Advait Energy Transitions Ltd (543230)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Advait Energy's revenue was ₹179 Cr (+51.9% year on year, -21.4% on the previous quarter), and net profit ₹14.8 Cr (+64.5% year on year); the operating margin was 13.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹179 | +51.9% | -21.4% |
| Operating profit | ₹24.8 | +77.0% | -14.6% |
| Net profit | ₹14.8 | +64.5% | -22.1% |
| EPS (₹) | 12.70 | +64.3% | -21.4% |
| Operating margin | 13.8% | — | — |
📢 Recent Corporate Announcements
Advait Energy Transitions' subsidiary, Advait Battery Ecosystems Private Limited (ABEPL), has signed a Master Supply Agreement (MSA) with BloombergNEF Tier 1 supplier HiTHIUM. The pact secures the supply of 314 Ah LFP prismatic battery cells for an offtake of up to 1 GWh over the next year. This supply directly anchors ABEPL's planned 2.5 GWh cell-to-container Battery Energy Storage System (BESS) assembly facility in Gangad, Gujarat. Commercial production at the Gangad facility is scheduled to begin soon to serve utility-scale, commercial, and industrial energy storage markets.
- Master Supply Agreement executed on September 18, 2026, with Tier 1 global manufacturer HiTHIUM
- Structures cell offtake of up to 1 GWh over the next year for 314 Ah LFP prismatic battery cells
- Secures critical input supply for upcoming 2.5 GWh annual capacity cell-to-container BESS assembly unit
- Assembly facility located in Gangad, Gujarat is scheduled to commence commercial production soon
Advait Energy Transitions Limited's step-down subsidiary, Advait Battery Ecosystems Private Limited (ABEPL), has signed a Master Supply Agreement with BloombergNEF Tier 1 manufacturer HiTHIUM. The agreement secures 314 Ah LFP prismatic cells to support cell offtake of up to 1 GWh over the next year for ABEPL's upcoming 2.5 GWh BESS assembly facility in Gangad, Gujarat. The contractual price is fixed at $49.5/kWh for up to 350 MWh, with future pricing linked to upcoming project receipts. This secures a critical supply chain for Advait's transition into large-scale Battery Energy Storage Systems.
- Arrangement structured to support cell offtake of up to 1 GWh over the next year
- Secures 314 Ah LFP prismatic battery cells at a contractual rate of $49.5/kWh up to 350 MWh
- Anchors cell supply for ABEPL's upcoming 2.5 GWh annual capacity cell-to-container BESS assembly facility
- Commercial production scheduled to begin soon at the Gangad, Gujarat manufacturing facility
Advait Energy Transitions Limited has issued the Notice and Annual Report for its 16th Annual General Meeting scheduled on September 21, 2026. The company has declared a dividend of 20% of face value (₹2 per share) for FY 2025-26. Among key agenda items, shareholder approval is sought for a ₹65 Crore loan to its 51%-owned subsidiary, Advait BESS Bhesaan Private Limited, accounting for 9.09% of FY26 consolidated turnover (₹714 Crore).
- AGM scheduled for September 21, 2026, via Video Conferencing.
- Dividend declared at 20% of face value (₹2 per share) for FY26.
- Approval sought for ₹65 Crore loan to 51% subsidiary Advait BESS Bhesaan Private Limited.
- Proposed subsidiary transaction accounts for 9.09% of FY26 consolidated turnover.
Advait Energy Transitions Limited has submitted its Annual Report for FY 2025-26 and scheduled its 16th Annual General Meeting for September 21, 2026. The company confirmed a dividend declaration of 20% of face value (₹2 per share). Among key agenda items, the company is seeking shareholder approval for a ₹65 Cr loan to its 51%-owned subsidiary, Advait BESS Bhesaan Private Limited, representing 9.09% of consolidated FY26 turnover. The report outlines its Phase 3 strategic growth targeting BESS, electrolysers, and scaling a renewable platform from 1 GW to 5 GW.
