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Q1 FY27 Concall: Revenue Up 26% to ₹1,632 Cr; Executable Order Book at ₹16,229 Cr
Power Mech Projects reported a 26% YoY increase in Q1 FY27 total revenue to ₹1,632 Cr, with PAT after minority interest rising 53% YoY to ₹80 Cr (EPS of ₹25.23). The company secured ₹1,864 Cr in new orders during the quarter, achieving 15.5% of its ₹12,000 Cr full-year order inflow target. Total order backlog stood at ₹55,398 Cr (including long-term MDO contracts), while the ex-MDO executable order book reached ₹16,229 Cr (~2.54x TTM revenue). Mining revenue grew 223% YoY to ₹84 Cr, and civil infrastructure rose 28% to ₹796 Cr, supporting overall momentum despite slight consolidated EBITDA margin compression to 10.8%.
Confidence: HIGH
What changedDetailed operational transcript released for Q1 FY27, confirming steady execution, initial mining ramp-up, and healthy order pipeline tracking.
Why it mattersDemonstrates sustained revenue growth and validates multi-year execution visibility with an executable order book of ₹16,229 Cr (2.54x TTM revenue) and a total pipeline backed by expanding thermal power capex.
Q1 FY27 Total Revenue: ₹1,632 CrQ1 FY27 PAT (after minority interest): ₹80 CrExecutable Order Book (ex-MDO): ₹16,229 CrTotal Backlog (incl MDO): ₹55,398 CrExecutable Order Book to TTM Revenue: ~2.54xQ1 FY27 Order Inflows: ₹1,864 Cr
📅 Short termSolid operational results confirm top-line execution stability; watch for margin trajectory improvements as initial mining overburden removal costs normalize.
📈 Long termStructural tailwinds remain strong due to India's thermal power capacity additions (targeting 63 GW additions by 2032) and Power Mech's integration with major developers like BHEL, Adani, and JSW.
⚠ Risk flags
- Higher initial overburden costs at KBP mine weighing on segment profitability temporarily
- Material and execution cost inflation from Middle East geopolitical conflicts
- Certification and payment delays in state-funded water infrastructure projects
Key Highlights
Q1 FY27 revenue grew 26% YoY to ₹1,632 Cr; PAT after minority interest surged 53% YoY to ₹80 Cr.
Total order backlog stands at ₹55,398 Cr, with executable order book (ex-MDO) at ₹16,229 Cr.
Order inflows reached ₹1,864 Cr in Q1 FY27 against an annual target of ₹12,000 Cr.
Mining revenue surged 223% YoY to ₹84 Cr driven by the KBP mine ramp-up, while Civil grew 28% YoY to ₹796 Cr.
Identified power sector tender pipeline stands at ₹25,000-₹30,000 Cr across BHEL, Adani, and JSW project awards.
👀 What to Watch
Track quarterly order inflow progress toward the ₹12,000 Cr FY27 target, alongside coal seam production ramp-up at the KBP mine to verify expected EBITDA margin recovery.
26% Revenue Growth in Q1 FY27; Order Backlog Reaches Rs 55,398 Cr
Power Mech Projects reported a strong 26% YoY revenue growth to Rs 1,632 Cr for Q1 FY27, driven by execution in Civil Infra and O&M segments. However, EBITDA margins contracted significantly by 320 bps to 10.78% due to higher royalty costs in the KRBM project and increased material costs. Despite operational pressure, PAT grew 11% YoY to Rs 89.32 Cr, supported by lower finance and tax expenses. The total order backlog of Rs 55,398 Cr provides massive revenue visibility, representing approximately 9.1x the TTM revenue.
Confidence: HIGH
What changedThe company has reported its first quarter results for FY27, showing strong execution momentum but facing temporary margin headwinds from royalty sharing and global material cost spikes.
Why it mattersThe massive order book-to-bill ratio of over 9x ensures long-term revenue growth, but the shift in segment mix and cost pressures are currently weighing on operational profitability.
