543230
Advait Energy share price & financials
- Price
- ₹2,408
- Market cap
- ₹2.3k Cr
- Sector
- Capital Goods
- Calls analysed
- 4
Advait Energy Q4 FY26
What went well
- Consolidated Revenue for Q4 FY26 grew 18% YoY to ₹228 crores.
- Consolidated PAT for Q4 FY26 increased 55% YoY to ₹19.96 crores.
- Full year FY26 Consolidated Revenue surged 80% YoY to ₹714.52 crores.
What to watch
- FY26 Consolidated EBITDA margin slightly compressed to 11.73% from 12.87% in FY25.
- FY26 Consolidated PAT margin slightly compressed to 7.71% from 8.05% in FY25.
What Advait Energy does
Advait Energy Transitions manufactures optical ground wire (OPGW) and aluminium-clad-steel (ACS) conductors, Emergency Restoration Systems (ERS) and stringing tools, and executes EPC contracts for utilities including live-line OPGW installation, HTLS re-conductoring and RDSS distribution-upgrade projects for clients such as PGCIL, GETCO, TANTRANSCO and UPPTCL. Through subsidiary Advait Greenergy Pvt Ltd (AGPL) and other group entities it has extended into New & Renewable Energy, taking up solar and green-hydrogen EPC and manufacturing Battery Energy Storage Systems (BESS) and alkaline electrolysers under technology tie-ups with overseas partners. Manufacturing is centred on a vertically integrated plant at Kadi, Gujarat, with a second multi-integrated facility for both business verticals under development near Dholera, Gujarat.
Segments
- Power Transmission Solutions (PTS)
- New & Renewable Energy (NRE)
- Manufacturing facilities
- Vertically integrated plant at Kadi, Gujarat (~70,000 sq ft) plus a second multi-integrated PTS & NRE facility under development near Dholera, Gujarat
- Live-line OPGW cable installed (cumulative)
- 20,000+ km across voltage levels from 132 kV to 765 kV
- Global footprint
- 450+ projects completed across 45+ countries
- Group structure
- Subsidiaries/group entities AGPL, A&G HTPL, ATTPL and TG Advait consolidated under AETL, spanning the PTS and NRE segments
- Stringing-tools business reach
- 148+ tool products delivered to 35+ global customers across 42+ countries
- Electrolyser assembly facility (AGPL)
- Dedicated Alkaline Electrolyser assembly & BoP fabrication line commissioned with 30 MW annual capacity, designed to scale to 100-300 MW
Guidance record · Q4 FY26
what the last two calls moved 21 tracked 3 delivered 5 missed 13 open- Overall Revenue Growth delivered said Q3 FY25 Promised: 50% CAGR top line and bottom line growth Q4 FY26: For FY26, consolidated revenue grew 80% YoY to ₹714.52 crores, significantly exceeding both the original 50% CAGR target and the revised 40-45% guidance.
- EBITDA Margin missed said Q3 FY25 Promised: Achieve EBITDA always between 15% to 17% Q4 FY26: Q4 FY26 consolidated EBITDA margin was 12.61%. Full year FY26 margin was 11.73%, remaining significantly below the original 15-17% target range.
- Electrolyzer Manufacturing Capacity delayed said Q3 FY25 Promised: First 300 megawatts should be completed by year 2026 Q4 FY26: Management now states a 'multi-integrated manufacturing facility' will be operational by Q4 FY27, a further delay from the previously revised 'end of March '27' timeline.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 76.7%, net profit up 62.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 48 | 94 | 95 | 73 | 95 +98% | 125 +33% | 154 +62% | 129 +77% |
| EBITDA | 9 | 15 | 14 | 12 | 15 +67% | 21 +40% | 23 +64% | 21 +75% |
| Net profit | 6 | 10 | 10 | 8 | 10 +67% | 13 +30% | 15 +50% | 13 +63% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +14.6% 1Y
1Y: ₹1,809.7 on 10 Sept 2025 → ₹2,073.4. High ₹2,447.9 (22 Jun 2026), low ₹1,336.65 (14 Jan 2026).
