Parth Electricals & Engineering Limited (PARTH)
Q2 FY27 results
📅 Next results: 29 Oct 2026 (board meeting)Parth Electricals & Engineering Limited's board meets on 29 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
PARTH delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 79.1% of the PARTH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 73.72%. That is close to its usual level. It traded 2.2 times its average daily volume.
Delivery in the last 5 sessions: 64.7% · 66.7% · 100.0% · 81.2% · 79.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Parth Electricals & Engineering Limited has secured new domestic orders worth approximately ₹85 Crore (excluding GST) from EPC contractors in Gujarat for Ring Main Units (RMUs). The order execution is scheduled to begin within 2 months and conclude over the subsequent 12 months. With this win, the company's total executable order book stands at approximately ₹471 Crore as of October 15, 2026. The new contracts expand its combined RMU pipeline to around 2,500 units, providing strong base load utilization for its Vadodara manufacturing plant.
- Secured new domestic orders worth approximately ₹85 Crore (excluding GST)
- Total executable order book reaches approximately ₹471 Crore as of 15th October 2026
- Execution period begins within 2 months, with completion over the following 12 months
- Combined RMU pipeline reaches approximately 2,500 units, supporting Vadodara facility utilization
Parth Electricals & Engineering Limited concluded its Annual General Meeting on September 26, 2026. A total of 86,09,377 votes were polled out of 1,39,67,955 outstanding shares, representing a voter turnout of 61.64%. All three ordinary resolutions, including the adoption of FY2026 audited financial statements, the reappointment of retiring director Mrs. Jemini Jigneshkumar Patel, and the ratification of cost auditor remuneration for FY2026-27, were passed with 100% approval from polled votes.
- All three resolutions passed with 100.00% votes polled in favor and 0% against
- Total voter turnout was 61.64% (86,09,377 votes polled out of 1,39,67,955 shares)
- Promoter group polled 100% of their 85,51,377 shares, representing the vast majority of votes cast
- Public non-institutional participation was modest at 1.12% (58,000 votes polled from 51,78,978 shares)
Parth Electricals & Engineering Limited has issued a communication to shareholders who hold shares in physical mode or have unregistered email addresses regarding the availability of its FY 2025-26 Annual Report and Notice of the 19th Annual General Meeting (AGM). The AGM is scheduled to take place on September 26, 2026, at 4:30 PM IST via Video Conferencing. The cut-off date for eligibility and sending this intimation is September 19, 2026. The filing also requests physical shareholders to update KYC details in compliance with SEBI norms.
- 19th Annual General Meeting scheduled for September 26, 2026, at 4:30 PM IST via VC/OAVM
- Cut-off date set as September 19, 2026, for unregistered email holders
- Weblink provided for FY 2025-26 Annual Report and AGM Notice on company website
- Physical security holders reminded to update mandatory KYC details per SEBI circular
Parth Electricals responded to an NSE clarification confirming receipt of three significant orders received on August 29, 2026. The wins comprise a ₹106.66 crore Letter of Intent (LOI) from GETCO for a 66 kV underground cable network in Jamnagar Circle, a ₹10.83 crore rate contract LOI from GETCO, and a $432,000 export order from US-based AK & J Electric LLC for MV switchgear panels. The aggregate domestic order value of ₹117.49 crore represents over 66% of the company's FY25 revenue base of ₹176 crore.
- Received ₹106.66 crore LOI from GETCO for 66 kV underground cable network in Jamnagar Circle
- Received ₹10.83 crore LOI from GETCO under a rate contract
- Bagged US$432,000 export order from AK & J Electric LLC (USA) for MV switchgear prototype panels
- Export order delivery timeline scheduled within 14–16 weeks from drawing approval or advance
Parth Electricals & Engineering Limited has secured new domestic and export orders aggregating to approximately ₹122 crore. The wins comprise two Letters of Intent from GETCO totaling ₹117.49 crore (₹106.66 crore for a 66 kV underground cable network in Jamnagar and ₹10.83 crore under a rate contract) alongside a US$432,000 export order for MV switchgear panels. With these additions, the company's total executable order book expanded to approximately ₹425 crore as of August 29, 2026, offering revenue visibility over the next 12–15 months. Execution is scheduled to commence within 3 months and conclude within 12 months.
