Date: November 06, 2026

Financial Results (Standalone)

H1 FY'27 Performance:

  • Revenue from Operations: ₹1,081 crore (down 11% YoY from ₹1,221 crore in H1 FY'26)
  • Other Income: ₹12 crore (down 24% YoY from ₹15 crore)
  • Total Income: ₹1,093 crore (down 12% YoY from ₹1,237 crore)
  • Total Expenditure: ₹1,044 crore (down 12% YoY from ₹1,182 crore)
  • EBITDA: ₹49 crore (down 12% YoY from ₹55 crore)
  • EBITDA Margin: 4.4% (unchanged from H1 FY'26)
  • Depreciation: ₹10 crore (up 9% YoY from ₹9 crore)
  • Profit Before Interest, Tax & Exceptional Items: ₹38 crore (down 15% YoY from ₹45 crore)
  • Interest: ₹24 crore (down 28% YoY from ₹33 crore)
  • Profit Before Tax: ₹15 crore (up 21% YoY from ₹12 crore)
  • Tax: ₹4 crore (up 37% YoY from ₹3 crore)
  • Net Profit: ₹10 crore (up 16% YoY from ₹9 crore)
  • Earnings Per Share (Basic & Diluted): ₹0.89 (up 12% YoY from ₹0.80)

Q2 FY'27 Performance:

  • Revenue from Operations: ₹514 crore (down 16% YoY from ₹614 crore in Q2 FY'26)
  • Other Income: ₹7 crore (down 4% YoY from ₹7 crore)
  • Total Income: ₹521 crore (down 16% YoY from ₹621 crore)
  • Total Expenditure: ₹496 crore (down 16% YoY from ₹591 crore)
  • EBITDA: ₹25 crore (down 16% YoY from ₹30 crore)
  • EBITDA Margin: 4.8% (unchanged from Q2 FY'26)
  • Depreciation: ₹5 crore (up 11% YoY from ₹5 crore)
  • Profit Before Interest, Tax & Exceptional Items: ₹20 crore (down 21% YoY from ₹25 crore)
  • Interest: ₹12 crore (down 31% YoY from ₹17 crore)
  • Profit Before Tax: ₹8 crore (down 2% YoY from ₹8 crore)
  • Tax: ₹2 crore (down 1% YoY from ₹2 crore)
  • Net Profit: ₹6 crore (down 2% YoY from ₹6 crore)
  • Earnings Per Share (Basic & Diluted): ₹0.50 (down 2% YoY from ₹0.51)

QoQ Performance (Q2 vs Q1 FY'27):

  • Revenue from Operations: -9% (from ₹567 crore to ₹514 crore)
  • Other Income: +32% (from ₹5 crore to ₹7 crore)
  • Total Income: -9% (from ₹572 crore to ₹521 crore)
  • Total Expenditure: -10% (from ₹548 crore to ₹496 crore)
  • EBITDA: +6% (from ₹24 crore to ₹25 crore)
  • EBITDA Margin: Improved from 4.1% to 4.8%
  • Depreciation: +8% (from ₹5 crore to ₹5 crore)
  • Profit Before Interest, Tax & Exceptional Items: +5% (from ₹19 crore to ₹20 crore)
  • Interest: 0% (unchanged at ₹12 crore)
  • Profit Before Tax: +13% (from ₹7 crore to ₹8 crore)
  • Tax: -14% (from ₹2 crore to ₹2 crore)
  • Net Profit: +27% (from ₹5 crore to ₹6 crore)
  • Earnings Per Share: +27% (from ₹0.39 to ₹0.50)

Standalone Balance Sheet (as of September 30, 2026)

Assets:

  • Non-Current Assets: ₹410 crore (up from ₹353 crore as of March 31, 2026)
  • Property, plant and equipment: ₹95 crore (up from ₹90 crore)
  • Capital work in progress: ₹31 crore (up from ₹7 crore)
  • Intangibles, Intangible under development & Right-of-use assets: ₹16 crore (down from ₹18 crore)
  • Trade receivables: ₹199 crore (down from ₹215 crore)
  • Other financial assets & Investments: ₹23 crore (up from ₹5 crore)
  • Deferred tax assets (net): ₹27 crore (up from ₹9 crore)
  • Income tax assets (net): ₹7 crore (up from ₹2 crore)
  • Other non-current assets: ₹11 crore (up from ₹7 crore)
  • Current Assets: ₹1,743 crore (down from ₹2,119 crore)
  • Inventories: ₹225 crore (up from ₹139 crore)
  • Trade receivables: ₹1,042 crore (down from ₹1,634 crore)
  • Cash and cash equivalents: ₹3 crore (down from ₹24 crore)
  • Bank balances: ₹223 crore (up from ₹159 crore)
  • Other current financial assets: ₹64 crore (down from ₹73 crore)
  • Other current assets: ₹116 crore (up from ₹71 crore)
  • Contract assets: ₹70 crore (up from ₹19 crore)
  • Total Assets: ₹2,153 crore (down from ₹2,472 crore)

