Advait Energy Transitions Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Advait Energy Transitions Ltd filed with BSE on 06 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Advait Energy Transitions reported Q4 FY26 revenue of INR228 crores, up 18% year-on-year, with EBITDA of INR28.78 crores and PAT of INR19.96 crores. For FY26, revenue grew 80% to INR714.52 crores with EBITDA of INR83.78 crores and PAT of INR58.08 crores, while the order book reached an all-time high of INR1,304 crores. Management discussed capacity expansion plans across BESS, electrolysers and fuel cells, and fielded questions on margins, capex funding, and new subsidiary structures.
Numbers mentioned
Revenue from operations: INR228 crores (Q4 FY26)
p. 3
“During the year Q4FY26, the revenue from the operations was INR228 crores with an increase of 18% from INR193 crores for the Q4FY25.”
Shalin Sheth, page 3 of the filed PDF · View the filing
EBITDA: INR28.78 crores (Q4 FY26)
p. 3
“EBITDA during the quarter was at INR28.78 crores, an increase of 49% from INR19.28 crores in the Q4FY25.”
Shalin Sheth, page 3 of the filed PDF · View the filing
EBITDA margin: 12.61% (Q4 FY26)
p. 3
“EBITDA margin was at 12.61% versus 9.97% in Q4FY25.”
Shalin Sheth, page 3 of the filed PDF · View the filing
PAT: INR19.96 crores (Q4 FY26)
p. 3
“PAT, during the quarter was INR19.96 crores, an increase of 55% from INR12.89 crores in Q4 25.”
Shalin Sheth, page 3 of the filed PDF · View the filing
PAT margin: 8.36% (Q4 FY26)
p. 3
“The PAT margin came at 8.36% versus 6.65% in Q4FY25.”
Shalin Sheth, page 3 of the filed PDF · View the filing
Revenue from operations: INR714.52 crores (FY26)
p. 3
“During the year 2026, the revenue from the operations was INR714.52 crores with an increase of 80%INR397.66 crores in FY25.”
Shalin Sheth, page 3 of the filed PDF · View the filing
EBITDA: INR83.78 crores (FY26)
p. 4
“EBITDA during the year was INR83.78 crores, an increase of 64% from INR51.17 crores in Financial Year 25.”
Shalin Sheth, page 4 of the filed PDF · View the filing
PAT: INR58.08 crores (FY26)
p. 4
“PAT during the year was at INR58.08 crores, an increase of 75% from INR33.24 crores in FY25.”
Shalin Sheth, page 4 of the filed PDF · View the filing
PAT margin: 7.71% (FY26)
p. 4
“The PAT margin came at 7.71% versus 8.05% in FY25.”
Shalin Sheth, page 4 of the filed PDF · View the filing
Order book: INR1,304 crores
p. 4
“We are pleased to share that our order book has reached an all-time high of INR1,304 crores, marking a 159% year-on-year growth.”
Shalin Sheth, page 4 of the filed PDF · View the filing
Standalone revenue: INR154 crores (Q4 FY26)
p. 5
“In the recent quarter, revenue from operation increased by 62% year-on-year to INR154 crores due to the project executions and well-diversified order book.”
Narayan Singh, page 5 of the filed PDF · View the filing
Standalone EBITDA: INR23 crores (Q4 FY26)
p. 5
“In this recent quarter, EBITDA increased by 64% year-on-year to INR23 crores from INR14 crores in Quarter 4 FY25.”
Narayan Singh, page 5 of the filed PDF · View the filing
Standalone revenue: INR448 crores (FY26)
p. 6
“In FY26, revenue from operation increased by 52% year-on-year to INR448 crores from INR295 crores.”
Narayan Singh, page 6 of the filed PDF · View the filing
Standalone EBITDA: INR71 crores (FY26)
p. 6
“In FY26, EBITDA increased by 51% year-on-year to INR71 crores from INR47 crores in FY25.”
Narayan Singh, page 6 of the filed PDF · View the filing
Standalone PAT: INR46 crores (FY26)
p. 6
“In FFY26, PAT increased by 47% year-on-year to INR46 crores from INR31 crores in FY25.”
Narayan Singh, page 6 of the filed PDF · View the filing
Debt-equity ratio: 0.46 times (March 2026)
p. 6
“Debt-equity ratio stood at 0.46 times as on March 26 versus 0.23 times as on March 25.”
Narayan Singh, page 6 of the filed PDF · View the filing
Credit rating: CRISIL A- /stable
p. 6
“Long-term credit rating upgraded to CRISIL A- /stable.”
Narayan Singh, page 6 of the filed PDF · View the filing
Dividend: INR2 per equity share (FY26)
p. 5
“We are pleased to share Board of Directors have recommended a dividend of INR2 per equity share for the year 26, subject to shareholders' approval.”
Shalin Sheth, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 40% plus · FY27
stated as an aspiration by Shalin Sheth
p. 5
“We are confident on delivering sustained revenue growth, which may be 40% plus, supported by our strong order book and robust tender pipeline that provides clear visibility into future performance.”
Shalin Sheth, page 5 of the filed PDF · View the filing
Order book — INR1,600 to INR1,650 crores · end of next year
stated as an aspiration by Shalin Sheth
p. 6
“We are looking forward that next year our company should stand at about INR1,600 to INR1,650 crores of order book by end of the next year.”
Shalin Sheth, page 6 of the filed PDF · View the filing
EBITDA margin — one point improvement · FY27
stated as an aspiration by Shalin Sheth
p. 9
“we envisage at least 1% improvement in the margin for the next year.”
