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Revenue
₹48.89 Cr
verification pending
Revenue YoY
43.18%
reported change
EBITDA
₹6.16 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Power and Instrumentation reported a strong Q3 FY26 with total income of ₹48.89 crore, up 43.18% YoY, driven by robust execution in the RDSS distribution segment and infrastructure projects. EBITDA grew 37.83% to ₹6.16 crore, with margins at 12.6%, slightly compressed due to input cost pressures. PAT rose 11.96% to ₹3.57 crore. The order book stands at ₹450 crore, with 65% from distribution and 35% from infra. Management guided for 30-35% revenue CAGR over five years, targeting EBITDA margins of 12-14% and PAT margins of 9-10% in the medium term. The new busbar manufacturing business (Freebar) is expected to contribute 20-25% of revenue from FY28. Key risk: manpower shortage in a rapidly scaling EPC market could constrain execution capacity.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets 30-35% year-on-year revenue growth for the next five years, backed by strong sector tailwinds.
- Sustainable EBITDA margin expected in the 12-14% range for FY27, with medium-term aspiration of 15%.
- Management aims to push PAT margins to 9-10% within 1-2 years through better project mix and cost control.
- The busbar manufacturing business is expected to start meaningful revenue from Q3 FY27 and reach 20-25% of total revenue in a full year.
Risks flagged
- Management acknowledged a shortage of technical manpower due to rapid scaling, which could impact execution capacity.
- Rising metal prices could pressure margins, though most contracts have price variation clauses.
- Over 97% of order book is from government clients, posing concentration risk if government spending slows.
- The Freebar busbar manufacturing is still in ramp-up phase; full-scale production expected only by May 2026.
Key quotes
- I think for next two decades there is no stopping this industry. I'm not even saying one decade. I'm in fact saying two decades to be very clear.
- We are targeting a growth of about 30 to 35% year on year. That's the target for next five years.
- The entire order book is backed by the government only right now. The private job is hardly about 2% or 3% of the total booking as on date.
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