Equity & Liabilities:

  • Equity: ₹635 crore (down from ₹681 crore)
  • Equity share capital: ₹23 crore (unchanged)
  • Other Equity: ₹611 crore (down from ₹658 crore)
  • Non-Current Liabilities: ₹29 crore (unchanged)
  • Lease liabilities: ₹8 crore (down from ₹10 crore)
  • Provisions: ₹22 crore (up from ₹19 crore)
  • Current Liabilities: ₹1,488 crore (down from ₹1,761 crore)
  • Borrowings: ₹375 crore (up from ₹350 crore)
  • Lease liabilities: ₹7 crore (up from ₹6 crore)
  • Trade payables: ₹534 crore (down from ₹882 crore)
  • Outstanding dues of micro enterprises & small enterprises: ₹141 crore (down from ₹245 crore)
  • Outstanding dues of other than micro enterprises & small enterprises: ₹393 crore (down from ₹637 crore)
  • Other current financial liabilities: ₹51 crore (up from ₹21 crore)
  • Provisions: ₹21 crore (up from ₹19 crore)
  • Current Tax Liabilities: ₹0 crore (down from ₹3 crore)
  • Contract liabilities & Other current liabilities: ₹499 crore (up from ₹482 crore)
  • Total Equity & Liabilities: ₹2,153 crore (down from ₹2,472 crore)

Order Book & Business Updates

Order Book Position:

  • Achieved highest ever unexecuted order book (UEOB) of ~₹5,000 crore at end of Q2 FY27
  • UEOB increased to ~₹6,500 crore as of presentation date (post Q2)
  • 48% YoY growth in order book

Major Orders Secured in Q2 FY'27:

  • Secured two packages under WR-ER Inter-Regional Network Expansion Scheme (Part A):
  • Ultra Mega ₹400+ crore order for Raigarh (Tamnar)-Jamshedpur 765 kV D/C transmission line
  • Mega ₹300+ crore order for 400 kV D/C transmission lines connecting Jamshedpur (New), Ranchi (New) and New PPSP
  • Ultra Mega ₹400+ crore order for 765kV double-circuit transmission lines connecting Raigarh (Tamnar), Raigarh (Kotra) and Dharamjaygarh in Chhattisgarh

Orders Secured Post Q2 FY'27 (till date):

  • Major ₹200+ crore orders from Tata Power for 220kV GIS at Salsette & Powai in Mumbai
  • Major ₹200+ crore orders from Tata Power for 400 kV GIS at Dharavi and Ghatkopar in Mumbai
  • Ultra-Mega ~₹1,500 crore orders for construction of 270 km of 765 kV D/C transmission lines from Halvad to Vadodara, Gujarat and additional works at Halvad, Vadodara and South Olpad substations from Lakadia A Power Transmission Limited
  • Won first TBCB order: Common Transmission System for Evacuation of Power from Lakadia, Jam Khambhaliya & Jamnagar – Part A in collaboration with NIIF

Project Execution Highlights

Power Transmission Projects:

  • Successfully commissioned 400/220 kV, 2×500 MVA GIS substations in Greater Noida with associated 400 kV LILO and D/C transmission lines
  • Completed 400kV D/C twin transmission lines between Jalpura and Khurja (160 ckm)
  • Ongoing 400/220 kV Solapur Pooling Station & 400kV Bay Extension (commissioning of 4x500 MVA AIS Substation)
  • Ongoing Lakadia A Power Transmission Ltd project (Location: Lakadia, Jam Khambhaliya & Jamnagar, Line Length: ~540 ckm)

New Energies (Power Distribution) Projects:

  • Successfully commissioned Revamped Distribution Sector Scheme (RDSS) awarded by WBSEDCL at Burdwan East district, West Bengal
  • Constructed 40 Ckm of High Tension (HT) line and 224 Ckm of Low-Tension (LT) line during the quarter
  • Ongoing Loss Reduction project from PGCIL in Pulwama District, Jammu & Kashmir (1,285 Ckm LT & 714 Ckm HT)
  • Completed RDSS from WBSEDCL at Burdwan District, West Bengal (33/11 kV new bay additions, 4,130 ckm LT AB Conversion)
  • Ongoing Data Center substation & line - construction of 220/33 KV GIS Substation and associated Transmission line

International Business:

  • Successfully commissioned Medium and Low Voltage Networks for Rural Electrification of 46 Villages for CEET in Togo
  • Established new subsidiary Bajel T&D Projects And Contracting L.L.C S.P.C in United Arab Emirates
  • Completed Construction of 132kV Single Circuit Transmission Line from Coventry – Waterworks, Coventry – Jimmy – Chawama for ZESCO in Lusaka, Zambia
  • Ongoing 500 kV transmission line agreements with Egyptian Electricity Transmission Company (EETC) in Egypt

