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Revenue
₹211 Cr
verified against source
Revenue YoY
114%
reported change
EBITDA
₹24.16 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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). PAT grew 78% YoY to ₹17.39 crore. The order book crossed ₹1,000 crore, up 132% YoY, driven by the power transmission division (84% of mix). Management guided for 40-44% revenue growth in FY26 and expects margins to improve over 2-3 years as new businesses mature. Key growth drivers include the PGVCL EPC order (₹216 crore), electrolyzer manufacturing (30 MW plant by March 2026), and BESS assembly (2.5 GWh by Q3 FY27). Risks include margin pressure from new ventures and execution delays in the Kutch solar projects.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year revenue growth of approximately 40-44% for FY26, driven by the strong order book and execution momentum.
- First 30 MW electrolyzer assembly and manufacturing unit to be ready by March 15, 2026 in Ahmedabad.
- 2.5 GWh battery energy storage system assembly plant targeted for commissioning by Q3 of FY27.
- Total capex of ₹200 crore planned for electrolyzer and BESS facilities, with ₹90-100 crore raised via subsidiary stake sale.
Risks flagged
- Consolidated EBITDA margin declined to 11.45% in Q3 FY26 from 15.5% in Q3 FY25, as new renewable energy businesses operate at lower margins.
- Management noted that the Adani Kutch project (100 MW) is due for completion by March 10, 2026, but any delays could impact revenue recognition.
- Large players entering the electrolyzer market may intensify competition; management expects consolidation but faces pricing pressure.
- Growth in solar and hydrogen segments hinges on government incentives and policy support, which could change.
Key quotes
- Our order book has maintained thousand crores milestone reflecting robust execution capabilities and sustained business momentum.
- We are very selective with the orders and that is tricking us to make the right quality of the order book.
- We are among the company who is sticking to the plan since last three years.
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