Q1 FY27 Revenue: Rs 1,632 CrOrder Backlog: Rs 55,398 CrBacklog vs TTM Revenue: 9.14xEBITDA Margin: 10.78%Q1 Order Inflow: Rs 1,864 Cr
📅 Short termThe stock may see neutral to slightly cautious sentiment due to the 320 bps margin contraction, despite the strong top-line growth.
📈 Long termThe structural story remains intact with a multi-year order book and strategic pivot toward high-margin MDO and annuity-based O&M services.
⚠ Risk flags
- Margin volatility due to royalty sharing disputes
- Increased material costs from Middle East conflict
- High concentration of order book in the MDO segment
Key Highlights
Revenue from operations increased 26% YoY to Rs 1,632 Cr in Q1 FY27.
Total order backlog stands at Rs 55,398 Cr, with the MDO segment contributing Rs 39,330 Cr.
EBITDA margins declined to 10.78% from 13.98% in the previous year's quarter.
New order inflows for Q1 FY27 reached Rs 1,864 Cr, including wins from JSW and Adani.
PAT increased 11% YoY to Rs 89.32 Cr, though PAT margin dipped to 5.5% from 6.23%.
👀 What to Watch
Investors should monitor the execution ramp-up of the MDO business (KBP mine) and the management's ability to pass through or stabilize royalty and material costs to recover margins toward the 12-13% range.
Power Mech Approves 10 Lakh ESOPs and Q1 FY27 Results; Director Resigns
Power Mech Projects Limited held a board meeting on August 8, 2026, approving the un-audited financial results for Q1 FY27. A significant highlight is the approval of a new Employee Stock Option Plan (ESOP) involving up to 10,00,000 equity shares, representing approximately 2.8% dilution of the current equity base. Additionally, Mrs. Sajja Lakshmi resigned as a Non-Executive Director due to personal commitments. The board also dissolved the Investment Committee and reconstituted other board committees.
Confidence: HIGH
What changedThe company has introduced a new employee incentive scheme (ESOP) and streamlined its board structure by dissolving the Investment Committee and accepting a director's resignation.
Why it mattersThe ESOP plan is a tool for talent retention but will lead to a ~2.8% equity dilution. The dissolution of the Investment Committee may indicate a shift in how the company manages its capital allocation oversight.
ESOP Pool Size: 10,00,000 sharesPotential Equity Dilution: ~2.8%ESOP Exercise Price Range: 10% to 25% of market priceTTM Revenue: ₹6,062 CrOrder Book (Context): ₹56,000 Cr+
📅 Short termThe stock may react to the specific Q1 FY27 earnings numbers (revenue/PAT growth) rather than the administrative board changes or the ESOP announcement.
📈 Long termThe ESOP plan aligns employee interests over a 5-year horizon. The core long-term driver remains the execution of the massive ₹56,000 Cr order book.
⚠ Risk flags
- Equity dilution from ESOPs
- Management/Board transition
Key Highlights
Approved a new ESOP plan for up to 10,00,000 equity shares of ₹10 each
ESOP exercise price set between 10% and 25% of the market price on the date of grant
Resignation of Mrs. Sajja Lakshmi (Non-Executive Director) effective August 8, 2026
ESOP vesting period established between a minimum of 1 year and a maximum of 5 years
Dissolution of the Investment Committee and reconstitution of other board committees
👀 What to Watch
Investors should review the detailed Q1 FY27 financial results to assess margin trends against the TTM OPM of 11.6% and monitor the impact of ESOP-related dilution on future EPS.
Power Mech Approves 10 Lakh ESOPs and Q1 Results; Director Resigns
Power Mech Projects' board has approved the un-audited financial results for Q1 FY27 and a new Employee Stock Option Plan (ESOP) involving up to 10,00,000 equity shares. This ESOP pool represents approximately 2.8% of the company's current equity base (based on a market cap of ₹9,364 Cr). The board also accepted the resignation of Non-Executive Director Mrs. Sajja Lakshmi and dissolved the Investment Committee, while re-constituting other board committees. The ESOPs feature a significant discount, with the exercise price set between 10% and 25% of the market price.
Confidence: HIGH
What changedThe company has introduced a new employee incentive scheme and updated its board composition and committee structure.
