Financial Performance Highlights

Consolidated Financials (FY 2025-26 vs FY 2024-25):

  • Revenue from operations: ₹3,011.52 crore (up 13.5% from ₹2,653.27 crore)
  • Total Income: ₹3,054.55 crore (up 12.67% from ₹2,711.13 crore)
  • EBITDA: ₹386.31 crore (up 11.81% from ₹345.51 crore)
  • Profit Before Tax: ₹287.11 crore (up 13.26% from ₹253.49 crore)
  • Profit After Tax: ₹277.31 crore (up 61.05% from ₹172.19 crore)
  • EPS (Basic/Diluted): ₹24.40 (up from ₹14.93)

Standalone Financials (FY 2025-26 vs FY 2024-25):

  • Revenue from operations: ₹2,594.09 crore (up from ₹2,495.81 crore)
  • Profit After Tax: ₹201.63 crore (up 42.31% from ₹141.68 crore)
  • Total Assets: ₹3,931.20 crore (PY: ₹2,414.83 crore)
  • Property, Plant and Equipment: ₹2,590.59 crore (PY: ₹2,137.52 crore)

Key Financial Ratios

  • Return on Equity: 17.89% (vs 17.14% previous year)
  • Net Profit Ratio: 9.21% (vs 6.49% previous year), showing 41.89% improvement
  • Return on Capital Employed: 22.87% (vs 26.98% previous year)
  • Debt-Equity Ratio: 0.17 (standalone), 0.12 (consolidated)

Capital Structure Changes & IPO

  • IPO Completion: Successfully listed on NSE and BSE on April 2, 2026
  • Issue Size: ₹1,100 crore comprising fresh issue of ₹700 crore and offer for sale of ₹400 crore
  • Share Capital: Increased from ₹54.41 crore to ₹63.28 crore post-IPO
  • Bonus Issue: Issued 8,16,19,050 bonus equity shares in 3:1 ratio during FY 2025-26
  • IPO Proceeds: ₹661.51 crore (net of issue expenses) held in escrow account for debt repayment (₹525 crore) and general corporate purposes

Tax Regime Change

  • Adopted concessional tax regime under Section 115BAA of Income-tax Act, 1961
  • Resulted in deferred tax write-back of ₹67.26 crore
  • Current tax expense: ₹46.79 crore (standalone), ₹60.83 crore (consolidated)

Business Segment Performance

  • Generator Set Business: Contributed 83.1% of total revenue (₹2,501.42 crore)
  • Wind Power Business: 330.85 MW operational capacity across 12 projects in Gujarat, revenue ₹510.10 crore
  • EPC and O&M Services: Contributed 10.1% of total revenue
  • Associate Business (Platino): 50% stake in Retrofit Emission Control Devices business

Operational Highlights

  • Manufacturing Facilities: 3 facilities in Bengaluru, Silvassa, and Khopoli
  • Generator Range: 7.5 kVA to 10,000 kVA capacity
  • Wind Capacity: 330.85 MW operational across 12 projects
  • Capital Expenditure: ₹574.69 crore invested in property, plant and equipment
  • Sales Network: 19 offices and 40+ dealers nationwide
  • Technology Partnerships: Long-standing partnerships with Cummins (since 1984) and Hyundai (since 2014)

AGM Details

Date: September 24, 2026

Time: 11:30 AM IST

Mode: Video Conferencing/Other Audio-Visual Means

Cut-off date for e-voting: September 17, 2026

Agenda Items:

Ordinary Business:

1. Adoption of Audited Standalone and Consolidated Financial Statements

2. Re-appointment of Mr. Jai Ram Oberoi as Director liable to retire by rotation

Special Business:

3. Ratification of Cost Auditor remuneration

4. Appointment of Secretarial Auditors (M/s. Martinho Ferrao & Associates for 5 years)

5. Appointment of Mr. Maheswar Sahu as Non-Executive Non-Independent Director

6. Payment of commission to Independent Directors

7. Revision in remuneration of Mr. Tushar Gupta in subsidiary company

8. Re-appointments of Ms. Renu Naresh Oberoi, Mr. Pradeep Omprakash Gupta, and Independent Directors

Subsidiary and Associate Companies

Subsidiaries: Vartaman Wind Energy Private Limited (100%), Paramount Windfarms Private Limited (51%), Powerica Renewable Infra Private Limited (65%), Powerica Power Systems (FZE) (100%), Windstride Power Private Limited (100%)

Associate: Platino Automotive Private Limited (50%)

Corporate Governance

  • Board comprises 4 Executive Directors and 5 Non-Executive Independent Directors
  • Key Managerial Personnel: Chairman & MD, Whole-time Directors, Group CFO, and Company Secretary
  • Various committees constituted: Audit, Nomination & Remuneration, Stakeholders Relationship, Risk Management, CSR
  • Obtained CRISIL & ICRA AA Stable rating for long-term banking facilities

Contingent Liabilities

  • Tax demands disputed: ₹47.33 crore (including ₹33.19 crore income tax)
  • Corporate guarantees: ₹122.20 crore to subsidiaries
  • Letter of credit outstanding: ₹62.93 crore (standalone), ₹68.24 crore (consolidated)