Advait Energy Transitions Limited — Q3 FY26
Advait Energy Transitions delivered a strong Q3 FY26 with consolidated revenue of ₹211 crore (up 114% YoY) and EBITDA of ₹24.16 crore (up 58% YoY).
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Order buildup in new renewable division and pipeline
Asked by Shashank Ja, SB Capital
Management acknowledged the question but gave no concrete pipeline details, only vague expectations.
no specific pipeline detailsdeferred to future quarters
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Question
how is order buildup happening like I can see like you are getting lot of order from transmission division but no big order coming in new area division recently... So how is the pipeline looking there?
Management (not specified)
we have been building the major orders in the PTS division... we are expecting the similar flow of the order is coming into this division in the quarter Q4 for the year and the Q4 for the next year.
Answered
Medium priority
Nature of Adani order: EPC or balance of plant?
Asked by Shashank Ja, SB Capital
Management clearly stated the Adani order is balance of plant, not full EPC.
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Question
KPI itself has an EPC part. So when they are giving a order to you so is it EPC work or is it balance of plan kind of work?
Management (not specified)
We are getting both the orders EPC and balance of plan like recently we took the order from Adani Adani order is balance of work it was not on EPC except solar panel everything we are doing.
Partial answer
High priority
Status of 300 MW electrolyser capacity timeline
Asked by Shashank Ja, SB Capital
Management gave details on 30 MW but did not confirm the 300 MW timeline.
no timeline for 300 MWonly mentioned 30 MW milestone
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Question
you told like in FY27 Q3 or Q4 electroly 300 megawatt will be active. So how is it going?
Management (not specified)
we are putting up our first 30 megawatt electrolizer assembly and manufacturing unit to be ready by 15th of March this year in Ahmedabad... land procurement has already been done for the first expansion towards our drive of 300 megawatt.
Answered
High priority
Revenue expectation per MW of electrolyser
Asked by Shashank Ja, SB Capital
Management provided a range of 3.5-6 crores per MW for the electrolyser core.
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Question
what can be the revenue expectation from one megawatt electrolyer.
Management (not specified)
those numbers can be anywhere between 3.5 to 56 crores on the electrolizer part. And then there are many other allied accessories and assemblies like compressors, piping, cooling that will add extra revenue.
Partial answer
Medium priority
Company overview and segment margins
Asked by Suankar Malik, Sangai family office
Management gave a business overview but did not address margin or revenue growth specifics.
no margin or revenue growth numbers given
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Question
can you give me like a overview of this company all the segment how the segment works and like a margin the revenue growth in a brief not in detail.
Management (not specified)
broadly our company developed its operation from identifying the unique products... we build up the PTS accordingly and presently we manufacture ACF, OPW, ERS... we also provide the EPG services... we also have the second division called NR new and renewable...
Answered
High priority
Declining NR division order book share and sector slowdown
Asked by Suankar Malik, Sangai family office
Management explained the decline is due to capacity building and lack of lucrative orders.
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Question
if I look at your Q2 presentation... the order book was 1070 cr and the new business was 24%... now the order book is 1048 cr and the new business that is 16%... Is there any slowdown in the sector?
Mr. Matal Kundala (NR division head)
we are in a capacity and capability building zone when it comes to specifically solar projects... currently there are not very lucrative orders in the market where a company like us can be working at a desired margin.
Evasive
High priority
EBITDA margin improvement and target for FY26/27
Asked by Akillesh Raat, Reddanta Vision
Management avoided giving a specific margin target and deflected to year-on-year comparison.
no margin target givendeferred to annual view
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Question
if I compare revenue or sorry our AITA margin from for some past quarters. So like there isn't much growth... are we going to see any improvement and what is our margin target for FI 26 and 27?
Management (not specified)
this was the quarter three... we should look at the business on year on year basis. So we are hopeful for having the similar numbers by end of the year.
Answered
Medium priority
Revenue visibility from 216 cr PGVCL order
Asked by Akillesh Raat, Reddanta Vision
Management clearly stated revenue starts in Q4 and completes next year.
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Question
we have got our largest EPC order of 216 cr from PGVCL. So, when are we going to see some revenue coming from it?
Management (not specified)
The revenue will start coming from the Q4 and it will be completed completely by next year.
Answered
Medium priority
ERS segment revenue in Q3
Asked by Akillesh Raat, Reddanta Vision
Management confirmed zero ERS revenue in Q3 due to project completion.
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Question
what is our ERS segment revenue in this quarter?
Management (not specified)
for last quarter we don't have revenue because last quarter was a very significant milestone for us for completion of the earlier ERS project... revenue wise no.
Partial answer
Medium priority
Percentage of order book executable in 6 months
Asked by Tanme Zaweri, Finest Capital
Management gave 75% but timeframe was 'next year' not 6 months as asked.
ambiguous timelinenot specific to 6 months
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Question
out of the current order books that we have how much percentage of the order book would be to be executed in less than 6 months period.
Management (not specified)
from our current order books we hope that about 75% orders will be completed by next year in next month or next financial year.
Answered
High priority
Capex and revenue potential for electrolyser phases
Asked by Nitan Gandhi, Innoquest Advisor
Management provided capex of 200 cr and revenue range of 200-300 cr for first full year.
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Question
phase electrolyer when 30 megawatt phase one and phase 2, what will be the capex and what's likely affect turnover at a peak potential?
Management (not specified)
overall prepex plan for the electrolyer factory for the current NX2 financial year would be close to 200 cr... we are expecting the revenue from first pool financial year is roughly anything between 200 to 300 cr.
Partial answer
High priority
Details on 90 cr fund raise for subsidiary
Asked by Sashank Udupa
Management confirmed fund raise for subsidiary but gave no specifics on terms or dilution.
no details on structure or valuation
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Question
on the 90 cr fund raise that is coming and can you shed some light on that for the subsidiary company?
Management (not specified)
This fundraising requirement is coming into subsidiary company... we are taking the points in the first phase now and we would like to take up this in next 2 or 3 months.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Electrolyser manufacturing margin: 8-10% | 8% | 11% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.