- Bagged aggregate new orders worth approximately ₹122 crore across domestic and international clients
- Received ₹106.66 crore LoI from GETCO for a 66 kV underground cable network project in Jamnagar Circle
- Secured ₹10.83 crore rate contract LoI from GETCO and an export order of US$432,000 from the USA
- Total executable order book rose to approximately ₹425 crore as on August 29, 2026
- Execution timeline set for 12 months, with progressive commencement starting in 3 months
Parth Electricals & Engineering Limited announced the outcome of its Board meeting held on August 24, 2026. The Board approved the Directors' Report for the financial year ended March 31, 2026, and scheduled its 19th Annual General Meeting (AGM) for Saturday, September 26, 2026, at 04:30 PM via video conferencing. Additionally, Practicing Company Secretary Ranjit Kumar Singh of M/s RANJIT & ASSOCIATES was appointed as the scrutinizer for the e-voting process.
- 19th Annual General Meeting scheduled for September 26, 2026, at 04:30 PM
- Board approved the Directors' Report and annexures for the financial year ended March 31, 2026
- Ranjit Kumar Singh appointed as the scrutinizer for the AGM e-voting process
- Board meeting commenced at 4:45 PM and concluded at 5:15 PM on August 24, 2026
Parth Electricals & Engineering Limited has announced its participation in the 'Market Marvel I' investor conference hosted by Phillip Capital Private Client Group. The group meeting is scheduled to take place on August 26, 2026, at Four Points by Sheraton in Ahmedabad. The company confirmed that only publicly available information will be discussed and no unpublished price sensitive information (UPSI) will be shared.
- Scheduled meeting date: August 26, 2026
- Host/Organizer: Phillip Capital Private Client Group (Market Marvel I conference)
- Location and type: Four Points by Sheraton, Ahmedabad; Group Meeting/Investor Conference
- Compliance: No unpublished price sensitive information (UPSI) will be shared
CRISIL has upgraded the credit ratings for Parth Electricals & Engineering Limited's ₹70 crore bank facilities. The long-term rating moved from BBB-/Stable to BBB/Stable, and the short-term rating improved from A3 to A3+. This upgrade is driven by the company's improved financial performance, healthy liquidity, and a strong order book which stood at ₹137 crore as of September 2025. The improved credit profile is expected to support the company's future borrowing requirements and lower its cost of capital.
- Long-term bank facilities rating upgraded to BBB/Stable from BBB-/Stable
- Short-term bank facilities rating upgraded to A3+ from A3
- Total bank loan facilities rated at ₹70 crore, including ₹53 crore in bank guarantees
- Order book of ₹137 crore as of September 30, 2025, provides revenue visibility
- Company aims to grow revenue from ₹176 crore in FY25 through new GIS product lines
Parth Electricals has secured new domestic orders worth ₹70 Crore for Ring Main Units (RMUs) and Compact Substations from major utilities including Bihar Discom, Gujarat Discom, and Tata Power Odisha. This order is highly material, representing approximately 40% of the company's FY25 revenue of ₹176 Crore. The execution timeline is aggressive at 3-9 months, suggesting a significant revenue contribution in the current fiscal year. The total order book now stands at ₹294.39 Crore, providing revenue visibility for the next 12-15 months.
- Secured new domestic orders aggregating to ₹70 Crore from multiple state and private utilities.
- Total executable order book increased to ₹294.39 Crore as of July 31, 2026.
- Order includes the supply of 850 Ring Main Units (RMUs) and 30 Compact Substations.
- Execution timeline is set for a short duration of 3 to 9 months.
- Order book now represents approximately 1.67x of FY25 revenue.
Financial Performance
Revenue Growth by Segment
Manufacturing contributed INR 70 Cr (87% of H1FY26 revenue), while Services and EPC each contributed INR 5 Cr (6% each). Total revenue for H1FY26 grew 15% YoY to INR 80.40 Cr from INR 69.90 Cr.
Geographic Revenue Split
Primarily domestic focus with clients like UGVCL (Gujarat), Bihar State Electricity, and CESC (West Bengal). The company aims to replicate its domestic specialized service model in international markets.
Profitability Margins
Gross margin improved 555 bps to 28.72% in H1FY26. PAT margin stood at 7.59% in H1FY26, up 170 bps from 5.89% YoY. The company targets a 10% PAT margin within the next 2-3 years through high-margin product additions.
