Current/ Expected Orderbook/ Pending Orders?

As of the end of FY26, Prostarm Info Systems' executable order book stood at approximately INR 1,106 crores. Additional L1 orders amount to around INR 96 crores, bringing the overall order book to approximately INR 1,202 crores. Bids aggregating approximately INR 257 crores are currently under evaluation, strengthening medium-term growth visibility. Management mentioned an order backlog of around INR 430 crores (including channel business) expected to be executed in FY27. Out of this, INR 336 crores plus INR 100 crores channel business is anticipated to be recognized as revenue. The BESS devel

Any current/future new fundraising through debt or equity?

No equity dilution is currently planned. The management stated they are in a position to meet working capital requirements through bank debt and internal accruals without needing equity dilution. The company has maintained a strong balance sheet post-IPO, effectively being net debt-free with long-term debt reduced to around INR 80 lakhs in FY26. Working capital requirements for FY27 (~INR 200 crores) are expected to be met via internal accruals and bank funding. The company is focusing on managing working capital and operational cash flow to support growth without external equity fundraising.

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

Prostarm Info Systems is setting up a 1.20 GWh battery manufacturing facility in Jhajjar, Haryana, expected to become operational by end of Q1 FY27. Capex for this facility is around INR 25 crores. Expansion project in Gujarat for manufacturing UPS systems (1 kVA to 600 kVA) is progressing, expected operational by Q2 FY27, with capex around INR 5-6 crores. Previous capex for lithium battery pack assembly line was INR 3.5 to 4 crores. The capex is relatively low compared to turnover, with high asset turnover ratios (e.g., Jhajjar plant: INR 25 crores capex for potential INR 1000 crores revenue)

Future growth expectations in sales/revenue/volumes?

FY27 revenue growth guidance is a minimum of 25% compared to FY26. Executable order book of approximately INR 430 crores (INR 330 crores order in hand + INR 100 crores channel business) expected to be executed in FY27. Jhajjar factory capacity utilization expected to be 25-40% in FY27, potentially reaching 70% in FY28. The new Gujarat UPS factory can generate INR 500-600 crores revenue at full utilization. Combined operations at full capacity from Jhajjar and Gujarat facilities could yield INR 1,700-1,800 crores revenue, excluding imports. UPS business expected to grow by over 30%-40

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

FY27 revenue growth target is minimum 25% compared to FY26, driven by order book and channel business (Page 9-10). EBITDA margin guidance for Q1 and Q2 is expected in the range of 12% to 13% (Page 19). PAT margin for Q1 and Q2 is guided between 8.5% to 9.5% (Page 19). Capacity utilization at Jhajjar facility expected to reach 25%-40% in FY27 and increase to 70% in FY28, supporting revenue growth (Page 13-14). UPS business expected to grow 30%-40% over the next two years due to expansion including Ahmedabad plant (Page 13). Operating cash flow expected to turn positive in FY27 (Page 7). Order e

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Prostarm Info Systems LtdQ1 FY26Electrical Equipment

Prostarm Info Systems Ltd Q1 FY26 Earnings Call Analysis

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

Price: ₹139P/E: 25.2Market Cap: ₹826 CrSector: Electrical Equipment

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

→FY27 revenue growth guidance is a minimum of 25% compared to FY26.
→Executable order book of approximately INR 430 crores (INR 330 crores order in hand + INR 100 crores channel business) expected to be executed in FY27.
→Jhajjar factory capacity utilization expected to be 25-40% in FY27, potentially reaching 70% in FY28.
→The new Gujarat UPS factory can generate INR 500-600 crores revenue at full utilization.
→Combined operations at full capacity from Jhajjar and Gujarat facilities could yield INR 1,700-1,800 crores revenue, excluding imports.
→UPS business expected to grow by over 30%-40% over the next two years due to new plant expansions.
→The company aims for sustained EBITDA margin of 12%-13% assisting healthy profitability.
→Order book visibility of INR 1,200 crores provides strong medium-term revenue outlook.

Margin guidance

Category 3

→FY27 revenue growth target is minimum 25% compared to FY26, driven by order book and channel business (Page 9-10).
→EBITDA margin guidance for Q1 and Q2 is expected in the range of 12% to 13% (Page 19).
→PAT margin for Q1 and Q2 is guided between 8.5% to 9.5% (Page 19).
→Capacity utilization at Jhajjar facility expected to reach 25%-40% in FY27 and increase to 70% in FY28, supporting revenue growth (Page 13-14).
→UPS business expected to grow 30%-40% over the next two years due to expansion including Ahmedabad plant (Page 13).
→Operating cash flow expected to turn positive in FY27 (Page 7).
→Order execution of INR 430 crores expected mostly within FY27, supporting revenue realization (Page 10, 19).
→Base EBITDA margin expected to remain above 10%, with overall EBITDA margin around 12%-13% year-on-year (Page 11, 19).

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Fundraise plans

→No equity dilution is currently planned. The management stated they are in a position to meet working capital requirements through bank debt and internal accruals without needing equity dilution.
→The company has maintained a strong balance sheet post-IPO, effectively being net debt-free with long-term debt reduced to around INR 80 lakhs in FY26.
→Working capital requirements for FY27 (~INR 200 crores) are expected to be met via internal accruals and bank funding.
→The company is focusing on managing working capital and operational cash flow to support growth without external equity fundraising.

Order book

Yes

→As of the end of FY26, Prostarm Info Systems' executable order book stood at approximately INR 1,106 crores.
→Additional L1 orders amount to around INR 96 crores, bringing the overall order book to approximately INR 1,202 crores.
→Bids aggregating approximately INR 257 crores are currently under evaluation, strengthening medium-term growth visibility.
→Management mentioned an order backlog of around INR 430 crores (including channel business) expected to be executed in FY27.
→Out of this, INR 336 crores plus INR 100 crores channel business is anticipated to be recognized as revenue.
→The BESS developer business order is not included in the INR 430 crores figure and is addressed separately.
→The company is also expecting to execute a deferred single order worth INR 40 crores in Q1 due to earlier supply chain disruptions.
→Majority of these orders are anticipated to be executed within the current financial year (FY27).

Capex plans

Yes

→Prostarm Info Systems is setting up a 1.20 GWh battery manufacturing facility in Jhajjar, Haryana, expected to become operational by end of Q1 FY27. Capex for this facility is around INR 25 crores.
→Expansion project in Gujarat for manufacturing UPS systems (1 kVA to 600 kVA) is progressing, expected operational by Q2 FY27, with capex around INR 5-6 crores.
→Previous capex for lithium battery pack assembly line was INR 3.5 to 4 crores.
→The capex is relatively low compared to turnover, with high asset turnover ratios (e.g., Jhajjar plant: INR 25 crores capex for potential INR 1000 crores revenue).
→Strategic onboarding of salespeople and expansion of employee base to support growth.
→No equity dilution planned; working capital and internal accruals expected to fund requirements.
→Focus on operational excellence via implementation of SAP B1 and Salesforce platforms to enhance controls and efficiency.

How does Prostarm Info Systems Ltd rank vs peers in Electrical Equipment?

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