POWERMECH - Power Mech Proj.
📢 Recent Corporate Announcements
Power Mech Projects Limited has secured a major domestic contract valued at ₹709.56 Crores from Adani Infrastructure Management Services Limited. The scope of work includes KPI-based Operations and Maintenance (O&M) services and overhauling for a 5x660MW thermal power plant in Tiroda, Maharashtra. The contract is scheduled for execution over a 60-month period, commencing from April 1, 2026, until March 31, 2031. This large-scale order provides significant long-term revenue visibility for the company's O&M segment.
- Total contract value of ₹709.56 Crores excluding Goods & Services Tax.
- Execution period of 60 months (5 years) starting from April 1, 2026.
- Scope includes O&M and overhauling for a 3,300 MW (5x660MW) thermal power plant.
- Order awarded by Adani Infrastructure Management Services Limited, a key domestic player.
- The contract is KPI-based, ensuring performance-linked revenue streams.
Power Mech Projects Limited has officially transitioned its Registrar & Share Transfer Agent (RTA) from KFin Technologies Limited to Venture Capital and Corporate Investments Private Limited (VCCIPL). The change is effective from March 09, 2026, following regulatory intimations and approvals from NSDL and CDSL. All future shareholder communications and requests regarding securities must now be directed to VCCIPL's office in Hyderabad. This is a standard administrative update and does not impact the company's business operations or financial health.
- RTA changed from KFin Technologies Limited to Venture Capital and Corporate Investments Private Limited (VCCIPL) effective March 09, 2026.
- NSDL and CDSL confirmed the connectivity shift in their systems on March 6 and March 9, 2026, respectively.
- New RTA contact details: 'AURUM', Gachibowli, Hyderabad; Phone: +91 040 23818475 / 23818476.
- A tripartite agreement between the company and both RTAs is currently under process to finalize the transition.
Power Mech Projects (PMPL) reported a massive order book of ₹57,811 Cr (including MDO), providing strong revenue visibility for over 3 years. The company is strategically pivoting from pure construction to integrated BOP EPC and high-margin O&M services, currently managing 40+ GW globally. PMPL is aggressively entering the renewables space with a 250 MW BESS project and Solar BOO models, targeting 15-16% equity IRRs. With ₹7,766 Cr in order inflows already achieved in FY26 YTD, the company is on track to hit its ₹10,000 Cr annual target.
- Total order book stands at ₹57,811 Cr, with FY26 YTD order inflows reaching ₹7,766 Cr.
- Managing 40+ GW of power plant O&M globally, accounting for approximately 16% of India's thermal base.
- Executing two major MDO contracts for SAIL and CCL with a combined value of ₹39,594 Cr over 25-26 years.
- Diversifying into green energy with a ₹1,563 Cr BESS order and a 13.66 MW Solar BOO project.
- Maintaining 11-12% EBITDA margins while transitioning to a digitally enabled technical services platform.
Power Mech Projects Limited has scheduled a Non-Deal Roadshow (NDR) for analysts and institutional investors on February 27, 2026. The event, hosted by Churchgate Partners, will take place at the Grand Hyatt in Mumbai from 10:00 a.m. to 5:30 p.m. IST. The management will engage in one-to-one and group interactions based on publicly available information. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be discussed during these meetings.
- Non-Deal Roadshow scheduled for Friday, February 27, 2026, in Mumbai.
- Event hosted by Churchgate Partners featuring one-to-one and group interaction types.
- Interaction window set from 10:00 a.m. to 5:30 p.m. IST.
- Management confirms discussions will be restricted to publicly available information only.
Power Mech Projects Limited reported a steady Q3 FY26 with PAT growing 15% YoY to INR 100 crore and revenue increasing 6% to INR 1,433 crore. The company has a massive order backlog of INR 56,800 crore (including MDO), providing high revenue visibility for several years. Key strategic wins include a INR 2,550 crore EPC order for the Singareni thermal project and a breakthrough INR 1,563 crore battery energy storage project in West Bengal. Management is targeting a total order intake of INR 10,000 crore for FY26, having already achieved INR 6,761 crore YTD.
- Q3 FY26 PAT increased 15% YoY to INR 100 crore with PAT margins improving to 7.02%.
- Total order backlog stands at INR 56,800 crore, including MDO projects; excluding MDO, the backlog is INR 17,300 crore.
- Secured a major INR 2,550 crore Balance of Plant (BOP) EPC contract from BHEL for the Singareni project.
