Date: 11th August 2026
Financial Results (Standalone)
Profit & Loss Statement (₹ Crore)
- Revenue from operations: ₹204.0 Cr in Q1 FY27 vs ₹159.2 Cr in Q1 FY26 (28.2% YoY growth)
- Other income: ₹11.2 Cr in Q1 FY27 vs ₹0.7 Cr in Q1 FY26
- Total income: ₹215.2 Cr in Q1 FY27 vs ₹159.8 Cr in Q1 FY26 (34.6% YoY growth)
- EBITDA: ₹28.0 Cr in Q1 FY27 vs ₹22.7 Cr in Q1 FY26 (23.7% YoY growth)
- EBITDA Margin: 13.7% in Q1 FY27 vs 14.2% in Q1 FY26
- Profit before tax: ₹23.1 Cr in Q1 FY27 vs ₹7.4 Cr in Q1 FY26 (212.2% YoY growth)
- Profit After Tax: ₹17.5 Cr in Q1 FY27 vs ₹5.7 Cr in Q1 FY26 (209.9% YoY growth)
- PAT Margin: 8.6% in Q1 FY27 vs 3.5% in Q1 FY26
Cost Breakdown (₹ Crore)
- Cost of materials consumed: ₹91.0 Cr
- Project-related expense: ₹42.4 Cr
- Employee benefits expense: ₹23.4 Cr
- Other expenses: ₹19.2 Cr
- Depreciation and amortisation: ₹1.1 Cr
- Finance Cost: ₹15.0 Cr
- Tax: ₹5.6 Cr
Financial Results (Consolidated)
Profit & Loss Statement (₹ Crore)
- Revenue from operations: ₹141.6 Cr in Q1 FY27 vs ₹159.2 Cr in Q1 FY26 (-11.0% YoY)
- Other income: ₹10.2 Cr in Q1 FY27 vs ₹0.7 Cr in Q1 FY26
- Total income: ₹151.8 Cr in Q1 FY27 vs ₹159.9 Cr in Q1 FY26 (-5.0% YoY)
- EBITDA: ₹11.3 Cr in Q1 FY27 vs ₹22.7 Cr in Q1 FY26 (-50.2% YoY)
- EBITDA Margin: 8.0% in Q1 FY27 vs 14.2% in Q1 FY26
- Profit before tax: ₹5.4 Cr in Q1 FY27 vs ₹7.4 Cr in Q1 FY26 (-26.5% YoY)
- Profit After Tax: ₹4.0 Cr in Q1 FY27 vs ₹5.7 Cr in Q1 FY26 (-29.4% YoY)
- PAT Margin: 2.8% in Q1 FY27 vs 3.5% in Q1 FY26
Order Book
Order Book Composition as on 30th June 2026 (₹ Crore)
- Total Order Book: ₹6,354.0 Cr
- Solar: ₹4,017.3 Cr (63%)
- Power T&D: ₹1,674.9 Cr (26%)
- Water: ₹620.9 Cr (10%)
- Railway: ₹40.7 Cr (1%)
Order Book Comparison
- As on 31st March 2026: ₹5,206.0 Cr
- As on 31st March 2025: ₹2,044.3 Cr
Total Order Book as on 11th August 2026: ~₹6,496 Cr
- Client Type mix: 62% Solar, 28% Power T&D, 10% Water, 1% Railway
Strategic Acquisition
NOPL Solar Projects Acquisition Details
- Target Investment: 969 MW PM-KUSUM Solar Portfolio
- Acquisition Structure: 100% Ownership
- Total Project Cost: ₹4,200 Cr
- PPA Tenure: 25 Years
- Off-taker: MSEDCL
- Tariff: ₹3.074/kWh
- Central Financial Assistance: ₹1,017 Cr under PM-KUSUM
Expected Financial Benefits
- Average annual revenue potential: ~₹525+ Cr
- Average EBITDA generation: ~₹450+ Cr
- EBITDA margins: ~85-88%
Execution Status
- 80% land secured
- 100+ installation partners identified
Management Commentary
Rakesh Ashok Markhedkar, Promoter & CMD Statement
- Commenced FY27 with 28% YoY revenue growth and 24% YoY EBITDA growth
- Integration of NOPL Solar Projects strengthens renewable energy platform
- Core Power T&D business maintains strong momentum with recent POWERGRID 400 kV GIS substation order
- Successful commissioning of Miao-Namsai transmission line in Arunachal Pradesh
- Focus on emerging opportunities: Battery Energy Storage Systems and Data Centre infrastructure
- Emphasis on disciplined growth, timely execution, and prudent capital allocation
Company Overview
Business Verticals
- Power Transmission & Distribution: Transmission lines, substations, power distribution network, smart metering
- Solar EPC Projects: Water pump installation, ground mounted solar projects
- Water Infrastructure: Drinking water projects, water distribution projects
- Railway Infrastructure: Overhead electrification, traction sub-station
Geographical Presence
- 22 unique states served
- 190+ active sites across 18 states as on 30th June 2026
- Asset light model for equipment and machineries
- Plans to expand into Middle East in private sector EPC projects
Key Management Personnel
- Rakesh Ashok Markhedkar: Promoter & CMD, 35+ years experience, previously with L&T, Voltage Engineering, EMCO, KEI Industries
- Avinash Markhedkar: Whole Time Director, 34+ years experience, previously with Grasim Cement and UltraTech Cement
- Nakul Markhedkar: Whole Time Director, 10+ years experience
- Ashish Bahety: Chief Financial Officer, 19+ years finance experience
- Kanchan Rakesh Markhedkar: Chief Human Resource Officer
Independent Directors
- Rakesh Sharma: Independent Director, 35+ years experience
- Priti Savla: Independent Director, practicing Chartered Accountant since 2002
- Arun Unhale: Independent Director, retired IAS officer with 40+ years experience
Future Strategy
Strategic Initiatives
- Expand through Government-led Power & Water Programs
- Undertake additional projects and higher value projects
- International expansion in Asian (Middle East focus) and African countries
- Expand Solar EPC turnkey projects
- Explore projects in Data Centers and Smart metering