Power Mech Projects Limited (POWERMECH)
₹2,386.90 -1.46% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Power Mech's revenue was ₹1,624 Cr (+25.6% year on year, -23.1% on the previous quarter), and net profit ₹89.3 Cr (+10.3% year on year); the operating margin was 10.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,624 | +25.6% | -23.1% |
| Operating profit | ₹167 | -1.6% | -26.0% |
| Net profit | ₹89.3 | +10.3% | -41.6% |
| EPS (₹) | 25.23 | +51.9% | -44.0% |
| Operating margin | 10.3% | — | — |
POWERMECH delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 50.04% of the POWERMECH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 38.92%. The price fell 1.46% on that unusually high delivery, the pattern the delivery dashboard labels distribution. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 31.0% · 26.8% · 33.1% · 45.7% · 50.0%
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
Power Mech Projects has issued a corporate guarantee of up to ₹469 crore on behalf of its subsidiary, Kalyaneswari Tasra Mining Private Limited (KTMPL). The guarantee acts as security for ₹469 crore in debt facilities provided by RBL Bank (₹175 crore) and IDFC First Bank (₹294 crore) to fund capex, including a coal handling plant, railway siding, and R&R colony construction. This guarantee represents about 19.6% of Power Mech's net worth (₹2,395 crore) and forms a contingent liability valid until September 1, 2035.
- Corporate guarantee issued for an amount not exceeding ₹469 crore
- Backs project capex debt comprising ₹175 crore from RBL Bank and ₹294 crore from IDFC First Bank
- Guarantee is scheduled to be released by September 1, 2035
- Directly supports subsidiary KTMPL's Coal Handling Plant, Railway siding, and R&R Colony construction
Power Mech Projects has won a ₹549.37 crore domestic Operations and Maintenance (O&M) contract from Moxie Power Generation Limited, an Adani Group entity. The contract entails providing complete O&M services for the 2x600 MW Tuticorin Thermal Power Plant over a period of 60 months (October 1, 2026, to September 30, 2031). The order value represents approximately 8.6% of the company's TTM revenue of ₹6,393 crore, reinforcing its annuity-based O&M business.
- Secured domestic O&M contract worth ₹549.37 Crores (excluding GST)
- Contract awarded by Moxie Power Generation Limited (Adani Group)
- Scope covers complete O&M services for 2x600 MW Tuticorin TPP
- Execution timeline is 60 months from 01.10.2026 to 30.09.2031
Power Mech Projects released an investor presentation ahead of a Non-Deal Roadshow in Mumbai detailing its segment performance and project pipeline. The company reported an order book of ₹17,317 Cr (excluding MDO), providing roughly 2.7x coverage of its TTM revenue of ₹6,393 Cr. In its long-term Mining, Development and Operations (MDO) segment, the order book stands at ₹39,253 Cr with a 9 Mn MT/annum peak rated mining capacity. Recent wins include ₹2,032 Cr of H1 FY27 O&M contracts and ₹1,083 Cr in civil and infrastructure contracts.
- Order book (excluding MDO) stands at ₹17,317 Cr, covering over 2.5 years of revenue
- Mining Development & Operations (MDO) order book stands at ₹39,253 Cr with long-term contracts spanning >25 years
- Added ₹2,032 Cr in H1 FY27 O&M wins (including Athena ₹970 Cr and Butibori ₹266 Cr)
- Infrastructure construction wins in H1 FY27 include ₹855 Cr for JSW Salboni civil works and ₹228 Cr for Vande Bharat depot
- Managing over 42 GW of power-plant O&M globally, covering approximately 20% of India's thermal base
Power Mech Projects Limited has secured a domestic Operations & Maintenance (O&M) order valued at ₹279.20 crore (excluding GST) from Telangana Power Generation Corporation Limited. The contract covers comprehensive O&M and upkeep of the Ash Handling Plant and Coal Handling Plant at the YTPS 5X800 MW facility. The execution period is 3 years from the date of LOI/Order Confirmation, with a Price Variation Clause applicable for years 2 and 3. The order represents approximately 4.4% of the company's TTM revenue of ₹6,393 crore, reinforcing its annuity O&M revenue stream.
