Financial Performance FY26

  • Record Revenues of ₹23,506 Cr in FY26, representing 8% year-over-year growth
  • Operating PAT (Profit After Tax) grew by 18% in FY26
  • PAT has grown by approximately 4 times over the last three years
  • Operating PAT excludes: Provision of ₹59 Cr made in Q3 FY26 towards the new labour code and Income of ₹24 Cr from arbitration award in Q1 FY25
  • Net Worth surpassed ₹6,000 Cr
  • Return on Net Worth at 10%, expanded by more than 500 basis points in last 3 years

Order Book Position

  • Robust Order Book & L1 (lowest bidder status) of over ₹40,000 Cr
  • Order Book to Revenue Ratio of 1.7 times
  • Tenders under Evaluation & Tenders in Pipeline of over ₹180,000 Cr

Business Segment Performance

Transmission & Distribution (T&D)

  • T&D Revenue share increased to 68% in FY26 from 59% in FY25
  • Record Revenue of ₹15,883 Cr, growth of 24% YoY
  • Robust order inflows of approximately ₹17,700 Cr
  • Record Order Book & L1 of over ₹25,000 Cr
  • Overall tender pipeline in T&D approximately ₹70,000 Cr
  • Expanded tower manufacturing capacity in Dubai, Jabalpur, Jaipur & Butibori plants by 15% to over 4,80,000 MTPA
  • Commissioned first ±320 kV HVDC terminal project at Aarey, Kudus and Mandvi in Mumbai, Maharashtra, enabling 1000 MW power transfer

Civil Business

  • Revenues of ₹3,823 Cr
  • Secured robust order intake of over ₹5,000 Cr, growth of more than 2x
  • Order book & L1 of over ₹10,000 Cr, primarily in Buildings & Factories segment
  • Completed three metro projects (2 in Delhi and 1 in Chennai)
  • Both Delhi Metro projects were inaugurated by PM Shri. Narendra Modi
  • Launched transformational program with global consultant focused on Execution Excellence

Cables Business

  • Revenues of ₹2,217 Cr, strong growth of 23%
  • Highest ever Revenues, Order Intake and Profitability
  • Supplied Aluminium conductors (ACSR & AL59) to various clients in India
  • Pursuing international certifications for US and EU markets
  • Elastomeric cables production commencement slated for Q2 FY27
  • E-Beam process to commence within same quarter (Q2 FY27)

Transportation Business

  • Revenue of ₹1,555 Cr for the year
  • Order intake subdued at approximately ₹550 Cr
  • Bagged Railway siding project from private player
  • Expanded presence in Train Collision Avoidance System (TCAS) under Kavach in partnership with JV partner
  • Pursuing select opportunities in International markets
  • Focus on fast-tracking project closures and releasing working capital

Renewables Business

  • Revenues of ₹516 Cr
  • Forayed into Wind Energy segment - Secured two orders for 100+ MW
  • Commissioned two projects totaling ~1,000 MW of solar capacity across Rajasthan and Karnataka
  • These projects are among the largest tracker-based installations in India
  • Building organization capabilities across Renewables

Oil & Gas Pipelines Business

  • Revenues of ₹258 Cr
  • Focusing on expanding International footprint
  • Secured two International orders in Africa & Middle East
  • West Asia crisis expected to accelerate investments in energy security

Balance Sheet and Leverage

  • Collections spillover of approximately ₹450 Cr realized in first week of April 2026
  • Factors contributing to higher debt:
  • Elevated inventory due to delayed dispatches in Dubai (Middle East disruptions)
  • Strategic inventory build-up amid steel price volatility
  • Muted collections in Water business
  • Higher working capital linked to revenue growth
  • Debt levels expected to normalise further by Q2 FY27

Challenges and Headwinds

  • Performance impacted by:
  • Geopolitical disruptions in the Middle East leading to revenue delays
  • Calibrated approach in executing Water projects due to delayed payments
  • Labour situation deterioration due to elections/LPG availability issues
  • Closure costs related to completion and delay of RODs for metro projects

Business Outlook and Growth Drivers

Transmission & Distribution

  • Momentum continues in India T&D market amid rising peak demand and grid congestion
  • Increased T&D demand in Middle East driven by rebuilding, grid redundancy, and renewable integration
  • Revival in Africa and green shoots visible in CIS market

Civil Business

  • Real estate opportunities continue
  • AI-led Data Centre expansion
  • Gradual recovery in private capex especially in Metals & Mining
  • Large opportunities in Urban Infra – Underground Metros, PSP, Elevated bridges

Renewables

  • Rising opportunities to reduce hydrocarbon dependence
  • India's renewable target scaled up to ~900 GW by 2035
  • Unlocking large opportunities across Solar & Wind
  • Increasing size of projects

Cables & Conductors

  • Strong tailwinds from rising renewable energy demand & Data centres
  • Sustained growth momentum in T&D sector
  • Expanding opportunities in export markets
  • Capacity expansion underway to support growth and scale

ESG & Sustainability Achievements

  • Increased Solar footprint across factories to ~39%
  • All 5 plants in India are water positive
  • Happiness Quotient increased to 85%
  • Culture Pillars "EXCITE" becoming way of working
  • Diversified and independent board of 10 members
  • Improvement in ESG Ratings by MSCI Morgan Stanley, S&P Global DJSI & Morningstar Sustainalytics
  • Ranked 19th among BW India's Most Sustainable Companies (IMSC) 2024–25

Key Focus Areas

  • Strong Order Book and L1 Position of over ₹40,000 Cr (including ₹25,000 Cr+ from T&D)
  • Tenders under Evaluation & Tenders in Pipeline of over ₹180,000 Cr
  • Well Positioned to Seize Multi Decadal Opportunities for Growth