Financial Performance (Consolidated)

Q2 FY27 Results:

  • Revenue from Operations: ₹11,079 Mn, up 31.4% YoY (vs ₹8,434 Mn in Q2 FY26)
  • Core EBITDA: ₹1,814 Mn, up 63.0% YoY (vs ₹1,113 Mn in Q2 FY26)
  • Core EBITDA Margin: 16.38%, up 318 bps YoY (from 13.2% in Q2 FY26)
  • Profit Before Tax: ₹1,979 Mn, up 41.8% YoY
  • Profit After Tax: ₹1,585 Mn, up 52.4% YoY
  • PAT Margin: 14.3%, up 200 bps YoY

H1 FY27 Results:

  • Revenue from Operations: ₹17,382 Mn, up 26.9% YoY (vs ₹13,694 Mn in H1 FY26)
  • Core EBITDA: ₹2,810 Mn, up 37.9% YoY
  • Core EBITDA Margin: 16.16%, up 126 bps YoY
  • Profit After Tax: ₹2,518 Mn, up 17.2% YoY

Balance Sheet (Consolidated as of 30 September 2026):

  • Total Assets: ₹62,697 Mn (vs ₹59,385 Mn as of 31 March 2026)
  • Non-Current Assets: ₹7,557 Mn
  • Current Assets: ₹55,141 Mn
  • Investments: ₹20,580 Mn
  • Trade Receivables: ₹11,476 Mn
  • Cash and Cash Equivalents: ₹2,657 Mn
  • Other Current Assets: ₹20,428 Mn (mainly contract assets from transmission EPC projects and AMI/TBCB concessions)
  • Total Shareholder's Funds: ₹43,344 Mn
  • Total Liabilities: ₹19,354 Mn

Standalone Performance

Q2 FY27 Standalone:

  • Revenue from Operations: ₹10,968 Mn, up 30.8% YoY
  • Core EBITDA: ₹1,475 Mn, up 27.8% YoY
  • Core EBITDA Margin: 13.45% (vs 13.77% in Q2 FY26)
  • Profit After Tax: ₹1,361 Mn, up 10.3% YoY
  • PAT Margin: 12.40%

Management Commentary - Financials:

  • Revenue growth driven by execution momentum across transmission EPC and AMI installation
  • EBITDA margin improvement from consolidation of margins at SPV level, especially smart metering business due to increased execution
  • Other income lower as capital being deployed in TBCB assets
  • PAT increased YoY as there were no deferred tax adjustments during the period
  • Investments declined due to deployment of QIP funds toward project execution

Operational Highlights

Order Book & Inflow:

  • ₹15,284 Mn won in Q2 FY27
  • ₹3,110 Mn additional order won post-Q2
  • L1 position on ~₹11,910 Mn
  • Total order book: ₹70,258 Mn (Transmission EPC + TBCB)

Engine I - Power Infrastructure:

Transmission Business:
  • Transmission EPC order book: ₹66,023 Mn
  • TBCB assets: ₹4,235 Mn
  • Projects in execution:
  • NERES XVI: 400/220/132 kV substation, 1,400 MVA, 45 km lines - In Progress
  • Ishanagar (IPTL): Commissioning Done, received 90% order value in Q3
  • Dhule (DPTL): Under execution, expected closure March 2027
  • 4 TBCB projects won, 3 monetized
  • Company has built approximately 350 of India's ~500 substations of 400 kV and above
Smart Metering Business:
  • 2.24 Mn smart meters awarded across 4 states (MP, J&K, Jharkhand, Tripura)
  • Total project value: ~₹26,120 Mn
  • 120-month contracts (27M installation + 93M O&M)
  • Implementation status:
  • Madhya Pradesh (AMI 1): 100% installed and certified, now in 93-month O&M annuity phase
  • Jammu & Kashmir Lot-B: 2.5 lakh meters delivered, ₹383.39 Cr, 100% live
  • Jammu & Kashmir (AMI 2): Installation due for completion within Q3 FY27
  • Jharkhand (AMI 3): Installation due for completion within Q4 FY27
  • Tripura (AMI 4): Installation due for completion within Q4 FY27
  • Overall AMI portfolio installation at 85%, scheduled for 100% completion by end of FY27

Engine II - Digital Infrastructure:

Portfolio Status:
  • Planned portfolio: 250 MW by FY32
  • 102 edge locations across 23 states
  • 63,000+ km access to RailTel's Fiber Network
  • Campus details:
  • Chennai Campus (South): 24 MW, Phase 1 Live, TIA-942-B and IGBC Gold certified
  • Noida Campus (North): 10 MW, Phase 0 (500 kW) operational and customer onboarded, Phase 1 (5 MW) completion targeted by end of FY27
  • Kolkata Campus (East): 12 MW, Under Construction, foundation works in progress, targeted live by FY29
  • Andhra Pradesh (South): 1.35 MW, Under Construction, built for End User, construction started, targeted live by H1 FY28
  • Gurgaon EDC (North): 0.4 MW, Live, 100% occupied
  • Mumbai EDC (West): 0.8 MW, Live, commissioned, customers onboarded
Demand & Capital Deployment:
  • ~150 MW IT load under active discussion
  • 30+ open opportunities in funnel
  • 10+ new customer logos since April 2026
  • Cumulative data centre capex: ~₹658 Cr across projects till date
  • ~₹565 Cr at Chennai as of 30 September 2026
  • FY27 investment concentrated on Chennai, Noida and Kolkata campuses

Market Outlook

Power Transmission:

  • ₹7.93 Lakh Cr planned transmission capex for FY27-36
  • Transmission planned for 900+ GW of non-fossil capacity by 2035-36
  • All-time peak demand of 270.8 GW in May 2026
  • H1 FY27 transmission lines added: 6,108 ckm (77% at 400 kV+)
  • H1 FY27 substations added: 67.8 GVA (78% at 400 kV+)
  • PGCIL work-in-hand: ₹1.75 Lakh Cr, of which TBCB ₹1.46 Lakh Cr
  • ₹73,875 Cr under bidding, ₹45,620 Cr more to come

Data Centre Market:

  • Operational capacity: 1,789 MW in top-7 markets (H1 2026)
  • H1 2026 absorption: 278 MW IT load against supply of 258 MW
  • Forecasts: 6 GW+ by 2029-30 (JLL and Savills)
  • Cumulative investment commitments: US$173 Bn since 2021
  • Policy support includes foreign cloud tax holiday to 2047 and DPDP Act encouraging onshore data storage

ESG Performance

  • Crisil ESG score: 56 (Adequate category, +9 pts vs FY24-25)
  • First external BRSR audit with Reasonable Assurance from CNK & Associates LLP
  • First international ESG ratings (Bloomberg and RepRisk)
  • Chennai data center: IGBC Gold and TIA-942-B certified
  • AI-ready infrastructure with 75% water reduction
  • CSR Foundation formed: OCF Techno Electric & Engineering Foundation
  • Digitized BRSR reporting using Karbon platform with Planet Sustech

Company Positioning

  • 45+ years in power sector
  • Debt-free balance sheet
  • ICRA AA/Stable credit rating
  • Engineering expertise in EHV substations up to 765 kV
  • Grid proximity and evacuation expertise
  • Multi-decade relationships with PGCIL, transcos, and discoms
  • Now serving global tech clients in digital infrastructure