PARTH
Parth Electricals & Engineering financials
- Market cap
- ₹731 Cr
- Sector
- Capital Goods
- Calls analysed
- 2
Parth Electricals & Engineering Limited Q4 FY26
What went well
- FY26 Revenue grew by 13% YoY to INR 196.62 crores, building on previous years' growth.
- EBITDA margin expanded by 49 bps to 10.53% and PAT margin by 140 bps to 7.19% in FY26, indicating improved profitability.
- Secured a strong order book of INR 271.59 crores, including key EPC projects for PGVCL (INR 85 crores) and Reliance Data Center (INR 45 crores).
What to watch
- An inventory pile-up of INR 40 crores and delayed sales of INR 25 crores in FY26 were attributed to geopolitical tensions affecting a US export project.
- Raw material price volatility (steel, copper, aluminum, gas) and the absence of price variation clauses with industrial customers pose a risk to margins on existing contracts.
What Parth Electricals & Engineering Limited does
Parth Electricals & Engineering designs, manufactures and supplies medium-voltage electrical power transmission & distribution equipment — Ring Main Units (RMU), MV switchgear panels, compact/primary substations (CSS/PSS), control & relay panels, earth link boxes, metering panels and E-Houses — under technology-transfer and licensing arrangements with Schneider Electric SAS (France) and Hezong. It also runs an EPC and specialized-services business: installation, testing and commissioning of electrical substations and power cables (Gas Insulated Switchgear up to 400KV, Air Insulated Substations up to 220KV), cable termination & jointing under a Pfisterer Switzerland partnership, and repair/refurbishment of RMUs. Customers span Indian power utilities (GETCO, UPPTCL, PGVCL, TPCODL) and industrial clients (Tata Power, CESC, Reliance, Adani, IOCL), plus export orders to the USA, Zambia, Nepal and Bhutan.
Segments
- Manufacturing & Supply
- Services & EPC
- Manufacturing facilities
- 3 (Unit 1 – Manjusar, Vadodara; Unit 2 GIS plant – Karachiya, Vadodara, under construction since Sep 2025; rented facility – Khordha, Odisha)
- Workforce
- 250+ employees (avg. 20+ yrs industry experience)
- Export markets
- 4 countries (USA, Zambia, Nepal, Bhutan)
- Technology-transfer / licensing partners
- Schneider Electric SAS (France) for RMU & PSS/CSS; Schneider Electric India (MV switchgear licensee); Hezong (GIS & 33KV RMU); Pfisterer Switzerland AG & Raychem (cable accessories)
- Manufactured product lines
- 7 (RMU, MV Panels, Compact Substations, Earth Link Boxes, Control & Relay Panels, Metering Panels, Gas Insulated Switchgear)
- Voltage range served
- 11KV–33KV (manufactured products); up to 220KV/400KV (installation & commissioning services)
Guidance record · Q4 FY26
what the last two calls moved 11 tracked 0 delivered 1 missed 10 open- Total Employees went quiet said Q2 FY26 Promised: Big team of 555 in next three years (adding 300 employees) Q4 FY26: Management discussed the inauguration of the Skill Development Center to train and absorb new employees but did not provide an updated headcount number. The progress on this specific metric was not mentioned.
- Odisha Rented Facility Operational delayed said Q2 FY26 Promised: Start operating that facility in a small capacity maybe one month or one and a half month time Q4 FY26: The original timeline of Q3 FY26 was missed. Management has now provided a new target of October 2026 for the facility to become operational, citing a switch to a long-term rental to expedite a previously longer timeline.
