Financial Performance Highlights

Q4 FY26 Standalone Performance (YoY):

  • Revenue from operations: ₹228 crores (up 18% from ₹193 crores in Q4 FY25)
  • EBITDA: ₹28.78 crores (up 49% from ₹19.28 crores in Q4 FY25)
  • EBITDA margin: 12.61% (vs 9.97% in Q4 FY25)
  • PAT: ₹19.96 crores (up 55% from ₹12.89 crores in Q4 FY25)
  • PAT margin: 8.36% (vs 6.65% in Q4 FY25)

FY26 Standalone Performance (YoY):

  • Revenue from operations: ₹714.52 crores (up 80% from ₹397.66 crores in FY25)
  • EBITDA: ₹83.78 crores (up 64% from ₹51.17 crores in FY25)
  • EBITDA margin: 11.73% (vs 12.87% in FY25)
  • PAT: ₹58.08 crores (up 75% from ₹33.24 crores in FY25)
  • PAT margin: 7.71% (vs 8.05% in FY25)
  • Debt-equity ratio: 0.46 times (vs 0.23 times as on March 25)
  • Long-term credit rating upgraded to CRISIL A- /stable

Order Book and Business Updates

The company reported a record order book of ₹1,304 crores, representing 159% year-on-year growth. The order book composition is:

  • 64% from power transmission solutions business
  • 36% from new and renewable energy business segment

Q4 FY26 Milestones Achieved:

  • Secured ERS supply order of ₹70 crores to MNRE
  • Secured first direct EPC business in Uttarakhand worth ₹33 crores
  • Received EPC order of ₹27 crores from GETCO for re-conductoring of old conductor
  • Secured largest order in stringing tools division of ₹22 crores for various EPC clients
  • Received NABL laboratory certification for manufacturing facility
  • Received OPGW product supplier approval from three new state utility boards

Renewable Energy Segment:

  • Successfully commissioned 75 MW of Adani's renewable project at Khavda for solar
  • Additional 67.5 MW project at Khavda expected to be completed by Q1 FY27

Strategic Initiatives and Capex Plans

The company is developing a multi-integrated manufacturing facility near Dholera expected to be operational by Q4 FY27 in Phase 1. The facility will focus on:

  • Battery energy storage systems (BESS) of 2.5 gigawatt-hours
  • Electrolysers manufacturing Phase 1 for 100 MW

Subsidiary Structure:

  • Advait Green Energy Private Limited: Focus on green hydrogen and solar EPC business
  • Advait Battery Ecosystems Private Limited: Focus on BESS manufacturing and C&I solutions
  • Akara: Focus on carbon solutions delivery
  • Aura (Advait Unified Resource): Focus on asset-based business

Capex Guidance:

  • FY27 capex planned at ₹300-350 crores
  • Includes ₹137 crores excluding IPP business
  • ₹75 crores investment in subsidiaries for BESS and electrolyser facilities

Management Guidance and Outlook

Revenue Growth: Management expects sustained revenue growth of 40%+ for FY27, supported by strong order book and robust tender pipeline.

Margin Outlook: Management guided for approximately 1% margin improvement in FY27 due to manufacturing facility expansion and sustained programs.

Order Pipeline: Company working on opportunities worth ₹2,000 crores for the year, targeting order book of ₹1,600-1,650 crores by end of FY27.

Business Mix: Expecting shift to 65:35 ratio between power transmission and renewable energy segments.

Dividend Declaration

The Board of Directors recommended a dividend of ₹2 per equity share for FY26, subject to shareholders' approval.

Manufacturing Capacity Details

BESS Facility: 2.5 GW plant expected to be operational by September-October 2026, with potential revenue of ₹100-200 crores in FY27.

Electrolyser Manufacturing: Phase 1 capacity of 100 MW with expected margins of 5-10% initially, improving to around 20% in subsequent years.

Solar EPC Capacity: Physical capacity of 100-200 MW per year.

Regulatory and Market Environment

Management commented on the positive impact of new ALMM guidelines effective from June 1, 2026, requiring Indian-made cells for solar projects. This is seen as positive signaling for similar clauses in battery business and hydrogen electrolysers in the future.

Funding Strategy

Management indicated that expansion will be funded through a mix of equity and debt routes, with equity dilution only happening if it benefits the business and overall shareholders.