Why it mattersThe ESOP plan is intended for talent retention but will result in a ~2.8% equity dilution over a 3-5 year vesting period; the board changes represent routine governance updates.
ESOP Pool: 10,00,000 sharesExercise Price: 10% to 25% of market priceEstimated Dilution: ~2.8%Order Book (Context): ₹56,000 Cr+TTM Revenue (Context): ₹6,062 Cr
📅 Short termNeutral; the market focus will remain on the specific Q1 earnings performance rather than the administrative board changes or ESOP announcement.
📈 Long termLimited structural impact from these changes; long-term value remains tied to the execution of the massive ₹56,000 Cr order book and MDO business ramp-up.
⚠ Risk flags
- Equity dilution from ESOP issuance
Key Highlights
Approval of un-audited standalone and consolidated financial results for the quarter ended June 30, 2026.
Proposed grant of up to 10,00,000 stock options, each convertible into one equity share of ₹10.
ESOP exercise price set at a range of 10% to 25% of the market price on the date of grant.
Resignation of Mrs. Sajja Lakshmi (Non-Executive Director) effective August 8, 2026, due to personal commitments.
Dissolution of the Investment Committee and re-constitution of various other board committees.
👀 What to Watch
Investors should examine the detailed Q1 FY27 financial statements to monitor margin trends and progress toward the FY26 revenue target of ₹6,500 Cr.
Power Mech Projects Secures ₹1,008.90 Crore Order from JSW Thermal Energy
Power Mech Projects Limited has secured a significant domestic contract worth ₹1,008.90 Crores (inclusive of GST) from JSW Thermal Energy Limited. The project involves civil and structural works for the BTG area of a 2x800 MW thermal power plant located in Salboni, West Bengal. The execution period for this contract is 36 months, providing strong revenue visibility for the company over the medium term. This win reinforces Power Mech's position in the thermal power infrastructure segment.
Key Highlights
Total order value stands at ₹1,008.90 Crores inclusive of GST.
Contract awarded by JSW Thermal Energy Limited for a 2x800 MW thermal power project.
Project scope covers Civil & Structural Works of the BTG (Boiler, Turbine, Generator) Area.
Execution timeline is set for 36 months from the effective date of commencement.
The transaction is not a related party transaction and involves no promoter interest.
👀 What to Watch
Investors should take note of this substantial order win which bolsters the company's order book and ensures steady revenue flow for the next three years. The stock may see positive momentum reflecting improved growth prospects.
Power Mech Appoints Former IRS Officer Vasundhara Sinha as Independent Director for 2-Year Term
Power Mech Projects Limited has appointed Mrs. Vasundhara Sinha as a Non-Executive Independent Director effective June 20, 2026. A retired 1988-batch IRS officer, she brings extensive experience from her roles as Principal Chief Commissioner of Income Tax and Director General of Income Tax (Investigation). Her initial term is set for 2 years, subject to shareholder approval. This appointment is expected to significantly strengthen the company's board in areas of regulatory compliance, taxation, and financial oversight.
Key Highlights
Appointment of Mrs. Vasundhara Sinha as Additional Director (Independent) effective June 20, 2026.
The first term of appointment is for a duration of 2 years.
Appointee is a 1988-batch IRS officer and former Principal Chief Commissioner of Income Tax.
She has served as Additional Director General of Foreign Trade under the Ministry of Commerce.
Educational background includes a PG in Economics and specialized courses from Harvard University and IIM Bangalore.
👀 What to Watch
Investors should view this as a positive governance move, as the addition of a high-ranking former tax official enhances the board's oversight capabilities. No immediate portfolio action is required.
Power Mech Projects Bags ₹266.26 Crore O&M Order from Adani Group
Power Mech Projects Limited has secured a significant Operations and Maintenance (O&M) contract worth ₹266.26 Crores from Adani Infrastructure Management Services Limited. The contract involves providing KPI-based services for a 2x300MW thermal power plant at Butibori, Maharashtra. The execution period is set for 60 months, spanning from July 2026 to June 2031. This order provides long-term revenue visibility and strengthens the company's service portfolio in the domestic thermal power sector.
Key Highlights
Total order value is ₹266.26 Crores excluding GST.
