Financial Performance - Q1 FY27

Consolidated Performance (₹ Crore)

  • Revenue from Operations: ₹179.27 (Q1 FY26: ₹118.43, +51.4% YoY)
  • Total Income: ₹180.91 (Q1 FY26: ₹121.06, +49.4% YoY)
  • EBITDA (Excluding Other Income): ₹24.77 (Q1 FY26: ₹13.75, +80.2% YoY)
  • EBITDA Margin: 13.8% (Q1 FY26: 11.6%, +220 bps)
  • Profit After Tax: ₹15.63 (Q1 FY26: ₹9.69, +61.2% YoY)
  • PAT Margin: 8.7% (Q1 FY26: 8.2%)

Standalone Performance - AETL (₹ Crore)

  • Revenue from Operations: ₹129.34 (Q1 FY26: ₹73.46, +76.1% YoY)
  • Total Income: ₹130.81 (Q1 FY26: ₹75.99, +72.1% YoY)
  • EBITDA (Excluding Other Income): ₹20.92 (Q1 FY26: ₹11.52, +81.6% YoY)
  • EBITDA Margin: 16.2% (Q1 FY26: 15.7%)
  • Profit After Tax: ₹12.63 (Q1 FY26: ₹8.01, +57.9% YoY)
  • PAT Margin: 9.8% (Q1 FY26: 10.9%)
  • EPS: ₹11.54

Subsidiary Performance - AGPL (₹ Crore)

  • Revenue from Operations: ₹49.94 (Q1 FY26: ₹44.98, +11.0% YoY)
  • Total Income: ₹50.10 (Q1 FY26: ₹45.07, +11.2% YoY)
  • EBITDA (Excluding Other Income): ₹3.90 (Q1 FY26: ₹2.24, +73.8% YoY)
  • EBITDA Margin: 7.8% (Q1 FY26: 5.0%)
  • Profit After Tax: ₹3.03 (Q1 FY26: ₹1.70, +78.7% YoY)
  • PAT Margin: 6.1% (Q1 FY26: 3.8%)
  • EPS: ₹818.67

Order Book Position

  • Unexecuted Order Book as of June 30, 2026: ₹1,330 Cr
  • 97% YoY growth compared to Q1 FY26
  • Power Transmission Solutions (PTS) contribution: 71%
  • New Renewable Energy (NRE) contribution: 29%
  • Fresh order inflow during Q1: Approximately ₹255 Cr

Business Segment Performance

Power Transmission Solutions (PTS) - Q1 FY27 Revenue Breakdown

  • ACS – OPGW: ₹9.82 Cr (8% of revenue, +47% YoY)
  • Stringing Tools: ₹19.36 Cr (15% of revenue, +61% YoY)
  • ERS: ₹2.53 Cr (2% of revenue, N/M YoY)
  • Reconductoring HTLS Projects: ₹34.34 Cr (27% of revenue, +41% YoY)
  • OPGW – Liveline Projects: ₹11.67 Cr (9% of revenue, +119% YoY)
  • Power DISCOM Projects: ₹49.50 Cr (38% of revenue, +97% YoY)

New Renewable Energy (NRE) - Q1 FY27 Revenue Breakdown

  • Solar EPC: ₹3.13 Cr (6.27% of revenue, -92.86% YoY)
  • Green Hydrogen EPC: ₹0.23 Cr (0.46% of revenue, -91.8% YoY)
  • BESS EPC: ₹46.58 Cr (93.27% of revenue, N/M YoY)

Operational Highlights - Q1 FY27

Power Transmission Solutions

  • Completed OPGW Live-Line Installation projects covering 1,590 km for GETCO (order value: ₹58 Cr)
  • Completed Discom EPC projects for MVCC installation under VKY-II Scheme covering 800 ckm for DGVCL (order value: ₹50 Cr)
  • Completed HTLS Reconductoring Installation projects covering 29 ckm for GETCO (order value: ₹18 Cr)
  • Received OPGW product supply approval from Power Grid Corporation of India (PGCIL)
  • Participated in ERS supply tenders for GETCO, BSPTCL, and MPPTCL (combined tender value: ₹134 Cr)
  • Secured EPC orders from Gujarat Discoms amounting to ₹256 Cr
  • Received first OPGW supply order from MPPTCL (₹4.7 Cr)
  • Secured Tools business orders worth ₹14.3 Cr from various EPC clients