- Entered the energy storage segment with a 1,000 MWh battery project expected to generate INR 1,563 crore over 15 years.
- Net debt remains well-controlled at INR 233 crore with a low debt-equity ratio of 0.35x.
Power Mech Projects Limited has disclosed the recording of its conference call held on February 12, 2026. The call was dedicated to discussing the company's financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure provides transparency, allowing investors to hear management's detailed commentary on operational results and future outlook. The recording is accessible via a public link provided in the regulatory filing.
- Conference call held on February 12, 2026, at 11:00 AM IST regarding Q3 results.
- Covers financial performance for the quarter and nine months ended December 31, 2025.
- Recording link provided via Google Drive for public investor access.
- Filing submitted to both National Stock Exchange (NSE) and BSE Limited.
Power Mech Projects reported a steady Q3 FY26 with revenue growing 6% YoY to ₹1,433 crore and EBITDA rising 8% to ₹173 crore. The company maintains a massive total order backlog of ₹56,806 crore (including MDO), providing over three years of revenue visibility. New order inflows for FY26 YTD reached ₹6,761 crore, representing 68% of the annual target, bolstered by a strategic ₹1,563 crore Battery Energy Storage System (BESS) win. Management highlighted the operationalization of the KBP mine in November 2025 as a key driver for future margin expansion.
- Q3 FY26 Revenue grew 6% YoY to ₹1,433 Cr; 9M Revenue increased 17% to ₹3,987 Cr.
- Total order backlog stands at ₹56,806 Cr, with high-margin MDO contracts worth ₹39,500+ Cr.
- Achieved ₹6,761 Cr in new order inflows YTD, including a ₹2,500+ Cr BOP EPC package from BHEL.
- EBITDA margins remained stable at 12.08% despite provisions for the new labor code.
- Strategic entry into the BESS market with a ₹1,563 Cr project under the Build-Own-Operate model.
Power Mech Projects Limited held its board meeting on February 10, 2026, to approve the un-audited financial results for the quarter and nine months ended December 31, 2025. The consolidated performance was supported by nine Indian subsidiaries which contributed ₹61.71 crore in revenue and ₹2.90 crore in net profit for the quarter. However, overseas operations showed weakness, with three subsidiaries reporting a quarterly loss of ₹3.18 crore. Additionally, the board approved changing the Registrar and Share Transfer Agent (RTA) from KFin Technologies to Venture Capital and Corporate Investments Private Limited (VCCIPL).
- Approved standalone and consolidated financial results for Q3 and 9M FY26.
- Nine Indian subsidiaries reported Q3 revenue of ₹61.71 crore and PAT of ₹2.90 crore.
- Nine-month revenue from Indian subsidiaries reached ₹201.55 crore with a PAT of ₹8.74 crore.
- Overseas subsidiaries recorded a quarterly loss of ₹3.18 crore and a nine-month loss of ₹13.43 crore.
- Transition of RTA from KFin Technologies to VCCIPL approved following the completion of KFin's tenure.
Power Mech Projects Limited reported a consolidated revenue of ₹1,419.56 crore for the quarter ended December 31, 2025, up from ₹1,337.97 crore in the same period last year. The company's Profit Before Tax (PBT) remained stable at ₹123.86 crore compared to ₹121.32 crore in Q3 FY25. Alongside the results, the board approved changing the Registrar and Share Transfer Agent (RTA) from KFin Technologies to Venture Capital and Corporate Investments Private Limited. The results reflect steady operational performance with a significant portion of expenses driven by contract execution costs.
- Consolidated revenue from operations grew to ₹1,419.56 crore in Q3 FY26 versus ₹1,337.97 crore in Q3 FY25.
- Profit Before Tax (PBT) for the quarter stood at ₹123.86 crore, showing marginal growth over the previous year's ₹121.32 crore.
- Contract execution expenses were the largest cost driver at ₹811.86 crore for the quarter.
- Employee benefit expenses rose significantly to ₹191.86 crore from ₹121.53 crore in the year-ago quarter.
- The company is transitioning its RTA services to Venture Capital and Corporate Investments Private Limited following the completion of KFin's tenure.
Power Mech Projects reported a steady performance for the quarter ended December 31, 2025, with consolidated revenue from operations growing 6.1% YoY to ₹1,419.56 crore. Profit before tax (PBT) saw a marginal increase to ₹123.86 crore compared to ₹121.32 crore in the same quarter last year. The company also announced a change in its Registrar and Share Transfer Agent (RTA) from KFin Technologies to Venture Capital and Corporate Investments Private Limited. While domestic operations remain the primary driver, losses in overseas subsidiaries slightly weighed on the consolidated bottom line.