Shalin Sheth, page 9 of the filed PDF · View the filing
Capex — INR300 crores to INR350 crores · next year
stated firmly by Shalin Sheth
p. 7
“Total our capex should be about INR300 crores to INR350 crores for the year.”
Shalin Sheth, page 7 of the filed PDF · View the filing
Multi-integrated manufacturing facility (Dholera) — Q4 FY27
stated firmly by Shalin Sheth
p. 4
“we are developing a multi-integrated manufacturing facility near Dholera, which is expected to be operational by Q4 FY27 in Phase 1.”
Shalin Sheth, page 4 of the filed PDF · View the filing
BESS manufacturing plant commissioning — September-October
stated firmly by Shalin Sheth
p. 8
“Sir, this plant will be operational in the month of September-October.”
Shalin Sheth, page 8 of the filed PDF · View the filing
BESS plant revenue — INR1,000 crores plus · next year
stated conditionally by Shalin Sheth
p. 8
“But from the next year onwards, your sentence may be right that if we operate so and so capacity, we can talk about INR1,000 crores plus for that plant.”
Shalin Sheth, page 8 of the filed PDF · View the filing
PTS division growth — 40% to 50% growth · next 5 years
stated as an aspiration by Shalin Sheth
p. 9
“our vision is to continue with this 40% to 50% growth for next 5 years.”
Shalin Sheth, page 9 of the filed PDF · View the filing
Electrolyser manufacturing margins — around 20% · FY28
stated conditionally by Chaitanya Mallurwar
p. 9
“the margins is around 5% to 10% to start with, once the supply chain will be adding over, the margins will be around 20% in the subsequent year.”
Chaitanya Mallurwar, page 9 of the filed PDF · View the filing
NRE vs power transmission order mix — 65:35 · next year
stated as an aspiration by Shalin Sheth
p. 6
“Next year looking forward that this will be about 65:35.”
Shalin Sheth, page 6 of the filed PDF · View the filing
Fuel cell business readiness — 500 megawatt market · before FY28-29
stated as an aspiration by Shalin Sheth
p. 12
“I personally see this market should go up to 500 megawatt before '28, '29.”
Shalin Sheth, page 12 of the filed PDF · View the filing
BESS plant utilization — 80%, 85% utilization · year and a half
stated as an aspiration by Shalin Sheth
p. 14
“Maybe year and a half to start from.”
Shalin Sheth, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the figure is conservative, noting last year's similar guidance was exceeded significantly.
Answered by Shalin Sheth
Asked by Disha: Is the 40% revenue growth guidance too conservative given the strong order book?
p. 6
“If we refer to the last year investor call, we have also mentioned the similar thing. So this year we could achieve about 80% revenue growth, and we are expecting robust growth for this year.”
Shalin Sheth, page 6 of the filed PDF · View the filing
The revenue was from an EPC order given to group company Advait Green Energy for a BOO project, reported as EPC revenue.
Answered by Priyank Shah
Asked by Shashank Jha: Why did BESS revenue appear in Q4 despite the build-and-operate model?
p. 7
“Shashank bhai, actually that revenue is what the project for BOO we have won, we have given order on EPC basis to our group company named Advait Green Energy Private Limited and the INR43 crores we have reported from the same as an EPC revenue”
Priyank Shah, page 7 of the filed PDF · View the filing
Management said the recent geopolitical situation opened the segment and requirement will start this year with deliveries from FY27-28.
Answered by Shalin Sheth
Asked by Shashank Jha: When will there be strong demand for fuel cells and electrolysers?
p. 8
“We believe that this requirement will start from this year itself, but delivery will start from '27-'28.”
Shalin Sheth, page 8 of the filed PDF · View the filing
Management said this is a positive signal and the cost factor has already been built into their EPC tender bids.
Answered by Vatsal Kundalia
Asked by Kayan Irani: How will new ALMM guidelines requiring Indian-made cells impact the business?
p. 10
“all the EPC tenders that we are bidding at this point of time or the customer projects that we are doing at this point of time, we are already considering this particular factor and then putting the cost and bidding for the same.”
Vatsal Kundalia, page 10 of the filed PDF · View the filing
Management attributed the gap to working capital investment and expects improvement as working capital is realized over time.
Answered by Shalin Sheth
Asked by Santosh: When will operating cash flow turn positive and align with PAT?
p. 14
“Time ahead, year-on-year, when we are realizing working capital into a business, this cash flow will be further improved.”
Shalin Sheth, page 14 of the filed PDF · View the filing
Management said they will not build transmission lines but will supply allied products like OPGW, ERS, stringing tools and conductors that feed into such projects.
Answered by Shalin Sheth
Asked by Gautam: Will the company benefit from the government's ultra-high voltage transmission plan?
p. 14
“So, our company's focus is not to build the transmission line, but our focus is to manufacturing the products which are specific like OPGW, ERS, providing the stringing tools to manufacture the transmission line, and also to provide the conductors which are high ampacity.”
Shalin Sheth, page 14 of the filed PDF · View the filing
Risks flagged
Rising commodity and fuel prices compressing industry margins
p. 9
“Looking at the margin, madam, in this year we have seen very high growth in the prices of the metals, also the fuel, and lot of ingredients. So that has taken the margin of the industry as a whole.”
Shalin Sheth, page 9 of the filed PDF · View the filing
Lack of pass-through clause for certain products like OPGW exposes margins to input cost swings
p. 10
“But if a supply of some specific product like OPGW, we do not have the clause.”
Shalin Sheth, page 10 of the filed PDF · View the filing
Fuel cell market timing depends on factors outside company control
p. 12
“When it is going to come, it depends on lot of factor which is beyond our control.”
Shalin Sheth, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.