- 16th Annual General Meeting scheduled for September 21, 2026, via Video Conferencing
- Declared dividend of 20% of face value, amounting to ₹2 per equity share
- Proposed inter-corporate loan of ₹65 Cr to 51%-owned subsidiary Advait BESS Bhesaan Pvt Ltd (9.09% of FY26 consolidated turnover)
- Highlighted strategic expansion into Green Hydrogen and BESS, targeting a 1 GW to 5 GW renewable asset platform
Advait Energy Transitions Ltd has secured a major turnkey contract valued at ₹134.62 crore (inclusive of taxes) from Madhya Pradesh Power Transmission Co. Ltd (MPPTCL). The contract covers the design, manufacturing, and supply of Emergency Restoration Systems (ERS) suitable for 400kV, 220kV, and 132kV EHV lines along with accessories. The project is slated for execution over an 18-month period. This order represents approximately 17.4% of the company's TTM revenue of ₹775 crore, significantly boosting order book visibility in its core transmission products vertical.
- Bagged turnkey contract worth ₹1,34,62,48,481.92 (incl. taxes) from MPPTCL
- Scope includes design, manufacturing & supply of ERS for 400kV, 220kV & 132kV lines
- Execution timeline fixed at 18 months
- Order size represents ~17.4% of TTM revenue (₹775 Cr) and ~75% of Q1 FY27 revenue (₹179.3 Cr)
Advait Energy Transitions Limited has scheduled its 16th Annual General Meeting (AGM) for Monday, September 21, 2026, at 12:30 p.m. IST via video conferencing. The company has fixed Monday, September 14, 2026, as the cut-off date for e-voting eligibility. September 14, 2026, has also been fixed as the record date to determine eligibility for the FY26 dividend, subject to shareholder approval at the AGM.
- 16th Annual General Meeting scheduled for September 21, 2026 at 12:30 p.m. IST
- Record date fixed as September 14, 2026 for determining eligibility for the FY26 dividend
- Cut-off date for voting on AGM resolutions set as September 14, 2026
- Annual Report and audited statements for FY 2025-26 to be dispatched electronically
Advait Energy Transitions' material subsidiary, Advait Greenergy Private Limited, has secured a turnkey EPC contract worth ₹116 Crore (excl. taxes) from KPI Green Energy Limited. The scope includes design, supply, testing, and commissioning for a 200 MW ground-mounted solar project in Bikaner, Rajasthan. The contract has a defined execution window of 12 months. This win accounts for ~15% of the company's TTM revenue of ₹775 Crore, providing healthy revenue visibility for the next financial year.
- Order size of ₹116,00,00,000 (excluding taxes) awarded by KPI Green Energy Limited
- Turnkey EPC scope for 200 MW Solar Ground Mounted HSAT 33 KV Project at Bikaner, Rajasthan
- Execution timeline fixed at 12 months from award
- Order value equals approximately 15.0% of TTM revenue (₹775 Cr)
Advait Energy Transitions Ltd has secured a ₹24.88 Cr turnkey contract from Gujarat Energy Transmission Corporation Limited (GETCO). The order involves the design, manufacturing, and supply of 400KV Emergency Restoration Systems (ERS), which are also compatible with 220kV, 132kV, and 66kV lines. This contract represents approximately 3.5% of the company's TTM revenue of ₹714 Cr and is scheduled for completion within an 8-month timeframe. This win reinforces the company's specialized positioning in niche transmission products.
- Total order value of ₹24.88 Cr including taxes
- Execution timeline of 8 months from the date of award
- Contract awarded by domestic state utility Gujarat Energy Transmission Corporation Limited (GETCO)
- Scope includes 400KV class ERS, a niche product in the transmission sector
Advait Energy Transitions reported a strong Q1 FY27 with revenue growing 51% YoY to ₹179 Cr and EBITDA rising 80% to ₹25 Cr. The order book reached a record ₹1,330 Cr, representing approximately 186% of TTM revenue, providing high revenue visibility for the coming quarters. The company is aggressively pivoting toward Green Hydrogen and BESS, with a new manufacturing facility expected to be operational by Q4 FY27. Strategic MoUs with MEIL and Adaptive Engineering further bolster its position in the energy transition space.
