Advait Energy Transitions Limited — Q3 FY26 earnings call

Revenue

• Revenue growth Revenue · 2026 · High confidence 40% to 45%

  Looking ahead, we remain confident on delivering approximately 40% to 45% revenue growth in 2026.

  — Shalin Sheth

• CAGR growth Revenue · long term · High confidence 40% to 50%

  we've been growing with the CAGR of 40% to 50% from last three to five years and we expect this to be continued.

  — Shalin Sheth

• Revenue from new electrolyzer facility Revenue · FY28 · High confidence INR200 crores to INR300 crores

  revenue from first full financial year is roughly anything between INR200 crores to INR300 crores steadily adding up

  — Priyank Shah

Capacity

• 30 MW electrolyzer plant commissioning Capacity · Q4 FY26 · High confidence Ready by March 15, 2026

  the plan is for the electrolyzer manufacturing in the first phase of 30 MW Electrolyser Assembly plant will be progressing as scheduled and will be completed and commissioned by 15th March this year.

  — Chaitanya Mallurwar

• 100 MW electrolyzer plant completion Capacity · FY26 · High confidence Completed by FY26 end

  And the next phase of the 300 MW, with the first phase of 100MW Electrolyser Manufacturing Plant will be completed end of this financial year.

  — Chaitanya Mallurwar

• 300 MW electrolyzer plant completion Capacity · FY27 · High confidence Completed by FY27 end

  The remaining capacity will be executed in the next financial year.

  — Chaitanya Mallurwar

• Full electrolyzer capacity commissioning Capacity · FY27 · High confidence By end of March 2027

  full-fledged capacity will be up, likely to be commissioned by end of the March '27

  — Priyank Shah

• BESS assembly plant readiness Capacity · Q3 FY27 · High confidence Ready by Q3 FY27

  for the BESS, we are putting the 2.5 gigawatt assembly plant to be ready by Q3 this year. correct?

  — Shalin Sheth

• BESS factory commissioning Capacity · FY27 · High confidence By October

  for initially we are targeting by October to commission our factory, and we are targeting for 2.5 gigawatt hour for our factory

  — Bhavik Chapadiya

Capex

• Electrolyzer factory capex Capex · FY26-FY27 · High confidence Approx INR200 crores

  overall capex plan for the electrolyzer factory for the current and next two financial year would be close to Approx INR200 crores.

  — Priyank Shah

Profitability

• Electrolyzer manufacturing EBITDA margin Profitability · long term · High confidence 8% to 10%

  For electrolyzer manufacturing, the expected margin should be around 8% to 10%

  — Chaitanya Mallurwar

• Manufacturing ROCE Profitability · long term · High confidence 25% to 30%

  for our manufacturing, our ROCE is normally more than 25% to 30%.

  — Shalin Sheth

• EPC ROCE Profitability · long term · High confidence 15% to 25%

  For EPC, our ROCE will be about 15% to 25%.

  — Shalin Sheth

• Development project ROCE Profitability · long term · High confidence 12% to 15%

  For our development project, the ROCE will be about 12% to 15%.

  — Shalin Sheth

• Consolidated EBITDA margin Profitability · FY27 · Medium confidence 12% to 13%

  Okay, okay. So can we expect around 12%, 13% margin for FY 2027, sir? You're talking on EBITDA level? I think that's what we've been working for I think we'll be successful.

  — Shalin Sheth

Product Mix

• NRE division mix increase Product Mix · every year · High confidence 5% to 10%

  We are looking forward to the mix will continuously changing towards NRE division by adding 5% to 7% increase in the mix every year or maybe 10%.

  — Shalin Sheth