Power Energy makes bare copper and aluminium wires and strips, and winding wires and strips covered with paper, cotton, fiberglass or enamel. Transformer makers and power distribution companies use them to build and repair transformers. Customers named by the company include Tata Power, BSES, the four Uttar Pradesh power distribution companies and Uttarakhand Power Corporation.
Its plant in Sahibabad, Ghaziabad, can handle about 300 tonnes of aluminium and 400 tonnes of copper a month, using rods bought from NALCO, Hindalco and Birla Copper. Its main markets are Uttar Pradesh, Delhi, Uttarakhand, Haryana, Punjab and Bihar, and it has recently started selling in Karnataka and Gujarat.
Read more about the business
In April 2025 it bought all of Vimlesh Industries, another maker of aluminium and copper wires, for about ₹70 cr; Crisil says the purchase took the group into the automotive segment. The shares listed on NSE Emerge in July 2024 after an IPO of ₹22.8 cr.
What is new: a continuously transposed conductor (CTC) line being set up at Vimlesh Industries with imported machinery, fiberglass covered wires for solar and automobile parts makers, a stated plan to make tinned copper wires, and a proposed merger of Viraj Upkram Private Limited into the company.
From the offer document (June 2024), the FY25 annual report, the May 2026 Crisil note and the company's announcements of July 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 61% a year over three years.
- It earns a high return on the money it uses: ROCE 21% in FY26.
- The promoters own a large part of the company: 63.20%.
To watch
- Start of the CTC line at Vimlesh Industries: the machinery was paid for in full by 10 July 2026, with no start date given (Press release, 10 July 2026, p.1).
- The proposed merger of Viraj Upkram Private Limited, which NSE cleared for filing with NCLT within six months of 30 June 2026 and which would raise the promoters' holding (Exchange announcement, 1 July 2026, p.5 and p.7).
- Use of bank working capital limits, above 90% per Crisil in May 2026 (Credit rating note, Crisil, May 2026, p.1).
- The plan to make tinned copper wires for ancillary industries (Annual report FY25, p.91).
- Its borrowings rose a lot last year: ₹155.6 cr, from ₹87.7 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Divine Power Energy revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Divine Power Energy half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | |
|---|---|---|---|---|
| Sales | 103 | 119 | 144 | 197.65 |
| Expenses | 97 | 111 | 135 | 187.41 |
| Operating profit | 6 | 9 | 9 | 10.24 |
| OPM | 6.0% | 7.0% | 7.0% | 5.2% |
| Interest | 2 | 3 | 3 | 3.10 |
| Depreciation | 1 | 1 | 1 | 0.70 |
| Profit before tax | 3 | 5 | 6 | 6.73 |
| Net profit | 2 | 4 | 4 | 4.65 |
Divine Power Energy profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 116 | 122 | 151 | 222 | 341.67 | 625.96 |
| Expenses | 111 | 117 | 140 | 208 | 322.04 | 575.05 |
| Operating profit | 6 | 5 | 10 | 14 | 19.63 | 50.91 |
| OPM | 4.8% | 4.4% | 7.0% | 6.0% | 5.8% | 8.1% |
| Other income | 0 | 0 | 0 | 1 | 0.52 | 1.52 |
| Interest | 4 | 4 | 5 | 5 | 5.77 | 12.19 |
| Depreciation | 1 | 1 | 1 | 1 | 1.43 | 3.38 |
| Exceptional and other items | · | 1 | 1 | -1 | · | · |
| Profit before tax | 1 | 1 | 5 | 8 | 12.95 | 36.86 |
| Tax rate | 0.0% | 0.0% | 40.0% | 25.0% | 29.3% | 27.5% |
| Net profit | 1 | 1 | 3 | 6 | 9.16 | 26.71 |
| EPS ₹ | 35.71 | 63.03 | 1.81 | 4.06 | 4.54 | 10.83 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Divine Power Energy profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 4.8% | 4.4% | 7.0% | 6.0% | 5.8% | 8.1% |
| Tax rate | 0.0% | 0.0% | 40.0% | 25.0% | 29.3% | 27.5% |
| ROCE | · | 17.5% | · | 31.0% | 14.5% | 21.4% |