- Revenue CAGR on track said Q2 FY26 Promised: 20%-30% CAGR going forward next five years Q4 FY26: FY26 revenue growth was 13% YoY. However, management stated that INR 25 cr of sales were delayed into FY27 due to geopolitical issues. Including this would bring YoY growth to ~26%. Management also reiterated the 20-30% growth guidance for the next 2-3 years. The underlying performance supports the target.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 70 | 105 | 80 | 118 |
| EBITDA | 7 | 9 | 10 | 11 |
| Net profit | 4 | 6 | 6 | 8 |
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 +85.5% 1Y
1Y: ₹282.15 on 10 Sept 2025 → ₹523.35. High ₹549.35 (9 Sept 2026), low ₹197.2 (14 Jan 2026).
How the price took the results
close before → close after
- Q4 FY26
- +4.2%
- 21 May
- Q2 FY26
- −2.3%
- 12 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.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹14 Cr | ₹14 Cr |
| Reserves | ₹6 Cr | ₹9 Cr | ₹13 Cr | ₹95 Cr | ₹98 Cr |
| Borrowings | ₹9 Cr | ₹8 Cr | ₹16 Cr | ₹14 Cr | ₹17 Cr |
| Other liabilities | ₹19 Cr | ₹33 Cr | ₹36 Cr | ₹40 Cr | ₹59 Cr |
| Total liabilities | ₹35 Cr | ₹51 Cr | ₹67 Cr | ₹163 Cr | ₹188 Cr |
| Fixed assets | ₹7 Cr | ₹7 Cr | ₹12 Cr | ₹21 Cr | ₹27 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹8 Cr | ₹13 Cr |
| Investments | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Other assets | ₹28 Cr | ₹43 Cr | ₹53 Cr | ₹133 Cr | ₹146 Cr |
| Total assets | ₹35 Cr | ₹51 Cr | ₹67 Cr | ₹163 Cr | ₹188 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 Jul 2026
Since Sep 2025, the public added +5.16 pp while FIIs trimmed −3.49 pp. The shareholder count grew 37% to 1,116.
- Promoters
- 61.2%
- FIIs
- 1.3%
- DIIs
- 0.4%
- Public
- 37.0%
Since Sep 2025
- Public +5.16 pp
- FIIs −3.49 pp
- Promoters −1.35 pp
How it drifted, 3 quarters
Over this window the public went from 31.9% to 37.0% — +5.2 pp.
Ownership split by quarter, oldest first. Sep '25: Promoters 62.6%, FIIs 4.8%, DIIs 0.8%, Public 31.9%.Mar '26: Promoters 62.6%, FIIs 1.8%, DIIs 0.4%, Public 35.2%.Jul '26: Promoters 61.2%, FIIs 1.3%, DIIs 0.4%, Public 37.0%.
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.
- Huf newly disclosed 1.47% held
- Prakash Diwan newly disclosed 1.11% held
- Kabra Sunil Murlimanohar newly disclosed 1.07% held
- Karan Jigneshkumar Patel newly disclosed 0.00% held
- Late Gordhanbhai Muljibhai Patel newly disclosed 0.00% held
- Vimlaben G Patel newly disclosed 0.00% held
- Late Naginbhai T Patel newly disclosed 0.00% held
- Patel Induben Naginbhai newly disclosed 0.00% held
The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jul 2026 filing
Every holder of Parth Electricals & Engineering Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Jignesh Gordhanbhai Patel | 51.20% | −1.12 pp |
| Jemini Jigneshkumar Patel | 10.02% | −0.22 pp |
| Paresh Patel | 1.70% | unchanged |
| Chandrakant Mahendra Patel | 1.70% | unchanged |
| Amul P Patel | 1.70% | unchanged |
| Nikhil Ramesh Jaisinghani | 1.68% | −0.37 pp |
| Indur Thakurdas Jaisinghani | 1.54% | unchanged |
| Myraa Raheja | 1.49% | unchanged |
| Huf | 1.47% | newly disclosed |
| Waaree Sustainable Finance Private Limited | 1.15% | unchanged |
| Yashwant Amratlal Thakkar | 1.14% | unchanged |
| Prakash Diwan | 1.11% | newly disclosed |
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
- Growth the price implies
- 22.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse Parth Electricals & Engineering Limited
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