Contract duration is 5 years (60 months) starting from July 1, 2026.
Scope includes KPI-based O&M services for a 2x300MW thermal power plant in Maharashtra.
The order is awarded by Adani Infrastructure Management Services Limited, a domestic entity.
No promoter or group company interest is involved in the awarding entity.
👀 What to Watch
Investors should consider this a positive development as it enhances the company's order book and ensures steady cash flows over the next five years. Monitor the company's ability to maintain margins on this KPI-based service contract.
Power Mech Projects Q4 FY26 PAT Rises 18% to ₹153 Cr; Order Backlog Reaches ₹55,151 Cr
Power Mech Projects reported a strong FY26 with revenue growing 16% YoY to ₹6,107 crores and PAT increasing 18% to ₹412 crores. The company maintains a massive total order backlog of ₹55,151 crores, providing revenue visibility through FY30. While FY26 order inflows of ₹7,210 crores missed the ₹10,000 crore target due to a cancelled BESS project, management has set a higher target of ₹12,000 crores for FY27. Notably, operating cash flow improved significantly to ₹430 crores from just ₹74 lakhs in the previous year.
Key Highlights
FY26 Revenue grew 16% YoY to ₹6,107 crores, while Q4 FY26 PAT rose 18% YoY to ₹153 crores.
Total order backlog stands at ₹55,151 crores (including MDO), with an executable non-MDO book of ₹15,899 crores.
Operating cash flow saw a massive turnaround, rising to ₹430 crores in FY26 compared to ₹74 lakhs in FY25.
Management targets ₹12,000 crores in new order inflows for FY27, focusing on BOP EPC and O&M sectors.
Successfully diversified into Metro O&M with a ₹279 crore contract and secured a major ₹2,550 crore BOP package from BHEL.
👀 What to Watch
Investors should view the significant improvement in cash flow and the robust order book as strong indicators of financial health and future growth. The company's strategic shift toward high-value EPC and recurring O&M contracts, coupled with a low debt-to-equity ratio of 0.32x, positions it well for the ongoing thermal power expansion cycle.
Power Mech Promoters Declare Zero Pledged Shares and 58.96% Stake as of March 2026
Power Mech Projects Limited's promoter group, led by Mr. Sajja Kishore Babu, has filed a formal declaration under SEBI (SAST) Regulations for the fiscal year ending March 31, 2026. The promoters collectively hold 1,84,69,568 shares, which constitutes a 58.96% stake in the company. Most importantly, the disclosure confirms that the promoters have not created any encumbrance or pledges on their shareholding, either directly or indirectly. This transparency provides assurance regarding the financial stability of the promoters and the absence of margin-call risks.
Key Highlights
Promoter group holds a total of 1,84,69,568 shares in Power Mech Projects Limited.
The total promoter shareholding stands at 58.96% as of March 31, 2026.
Promoters declared zero encumbrances or pledges on their entire shareholding for the period.
Compliance filing made under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
👀 What to Watch
Investors should view the zero-pledge status as a sign of promoter financial strength and commitment. No immediate action is required, but this reinforces a stable outlook for the company's governance.
Power Mech FY26 Revenue Rises 16% to ₹6,107 Cr; Order Backlog Robust at ₹55,151 Cr
Power Mech Projects reported a steady FY26 with annual revenue growing 16% to ₹6,107 Cr and EBITDA rising 15% to ₹750 Cr. While Q4 EBITDA margins dipped to 11.17% due to labor code provisions and higher operating expenses, PAT for the quarter increased to ₹153 Cr. The company maintains a massive order backlog of ₹55,151 Cr, providing multi-year revenue visibility, despite missing its annual order inflow target due to a cancelled ₹1,563 Cr BESS project. Strategic expansion into Metro O&M and high-value Balance of Plant (BOP) EPC projects marks a pivot toward higher-value segments.
Key Highlights
FY26 Revenue grew 16% YoY to ₹6,107 Cr, with Q4 Revenue rising 13% to ₹2,121 Cr.
Total order backlog stands at a robust ₹55,151 Cr, including significant MDO contracts worth ₹39,412 Cr.