| ROE | · | 16.5% | · | 46.2% | 16.3% | 24.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Divine Power Energy debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are now larger than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Divine Power Energy balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.14 | · | · | 16 | 23.77 | 24.97 |
| Reserves | 12 | · | · | 10 | 62.31 | 104.13 |
| Net worth | 12.14 | · | · | 26 | 86.07 | 129.10 |
| Borrowings | 45 | · | · | 58 | 87.73 | 155.61 |
| Other liabilities | 4.86 | · | · | 5 | 10.41 | 52.30 |
| Total liabilities | 62 | · | · | 89 | 184.21 | 337.01 |
| Fixed assets | 5 | · | · | 11 | 10.15 | 78.71 |
| Capital work in progress | 0 | · | · | 0 | 0 | 1 |
| Investments | 0 | · | · | 0 | 55.90 | 0.07 |
| Other assets | 57 | · | · | 78 | 118.16 | 257.23 |
| Receivables | · | · | · | · | 28.89 | 84.79 |
| Inventory | · | · | · | · | 55.97 | 138.88 |
| Cash | · | · | · | · | 3.82 | 6.99 |
| Trade payables | · | · | · | · | 5.17 | 39.14 |
Divine Power Energy cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 2 | · | · | -3 | -18.53 | -24.75 |
| Cash from investing | -1 | · | · | -2 | -56.41 | -43.61 |
| Cash from financing | -1 | · | · | 5 | 75.35 | 63.50 |
| Net cash flow | 0 | · | · | 0 | 0.41 | -4.86 |
| Capital spending | · | · | · | · | 1.46 | 28.56 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 114 | · | · | 34 | 31 | 49 |
| Inventory days | · | · | · | · | 65 | 92 |
| Days payable | · | · | · | · | 6 | 26 |
| Cash conversion cycle | 114 | · | · | 34 | 90 | 115 |
| Working capital days | 52 | · | · | 23 | 27 | 39 |
Divine Power Energy peers and competitors
Listed SME companies in the same industryBy sales, Divine Power Energy is number 10 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Baheti Recycling Industries | 757 | 28.0 | 725 | 27.1 | 8.4% | 2.52 |
| Cosmic CRF | 1,079 | 21.2 | 717 | 51 | 11.0% | 0.30 |
| Supershakti Metaliks | 259 | 9.3 | 705 | 28 | 1.6% | 0.00 |
| Rajputana Industries | 147 | 12.0 | 698 | 12.2 | 4.0% | 0.83 |
| Purv Flexipack | 84 | 24.5 | 660 | 3.4 | 0.2% | 1.51 |
| Divine Power Energy | 1,700 | 63.6 | 626 | 26.7 | 8.1% | 1.21 |
| Subam Papers | 632 | 70.2 | 584 | 9 | 8.0% | 0.42 |
| Systematic Industries | 603 | 28.7 | 553 | 21 | 7.0% | 0.05 |
| Jay Bee Laminations | 193 | 10.6 | 548 | 18.3 | 6.2% | 0.19 |
| Cool Caps Industries | 235 | 28.1 | 531 | 8.4 | 1.1% | 1.72 |
| Vilas Transcore | 914 | 23.1 | 461 | 39.6 | 11.2% | 0.12 |
| Median of the 10 others | 431 | 23.8 | 622 | 19.6 | 6.6% | 0.36 |
Divine Power Energy shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Divine Power Energy shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jul 24 | Sep 24 | Dec 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|---|---|
| Promoters | 73.50% | 73.50% | 73.50% | 66.40% | 63.20% | 63.20% |
| Foreign investors (FIIs) | 5.95% | 0.60% | 0.16% | 0.01% | - | 0.01% |
| Indian institutions (DIIs) | 5.88% | 1.87% | 0.23% | 0.15% | 0.46% | 0.00% |
| HNIs (over ₹2 lakh each) | 0.00% | 3.51% | 4.63% | 10.92% | 16.40% | 16.84% |
| Small holders (up to ₹2 lakh) | 11.54% | 16.66% | 15.35% | 13.58% | 11.46% | 12.57% |
| Companies and others | 3.13% | 3.86% | 6.13% | 8.94% | 8.48% | 7.38% |
| Number of shareholders | 961 | 1,010 | 1,019 | 1,023 | 938 | 1,160 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Divine Power Energy study: the business from its own documents
Read from 7 of the company's own documentsDivine Power Energy so far
From the company's own record
- 2 July 2024Listed on NSE Emerge at ₹40
- 31 March 2026Promoters at 63.20%
- 6 Nov 2026Highest close since listing, ₹680.90
Divine Power Energy key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹626.0 cr
- Consolidated revenue in FY26, the first year including Vimlesh Industries; standalone revenue in FY25 was ₹341.7 cr.Reported results, FY26; Annual report FY25, p.92
- Vimlesh Industries
- About ₹70 cr
- Price paid for all of Vimlesh Industries, a wire maker that became a wholly owned subsidiary on 2 April 2025.Annual report FY25, p.12 to 13