- Order book reached ₹1,330 Cr as of Q1 FY27, marking a 97% increase compared to Q1 FY26.
- Q1 FY27 revenue grew 51% YoY to ₹179 Cr, while EBITDA margins improved to 13.8% from 11.6% in FY26.
- Secured fresh order inflows of approximately ₹255 Cr during the quarter across all business segments.
- Targeting 300 MW electrolyzer capacity by the end of 2026, with a 30 MW facility already set up.
- Carbon division issued 63,000 I-RECs for a Nepal-based client in a single month.
Advait Energy Transitions Ltd reported a strong Q1 FY27 with consolidated revenue growing 48% YoY to ₹179.27 Cr. Net profit (PAT) increased 60% YoY to ₹14.30 Cr, although it saw a sequential decline from the ₹19.08 Cr reported in Q4 FY26. A significant highlight is the New & Renewable Energy (NRE) segment, where assets surged to ₹239.07 Cr from ₹141.74 Cr in the previous quarter, indicating heavy investment in the green energy transition. The board also fixed September 14, 2026, as the record date for the FY26 dividend and proposed remuneration hikes for related-party executives.
- Consolidated Revenue increased 48.1% YoY to ₹179.27 Cr from ₹121.06 Cr in June 2025.
- Consolidated PAT rose 60.1% YoY to ₹14.30 Cr compared to ₹8.93 Cr in the same quarter last year.
- New & Renewable Energy (NRE) segment assets grew by 68.6% sequentially to ₹239.07 Cr.
- Record date for FY25-26 dividend payment set for September 14, 2026.
- Proposed remuneration increase for related-party employees Rutvi Sheth and Vatsal Kundalia to ₹55L and ₹75L per annum respectively.
Advait Energy Transitions reported a strong YoY performance for the quarter ended June 30, 2026, with consolidated revenue rising 48% to ₹179.27 Cr. Net profit (PAT) after JV share grew 60% YoY to ₹14.30 Cr, driven by steady performance in the Power Transitions division. However, results showed a sequential decline from the March 2026 quarter (Revenue ₹231.40 Cr). A significant highlight is the 68% jump in New & Renewable Energy (NRE) segment assets to ₹239.07 Cr, indicating heavy capital deployment into the green energy ecosystem.
- Consolidated Revenue from operations increased 48.1% YoY to ₹179.27 Cr from ₹121.06 Cr.
- Consolidated PAT (after share of JV) grew 60.1% YoY to ₹14.30 Cr compared to ₹8.93 Cr in the previous year.
- New & Renewable Energy (NRE) segment assets surged to ₹239.07 Cr from ₹141.74 Cr in the previous quarter.
- Power Transitions Division remains the dominant revenue contributor at ₹127.22 Cr (71% of total revenue).
- Board fixed September 14, 2026, as the Record Date for the FY25-26 dividend payment.
Advait Energy Transitions Ltd has scheduled a board meeting on August 7, 2026, to consider and approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This follows a strong FY26 performance where revenue reached ₹715 Cr, a significant jump from ₹399 Cr in FY25. The trading window for insiders, which closed on July 1, 2026, will reopen 48 hours after the results are made public. Investors will be monitoring for execution updates on the company's ₹1,000 Cr order pipeline and green energy transition projects.
- Board meeting scheduled for August 7, 2026, to approve Q1 FY27 financial results
- Trading window remains closed from July 1, 2026, until August 9, 2026
- Company reported a TTM revenue of ₹714 Cr and TTM PAT of ₹55 Cr leading into this quarter
- Previous quarter (Mar 2026) revenue stood at ₹228 Cr with an operating profit of ₹29 Cr
Advait Energy Transitions Ltd has submitted a clarification to the BSE and NSE regarding its Board Meeting held on July 22, 2026. The company provided specific timestamps for the meeting, noting it commenced at 05:00 P.M. and concluded at 07:18 P.M. This filing was a response to a regulatory query from the exchanges for additional details under Regulation 30 of SEBI (LODR). No other details from the original announcement have been changed.
