Any current/future new fundraising through debt or equity?

The company plans a fundraising of about INR 90 to 100 crores for its subsidiary (AGPL) to support expansion of electrolyzer and BESS manufacturing facilities, targeted within the next 2-3 months. For the PTS division capex of INR 100 crores, funding will be managed internally through internal accruals and existing funds (debt and equity). The fundraising for the electrolyzer and BESS facility (INR 180-200 crores capex) will involve raising approximately INR 90-100 crores alongside debt. This recent fundraise is for Phase 1 capacity (100-125 MW electrolyzer manufacturing), with future scalabil

Any current/future capex/capital investment/strategic investment?

PTS division capex: INR 100 crores funded through internal accruals and existing funds (debt and equity). Electrolyzer and BESS facility capex under Advait Green Energy Limited (AGPL): INR 180-200 crores total. Fundraising: Around INR 90-100 crores planned to support electrolyzer and BESS expansion. Electrolyzer manufacturing plant: - Phase 1: 30 MW capacity aimed to be live by March 15, 2026. - Full-fledged 100 MW capacity by March 2027. - Future scaling to 300 MW and eventually up to 1 gigawatt planned. Capex incurred: - Approximately INR 60 crores spent in the first nine months of t

Future growth expectations in sales/revenue/volumes?

Advait Energy Transitions Limited expects approximately 40% to 45% revenue growth in FY 2026. The company foresees sustained growth driven by diversified order book over INR 1,000 crores and strong tender pipeline of similar size. Growth is primarily driven by the PTS division, DISCOM EPC business, ERS, stringing tools, solar EPC, and NRE division. New Energy segment revenues anticipated to reach around INR 200 crores by FY 2027-28. Electrolyzer manufacturing capacity targets 100 MW by end FY 2027, scaling up to 300 MW and potentially gigawatt-scale in coming years. BESS manufacturing capacity

Future growth expectations in earnings/operating earnings/profits/EPS?

Company targets ~40%-45% revenue growth in 2026 and expects to sustain strong growth momentum in coming quarters. For FY 2027-28, New & Renewable Energy (NRE) division revenue expected around INR 200 crores, with further growth beyond. Manufacturing divisions aim for a Return on Capital Employed (ROCE) of 25%-30%; EPC projects expect 15%-25% ROCE; development projects expect 12%-15% ROCE. EBITDA margins targeted to be maintained at current or better levels over the mid-term (2-3 years), with possible slight changes during new business development. EBITDA for Standalone in Q3FY26 was 16.92%; co

Current/ Expected Orderbook/ Pending Orders?

As of Q3FY26, Advait Energy Transitions Limited has a diversified order book worth over INR 1,000 crores with a strong tender pipeline of similar size, primarily driven by the PTS division. Approximately 75% of the current order book is expected to be executed in the next financial year (FY27). The company is selectively building quality orders in the New and Renewable Energy (NRE) division, expecting similar order flows in Q4FY26 and Q1FY27. Key large orders include an EPC order of INR 216 crores from PGVCL, with revenue starting from Q4FY26. The focus remains on profitable growth with improv

Advait Energy Transitions LimitedQ4 FY26

Advait Energy Transitions Limited Q4 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹2,095P/E: 48.4Market Cap: ₹2.5K Cr

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 1

→Advait Energy Transitions Limited expects approximately 40% to 45% revenue growth in FY 2026.
→The company foresees sustained growth driven by diversified order book over INR 1,000 crores and strong tender pipeline of similar size.
→Growth is primarily driven by the PTS division, DISCOM EPC business, ERS, stringing tools, solar EPC, and NRE division.
→New Energy segment revenues anticipated to reach around INR 200 crores by FY 2027-28.
→Electrolyzer manufacturing capacity targets 100 MW by end FY 2027, scaling up to 300 MW and potentially gigawatt-scale in coming years.
→BESS manufacturing capacity planned at 2.5 GW by Q3 FY 2026, supporting future volume growth.
→Expected continuous increase in NRE division order mix by 5% to 10% annually.
→Full-scale revenue from new energy initiatives expected by FY 2029–30.
→The multi-integrated giga-factory targeted for full commercialization by mid-2028, fueling future growth.

Margin guidance

Category 3

→Company targets ~40%-45% revenue growth in 2026 and expects to sustain strong growth momentum in coming quarters.
→For FY 2027-28, New & Renewable Energy (NRE) division revenue expected around INR 200 crores, with further growth beyond.
→Manufacturing divisions aim for a Return on Capital Employed (ROCE) of 25%-30%; EPC projects expect 15%-25% ROCE; development projects expect 12%-15% ROCE.
→EBITDA margins targeted to be maintained at current or better levels over the mid-term (2-3 years), with possible slight changes during new business development.
→EBITDA for Standalone in Q3FY26 was 16.92%; consolidated at 11.45%, with optimism to maintain or improve margins.
→Capex of INR 180-200 crores planned for electrolyzer and Battery Energy Storage Systems (BESS) with phased expansions to support growth.
→New initiatives expected to contribute to earnings progressively from FY 2027 onwards, with two to three years needed to fully reflect margins in P&L.

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Fundraise plans

Yes

→The company plans a fundraising of about INR 90 to 100 crores for its subsidiary (AGPL) to support expansion of electrolyzer and BESS manufacturing facilities, targeted within the next 2-3 months.
→For the PTS division capex of INR 100 crores, funding will be managed internally through internal accruals and existing funds (debt and equity).
→The fundraising for the electrolyzer and BESS facility (INR 180-200 crores capex) will involve raising approximately INR 90-100 crores alongside debt.
→This recent fundraise is for Phase 1 capacity (100-125 MW electrolyzer manufacturing), with future scalability planned largely from the existing setup, requiring only smaller incremental investments.
→The company is open to small investors and financial support, indicating potential minor divestments but no large-scale equity dilution announced yet.

Order book

→As of Q3FY26, Advait Energy Transitions Limited has a diversified order book worth over INR 1,000 crores with a strong tender pipeline of similar size, primarily driven by the PTS division.
→Approximately 75% of the current order book is expected to be executed in the next financial year (FY27).
→The company is selectively building quality orders in the New and Renewable Energy (NRE) division, expecting similar order flows in Q4FY26 and Q1FY27.
→Key large orders include an EPC order of INR 216 crores from PGVCL, with revenue starting from Q4FY26.
→The focus remains on profitable growth with improved order mix and margins.
→The management is confident of sustained order inflow and expanding capabilities, supported by ongoing capex to enhance manufacturing and EPC capacity.

Capex plans

Yes

→PTS division capex: INR 100 crores funded through internal accruals and existing funds (debt and equity).
→Electrolyzer and BESS facility capex under Advait Green Energy Limited (AGPL): INR 180-200 crores total.
→Fundraising: Around INR 90-100 crores planned to support electrolyzer and BESS expansion.
→Electrolyzer manufacturing plant:
→ - Phase 1: 30 MW capacity aimed to be live by March 15, 2026.
→ - Full-fledged 100 MW capacity by March 2027.
→ - Future scaling to 300 MW and eventually up to 1 gigawatt planned.
→Capex incurred:
→ - Approximately INR 60 crores spent in the first nine months of the current financial year.
→ - Additional INR 50 crores expected in Q4, totaling around INR 110 crores by FY26-end.
→Expansion of BESS assembly plant: Targeting 2.5 gigawatt capacity ready by Q3 of the current year.

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