Management Commentary

Rakesh Ashok Markhedkar, Promoter & CMD, stated that FY26 was a defining year as the company strengthened its position across high-growth infrastructure segments, particularly Solar EPC. The scale-up in order book reflects growing customer confidence in execution capabilities. During the year, the company expanded its renewable energy footprint through strategic investments that complement EPC capabilities. For FY27, focus remains on disciplined execution, margin improvement, operational efficiencies, and calibrated expansion across Power T&D, Solar and Data Center verticals. The company is evaluating opportunities in select international markets to further diversify growth trajectory.

Financial Highlights - Consolidated P&L (₹ Cr)

FY26 Performance:

  • Revenue: ₹1,252.3 Cr
  • Cost of materials consumed: ₹482.8 Cr
  • Project-related expense: ₹435.4 Cr
  • Employee benefits expense: ₹83.8 Cr
  • Other expenses: ₹72.2 Cr
  • EBITDA*: ₹175.1 Cr (14.0% margin)
  • Depreciation and amortisation: ₹3.4 Cr
  • Finance Cost: ₹66.4 Cr
  • Exceptional Item: ₹1.2 Cr
  • Profit before tax: ₹121.0 Cr
  • Tax: ₹29.3 Cr
  • Profit After Tax: ₹91.7 Cr (7.3% margin)

FY25 Performance:

  • Revenue: ₹355.8 Cr
  • Cost of materials consumed: ₹69.8 Cr
  • Project-related expense: ₹121.3 Cr
  • Employee benefits expense: ₹20.9 Cr
  • Other expenses: ₹19.6 Cr
  • EBITDA*: ₹34.9 Cr (13.1% margin)
  • Depreciation and amortisation: ₹1.2 Cr
  • Finance Cost: ₹13.1 Cr
  • Exceptional Item: ₹1.2 Cr
  • Profit before tax: ₹25.9 Cr
  • Tax: ₹5.0 Cr
  • Profit After Tax: ₹20.9 Cr (7.8% margin)

*EBITDA calculated excluding Other Income

Balance Sheet Position (as of 31-Mar-26, ₹ Cr)

Assets:

  • Property, plant and equipment: ₹10.8 Cr
  • Right-of-use assets: ₹8.4 Cr
  • Trade Receivables (Non-current): ₹29.3 Cr
  • Deferred tax assets (net): ₹30.1 Cr
  • Inventories: ₹79.9 Cr
  • Trade receivables (Current): ₹1,013.1 Cr
  • Cash and cash equivalents: ₹33.3 Cr
  • Bank balances other than above: ₹186.5 Cr
  • Loans: ₹54.2 Cr
  • Contract assets: ₹863.9 Cr
  • Total Assets: ₹2,503.5 Cr

Liabilities & Equity:

  • Equity share capital: ₹25.8 Cr
  • Other equity: ₹1,211.6 Cr
  • Total Equity: ₹1,237.4 Cr
  • Long-Term Borrowings: ₹45.8 Cr
  • Lease liabilities: ₹8.7 Cr (₹6.9 Cr non-current + ₹1.8 Cr current)
  • Borrowings (Current): ₹246.4 Cr
  • Trade payables: ₹788.4 Cr
  • Current tax liabilities (net): ₹27.6 Cr
  • Total Liabilities: ₹1,266.1 Cr

Order Book Analysis (as of 22nd May, 2026)

Current Order Book: ₹5,206.0 Cr

  • Solar: ₹2,825.1 Cr (54.2%)
  • Power T&D: ₹1,705.8 Cr (32.8%)
  • Water: ₹634.4 Cr (12.2%)
  • Railway: ₹40.7 Cr (0.8%)

Comparative Order Book (previous period): ₹2,044.3 Cr

  • Power T&D: ₹1,237.4 Cr (60.5%)
  • Water: ₹764.6 Cr (37.4%)
  • Railway: ₹42.3 Cr (2.1%)

Strategic Acquisition - NOPL Solar Projects

Transaction 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

Business Verticals and Capabilities

Power Transmission & Distribution:

  • Transmission lines up to 400 kV
  • Substations up to EHV 765 kV (AIS & GIS)
  • Power Distribution Network
  • Smart Metering

Solar EPC Projects:

  • Water Pump Installation
  • Ground Mounted Solar Projects
  • Capacity: Up to 2 GWp solar PV projects, 1 GWp BoS projects

Water Infrastructure:

  • Drinking Water Projects
  • Water Distribution projects
  • Water treatment plants, distribution networks, rainwater harvesting systems

Railway Infrastructure:

  • Overhead Electrification
  • Traction Sub-Station
  • 25 kV, 50 Hz AC systems

Operational Metrics

  • 45 completed projects across 14 states
  • Currently active in 16 states with 190+ project and store locations
  • 3,500+ supplier network
  • Asset-light model for equipment and machinery
  • Plans to expand into Middle East in private sector EPC projects

Management Team

Key Executives:

  • Rakesh Ashok Markhedkar: Promoter & CMD (35+ years experience, ex-L&T, Voltage Engineering, EMCO, KEI Industries)
  • Nakul Markhedkar: Whole Time Director (10+ years experience)
  • Avinash Markhedkar: Whole Time Director (34+ years experience, ex-Grasim Cement, UltraTech Cement)
  • Ashish Bahety: Chief Financial Officer (19+ years finance experience)
  • Dibyendu Ray: Chief Operating Officer (35+ years experience, ex-Siemens, Sterling and Wilson, KEC International)
  • Kajal Rakholiya: Company Secretary & Compliance Officer (10+ years experience)

Independent Directors:

  • Rakesh Sharma: Independent Director (35+ years experience, ex-TATA Steel, ACC, Punj Lloyd, L&T)
  • Priti Savla: Independent Director (22+ years as practicing Chartered Accountant)
  • Arun Unhale: Independent Director (40+ years experience, retired IAS officer)

Geographical Presence

  • Projects executed across 22 Indian states
  • 190 active sites as on 31st March 2026
  • 3,500+ suppliers network PAN India
  • Client mix: Government, Public Sector, and Private Clients