- Secured domestic O&M contract worth ₹279.20 Crores (excluding GST)
- Contract duration is for a period of 3 years from issuance of LOI/Order Confirmation
- Scope covers comprehensive O&M for Ash and Coal handling plants at YTPS (5X800 MW)
- Price Variation Clause (PVC) applies for the 2nd and 3rd year of execution
Power Mech Projects Limited submitted the Scrutinizer's Report for its 27th Annual General Meeting held on September 17, 2026. All 9 ordinary and special resolutions were approved by shareholders with the requisite majority. Key approvals included the adoption of financial statements, dividend declaration, and the implementation of the 'PMPL ESOP-2026' plan for employees of the company and its subsidiaries (approved with ~79.78% assent and ~18.88% dissent).
- All 9 resolutions passed with requisite majority at the 27th AGM held on September 17, 2026
- Adoption of financial statements and dividend declaration passed with 98.66% assent votes
- Special resolutions for PMPL ESOP-2026 implementation approved with 79.78% votes in favor and 18.88% against
- Independent Director appointment of Mrs. Vasundhara Sinha approved with 98.66% assent
Power Mech Projects Limited successfully concluded its 27th Annual General Meeting (AGM) on September 17, 2026, with 54 shareholders attending via video conferencing. A total of 9 agenda items were placed before shareholders, including the adoption of FY26 financial statements, dividend declaration, and approval of the new Employee Stock Option Plan - 2026 (for both company and subsidiary employees). The company reported that statutory and secretarial audit reports were free of qualifications or adverse remarks. Final voting results and scrutinizer reports will be submitted within two working days.
- 27th AGM held on September 17, 2026, between 09:30 a.m. and ~10:48 a.m. IST
- Total of 54 shareholders participated via VC/OAVM facility with 15 registered speakers
- 9 resolutions placed for approval, including ESOP 2026 formulation and dividend declaration
- Remote e-voting window was active from September 13 to September 16, 2026
Power Mech Projects has secured a ₹970 Crore domestic Operations and Maintenance (O&M) order from Vedanta Power Limited. The contract spans 60 months and covers end-to-end O&M services for a 2x600 MW coal-based thermal plant at Sakti, Chhattisgarh. The total consideration includes ₹890 Crore basic value and an ₹80 Crore provision for additional services. This single contract equates to ~15.2% of the company's TTM revenue of ₹6,393 Crore, providing multi-year revenue visibility.
- Total contract value of ₹970 Crores (excluding GST)
- Breakdown: ₹890 Crore basic value plus ₹80 Crore provision for additional services
- Execution timeline spans 60 Months from LOI/Order Confirmation issuance
- Scope covers end-to-end O&M for 2x600 MW Sakti Thermal Plant in Chhattisgarh awarded by Vedanta Power Limited
Power Mech Projects Limited announced the retirement of Mr. Vivek Paranjpe (DIN: 03378566) as Non-Executive Independent Director, effective close of business hours on August 30, 2026. Mr. Paranjpe stepped down upon completing his second and final term in accordance with statutory tenure limits. During his tenure, he served as Chairman of the Nomination and Remuneration Committee and as a member of the Audit Committee. This is a routine governance transition with no operational impact.
- Retirement of Independent Director Mr. Vivek Paranjpe effective August 30, 2026
- Cessation occurred upon completion of his second and final term
- Served as Chairman of Nomination & Remuneration Committee and Audit Committee member
- No inter-se relationship with other directors disclosed
Power Mech Projects Limited has fixed Thursday, September 10, 2026, as the record date for its 27th Annual General Meeting and for determining shareholder entitlement to the final dividend for FY 2025-26. The 27th AGM will be conducted via video conferencing on September 17, 2026. If approved by shareholders at the AGM, the dividend payout will be completed within 30 days of approval.
- Record date fixed as September 10, 2026 for FY26 final dividend entitlement
- 27th Annual General Meeting scheduled for September 17, 2026 at 9:30 AM IST
- Dividend payment to be dispatched within 30 days of shareholder approval
- Follows initial dividend recommendation from the Board meeting on May 20, 2026
Power Mech Projects Limited has scheduled its 27th Annual General Meeting (AGM) for Thursday, September 17, 2026, at 9:30 a.m. IST via Video Conferencing. The record date and cut-off date for voting and dividend eligibility (if approved) has been set as Thursday, September 10, 2026. Share transfer books will remain closed from September 11, 2026, to September 17, 2026. Remote e-voting will run from September 13 to September 16, 2026.
