Financial Highlights

Q2FY27 Performance (Quarter Ended September 30, 2026)

  • Revenue from Operations: ₹12,829 lakhs (56% YoY growth)
  • EBITDA: ₹1,956 lakhs (111% YoY growth)
  • EBITDA Margin: 15.2% (vs. 11.3% in Q2FY26 and 12.1% in Q1FY27)
  • Profit After Tax: ₹1,385 lakhs (117% YoY growth)

H1FY27 Performance (Half Year Ended September 30, 2026)

  • Revenue from Operations: ₹24,993 lakhs (46% YoY growth)
  • EBITDA: ₹3,434 lakhs (61% YoY growth)
  • Profit After Tax: ₹2,437 lakhs (65% YoY growth)

Management Commentary

Kalpesh Dhanjibhai Patel, Chairman & Executive Director, provided the following commentary:

  • The company delivered healthy project execution in Q2 and H1FY27 despite monsoon season
  • EBITDA margin improvement to 15.2% was attributed to business segment-mix and project-mix specific to the quarter
  • Company maintains comfort with delivering steady-state EBITDA margin of 12-13%
  • Quarterly variance in profitability is part of business profile, with trailing twelve-month view being more reflective of performance

Order Book & Business Updates

  • Order intake remained healthy during Q2FY27
  • Key wins included:
  • Order from PGVCL to convert existing 11 kV HT and LT overhead network into underground cable network
  • 66 kV underground cable project from GETCO
  • Private sector order for 220 kV AIS switchyard for NTPC's 600 MW solar plant at Bhuj
  • Closing order book as of September 30, 2026: ₹56,599 lakhs
  • Subsequent to quarter close, company won orders worth ₹27,321 lakhs in October 2026 alone

Growth Strategy & Market Position

  • Company is expanding from strong Gujarat base into Rajasthan, Punjab and Dadra & Nagar Haveli toward intended pan-India presence
  • Focus on moving up value chain into 765 kV and HVDC projects
  • Deepening private sector franchise
  • Executing complex projects to position among marquee power EPC companies
  • Riding India's power T&D capex cycle with planned investment of ₹9.15 trillion under National Electricity Plan (2023-32)

Historical Financial Performance

FY23-FY26 Growth Trends

  • Revenue CAGR of 55% over FY23-FY26
  • FY26 Revenue: ₹44,916.49 lakhs (+61% YoY)
  • FY26 EBITDA: ₹5,711.17 lakhs (+60% YoY)
  • FY26 PAT: ₹4,002.05 lakhs (+81% YoY)
  • FY26 EBITDA Margin: 12.72%
  • FY26 PAT Margin: 8.86%

Capital Efficiency

  • FY26 Return on Equity: 38%
  • FY26 Return on Capital Employed: 44%
  • Net debt-to-equity: 0.35x (FY26)
  • Interest coverage: 8.9x (FY26)

Credit Profile

  • CRISIL rating upgrade to BBB+/A2
  • Total equity: ₹13,694.04 lakhs (FY26, pre-IPO)
  • Rated bank limit: ₹200 Cr
  • IPO raised ₹132.56 Cr of fresh capital in April 2026

Business Overview

  • Integrated power-infrastructure EPC company delivering transmission lines, substations, underground cabling and O&M services up to 400 kV (eligible up to 765 kV)
  • Incorporated in 2011, listed on NSE and BSE in April 2026
  • Headquarters in Ahmedabad, Gujarat
  • AA-class GETCO certification (highest grade)
  • Serves utilities, developers and industry across power ecosystem