- Board Meeting was held on July 22, 2026
- Meeting commenced at 05:00 P.M. IST
- Meeting concluded at 07:18 P.M. IST
- Clarification issued in response to an exchange email dated July 23, 2026
Advait Energy Transitions is transferring 80% stakes in two newly incorporated entities, Advait Battery Ecosystems and Advait Carbon Advisory, to its material subsidiary, Advait Greenergy. Both entities were formed in April 2026 and currently report nil revenue with a net worth of Rs 1 lakh each. The internal restructuring involves a total consideration of Rs 1.6 lakhs and is expected to be completed by September 15, 2026. Additionally, the company approved the exercise of 7,376 ESOPs at a price of Rs 10 per share.
- Sale of 80% stake in two subsidiaries for a total consideration of Rs 1.6 lakhs
- Both subsidiaries (ABEPL and ACARA) were incorporated in April 2026 with Nil revenue
- 7,376 ESOP options exercised at a face value price of Rs 10 per share
- Restructuring expected to be completed by September 15, 2026
- Transaction involves moving entities to become step-down subsidiaries under Advait Greenergy
Advait Energy Transitions is consolidating its green energy portfolio by transferring 80% stakes in two newly formed subsidiaries, Advait Battery Ecosystems (ABEPL) and Advait Carbon Advisory (ACARA), to its material subsidiary, Advait Greenergy. The total consideration for these transfers is Rs 1.6 Lakhs, reflecting the entities' recent incorporation in April 2026 and current NIL revenue status. Additionally, the board approved the exercise of 7,376 ESOPs at a face value of Rs 10 per share. This internal restructuring aims to streamline the green energy vertical as the company targets the 300 MW electrolyzer market.
- Sale of 80% stake in ABEPL and ACARA for a combined consideration of Rs 1.6 Lakhs
- Both subsidiaries were incorporated in April 2026 and reported NIL revenue and Rs 1 Lakh net worth each
- Restructuring converts these entities into step-down subsidiaries under Advait Greenergy Pvt Ltd
- Grant and exercise of 7,376 ESOPs at a price of Rs 10 per share
- Expected completion date for the subsidiary stake sale is September 15, 2026
Financial Performance
Revenue Growth by Segment
Consolidated revenue for H1 FY26 reached INR 275.3 Cr, a 160% YoY increase from INR 105.88 Cr. The order book of INR 1,000 Cr is split between Power Transmission Solutions (76%) and New and Renewable Energy (24%).
Geographic Revenue Split
The company operates primarily in India with manufacturing facilities in Kadi, Gujarat. Specific regional revenue percentages are not disclosed, but the company is executing projects like the 1 MW green hydrogen project in Bharuch.
Profitability Margins
PAT margin for H1 FY26 stood at 7.83%, a decrease from 9.39% in H1 FY25. Operating margins in FY24 were 16.84%, slightly down from 17.3% in FY23 due to diversification costs.
EBITDA Margin
EBITDA margin for H1 FY26 was 11.28%, down from 15.65% in H1 FY25. The decline is attributed to the 'building phase' of the AGPL subsidiary where the company is investing in capability and qualifications.
Capital Expenditure
The company is investing INR 75 Cr for a 300 MW electrolyzer manufacturing facility. It has already invested INR 54 Cr into its subsidiary, Advait Greenergy Private Limited (AGPL), for this expansion.
Credit Rating & Borrowing
CRISIL upgraded the company's rating to 'CRISIL BBB+/Stable/CRISIL A2' in December 2024 from 'CRISIL BBB/Stable/CRISIL A3+'. Borrowing is supported by a robust financial profile with gearing at 0.24 times.
Operational Drivers
Raw Materials
Key materials include aluminum and steel for ACS/OPGW wires and stringing tools, though specific cost percentages per material are not disclosed.