How the price took the results
close before → close after
- Q4 FY26
- −4.7%
- 1 Jun
- Q3 FY26
- −0.5%
- 12 Feb
- Q2 FY26
- +2.2%
- 14 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 46.6% a year over 2 years, FY24 to FY26. Operating margin held at 15.9%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹208 Cr | ₹295 Cr | ₹447 Cr |
| Operating profit | ₹34 Cr | ₹46 Cr | ₹71 Cr |
| Operating margin | 16.3% | 15.6% | 15.9% |
| Interest | ₹6 Cr | ₹9 Cr | ₹15 Cr |
| Depreciation | ₹1 Cr | ₹4 Cr | ₹4 Cr |
| Net profit | ₹21 Cr | ₹32 Cr | ₹46 Cr |
| Net margin | 10.1% | 10.8% | 10.3% |
| Cash from operations | ₹-8 Cr | ₹50 Cr | ₹6 Cr |
| Free cash flow | ₹-15 Cr | ₹36 Cr | ₹-70 Cr |
| ROCE | 40.0% | 28.0% | 25.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹5 Cr | ₹10 Cr | ₹10 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹30 Cr | ₹36 Cr | ₹42 Cr | ₹64 Cr | ₹218 Cr | ₹250 Cr |
| Borrowings | ₹0 Cr | ₹6 Cr | ₹13 Cr | ₹38 Cr | ₹62 Cr | ₹94 Cr |
| Other liabilities | ₹16 Cr | ₹23 Cr | ₹41 Cr | ₹53 Cr | ₹258 Cr | ₹225 Cr |
| Total liabilities | ₹51 Cr | ₹71 Cr | ₹106 Cr | ₹165 Cr | ₹549 Cr | ₹580 Cr |
| Fixed assets | ₹2 Cr | ₹3 Cr | ₹21 Cr | ₹27 Cr | ₹40 Cr | ₹58 Cr |
| Capital work in progress | ₹0 Cr | ₹13 Cr | ₹1 Cr | ₹1 Cr | ₹3 Cr | ₹53 Cr |
| Investments | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹12 Cr | ₹23 Cr | ₹64 Cr |
| Other assets | ₹38 Cr | ₹44 Cr | ₹73 Cr | ₹125 Cr | ₹484 Cr | ₹406 Cr |
| Total assets | ₹51 Cr | ₹71 Cr | ₹106 Cr | ₹165 Cr | ₹549 Cr | ₹580 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −0.69 pp while FIIs added +0.68 pp. The shareholder count grew 15% to 33,709.
- Promoters
- 66.8%
- FIIs
- 0.7%
- DIIs
- 0.0%
- Public
- 32.5%
Since Jun 2025
- Promoters −0.69 pp
- FIIs +0.68 pp
- DIIs −0.68 pp
How it drifted, 12 quarters
Over this window promoters fell from 73.5% to 66.8% — −6.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 73.5%, Public 26.5%.Dec '23: Promoters 73.5%, Public 26.5%.Mar '24: Promoters 73.5%, Public 26.5%.Jun '24: Promoters 73.5%, FIIs 0.0%, Public 26.5%.Sep '24: Promoters 69.4%, FIIs 0.0%, Public 30.6%.Dec '24: Promoters 69.5%, Public 30.6%.Mar '25: Promoters 69.5%, DIIs 0.3%, Public 30.2%.Jun '25: Promoters 67.5%, DIIs 0.7%, Public 31.8%.Sep '25: Promoters 66.8%, DIIs 0.6%, Public 32.6%.Dec '25: Promoters 66.8%, FIIs 0.0%, DIIs 0.3%, Public 32.8%.Mar '26: Promoters 66.8%, FIIs 0.2%, DIIs 0.1%, Public 32.8%.Jun '26: Promoters 66.8%, FIIs 0.7%, DIIs 0.0%, Public 32.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Sheth Shalin Rahulkumar +9.11 pp 60.34% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Advait Energy above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sheth Shalin Rahulkumar | 60.34% | +9.11 pp |
| Rejal Shalin Sheth | 5.74% | −9.15 pp |
| Tanvi Jignesh Mehta | 2.30% | unchanged |
| Ashish Kacholia | 1.83% | unchanged |
| Kedia Securities Private Limited | 1.14% | unchanged |
| Suresh Kumar Agarwal | 1.08% | unchanged |
| Rutvi Shalin Sheth | 0.69% | unchanged |
| Rahulkumar Chandrakant Sheth | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹2073, this stock must grow earnings at 30% every year for 7 years. Our analysis caps realistic growth at ~42%. At that growth it is worth ₹3802 — upside of 83%.
- Growth the price implies
- 29.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 48.0% a year
- net profit, FY24–FY26 · EPS 42.3%
- The gap
- -0.1 pp
- 83% downside if it only repeats history
All earnings calls (4)
Read the Q4 FY26 call →Learn to analyse Advait Energy
Guides on how to read this kind of business and the numbers that matter.