Detailed Narrative
Strong H1 FY26 Performance and Order Book Growth
Advait Energy Transitions Limited reported a robust H1 FY26 consolidated revenue of INR275 crores, marking a significant 160% year-on-year growth. EBITDA for the same period stood at INR31.06 crores, an 87% YoY increase, with EBITDA margins at 11.3%. The company's order book has surpassed INR1,000 crores, demonstrating a 177% YoY growth, with 76% attributed to the Power Transmission System (PTS) business and 24% to the New & Renewable Energy (NRE) business.
Key Order Wins and Project Execution Highlights
During the quarter, Advait Energy secured a significant ERS order for 765 KV and 400 KV segments from Power Grid, amounting to approximately INR90 crores. Another major win was an EPC order exceeding INR100 crores for DGVCL for the replacement of MVCC conductors. The company also successfully executed a challenging 250 km stringing of OPW cables on a live line for 220 KV at high altitudes in Leh and Ladakh, completing it in record time under extreme conditions.
Capacity Expansion and New Facilities
The company is establishing a grand integrated manufacturing facility at Gangad, Ahmedabad, with all new and expanded units expected to be ready by July 2026. The capex for this facility has already been tied up. Additionally, a new ERS manufacturing facility is slated for completion by next month (December 2025), and stringing tools capacity is targeted to increase from INR30-40 crores to INR80-100 crores per year.
Advancing in New & Renewable Energy (NRE) Segment
Advait Energy is making significant strides in the NRE sector, initiating the construction of a 300 megawatt electrolyzer manufacturing plant and completing India's first green hydrogen EPC project. The first 10 megawatt capacity of the electrolyzer plant is expected to be ready by January 2026, with the full 300 megawatt capacity by the end of 2026. The company has also secured its first Level-N projects in Malaysia for ACS and OPGW cables, with further overseas expansion planned.
Financial Ratios and Working Capital
As of September 30, 2025, the Debt-Equity ratio stood at 0.24, a slight increase from 0.23 as of March 31, 2025. The Current Ratio for H1 FY26 was 2.09, compared to 2.33 in FY25. Trade receivables increased by INR60 crores in H1, creating a INR33 crores gap compared to profit, which management expects to normalize. Approximately INR46 crores of withheld money, due in the next 12 months, has been reclassified as current assets.
Strategic Outlook and Future Growth
Management expressed confidence in maintaining an overall growth rate of 50-60%. They anticipate the BESS division to generate INR50-60 crores in supplies by March 2026, with the entire order completed by June 2026. The company is actively pursuing EPC opportunities in the NRE sector and expanding its international footprint for stringing tools and OPGW LiveLine business, with expressions of interest in Ethiopia and Kazakhstan.