FY26 order inflows reached ₹7,210 Cr, including a marquee BOP EPC win from BHEL for the Singareni project.
Q4 EBITDA margins compressed to 11.17% from 12.43% YoY, impacted by labor code provisions and lower other income.
MDO operations at KBP mine ramped up, contributing to increased cash flows and revenue diversification.
👀 What to Watch
Investors should focus on the company's ability to execute its massive ₹55,151 Cr backlog and the scaling of high-margin MDO operations. The entry into Metro O&M and BOP EPC projects suggests a positive shift in the business mix, though margin recovery in the coming quarters remains a key monitorable.
Power Mech Projects approves FY26 results; declares ₹1.50 per share final dividend
Power Mech Projects Limited has approved its audited standalone and consolidated financial results for the fiscal year ended March 31, 2026. The Board of Directors recommended a final dividend of 15%, which translates to ₹1.50 per equity share of ₹10 face value. The statutory auditors, Brahmayya & Co, issued an unmodified opinion on the financial statements, indicating no significant accounting concerns. Additionally, the company appointed M/s. M P R & Associates as Cost Auditors for the 2026-27 financial year.
Key Highlights
Approved audited standalone and consolidated financial results for the quarter and year ended March 31, 2026.
Recommended a final dividend of ₹1.50 per equity share (15% of face value) for FY 2025-26.
Statutory auditors provided an unmodified opinion on both standalone and consolidated financial statements.
Appointed M/s. M P R & Associates as Cost Auditors for the financial year 2026-27.
The dividend, if approved by shareholders, will be paid within 30 days of the Annual General Meeting.
👀 What to Watch
Investors should review the full financial statements for specific revenue and profit growth metrics; the clean audit report and dividend declaration are positive signs of corporate stability.
Power Mech Projects Secures ₹227.95 Crore Order from South Western Railway
Power Mech Projects Limited has secured a domestic contract worth ₹227.95 Crores from South Western Railway, Bangalore. The project involves the development of a Vande Bharat Sleeper Trains Maintenance Depot at Thanisandra, Karnataka, on an EPC basis. The execution timeline is set for 30 months from the appointed date, providing steady revenue visibility for the company's infrastructure segment. This win highlights the company's growing footprint in the Indian railway infrastructure space.
Key Highlights
Total order value stands at ₹227.95 Crores including Goods & Services Tax
Project involves development of Vande Bharat Sleeper Trains Maintenance Depot in Karnataka
Contract awarded by South Western Railway, Bangalore, on EPC mode
Execution period is 30 months from the Appointed Date
👀 What to Watch
Investors should monitor the company's execution efficiency and margin profile for this project. The order strengthens the order book and demonstrates the company's capability in specialized railway infrastructure.
Power Mech Secures Rs 296 Cr Mumbai Monorail O&M Contract for 5 Years
Power Mech Projects Limited has secured a significant Operations & Maintenance (O&M) contract worth Rs 296 crore from Maha Mumbai Metro Operation Corporation Limited (MMMOCL). The contract spans five years and covers the entire 19.54 km Mumbai Monorail corridor including 17 stations. This marks the company's strategic entry into the urban mobility sector, diversifying its revenue streams beyond traditional power and industrial O&M. The project involves managing advanced rolling stock and signaling systems, providing long-term revenue visibility.
Key Highlights
Awarded Rs 296 crore (excluding GST) O&M contract for the Mumbai Monorail
Contract duration is 5 years, ensuring steady long-term service revenue
Covers 19.54 km route and 17 stations from Sant Gadge Maharaj Chowk to Chembur
Marks the company's first major entry into the urban transit and mobility sector
Scope includes operating new rolling stock and upgraded CBTC signaling systems
👀 What to Watch
Investors should view this as a positive diversification move that reduces sector-specific risk and provides stable cash flows. Monitor the company's ability to leverage this entry to win further urban infrastructure and metro O&M contracts.
Power Mech Projects Secures ₹296.44 Cr O&M Order for Mumbai Monorail
Power Mech Projects Limited has been awarded a domestic contract worth ₹296.44 Crores by the Maha Mumbai Metro Operation Corporation Limited. The scope of the contract involves the Operations and Maintenance (O&M) of the 19.54 km Mumbai Monorail corridor, which includes 17 stations. This project is scheduled for execution over a five-year period, providing the company with long-term revenue visibility in the urban infrastructure segment.
