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

The company is continuing investment in mining operations (MDO) with production ramp-ups expected in FY26 and FY27, including the commissioning of a washery at Tasra. No immediate plans for fund raising, but market approach will be considered if new investment opportunities arise. Strategic focus on expanding in power sector EPC orders, targeting INR10,000 crores order inflow in the current year. Exploring new business areas like solar plus battery energy storage systems with plans to increase capacity in FY27 (100 MW solar and 200-250 MWh battery). Interest in capitalizing on data centers for

Future growth expectations in sales/revenue/volumes?

FY26 revenue expected around INR6,200 - 6,500 crores, slightly below initial INR6,500 crores guidance. FY27 projected revenue growth of 20% to 25%, targeting INR7,500 - 8,000 crores. Mining segment ramp-up planned: - FY27 mining revenue estimated INR550 - 600 crores with EBITDA margins of 19-20%. - Peak mining revenue crossing INR2,000 crores expected by FY28 with 23-25% margins. Power sector to remain core (~75% business), exploring steel, railways, and data centers for diversification. Order inflow target of INR10,000 crores for FY26, near 50% achieved by Q3 start; more oppor

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

FY26 revenue guidance is around INR6,200-6,300 crores, slightly below earlier INR6,500 crores estimate due to order delays. FY26 growth expected around 18% in top line. EBITDA margins for FY26 expected to remain stable, with a potential slight bump of 0.25% due to mix changes. FY27 revenue growth target is 20-25%, projecting INR7,500-8,000 crores. FY27 EBITDA margin expected to increase by 0.25% to 0.5% driven by increased share of MDO and O&M businesses. Mining segment ramp-up to significantly boost revenues and profits from FY27 onwards, with peak revenues of INR2,000+ crores and EBITDA marg

Current/ Expected Orderbook/ Pending Orders?

Total order book as of September 30, 2025, stands at approximately INR14,226 crores. Segment-wise split: Mechanical - ~INR1,700 crores; Power civil and infra civil - ~INR9,000 crores; O&M - ~INR2,700 crores; Electrical - ~INR800 crores. Domestic orders ~INR14,000 crores; International orders around INR220 crores. Order inflow target for FY '26: INR10,000 crores; INR4,900 crores received so far, balance expected by March 2026. Major ongoing BOP EPC orders total around INR2,550 crores. Substantial balance ordering expected from BHEL, Adani, and NTPC for power sector projects amounting to INR30,0

Any current/future new fundraising through debt or equity?

Currently, there are no plans for raising funds through debt or equity. The management stated that if new opportunities or investment needs arise, they may consider approaching the market for funds. Present net debt of the company is around INR360 crores. Fundraising decisions will be opportunistic based on future requirements rather than immediate necessity.

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Power Mech Projects LtdQ3 FY25Construction

Power Mech Projects Ltd Q3 FY25 Earnings Call Analysis

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

Price: ₹2,720P/E: 23.2Market Cap: ₹7.8K CrSector: Construction

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→FY26 revenue expected around INR6,200 - 6,500 crores, slightly below initial INR6,500 crores guidance.
→FY27 projected revenue growth of 20% to 25%, targeting INR7,500 - 8,000 crores.
→Mining segment ramp-up planned:
→ - FY27 mining revenue estimated INR550 - 600 crores with EBITDA margins of 19-20%.
→ - Peak mining revenue crossing INR2,000 crores expected by FY28 with 23-25% margins.
→Power sector to remain core (~75% business), exploring steel, railways, and data centers for diversification.
→Order inflow target of INR10,000 crores for FY26, near 50% achieved by Q3 start; more opportunities expected.
→Solar plus battery energy storage to scale from 13.5 MW in FY26 to 100 MW solar and 200-250 MWh battery capacity in FY27.
→Overall, steady to improved margins expected with increased O&M and MDO contribution from FY27 onwards.

Margin guidance

Category 3

→FY26 revenue guidance is around INR6,200-6,300 crores, slightly below earlier INR6,500 crores estimate due to order delays.
→FY26 growth expected around 18% in top line.
→EBITDA margins for FY26 expected to remain stable, with a potential slight bump of 0.25% due to mix changes.
→FY27 revenue growth target is 20-25%, projecting INR7,500-8,000 crores.
→FY27 EBITDA margin expected to increase by 0.25% to 0.5% driven by increased share of MDO and O&M businesses.
→Mining segment ramp-up to significantly boost revenues and profits from FY27 onwards, with peak revenues of INR2,000+ crores and EBITDA margins of 23-25% by FY28.
→Focus on renewable energy (solar + battery storage) with capacity expansions expected from FY27.
→Overall, management projects steady margin profile with operating earnings benefiting from diversified segment growth and operational scale-up.

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Fundraise plans

→Currently, there are no plans for raising funds through debt or equity.
→The management stated that if new opportunities or investment needs arise, they may consider approaching the market for funds.
→Present net debt of the company is around INR360 crores.
→Fundraising decisions will be opportunistic based on future requirements rather than immediate necessity.

Order book

Yes

→Total order book as of September 30, 2025, stands at approximately INR14,226 crores.
→Segment-wise split: Mechanical - ~INR1,700 crores; Power civil and infra civil - ~INR9,000 crores; O&M - ~INR2,700 crores; Electrical - ~INR800 crores.
→Domestic orders ~INR14,000 crores; International orders around INR220 crores.
→Order inflow target for FY '26: INR10,000 crores; INR4,900 crores received so far, balance expected by March 2026.
→Major ongoing BOP EPC orders total around INR2,550 crores.
→Substantial balance ordering expected from BHEL, Adani, and NTPC for power sector projects amounting to INR30,000 to INR45,000 crores in ETC, civil, structural, and miscellaneous works.
→Expected large future investments in steel (INR1 lakh crores by SAIL) and infrastructure sectors.
→Execution cycle typically 2 to 3 years for major EPC projects.

Capex plans

Yes

→The company is continuing investment in mining operations (MDO) with production ramp-ups expected in FY26 and FY27, including the commissioning of a washery at Tasra.
→No immediate plans for fund raising, but market approach will be considered if new investment opportunities arise.
→Strategic focus on expanding in power sector EPC orders, targeting INR10,000 crores order inflow in the current year.
→Exploring new business areas like solar plus battery energy storage systems with plans to increase capacity in FY27 (100 MW solar and 200-250 MWh battery).
→Interest in capitalizing on data centers for hardware power capacity, substations, civil works, and infrastructure.
→Strong outlook for investments in steel sector expansions (SAIL, JSW, JSPL) amounting to INR3 lakh crores over 5-7 years.
→Ongoing discussions with NMDC for mining-related tenders worth INR50,000 crores to enhance iron ore capacity.

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