- Plant capacity
- 700 tonnes a month
- About 300 tonnes of aluminium and 400 tonnes of copper a month at the Sahibabad plant.Annual report FY25, p.9
- Capacity used, FY24
- 49.9%
- Share of the 8,400 tonne yearly capacity used in FY24; the company said a shortage of working capital held output back.Offer document, p.143
- Top ten customers
- 68.5%
- Share of FY24 revenue from the ten largest customers, up from 62.1% in FY23; the top three gave 48.1%.Offer document, p.29
Show 5 more facts
- Metal in the price
- 80% to 90%
- Share of revenue that goes on raw materials, mainly aluminium and copper, according to Crisil.Credit rating note, Crisil, May 2026, p.1
- Bank limits used
- Over 90%
- Use of working capital bank limits noted by Crisil, which puts gross current assets at about 130 days at March 2026.Credit rating note, Crisil, May 2026, p.1
- CTC machinery
- CNY 12.9 million
- Full price of imported machinery for the CTC line at Vimlesh Industries, paid in full by 10 July 2026; no start date has been given.Press release, 10 July 2026, p.1
- Credit rating
- Crisil BBB/Stable
- First rating, assigned in May 2026 on ₹120 cr of bank loans, with Crisil A3+ on the short term facilities.Credit rating note, Crisil, May 2026, p.1
- Proposed merger
- NSE no objection
- NSE cleared, on 30 June 2026, the filing with NCLT of a scheme to merge Viraj Upkram Private Limited into the company; the scheme would raise the promoters' holding.Exchange announcement, 1 July 2026, p.1 and p.5
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Divine Power Energy earns a thin fee for turning copper and aluminium rods into transformer wire, so most of its revenue is simply the metal passing through.
Its weak spots are profit that moves with metal prices, a few large customers, and a business that needs a lot of borrowed money to carry stock and bills.
WatchCan it set its own prices?No. Metal makes up most of the price, customers set terms in each purchase order, and the company says its margins are mainly linked to commodity prices.
AverageHow strong is it against rivals?Being an approved supplier to power companies helps, but many organised and unorganised makers offer similar products, and the company competes by keeping costs low.
WatchWho are its customers?Power distribution companies and transformer makers, with a handful of them giving most of the sales and no long term contracts.
WatchDoes it need a lot of money?Yes. Metal stock and customer bills tie up a lot of cash, bank limits are nearly fully used, and lack of working capital once held back output.
AverageCan it keep finding new work?Existing customers keep placing repeat orders and the company is adding new products, but it does not publish an order book.
WatchDo good and bad years swing a lot?Profit can move sharply with copper and aluminium prices, because stock bought earlier gains or loses value as prices change.
Who runs Divine Power Energy?
Promoters, directors and officers; tap a name for the background
RGRajesh GiriPromoter and Managing Director · holds 30.75%
A law graduate (LL.B.) with more than two decades of experience running the company; manages its affairs and looks for new opportunities and technology. Re-designated Managing Director in December 2023 and drew no pay from the company at the time of the offer document.
Offer document, p.164, p.166, p.168 and p.177VTVikas TalwarPromoter and Director · holds 12.83%
An undergraduate with more than two decades of experience running the company; manages its operations. The offer document states that Vikas Talwar is the brother-in-law of Rajesh Giri and of Dali Giri.
Offer document, p.164, p.166 and p.177DGDali GiriPromoter and Non-Executive Director · holds 10.77%
Holds a Bachelor of Arts (Honours) from the University of Delhi and has long experience in making insulated wire and strip. The offer document states that Dali Giri is the wife of Rajesh Giri.