Key Highlights
Total contract value is ₹296.44 Crores excluding Goods and Services Tax
Execution period is set for five years, ensuring steady long-term revenue
Project covers O&M for 17 stations connecting Sant Gadge Maharaj Chowk to Chembur
The order was awarded by a domestic government entity, Maha Mumbai Metro Operation Corporation Limited
👀 What to Watch
Investors should view this as a positive development that strengthens the company's order book and recurring revenue stream. Monitor the company's execution efficiency and its impact on operating margins over the five-year tenure.
Power Mech Projects Bags ₹109.22 Crore O&M Order from Hindustan Zinc
Power Mech Projects Limited has secured a domestic work order valued at ₹109.22 Crores from Hindustan Zinc Limited. The contract involves the comprehensive operation and maintenance (O&M) of a 91.5 MW Captive Power Plant and its associated transmission line. This project is scheduled to be executed over a period of 48 months, providing long-term revenue visibility for the company's service segment. The order reinforces Power Mech's strong presence in the industrial O&M space.
Key Highlights
Total order value of ₹109.22 Crores excluding Goods & Services Tax.
Contract awarded by Hindustan Zinc Limited for O&M of a 91.5 MW CPP.
Execution timeline spans 48 months, ensuring steady cash flows.
Scope includes transmission line maintenance up to the MRSS as an independent contractor.
The order is domestic and does not involve any related party transactions.
👀 What to Watch
Investors should view this as a positive addition to the company's order book, enhancing its recurring revenue stream. Monitor the company's ability to maintain margins in the O&M segment as it scales its service portfolio.
Power Mech Projects Faces Cancellation of Rs 1,563 Crore Battery Storage Project Award
Power Mech Projects Limited announced that West Bengal State Electricity Distribution Company Limited (WBSEDCL) has annulled a tender for a 250 MW/ 1000 MWh Battery Energy Storage System. This results in the rescinding of a Letter of Award (LoA) worth Rs. 1,563 crores previously issued to the company's subsidiary, PM Green Private Limited. The cancellation is attributed to administrative and procedural exigencies by the client rather than any default by Power Mech. While the order book will be reduced by Rs. 1,563 crores, all bank guarantees and bid securities have been released in full.
Key Highlights
Annulment of the 250 MW/ 1000 MWh Standalone Battery Energy Storage System project at Goaltore
Total reduction in the company's order book value by Rs. 1,563 crores
Cancellation attributed to administrative exigencies by WBSEDCL, not company default
Full release of Bid Security and Performance Bank Guarantee without any deductions or forfeitures
👀 What to Watch
Investors should account for the Rs. 1,563 crore reduction in the order book which may impact future revenue visibility. However, since the cancellation was not due to company default, it does not reflect a fundamental operational failure.
Power Mech Projects Bags ₹709.56 Crore O&M Order from Adani Group
Power Mech Projects Limited has secured a major domestic contract valued at ₹709.56 Crores from Adani Infrastructure Management Services Limited. The scope of work includes KPI-based Operations and Maintenance (O&M) services and overhauling for a 5x660MW thermal power plant in Tiroda, Maharashtra. The contract is scheduled for execution over a 60-month period, commencing from April 1, 2026, until March 31, 2031. This large-scale order provides significant long-term revenue visibility for the company's O&M segment.
Key Highlights
Total contract value of ₹709.56 Crores excluding Goods & Services Tax.
Execution period of 60 months (5 years) starting from April 1, 2026.
Scope includes O&M and overhauling for a 3,300 MW (5x660MW) thermal power plant.
Order awarded by Adani Infrastructure Management Services Limited, a key domestic player.
The contract is KPI-based, ensuring performance-linked revenue streams.
👀 What to Watch
This order reinforces Power Mech's strong position in the power services sector and provides long-term revenue stability. Investors should maintain a positive outlook while monitoring the company's execution efficiency.
