Event Type: Q1 FY26-27 Earnings Conference Call held on August 12, 2026, at 11:30 A.M. IST.

Management Participants:

  • Mr. Rakesh Markhedkar – Chairman and Managing Director
  • Mr. Nakul Markhedkar – Whole-Time Director
  • Mr. Ashish Bahety – Chief Financial Officer
  • Adfactors PR, Investor Relations Advisors

Financial Performance Highlights (Standalone Basis):

  • Income from operations: INR 204 crores (28.2% YoY growth)
  • EBITDA: INR 28 crores (23.7% YoY growth)
  • EBITDA margin: 13.7%
  • Profit after tax: INR 17.5 crores (209.9% YoY growth)
  • PAT margin: 8.6% (vs. 3.5% in Q1 FY26)

Financial Performance Highlights (Consolidated Basis):

  • Income from operations: INR 141.6 crores
  • EBITDA: INR 11.3 crores
  • EBITDA margin: 8%
  • Profit: INR 4 crores
  • PAT margin: 2.8%

Operational Updates:

  • Order book stands at approximately INR 6,496 crores with mix:
  • Solar EPC: 62% (INR 3,518 crores for 969 MW project)
  • Power T&D: 28%
  • Water infrastructure: 10%

NOPL Solar Project Execution:

  • 45 MW already commissioned
  • 15 MW ready for commissioning in coming days
  • 240 MW in advanced stages
  • Total execution period: 12 months
  • Revenue recognized from NOPL in Q1: INR 62 crores

Recent Order Wins:

  • MSEDCL orders: INR 530 crores for distribution infrastructure
  • Power Grid orders: INR 120 crores for 400 KV GIS substation

Project Commissioning:

  • Successfully commissioned 132 KV Miao-Namsai transmission line in Arunachal Pradesh (40.6 km, 138 towers)

Future Guidance:

  • FY27 revenue target: INR 2,200-2,500 crores
  • Expected NOPL project revenue: ~INR 1,500 crores in FY27
  • Planned execution: INR 100 crores in Q2, INR 1,400 crores in H2

Working Capital & Receivables:

  • Focus on reducing debtor days (currently 296 days)
  • Jal Jeevan Mission receivables: INR 120 crores
  • Received INR 23 crores in last quarter from Jal Jeevan
  • Received INR 10+ crores in last 30 days

Project Financing:

  • NOPL project cost: ~INR 4,000 crores
  • Debt-equity ratio target: 75:25
  • IREDA sanction expected in current quarter
  • CFA subsidy of INR 1,017 crores available

Compliance Statement:

The transcript was submitted in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Additional Notes Section

  • The document includes the full transcript of the earnings conference call
  • The company clarified that for proper assessment during the construction phase, investors should refer to standalone financials rather than consolidated numbers
  • The consolidation impact occurs because work done for the subsidiary (NOPL) appears as capex rather than revenue in consolidated statements