- Consolidated Revenue from operations increased to ₹1,419.56 crore from ₹1,337.97 crore in the year-ago period.
- Profit Before Tax (PBT) stood at ₹123.86 crore for Q3 FY26, compared to ₹121.32 crore in Q3 FY25.
- Contract execution expenses, the largest cost component, rose to ₹811.86 crore during the quarter.
- Overseas subsidiaries reported a combined net loss of ₹3.18 crore for the quarter ended December 31, 2025.
- The Board approved the appointment of Venture Capital and Corporate Investments Private Limited as the new RTA.
Power Mech Projects Limited has scheduled its Q3FY26 earnings conference call for February 12, 2026, at 11:00 AM IST. The call, hosted by Nirmal Bang Institutional Equities, will feature the company's CFO and Director of Business Development. This session allows investors and analysts to discuss the company's financial performance and future outlook for the third quarter. This is a standard regulatory disclosure following the announcement of quarterly results.
- Conference call scheduled for Thursday, February 12, 2026, at 11:00 AM IST.
- The call aims to discuss the company's financial performance for the third quarter of FY26.
- Management representation includes CFO Mr. N. Nani Aravind and Director Mr. S. Kodandaramaiah.
- The event is organized in coordination with Nirmal Bang Institutional Equities.
Power Mech Projects' subsidiary, PM Green, has secured a major contract for a 1 GWh Battery Energy Storage System (BESS) from West Bengal State Electricity Distribution Company. The project is valued at ₹1,563 crore, with a greenshoe option to double the capacity to 2 GWh, bringing the total potential revenue to ₹3,126 crore. This project follows a Build, Own, Operate (BOO) model with a 100% off-take guarantee and a 15-year contract duration. This marks the company's significant entry into the renewable energy storage vertical, diversifying its portfolio beyond traditional power services.
- Total potential revenue of ₹3,126 crore including the 1 GWh greenshoe option
- Initial capacity of 250 MW / 1,000 MWh to be established at Goaltore Substation
- Project structured on a Build, Own, Operate (BOO) model with a 15-year contract duration
- Construction period set for 18 months from the signing of the Purchase Agreement
- Marks the company's debut in the large-scale energy storage solutions market
Power Mech Projects' subsidiary, PM Green Private Limited, has secured a significant contract worth ₹3,126 crores from West Bengal State Electricity Distribution Company Limited. The project involves setting up a 250 MW / 1,000 MWh Battery Energy Storage System (BESS) under a Build-Own-Operate (BOO) model, including a greenshoe option for an additional 250 MW. The contract includes a 100% off-take guarantee and spans an 18-month commissioning period followed by 15 years of operations and maintenance. This marks a major strategic entry for the company into the high-growth energy storage sector.
- Total order value of ₹3,126 Crores excluding GST, inclusive of the Greenshoe option.
- Project involves a 250 MW / 1,000 MWh standalone Battery Energy Storage System (BESS).
- Execution timeline of 18 months for commissioning and 180 months (15 years) for O&M.
- 100% off-take guarantee from WBSEDCL provides high revenue visibility.
- Project follows the Build-Own-Operate (BOO) model, indicating a shift towards asset ownership.
Power Mech Projects Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that all dematerialization and rematerialization requests for the quarter ended December 31, 2025, have been processed. This filing ensures that the company's share registry is accurately maintained and reported to the stock exchanges. It is a standard administrative procedure for all listed entities and does not reflect any change in business fundamentals.
- Quarterly compliance certificate submitted for the period ending December 31, 2025
- Confirms processing of dematerialization and rematerialization requests by KFin Technologies
- Ensures adherence to SEBI (Depositories and Participants) Regulations, 2018
- Filing submitted to both National Stock Exchange (NSE) and BSE Limited on January 5, 2026
Power Mech Projects Limited has announced the closure of its trading window effective January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is a standard procedure ahead of the declaration of the company's un-audited financial results for the third quarter ending December 31, 2025. The window will remain closed for all designated persons and their relatives until 48 hours after the results are made public. This is a routine regulatory filing and does not reflect any change in the company's business operations.
- Trading window closure begins on January 1, 2026.
- Closure pertains to the un-audited financial results for the quarter ending December 31, 2025.
- The window will reopen 48 hours after the official declaration of the Q3 results.
- The restriction applies to all designated persons, immediate relatives, and connected persons as per SEBI norms.
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.