Financial Performance Q2 FY27

Revenue from operations for Q2 FY27 stood at ₹128.29 crores, representing growth of 56.4% over ₹82 crores in Q2 FY26. EBITDA for the quarter was ₹19.56 crores, a growth of 111.3% year-on-year. EBITDA margin was 15.25% compared to 11.29% in Q2 FY26 and 12.15% in Q1 FY27. Profit after tax for the quarter stood at ₹13.85 crores, growth of 116.7% year-on-year with a PAT margin of 10.7% against 7.7% in Q2 FY26. Earnings per share for the quarter was ₹4.04 compared to ₹2.54 in Q2 FY26 on the expanded share capital after the IPO.

Financial Performance H1 FY27

Revenue from operations for the first half stood at ₹249.93 crores, a growth of 46.3% over ₹170.88 crores in H1 FY26. EBITDA was ₹34.34 crores, up 61.4% at a margin of 13.74% compared to 12.45% in H1 FY26. Profit after tax was ₹24.37 crores, up 65.3% with an after-tax margin of 9.7% against 8.6%. Earnings per share for the half year was ₹7.24 against ₹5.92.

Balance Sheet Position

Net worth as on September 30, 2026 stood at ₹283.43 crores, compared to ₹136.94 crores at March 2026, reflecting the IPO proceeds and profit for the half year. Gross borrowing reduced to ₹24.06 crores from ₹47.67 crores at March 2026, as the company prepaid ₹25 crores of borrowing from IPO proceeds. The company holds cash, bank balance and liquid investments of ₹38.34 crores, resulting in a net cash position. Debt to equity stands at 0.08x compared to 0.35x at March 2026 on an expanded equity base.

Working Capital and Cash Flow

Trade receivables stood at ₹237.06 crores against ₹221.42 crores at March 2026, an increase of 7% on a half-yearly revenue base that is 46% higher than last year. Trade payables reduced to ₹88.11 crores from ₹123.55 crores. Net cash used in operating activities for the half year was ₹38.20 crores negative, which mainly reflects the ₹35.98 crores reduction in trade payables. Retention money constitutes 45% of total receivables as of September 2026, with 84% of debtors in the less than 6 months aging bucket.

IPO Proceeds Utilization

Of the net IPO proceeds of ₹119.32 crores, ₹108.56 crores had been utilized as on September 30, 2026: ₹25 crores towards prepayment of borrowings, ₹55 crores towards long-term working capital requirement, ₹28.11 crores towards general corporate purposes, and ₹0.46 crores towards capital expenditure. The balance of ₹10.75 crores is earmarked for capital expenditure on machinery and equipment.

Order Book and Business Update

Closing order book as on September 30, 2026 stood at ₹565.99 crores. In October 2026, the company won orders worth ₹273.21 crores, including two 220 kV transmission line orders from GETCO (Prantij-Jantral Package 2 and Chorania-Salejda), the 220 kV Kotda-Sanghani AIS substation order from GETCO, and the UGVCL Ambaji underground cabling order. Current order book stands at approximately ₹839 crores before adjusting for execution during October, which is approximately 1.9 times FY26 revenue.

Project Execution and Capabilities

The company commissioned the 400 kV GIS substation at Dholera, its largest project to date. The associated 400 kV transmission lines at Dholera, involving pile foundation and river crossing work, are in the final stages of completion. Package 2 of Dholera will be completed by December 2026 and Package 3 by March 2027. The company is preparing to participate in 765 kV transmission network tenders from GETCO and has started bidding for Power Grid tenders at this voltage level.

Business Segments and Margins

Revenue mix for H1 FY27: 79% from transmission line vertical (higher margin segment), 17% from substation vertical, and 3% from operation and maintenance vertical (lower margin). The elevated EBITDA margin of 15.2% in Q2 was attributed to business segment mix and project mix specific to the quarter, including specialized execution of the fast-track Dholera project. The company maintains a steady-state margin profile of 12-13% at EBITDA level and 8-9% PAT margin on a yearly basis.

Market Outlook and Growth Strategy

The business environment remains healthy with strong transmission and distribution capex cycle in Gujarat and across India. The Government of Gujarat is driving the Gujarat Wire-Free City Mission with an initial provision of ₹500 crores for the first phase, converting overhead power distribution networks to underground cable networks by 2030. The company has a bid pipeline of ₹1,600 crores with expected conversion timeline of 3-4 months. For FY30, the company is targeting revenue of ₹2,500 crores by expanding capabilities in 765 kV transmission, GIS substations, and complex projects involving pile foundation, river crossing, and HVDC.

Guidance

The company maintains guidance of 50% revenue growth year-on-year for FY27. The company expects opening order book for next year in the range of ₹1,000-1,200 crores to support continued growth.