POWERICA Q4 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹801 Cr
verified against source
Revenue YoY
13.5%
reported change
EBITDA
₹386 Cr
latest reported figure
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Powerica delivered its highest-ever performance in FY26 with revenue crossing the Rs 3,312 crore milestone (13.5% YoY growth) and EBITDA margins expanding to 12.8%. The DG Set business contributed 83% of revenue with 10.9% organic growth, while Cummins-powered sets accounted for ~66% of total revenue. The Wind segment grew 28.6% YoY to Rs 512 crore with a robust 31.3% EBITDA margin, supported by 330.85 MW operational capacity. Management targets double-digit topline growth for FY27, driven by strong data center demand (currently 12% of revenue with 9-12 months order visibility) and a 585 MW wind EPC order book. The company repaid Rs 525 crore of debt post-IPO and holds ~Rs 450 crore cash, which should meaningfully reduce finance costs and enhance PAT margins going forward. Near-term Q1 FY27 may face headwinds from geopolitical tensions, but structural growth drivers—electrification, data center investments, renewable capacity addition—remain intact.
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Guidance to track
- Management targets double-digit revenue growth for FY27, expecting to exceed the 13.5% growth rate achieved in FY26, with DG Set organic growth of 11-12% and MSLG milestone-based contributions potentially lifting performance above industry average.
- Currently at 330.85 MW; 52.7 MW under construction will complete in FY27; 100 MW GUVNL bid already secured for subsequent addition. Management targets consistent IP portfolio growth toward long-term 2030 roadmap.
- Wind EPC and O&M business expected to generate approximately Rs 400 crore (~250-300 MW) per year in BOP contracts, providing steady revenue stream independent of IP equity deployment.
Risks flagged
- Management explicitly flagged near-term demand pressure in Q1 FY27 due to geopolitical tensions, supply chain pressures, and rising energy prices affecting customer decision-making.
- The 2 GW Khavda joint venture with GE Vernova remains stalled pending Gujarat government land allotment. Management acknowledged land acquisition is still in the final stages with no timeline certainty, which could delay project initiation.
- Analyst directly asked for Q4 FY26 revenue figures for associate company Platinum, but management deflected, providing only full-year data (Rs 22 crore revenue, Rs 5.8 crore PBT) without quarterly breakdown, limiting visibility into associate performance trajectory.
- Management acknowledged that competition is increasing with new investments flowing into wind segments, creating demand-supply gaps especially in prime wind locations. Challenges described as structural issues to be managed rather than solved.
Key quotes
- This call marks an important milestone for us as it is the first earnings call after Powerica's listing. We are grateful to our shareholders and investors for the trust and confidence they've placed in us. I am pleased to share that during FY26 and Q4 FY26, the company registered its highest ever performance with sustained margin growth.
- As far as wind is concerned, the major growth drivers are CNI business picking up in the country. A lot of private players like data centers and artificial intelligence and cement industry, steel industries are coming out with the CNI PPA. The private PPAs are happening in the country.
- Following our IPO, the company has repaid the existing debt of Rs 525 crore in quarter 1 2027 and currently holds cash including investments of approximately Rs 450 crore as on May 26, as a result of which substantial reduction is expected in the finance cost in Q1 FY27 that directly going to enhance our PAT margin.
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