Manufacturing & Operations

Manufacturing Facility:

  • State-of-the-art manufacturing facility in Ranjangaon, 55km from Pune, India
  • Specializes in Transmission Line Towers, Monopoles, High Masts, Lighting Poles, and other structures
  • Fully enclosed galvanizing unit serving both in-house needs and third-party clients
  • Production: 23,338 MT in H1 FY'27

Capacity Expansion:

  • Expansion being undertaken in three phases with committed capex of ₹170 crore
  • 1st phase: Commissioning new galvanizing bath
  • 2nd & 3rd phase: Scaling up transmission tower capacity and monopole manufacturing capacity

Safety Recognition:

  • Manufacturing Unit at Ranjangaon, Pune won 3 awards from the National Safety Council
  • B-7, Ranjangaon – Unit I: Plaque – Longest Accident-Free Period
  • D-45, Ranjangaon – Unit II: Certificate of Merit – Zero Accident Frequency Rate
  • B-29, Ranjangaon – Unit III: Certificate of Merit – Zero Accident Frequency Rate

Credit Rating & Corporate Information

Credit Rating:

  • As of August 2026: 'CRISIL A+/ Stable & CRISIL A1'
  • Upgrade in long term rating reflecting strong business and financial risk profiles

Board of Directors (as of September 30, 2026):

  • Shekhar Bajaj: Chairman, Non-Executive Director
  • Sudarshan Sampathkumar: Non-Executive Independent Director
  • Radhika M Dudhat: Non-Executive Independent Director
  • Maneck Davar: Non-Executive Independent Director
  • Rajesh Ganesh: Managing Director & Chief Executive Officer
  • Pooja Bajaj: Non-Executive Director

Leadership Team:

  • Rajesh Ganesh: Managing Director & Chief Executive Officer
  • Shyam Mittal: Head New Energies
  • Rohin Dhar: Head International
  • Nitesh Bhandari: Chief Financial Officer
  • Piyush Bansal: Head Power Transmission
  • Amee Joshi: Company Secretary & Chief Compliance Officer
  • Vikas Gupta: Chief Information Officer
  • Vishal Lohire: Head Legal, Risk & Contracts
  • Harshal Vyas: Head Corporate Strategy & Communication
  • Nawin Chandra: Chief Human Resources Officer
  • Akash Sharma: Head SCM & Manufacturing
  • Mayank Thakkar: Head Quality and EHS
  • Pankaj Mishra: Head Design & Engineering

Management Commentary

From Rajesh Ganesh, Managing Director & Chief Executive Officer:

"We have achieved our highest ever unexecuted order book (UEOB) of ~Rs. 5000 Cr at the end of Q2 FY27 and ~ Rs. 6500 Cr, as of date, reflecting healthy revenue visibility for the future. Our performance in Q2 FY27 reflects our focus on margin discipline and building a high-quality order book. While revenue from operations for the quarter was modest, we held our Q2 EBITDA margin steady at 4.8% despite high commodity prices and other cost pressures.

As India continues to strengthen its power transmission network to meet growing energy demand and enable the country's clean energy ambitions, we remain focused on seamless project delivery, while pursuing opportunities that are aligned with our capabilities and return expectations. Our priorities for the coming quarters are to strengthen execution, improve efficiency and support sustainable, profitable growth."

Strategic Outlook - RAASTA 2030

Market Opportunity:

  • Government estimated investment of ₹4.25 lakh crore for 2022-27 and ₹4.90 lakh crore for 2027-32 to strengthen India's transmission infrastructure
  • 42% of India's total transmission line capacity till 2022 to be added in 10 years (2022-32)
  • Significant addition (~6.6 Lakh Crore) in Inter-State (ISTS) lines & substations
  • Revised estimate of ₹9.84 lakh crore for 2027-36 to integrate India's RE (900 GW of non-fossil fuel capacity)

Capacity Addition Forecast:

  • Transmission Line Capacity (ckm):
  • FY22-27E: 1,14,687 ckm (ISTS: 51,185 ckm, Intra State: 63,502 ckm)
  • FY27E-32E: 76,787 ckm (ISTS: 43,324 ckm, Intra State: 33,463 ckm)
  • Substation Capacity (MVA):
  • FY22-27E: 7,76,330 MVA (ISTS: 4,72,225 MVA, Intra State: 3,05,105 MVA)
  • FY27E-32E: 4,97,855 MVA (ISTS: 3,48,165 MVA, Intra State: 1,81,940 MVA)

Strategic Goals:

  • Revenue Target: Double digit revenue growth
  • High single digit EBITDA margins
  • >15% Return on Capital Employed
  • Leading EPC + product player with international presence
  • Increased Topline Contribution from International & New Businesses