POWERANDINSTRUMENTATION Energy 10 Feb 2026

Power and Instrumentation Ltd — Q3 FY26

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.

bullish high

Revenue ₹49 Cr +43.18%

EBITDA ₹6 Cr +37.83%

PAT ₹4 Cr +11.96%

EBITDA Margin 12.6% -50bps

Duration 55 min

Read Time 1 min read

Financial stats pending filing verification

2-Minute Summary

✦ AI-Generated from Full Transcript

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.

Key Numbers

Order Book ₹450 crore

+125% YoY (est.)

Executable order book as on date; 65% from RDSS/distribution, 35% from infra.

Bid Pipeline ₹500 crore

N/A

Current bids of ₹200 crore plus another ₹200-250 crore to be bid shortly.

Working Capital Cycle 95-100 days

-5 days YoY (est.)

Receivable days targeted below 90 days; improving year-on-year.

Client Retention Rate 80-85%

N/A

Repeat orders from existing clients over the last decade.

Management Guidance

Revenue CAGR of 30-35% over next 5 years

Management targets 30-35% year-on-year revenue growth for the next five years, backed by strong sector tailwinds.

Management guidance growth

EBITDA margin target of 12-14% for FY27

Sustainable EBITDA margin expected in the 12-14% range for FY27, with medium-term aspiration of 15%.

Management guidance margins

PAT margin improvement to 9-10% in 1-2 years

Management aims to push PAT margins to 9-10% within 1-2 years through better project mix and cost control.

Management guidance margins

Manufacturing (Freebar) to contribute 20-25% of revenue from FY28

The busbar manufacturing business is expected to start meaningful revenue from Q3 FY27 and reach 20-25% of total revenue in a full year.

Management guidance revenue

Key Risks

Manpower shortage in EPC sector

Management acknowledged a shortage of technical manpower due to rapid scaling, which could impact execution capacity.

medium · management_commentary

Input cost volatility (aluminium, copper)

Rising metal prices could pressure margins, though most contracts have price variation clauses.

low · analyst_question

Client concentration on government orders

Over 97% of order book is from government clients, posing concentration risk if government spending slows.

medium · data_observation

Execution risk in new manufacturing business

The Freebar busbar manufacturing is still in ramp-up phase; full-scale production expected only by May 2026.

medium · management_commentary

Notable 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.

Mr. Maheshwari · Managing Director

We are targeting a growth of about 30 to 35% year on year. That's the target for next five years.

Mr. Maheshwari · Managing Director

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.

Mr. Maheshwari · Managing Director

Frequently Asked Questions

What was Power and Instrumentation's revenue in Q3 FY26?

Power and Instrumentation reported revenue of ₹49 Cr in Q3 FY26, representing a +43.18% change compared to the same quarter last year.

What guidance did Power and Instrumentation management give for FY27?

Revenue CAGR of 30-35% over next 5 years: Management targets 30-35% year-on-year revenue growth for the next five years, backed by strong sector tailwinds. EBITDA margin target of 12-14% for FY27: Sustainable EBITDA margin expected in the 12-14% range for FY27, with medium-term aspiration of 15%. PAT margin improvement to 9-10% in 1-2 years: Management aims to push PAT margins to 9-10% within 1-2 years through better project mix and cost control. Manufacturing (Freebar) to contribute 20-25% of revenue from FY28: The busbar manufacturing business is expected to start meaningful revenue from Q3 FY27 and reach 20-25% of total revenue in a full year.

What are the key risks for Power and Instrumentation in FY27?

Key risks include Manpower shortage in EPC sector — Management acknowledged a shortage of technical manpower due to rapid scaling, which could impact execution capacity.; Input cost volatility (aluminium, copper) — Rising metal prices could pressure margins, though most contracts have price variation clauses.; Client concentration on government orders — Over 97% of order book is from government clients, posing concentration risk if government spending slows.; Execution risk in new manufacturing business — The Freebar busbar manufacturing is still in ramp-up phase; full-scale production expected only by May 2026..

Did Power and Instrumentation meet its previous quarter's guidance?

Scorecard data is being built as historical quarters are processed.

Where can I read the full Power and Instrumentation Q3 FY26 concall transcript?

The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.