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Regulatory Reference: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Financial Performance Highlights

Q4 FY26 Performance:

  • Revenue from operations: ₹801 crores, representing 10.9% year-on-year growth
  • EBITDA: ₹86 crores with margin of 10.8%
  • PAT: ₹45 crores with margin of 5.6%

Full Year FY26 Performance:

  • Revenue from operations: ₹3,012 crores, achieving the 3,000 crore benchmark for the first time in company history with 13.5% year-on-year growth
  • EBITDA: ₹386 crores with overall margin of 12.8%
  • PAT: ₹277 crores with margin of 9.2%
  • Lower tax expense in FY26 due to deferred tax credit of ₹51 crores resulting from tax regime change after budget announcement

Segmental Performance Breakdown

Generator Set Business (83% of total revenue):

  • Registered 10.9% year-on-year growth
  • EBITDA margin of 9.1%
  • DG Sets powered by Cummins contributed approximately 66% of overall FY26 revenue
  • MSLG (Medium-Speed Large Generator) contributed approximately 5% of overall revenue
  • MSLG business is project-driven with revenue recognition linked to execution milestones and project completion cycles ranging between 12 to 48 months

Allied Business (12.5% of total revenue):

  • Includes EMI shelters, containers, defense applications, acoustic enclosures
  • Includes Schneider Electric Prisma Panel and project-related work

Wind Power Business (16.9% of total revenue):

  • Revenue: ₹512 crores with 28.6% year-on-year growth
  • EBITDA margin: 31.3%
  • IPP business contributed 40% of wind segment revenue
  • EPC and O&M business contributed 60% of wind segment revenue

Capital Structure and Cash Position

  • Company repaid existing debt of ₹525 crores in Q1 FY27 post-IPO
  • Current cash position including investments: approximately ₹450 crores as of May 26, 2026
  • Substantial reduction expected in finance costs in Q1 FY27, directly enhancing PAT margin
  • Working capital cycle improved during the year driven by disciplined inventory management, AR management, and better receivable management
  • Capex of 51.3 megawatt for the business during FY26

Business Segment Updates

DG Sets Business:

  • Partnership with Cummins India since 1984 with access to complete product range of 7.5 kVA to 3,750 kVA
  • MSLG division started in 1996 with range from 3,000 kVA to 10,000 kVA single units
  • Association with Hyundai developed in 2014
  • Three manufacturing facilities in Bangalore, Silvassa, and Khopoli
  • Full control over manufacturing of acoustic enclosures, fuel and exhaust systems, control panels, and all auxiliary items except engine and alternator
  • Data center applications contributed 12% of DG revenue in FY26
  • Well-diversified customer base spanning manufacturing, real estate, infrastructure, pharmaceuticals, government and defense, IT and data centers, and rental fleet operators

Wind Power Business:

  • Current IPP portfolio: 330.85 megawatts across 12 wind power projects in Gujarat
  • 25-year power purchase agreements with GUVNL and SECI at fixed tariff
  • Additional 52.7 megawatt project under construction, taking IPP portfolio to 384 megawatts at completion
  • Secured bids for additional 100 megawatts with GUVNL under development at Botad district
  • Another 50 megawatt under advanced planning stage
  • Executing BoP EPC projects: 175-megawatt wind power project for Airpower Wind Farms at Khambaliya, Gujarat and 250 megawatt wind power project for Torrent Surya Urja at Beed, Maharashtra
  • Strong strategic relationships with global OEMs including GE Vernova and Vestas
  • Average PLF of 26% across 280 megawatt portfolio with EBITDA margin of 60-62%
  • New projects expected to achieve 36.5% PLF with first-year EBITDA margin of 87-88%, stabilizing at 82-83%

Platino Automotive Private Limited (Associate Company):

  • Developed Platino RECD retrofit emission control device for engines covering 125 kVA and above
  • Reduces DG Sets emissions by up to 92%
  • Device cost range: ₹3 lakhs to ₹30 lakhs per installation
  • Addressable market: every pre-CPCB4 DG Set in India
  • Q4 FY26 performance: ₹22 crores sales with ₹5.8 crores PBT

Growth Outlook and Guidance

  • Targeting double-digit top line growth in FY27
  • Organic growth target of 11-12% for DG Sets business
  • Expect revenue split of 75-80% from gensets and 20-25% from wind power in coming years
  • Strong order book visibility of 9 months to a year for data center business
  • EPC order pipeline of 585 megawatt with execution timeline till December 2027
  • 175 megawatt project in Gujarat expected completion by December 2026
  • 410 megawatt order for Maharashtra executing for Torrent Power
  • Actively evaluating hybrid wind-solar-battery energy storage system opportunities within IPP portfolio

Key Growth Drivers Identified

1. Data center investments and demand for high horsepower DG Sets

2. Manufacturing and real estate sectors as traditional growth drivers

3. EV charging station expansion requiring DG backup power outside metro cities

4. Rental market pickup

5. C&I business growth and private PPAs in renewable energy

6. Government push for renewable power with 500 gigawatt target

7. State-level mandates for emission compliance driving Platino business

Operational Highlights

  • First earnings call after company listing
  • Record highest ever performance in FY26 and Q4 FY26 with sustained margin growth
  • Geopolitical uncertainties, rising energy prices, and supply chain pressures weighing on near-term demand in Q1 FY27
  • Australia MSLG project 90-95% complete with secured service order for operation and maintenance
  • Expected additional 50 megawatt capex and higher depreciation in FY27

Management Participants

  • Mr. Jai Ram Oberoi - Whole-Time Director
  • Mr. Pradeep Gupta - Whole-Time Director
  • Mr. Ritesh Kumar Agrawal - Group Chief Financial Officer
  • SGA - Investor Relations Advisor
  • Moderator: Mr. Subhadip Mitra - Nuvama Institutional Equities