- 27th AGM scheduled for September 17, 2026 at 9:30 a.m. IST via Video Conferencing
- Record date for dividend and e-voting eligibility set as September 10, 2026
- Book closure period from September 11, 2026 to September 17, 2026 (both days inclusive)
- Remote e-voting window open from September 13, 2026 (9:00 AM) to September 16, 2026 (5:00 PM)
Power Mech Projects Limited has issued the notice for its 27th Annual General Meeting scheduled for September 17, 2026. Key agenda items include the approval of a 15% final dividend (₹1.50 per share of face value ₹10) for FY26 and the adoption of the 'PMPL ESOP - 2026' plan covering up to 10,00,000 equity shares. Shareholders will also vote on the appointment of Mrs. Vasundhara Sinha as an Independent Director for a 2-year term and a commission framework of up to ₹10 Lakh per Independent Director annually.
- 27th AGM scheduled for September 17, 2026, at 09:30 a.m. IST via Video Conferencing.
- Proposed final dividend of ₹1.50 per equity share (15% on ₹10 face value) for FY26.
- Approval sought for 'PMPL ESOP - 2026' with an option pool of up to 10,00,000 equity shares.
- Proposed director commission capped at ₹10 Lakhs per Independent Director per financial year.
Power Mech Projects Limited has submitted the formal resignation letter of Mrs. Sajja Lakshmi (DIN: 00068991), Non-Executive and Non-Independent Director, effective from the close of business hours on August 8, 2026. This filing is a follow-up to the company's prior board outcome intimation dated August 8, 2026. The director stepped down due to personal pre-occupations and other commitments. As a non-executive departure, the event carries no operational or financial disruption.
- Resignation of Mrs. Sajja Lakshmi effective from close of business hours on August 8, 2026
- Formal resignation letter enclosed following prior intimation dated August 8, 2026
- Reason specified strictly as personal pre-occupations and unavoidable commitments
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%.
- 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.
Power Mech Projects has disclosed the audio recording of its conference call held on August 10, 2026, regarding its Q1 FY27 financial performance. The company is currently managing a massive order book of over ₹56,000 cr, representing a book-to-bill ratio of approximately 9.2x its TTM revenue of ₹6,062 cr. Key investor focus remains on the execution of the Mine Developer and Operator (MDO) segment, which targets a peak revenue of ₹2,000 cr, and the management of finance costs which previously saw a 50% spike in Q2 FY26.
- Conference call held on August 10, 2026, to discuss Q1 FY27 results.
- Company is executing an order book exceeding ₹56,000 cr.
- MDO business from KBP mine expected to contribute from Q3 FY26.
- Targeting annual execution/conversion rate of 40% of the opening order book.
- Revenue target for FY26 stands at ₹6,500 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.
- 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%.
Financial Performance
Revenue Growth by Segment
In Q2 FY26, Erection works grew 90% YoY to INR 435 Cr (35% of revenue), O&M grew 10.3% to INR 439 Cr (36% of revenue), and MDO grew 933% to INR 31 Cr (3% of revenue). Civil works declined 21.8% to INR 309 Cr (25% of revenue) due to seasonal rains and water division delays. Electrical works grew 144% to INR 22 Cr (2% of revenue).
Geographic Revenue Split
Not disclosed in available documents, though the company operates globally across the power and infrastructure sectors.
Profitability Margins
Gross margins are influenced by a mix of construction (10% EBITDA) and O&M (15-16% EBITDA). PAT margin was slightly softer in Q2 FY26 due to higher finance costs. Return on Equity (ROE) was 16.26% in FY25, while Return on Capital Employed (ROCE) stood at 23.10% for the same period.
EBITDA Margin
EBITDA margin for Q2 FY26 was 12.65%, a marginal dip of 14 bps YoY from 12.79%. However, H1 FY26 EBITDA margin improved to 13.33% from 12.45% (up 88 bps YoY), driven by a higher contribution from the O&M segment and execution efficiency.
Capital Expenditure
The company is undergoing continuous capex for its MDO projects (SAIL and CCL mines). While specific total INR Cr for FY26 is not stated, MDO projects are expected to entail significant investment throughout their concession periods to reach peak rated capacity.
Credit Rating & Borrowing
The company holds a CARE A+; Stable rating for long-term bank facilities (INR 738.48 Cr) and CARE A1 for short-term facilities (INR 80 Cr). Finance costs increased to INR 28.4 Cr in Q2 FY26 from INR 18.92 Cr in Q2 FY25, a 50% increase impacting net profitability.
