Management Participants

  • Mr. Shalin Sheth - Founder and Managing Director
  • Mr. Vatsal Kundalia - Managing Director, Advait Greenergy
  • Mr. Narayan Singh - Chief Financial Officer
  • Mr. Priyank Shah - Head F&A, Investor Relations
  • Ms. Rutvi Sheth Kundalia - Head Human Resources and Strategy
  • Mr. Chaitanya Mallurwar - Head, Electrolyser Division

Key Business Updates

Manufacturing Expansion

  • Gangad, Gujarat integrated manufacturing facility Phase 1 operationalization planned by Q4 FY27
  • 2.5 GWh BESS manufacturing facility (expandable to 5 GWh) has final plant and machinery orders placed, targeting Q4 FY27 operationalization
  • Electrolyser division: 30 MW manufacturing setup commenced in March 2026

Order Book Position

  • Consolidated order book including L1 positions stood at ₹1,575 crores as of September 30, 2026
  • Year-on-year growth of 47% in order book
  • Healthy revenue visibility with strong pipeline of opportunities across business segments

Execution Performance

  • Successfully executed orders worth ₹400 crores during H1 FY27
  • Focus on maintaining execution discipline and timely delivery

Segment-wise Performance

Power Transmission Solutions (PTS)
  • Secured distribution-related orders from DGVCL worth ₹52 crores
  • Multiple orders received from PGVCL
  • Received milestone-specific orders for ERS, OPGW, stringing tools
  • Margin profile: Steady with 1.5% variation per year
New & Renewable Energy Solutions (NRE)
  • Secured new order of 150 MW/300 MWh standalone BESS system in Junagadh, Gujarat
  • Electrolyser technology: 5-MW live testing program engaged with 13+ Indian green hydrogen players
  • Battery cell take-off agreement with HiTHIUM for upcoming order pipeline
  • Margin profile: EBITDA of 7-8% for NRE segment, expected to improve 30-50% in next 2 years

Financial Performance

Q2 FY27 Results (Consolidated)

  • Revenue from operations: ₹221 crores, up 40.8% YoY (vs ₹157 crores in Q2 FY26)
  • EBITDA: ₹32 crores, up 84.4% YoY
  • EBITDA margin: 14.5% (vs 11.0% in Q2 FY26)
  • Profit after tax: ₹19 crores, up 88.5% YoY (vs ₹10 crores in Q2 FY26)
  • PAT margin: 8.7% (vs 6.5% in Q2 FY26)

H1 FY27 Results (Consolidated)

  • Revenue from operations: ₹400 crores, up 45.4% YoY (vs ₹275 crores in H1 FY26)
  • EBITDA: ₹57 crores, up 82.6% YoY
  • EBITDA margin: 14.2% (vs 11.3% in H1 FY26)
  • Profit after tax: ₹34 crores, up 77.9% YoY (vs ₹19 crores in H1 FY26)

Capital Expenditure

  • H1 FY27 capex: ₹101 crores incurred
  • H2 FY27 planned investment: ₹140 crores
  • Total FY27 guided capex: ₹300-350 crores

Strategic Initiatives & Future Outlook

Revenue Guidance

  • Targeting revenue growth of 55-60% YoY for FY27
  • Expected to cross ₹1,000 crores revenue for FY27
  • H2 FY27 requires ₹700 crores revenue (₹325-350 crores per quarter run rate)

Margin Outlook

  • Targeting group-level EBITDA margin of 15% once manufacturing setup is established
  • Expecting 1-1.5% margin improvement every year
  • Q2 FY27 margin of 14.5% expected to be sustained in H2 FY27

Business Mix Evolution

  • Targeting 50-50 revenue contribution from PTS and NRE segments in 2-3 years
  • Manufacturing sales target: Over ₹2,500 crores by 2028-2029
  • Aiming for 65-75% manufacturing contribution to total sales by 2028-2030

Electrolyser Business Update

  • Completed first project of 300 kW for THDC in Rishikesh
  • Second project of 1 MW for private client in Gujarat completed, commissioning expected in Q3 FY27
  • First 1-MW electrolyser being assembled in own facility as engineering development
  • Revenue potential: ₹600-1,000 crores from electrolyser business

BESS Business Economics

  • Revenue potential: ₹1,000-1,100 crores per GWh at 100% utilization
  • FY28 capacity utilization target: 40-60% for first year
  • Expansion to 5 GWh planned for FY28-FY29

Capital Structure

  • Debt-to-equity ratio target: 0.5x-0.7x for manufacturing and solution business
  • Planning equity raise in Q3 or Q4 FY27 for working capital requirements
  • Focus on prudent capital allocation and cash flow management

Market Opportunities

  • Green hydrogen/ammonia unit economics improving, expected to reach parity with gray ammonia by 2027-2028
  • BESS market showing lucrative opportunities in public tenders and developer inquiries
  • Limited Chinese competition in electrolyser segment due to country-specific mandates