EBITDA Margin
EBITDA margin stood at 11.87% in H1FY26, reflecting a 135 bps improvement from 10.52% YoY. EBITDA grew 30% YoY to INR 9.54 Cr.
Capital Expenditure
The company raised INR 62.05 Cr through IPO and Pre-IPO rounds to fund Unit-2 at Karachiya, Vadodara for manufacturing Gas Insulated Switchgears (GIS).
Credit Rating & Borrowing
Credit rating is satisfactory with an interest coverage ratio of 4.67x as of March 31, 2025. Finance costs were reduced by 34% YoY in H1FY26 due to debt repayment and better capitalization.
Operational Drivers
Raw Materials
Not disclosed in available documents, though the company notes susceptibility to volatility in raw material prices for electrical equipment manufacturing.
Import Sources
Not disclosed in available documents; however, specialized training for GIS services was sourced from Switzerland.
Capacity Expansion
Setting up Unit-2 at Karachiya, Vadodara for manufacturing Gas Insulated Switchgears (GIS). Existing operations are being optimized for productivity without adding infrastructure in FY26.
Raw Material Costs
Cost of Goods Sold (COGS) was INR 57.74 Cr in H1FY26, representing 71.8% of net revenue, down from 77.3% YoY, reflecting better operational efficiency.
Manufacturing Efficiency
Manufacturing contributes over 70% of revenue. Efficiency is being driven by reverse integration to improve margins on products like switchgears.
Strategic Growth
Expected Growth Rate
15-26%
Growth Strategy
Growth will be achieved by establishing two new factories, adding high-margin Gas Insulated Switchgear (GIS) products, and expanding specialized services (30-40% margins). The company aims to grow revenue from INR 176 Cr in FY25 to over INR 200-220 Cr in FY26.
Products & Services
Switchgears, Gas Insulated Switchgears (GIS), high-voltage cable installation and termination, and maintenance services for electrical utilities.
Brand Portfolio
Parth Electricals & Engineering Limited.
New Products/Services
Gas Insulated Switchgears (GIS) are expected to stabilize PAT margins at 10% as they are higher-margin products.
Market Expansion
Targeting international market replication of the domestic service model and expanding the domestic client base beyond current utilities.
Market Share & Ranking
Operates in a highly fragmented and competitive industry with intense competition from unorganized players.
Strategic Alliances
Technology sharing agreement with Schneider Electric Infrastructure Ltd for incremental revenue and technical expertise.
External Factors
Industry Trends
Increasing demand for reliable and sustainable power solutions is driving a shift toward specialized GIS technology and value-added services.
Competitive Landscape
Intense competition from big players like Siemens, ABB, GE, and Hitachi, as well as fragmented unorganized players in tender-based bidding.
Competitive Moat
Moat is built on specialized technical certifications for GIS and high-voltage services (fetching 30-40% margins) and a tech tie-up with Schneider Electric, which are difficult for unorganized players to replicate.
Macro Economic Sensitivity
Revenue is sensitive to utility budgeting cycles, which typically makes H1 a 'lull' period compared to H2.
Consumer Behavior
Shift toward outsourcing specialized maintenance and installation to certified third-party experts like Parth.
Regulatory & Governance
Industry Regulations
Compliance with regulatory environments for listed entities and technical standards for electrical equipment (type testing).
Taxation Policy Impact
Effective tax rate was approximately 26% in H1FY26 (INR 2.13 Cr tax on INR 8.23 Cr PBT).
Legal Contingencies
The company made a one-time provision of INR 1.56 Cr for all past period gratuity and leave encashment in H1FY26.
Risk Analysis
Key Uncertainties
Normalization risk after 100% growth in FY25; H1FY26 growth slowed to 15% YoY. Execution risks for the new Unit-2 facility.
Geographic Concentration Risk
High concentration in the Indian domestic market, specifically Gujarat and Bihar utilities.
Third Party Dependencies
Dependency on Schneider Electric for technology sharing and specialized training providers for service certifications.
Technology Obsolescence Risk
Risk of shift from traditional switchgears to GIS; Parth is mitigating this by investing in GIS manufacturing.
Credit & Counterparty Risk
Receivable days stood at 50 days in H1FY26, showing healthy collection efficiency from reputed corporate and utility clients.