Operational Drivers
Raw Materials
Specific raw materials include steel, cement, and structural components for EPC and mechanical works. Material consumed in Q2 FY26 was INR 222.51 Cr, representing 18% of total revenue.
Import Sources
Not disclosed in available documents; however, sourcing is primarily domestic for Indian infrastructure projects.
Key Suppliers
Not disclosed in available documents, though the company works closely with BHEL, Adani Power, and NTPC for project execution.
Capacity Expansion
MDO business is expanding to reach Peak Rated Capacity (PRC) of 5 million metric tons per annum for the CCL mine by FY28 and reaching PRC for the SAIL mine by FY27. Total order book capacity stands at INR 56,000 Cr+.
Raw Material Costs
Material consumption costs were INR 222.51 Cr in Q2 FY26, up 31.7% from INR 168.97 Cr in Q2 FY25. Procurement is managed through project-specific vendor contracts to mitigate price volatility.
Manufacturing Efficiency
The company targets a 40% annual conversion/execution rate of its opening order book. Execution in the mechanical segment spiked to INR 435 Cr in Q2 FY26 due to accelerated government directives for FGD projects.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
Growth will be achieved through the ramp-up of the MDO business (targeting INR 2,000 Cr peak revenue), execution of the INR 56,000 Cr+ order book, and expansion into the steel and railway sectors. The company is also capitalizing on the FGD (Flue Gas Desulphurisation) directive for thermal plants.
Products & Services
Erection, Testing and Commissioning (ETC) of power plants, Operations & Maintenance (O&M) services, Civil works for railways and water projects, and Mine Developer and Operator (MDO) services.
Brand Portfolio
Power Mech Projects Limited.
New Products/Services
Expansion into the steel sector and increased focus on FGD projects. MDO revenue from the KBP mine is expected to begin contributing from Q3 FY26.
Market Expansion
Targeting a revenue of INR 6,500 Cr for FY26. Exploring opportunities in the steel sector and expanding the O&M portfolio with long-tenure annuity contracts like the SJVN 2x660 MW project.
Market Share & Ranking
Not disclosed in available documents, but recognized as a market leader in power plant ETC and O&M services.
Strategic Alliances
Strategic execution partner within the Adani ecosystem; MDO contracts with SAIL and CCL (Central Coalfields Limited).
External Factors
Industry Trends
The industry is shifting toward renewable energy (228 GW non-fossil capacity as of 2025), but thermal power remains critical with new capacity additions planned. O&M demand is rising due to aging infrastructure assets.
Competitive Landscape
Competes with other diversified EPC players in civil, water, and power sectors. Key advantage is the specialized niche in power O&M and MDO.
Competitive Moat
Durable advantages include a 25-year track record, a massive INR 56,000 Cr order book (4.47x book-to-bill ratio), and deep integration into the Adani and BHEL ecosystems. These are sustainable due to high entry barriers in complex power EPC work.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and power sector regulations. The FGD directive is a major driver for the current order book.
Consumer Behavior
Not applicable as the company is a B2B/B2G service provider.
Geopolitical Risks
International operations are exposed to political instability and currency fluctuations in foreign countries.
Regulatory & Governance
Industry Regulations
Strict government regulations in environmental and safety areas can slow project execution. Mining operations are subject to specific coal mining plans and environmental clearances.
Environmental Compliance
FGD (Flue Gas Desulphurisation) projects are driven by environmental compliance norms for thermal power plants to reduce emissions.
Taxation Policy Impact
Effective tax costs impacted PAT in FY26. The company noted a marginal reduction in ROE to 3.37% partly due to higher tax outlays.
Risk Analysis
Key Uncertainties
Execution risk in the MDO segment as a new entrant; potential for higher-than-envisaged support to MDO SPVs impacting consolidated liquidity.
Geographic Concentration Risk
Significant concentration in India, with specific project clusters in mining regions (CCL/SAIL mines) and power hubs.
Third Party Dependencies
High dependency on government-linked entities (NTPC, SAIL, CCL) and large private developers (Adani Group) for order inflows.
Technology Obsolescence Risk
Risk of shift away from coal-based power; mitigated by diversifying into renewables, desalination, and infrastructure (railways/metro).
Credit & Counterparty Risk
Receivables quality is generally strong due to high-quality counterparties like PSU and large corporate clients, though water division receivables are currently delayed.