Offer document, p.164, p.166 and p.178DGDeepika GaurIndependent Director
A Company Secretary and fellow member of the ICSI with a master's degree in commerce and a law degree; 11 years in legal, secretarial and listing work, and runs a practising company secretary firm started in 2015. Chairs the stakeholders relationship committee.
Offer document, p.165; Annual report FY25, p.6VGVikram GroverIndependent Director
A Company Secretary with over 10 years in financial management, business planning, secretarial matters, capital raising and investor relations. Chairs the audit committee and the nomination and remuneration committee.
Offer document, p.165; Annual report FY25, p.6Divine Power Energy latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY25: sales ₹198 cr (+66%), net profit ₹4.7 cr (+16%) on H2 FY24.
- Shareholding, 31 March 2026: promoters unchanged at 63.20%.
Divine Power Energy announcements
80 on record, latest first; each opens the filing on the exchange
- Outcome of Board MeetingHeld on October 06, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesOutcomePDF ↗
- Investor PresentationInvestor PresentationPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meetPDF ↗
- Press Releasea press release dated September 22, 2026, titled "CTC Expansion: Ancillary Machinery Imported"PDF ↗
- General Updatesengagement letter with Investors Relations AgencyPDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enDivine Power Energy Limited has informed regarding Submission of the Compliance Report on Corporate Governance for the Q1 FY 2026-27PDF ↗
- Press ReleaseIntimation of expansion of order book_DPEL_VIPLPDF ↗
- Press Releasea press release dated July 10, 2026, titled "Intimation about Completion of Import of Machinery"PDF ↗
- Amalgamation/MergerAmalgamation/MergerPDF ↗
Divine Power Energy annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- 2 July 2024 ↗read
- Credit ratings ↗read
Divine Power Energy share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Divine Power Energy's data · 10
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe halves of FY26 are shown standalone and the full year consolidated, as the company files them, so the two need not add up.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,49,65,080 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !The two half-years of FY26 add up to ₹416.0 cr of sales against ₹626.0 cr for the full year, so the half-years of FY26 are held back.
- !Earnings per share changes basis between FY22 (₹63.03) and FY23 (₹1.81) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Divine Power Energy
What does Divine Power Energy do?
Divine Power Energy makes copper and aluminium wires and strips that are wound into coils inside electrical transformers, and sells them to power companies and transformer makers, mostly in North India. Its shares trade on NSE Emerge.
What is the share price of Divine Power Energy?
₹681 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Divine Power Energy?
₹1,700 cr at the close on 6 Nov 2026, on 2,49,65,080 shares.
What is the P/E of Divine Power Energy?
63.6 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Divine Power Energy's revenue and profit?
Revenue ₹626 cr and profit after tax ₹27 cr in FY26.
Who are the promoters of Divine Power Energy?
Rajesh Giri, Vikas Talwar, Dali Giri; promoters held 63.20% at 31 March 2026.
What was the IPO price of Divine Power Energy?
₹40 a share; it listed on 2 July 2024.
What is Divine Power Energy's website?
www.dpel.in
More SME companies like Divine Power Energy
Other listed SME companies in industrial products, the closest in size first, each read from its own documents.
- Amic ForgingAMIC · BSE SME · Industrial ProductsMarket cap ₹2,207 cr
- Sahasra Electronic SolutionsSAHASRA · NSE Emerge · Industrial Products · listed 2024Market cap ₹1,035 cr
- Monolithisch IndiaMONOLITH · NSE Emerge · Industrial Products · listed 2025Market cap ₹2,905 cr
- Tankup EngineersTANKUP · NSE Emerge · Industrial Products · listed 2025Market cap ₹951 cr
- Baheti Recycling IndustriesBAHETI · NSE Emerge · Industrial Products · listed 2022Market cap ₹855 cr
- Cosmic CRFCOSMICCRF · BSE SME · Industrial ProductsMarket cap ₹835 cr
Every listed SME company in Industrial Products → · SME companies listed in 2024 →
Built from 2 annual reports, 2 press releases, 1 offer document, 1 result filing, 1 credit rating note, 80 exchange announcements, 6 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.