New Renewable Energy

  • Successfully completed 67.5 MW Solar EPC project at Khavda (commissioning scheduled for Q2 FY27)
  • Executed BESPA for 150 MW / 300 MWh standalone BESS project in Junagadh (commencement expected Q3 FY27)
  • Placed final Plant & Machinery orders for 2.5 GWh BESS containerized solution manufacturing facility (machinery arrival and installation scheduled for Q3 FY27)
  • Demonstrated live testing of 5 MW electrolyser test batch to 13+ green hydrogen players in India
  • Participated in enquiries from green ammonia players (potential pipeline: 150-200 MW electrolyser supply)
  • Participated in 900 MWh standalone BESS tender floated by GUVNL

Manufacturing Facilities

Existing Units

  • Unit 1 (Kadi, Gujarat): Operational since 2017, manufacturing ACS, OPGW, Stringing Tools, ERS
  • Annual capacity: 7,000 Kms of OPGW (to be expanded to 10,000 kms), 300+ ERS Towers
  • Land area: 84,000 Sq. Ft.
  • Unit 2 (Kadi, Gujarat): Operational since 2026, manufacturing Electrolysers (Alkaline)
  • Annual capacity: 30 MW (semi assembly unit)
  • Land area: 14,200 Sq. Ft.

Under Construction Unit

  • Unit 3 (Gangad, Gujarat): To be operational in Q4 FY27
  • Products: OPGW, ERS, Stringing Tools, Specialized Conductors, BESS, Electrolysers, Fuel Cells
  • Annual capacity: Specialized Conductors (12,000 kms), BESS Manufacturing (2.5 GWh), Electrolysers (300 MW), PEM Fuel Cell Facility
  • Land area: 4,00,000 Sq. Ft.

Asset Ownership Projects

BESS Standalone Project 1

  • Client: Gujarat Urja Vikas Nigam Limited (GUVNL)
  • Location: 220 kV Substation, Radhanpur, Patan, Gujarat
  • Capacity: 50 MW / 100 MWh
  • Technology: Advanced Lithium-Ion Batteries (2 cycles per day)
  • Grid Connectivity: 66 kV
  • Government Support: ₹27 lakh/MWh Viability Gap Funding (VGF) from MNRE
  • Timeline: Schedule Commercial Operation Date November 2026

BESS Standalone Project 2

  • Client: Gujarat Urja Vikas Nigam Limited (GUVNL)
  • Location: 220 kV Substations, Bhesan, Junagadh, Gujarat
  • Capacity: 150 MW / 300 MWh
  • Technology: Advanced Lithium-Ion Batteries (2 cycles per day)
  • Grid Connectivity: 220 kV Level
  • Government Support: ₹18 lakh/MWh Viability Gap Funding (VGF) from MNRE
  • Timeline: Schedule Commercial Operation Date November 2027

Strategic Collaborations

  • MoU with Cospower for localized BESS container and battery pack manufacturing capabilities
  • Strategic partnership with Adaptive Engineering Pvt. Ltd. for integrated BESS manufacturing and solutions platform
  • MoU with MEIL to jointly pursue power and energy transition opportunities across India and international markets

Management Commentary

From Shri Shalin Sheth, MD & Founder:

  • India's power and energy sector expected investments of approximately US$450 billion (₹38-40 lakh crore) by 2032
  • Company targeting additional order inflows in remaining months of financial year
  • Plans to strengthen PTS business through capacity expansion and new niche products
  • Expanding into BESS manufacturing and renewable energy asset development
  • Ambition to build GW-scale portfolio of renewable and energy storage assets over next three years
  • Carbon Division issued 63,000 I-RECs for Nepal-based client in single month
  • GH2 division established BOP localization and engineering of Electrolyser system up to 100MW, obtained credentials for supplying up to 50MW project tenders

Historical Financial Performance (FY16-FY26)

  • Revenue growth from ₹29.6 Cr (FY17) to ₹715.0 Cr (FY26) - 42.5% CAGR, 24x growth
  • PAT growth from ₹4.3 Cr (FY17) to ₹55.0 Cr (FY26) - 31.8% CAGR, 12x growth
  • EBITDA margins consistently between 13-17%
  • Net Worth: ₹290.9 Cr in FY26 (29x growth from FY17)
  • Borrowings: ₹95.0 Cr in FY26
  • Debt/Equity Ratio: 0.3x in FY26
  • ROCE: 28.0% in FY26
  • ROE: 18.6% in FY26