Capacity Expansion
Current electrolyzer capacity is being established with 10 MW ready by January 2026, expanding to a total of 300 MW by the end of 2026. The company also manufactures 140+ types of stringing tools.
Raw Material Costs
Raw material costs are a significant component of the Power Transmission division; however, the company does not engage in commodity hedging, making it sensitive to price fluctuations.
Manufacturing Efficiency
The company is expanding its Kadi, Gujarat plant to enhance capacity for Emergency Restoration Systems (ERS) and stringing tools to meet the 177% YoY growth in the order book.
Strategic Growth
Expected Growth Rate
50-60%
Growth Strategy
Growth will be driven by the transition from power transmission to green energy, specifically through the 300 MW electrolyzer plant and the execution of a INR 130 Cr Battery Energy Storage System (BESS) order, with INR 50-60 Cr revenue expected in Q4 FY26.
Products & Services
OPGW (Optical Ground Wire), ACS (Aluminium Clad Steel) wires, Emergency Restoration Systems (ERS), 140+ types of stringing tools, Electrolyzers, Fuel Cells, and Green Hydrogen EPC services.
Brand Portfolio
Advait Energy Transitions, Advait Greenergy (AGPL).
New Products/Services
BESS (Battery Energy Storage Systems) with a current order of INR 130 Cr and indigenous fuel cells developed through global technology partnerships.
Market Expansion
Expanding into the Green Hydrogen ecosystem and BESS, targeting the completion of the 300 MW electrolyzer facility by late 2026.
Strategic Alliances
Partnerships with global technology providers for electrolyzer and fuel cell licenses; AGPL is the primary subsidiary for these ventures.
External Factors
Industry Trends
The industry is shifting toward Green Hydrogen and BESS. Advait is positioning itself as an integrated player in the NRE ecosystem to capture growth as India targets carbon neutrality.
Competitive Landscape
Competes in the Power Transmission EPC and manufacturing space, now entering the highly competitive electrolyzer market against global and domestic technology firms.
Competitive Moat
Moat is built on a niche product portfolio (ERS, 140+ stringing tools) and being a first-mover in Indian green hydrogen EPC, evidenced by completing India's first such project.
Macro Economic Sensitivity
Highly sensitive to government renewable energy policies and the 'priority sector' status of energy transition projects which currently drives the INR 1,000 Cr order book.
Consumer Behavior
Shift in government and corporate preference toward sustainable energy solutions is driving the 177% YoY increase in the company's order book.
Geopolitical Risks
Dependency on global technology partners for electrolyzer licenses could be affected by trade or technology transfer regulations.
Regulatory & Governance
Industry Regulations
Operations are governed by SEBI (LODR) Regulations and Ministry of Power standards for transmission equipment. Compliance with the Code of Conduct is confirmed by the MD.
Environmental Compliance
The company is pivoting its entire business model toward 'Energy Transitions' to align with global ESG and carbon reduction mandates.
Taxation Policy Impact
The company is subject to standard Indian corporate tax rates; dividend of 17.50% (INR 1.75 per share) was recommended for FY25.
Legal Contingencies
The company declared no material subsidiaries as of March 2025 and maintains compliance with mandatory requirements of Regulation 17 to 27 of SEBI LODR.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'monitorable' ramp-up of the new electrolyzer facility and the potential for a 20% margin squeeze if raw material costs rise without hedging.
Geographic Concentration Risk
Manufacturing is concentrated in Gujarat (Kadi plant), making operations sensitive to regional industrial policies and infrastructure.
Third Party Dependencies
High dependency on technology partners for electrolyzer and fuel cell licenses to maintain the NRE division's growth.
Technology Obsolescence Risk
The green hydrogen space is evolving rapidly; the company mitigates this by partnering with 'world-class' providers to ensure 'proven global technologies' are used.
Credit & Counterparty Risk
Trade receivables are increasing, which could indicate credit risk or collection delays from DISCOMs and EPC clients.