Power Mech Projects Order Book Reaches ₹57,811 Cr; Targets ₹10,000 Cr Inflow in FY26
Power Mech Projects (PMPL) reported a massive order book of ₹57,811 Cr (including MDO), providing strong revenue visibility for over 3 years. The company is strategically pivoting from pure construction to integrated BOP EPC and high-margin O&M services, currently managing 40+ GW globally. PMPL is aggressively entering the renewables space with a 250 MW BESS project and Solar BOO models, targeting 15-16% equity IRRs. With ₹7,766 Cr in order inflows already achieved in FY26 YTD, the company is on track to hit its ₹10,000 Cr annual target.
Key Highlights
Total order book stands at ₹57,811 Cr, with FY26 YTD order inflows reaching ₹7,766 Cr.
Managing 40+ GW of power plant O&M globally, accounting for approximately 16% of India's thermal base.
Executing two major MDO contracts for SAIL and CCL with a combined value of ₹39,594 Cr over 25-26 years.
Diversifying into green energy with a ₹1,563 Cr BESS order and a 13.66 MW Solar BOO project.
Maintaining 11-12% EBITDA margins while transitioning to a digitally enabled technical services platform.
👀 What to Watch
Investors should focus on the company's successful transition into high-margin BESS and MDO segments which offer long-term annuity-like cash flows. The strong order book and pivot to integrated EPC roles suggest a robust growth outlook and potential for valuation re-rating.
Power Mech Q3 FY26 PAT Rises 15% to ₹100 Cr; Order Backlog Reaches ₹56,800 Cr
Power Mech Projects Limited reported a steady Q3 FY26 with PAT growing 15% YoY to INR 100 crore and revenue increasing 6% to INR 1,433 crore. The company has a massive order backlog of INR 56,800 crore (including MDO), providing high revenue visibility for several years. Key strategic wins include a INR 2,550 crore EPC order for the Singareni thermal project and a breakthrough INR 1,563 crore battery energy storage project in West Bengal. Management is targeting a total order intake of INR 10,000 crore for FY26, having already achieved INR 6,761 crore YTD.
Key Highlights
Q3 FY26 PAT increased 15% YoY to INR 100 crore with PAT margins improving to 7.02%.
Total order backlog stands at INR 56,800 crore, including MDO projects; excluding MDO, the backlog is INR 17,300 crore.
Secured a major INR 2,550 crore Balance of Plant (BOP) EPC contract from BHEL for the Singareni project.
Entered the energy storage segment with a 1,000 MWh battery project expected to generate INR 1,563 crore over 15 years.
Net debt remains well-controlled at INR 233 crore with a low debt-equity ratio of 0.35x.
👀 What to Watch
Investors should remain positive given the company's record order book and successful diversification into high-margin energy storage and EPC segments. Monitor the execution timelines of the large-scale Singareni project and the ramp-up of the new battery storage vertical.
Power Mech Projects Secures Orders Worth ₹1,005 Crores from Adani Power Subsidiaries
Power Mech Projects Limited has secured two major contracts totaling ₹1,005 Crores from subsidiaries of Adani Power Limited. The first contract, valued at ₹515 Crores, is for the 2x800 MW Mirzapur Phase-I Ultra Supercritical Thermal Power Project, while the second, worth ₹490 Crores, is for the 2x800 MW Mahan Phase-III project. Both orders involve the erection, testing, and commissioning of Steam Generators and Steam Turbine Generators. These projects have an execution timeline of 36 months, providing significant revenue visibility for the company's industrial services segment.
Key Highlights
Total order value aggregates to ₹1,005 Crores excluding GST and applicable taxes.
Contracts awarded by Mirzapur Thermal Energy (UP) Pvt Ltd and Mahan Energen Limited.
Scope includes onsite services for 2x800 MW Ultra Supercritical Thermal Power Projects.
Execution period is 36 months from the required erection start date (Notice to Proceed).
Work covers both Steam Generator (Package A) and Steam Turbine Generator (Package B) units.
👀 What to Watch
Investors should look favorably on this substantial order win as it strengthens the company's order book and ensures steady revenue over the next three years. Monitor the company's execution efficiency and margin maintenance on these large-scale thermal power projects.
