Powerica Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Powerica Ltd filed with BSE on 04 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
Powerica reported Q4 FY26 revenue of Rs 801 crore, up 10.9% year-on-year, with EBITDA margin of 10.8% and PAT margin of 5.6%. For FY26, revenue crossed Rs 3,012 crore, up 13.5% year-on-year, with EBITDA margin of 12.8% and PAT margin of 9.2%, aided by a deferred tax credit of Rs 51 crore. Management discussed segment performance across DG Sets, wind power, and the Platino retrofit emission-device business, and addressed data center demand, wind project pipelines, and margin trends across quarters.
Numbers mentioned
Revenue from operations: INR801 crores (Q4 FY26)
p. 6
“Revenue from operations recorded INR801 crores with 10.9% Y-o-Y growth.”
Ritesh Kumar Agrawal, page 6 of the filed PDF · View the filing
EBITDA: INR86 crores (Q4 FY26)
p. 6
“EBITDA stood at INR86 crores with a margin of 10.8%.”
Ritesh Kumar Agrawal, page 6 of the filed PDF · View the filing
PAT: INR45 crores (Q4 FY26)
p. 6
“PAT of INR45 crores with a margin of 5.6%.”
Ritesh Kumar Agrawal, page 6 of the filed PDF · View the filing
Revenue from operations: INR3,012 crores (FY26)
p. 6
“revenue from operation recorded INR3,012 crores, which we have marked 3,000 benchmark for the first time this year in the Powerica history with a 13.5% Y-o-Y growth.”
Ritesh Kumar Agrawal, page 6 of the filed PDF · View the filing
EBITDA margin: 12.8% (FY26)
p. 6
“EBITDA stood at INR386 crores with a margin of 12.8% overall and PAT of INR277 crores with a margin of 9.2%.”
Ritesh Kumar Agrawal, page 6 of the filed PDF · View the filing
Generator set business revenue contribution: 83% (FY26)
p. 6
“our generator set business contributed 83% of the total revenue with a registering growth of 10.9% year-on-year and EBITDA margin of 9.1%”
Ritesh Kumar Agrawal, page 6 of the filed PDF · View the filing
DG Sets powered by Cummins revenue contribution: approximately 66% (FY26)
p. 6
“DG Sets powered by Cummins contributed approximately 66% of the overall revenue for FY26 and MSLG by 5%.”
Ritesh Kumar Agrawal, page 6 of the filed PDF · View the filing
Allied business revenue contribution: 12.5% (FY26)
p. 6
“that contributed 12.5% of the total revenue.”
Ritesh Kumar Agrawal, page 6 of the filed PDF · View the filing
Wind power revenue: INR512 crores (FY26)
p. 6
“On the wind power, it contributed 16.9% of the total revenue in FY26, amounting to INR512 crores with a growth of 28.6% Y-o-Y and registering an EBITDA margin of 31.3%.”
Ritesh Kumar Agrawal, page 6 of the filed PDF · View the filing
Debt repaid post-IPO: INR525 crores (Q1 FY27)
p. 6
“Following our IPO, the company has repaid the existing debt of INR525 crores in quarter 1 2027.”
Ritesh Kumar Agrawal, page 6 of the filed PDF · View the filing
Cash including investments: approximately INR450 crores (as on May 26)
p. 6
“currently, company holds a cash, including investment of approximately INR450 crores as on May 26.”
Ritesh Kumar Agrawal, page 6 of the filed PDF · View the filing
Capex (wind): 51.3 megawatt (FY26)
p. 7
“on the capex side, we did 51.3 megawatt of capex for the business during the year.”
Ritesh Kumar Agrawal, page 7 of the filed PDF · View the filing
Data center revenue contribution: 12% (FY26)
p. 10
“So currently, for last year, we had a 12% contribution from data centers.”
Jai Ram Oberoi, page 10 of the filed PDF · View the filing
Platino sales and PBT: INR22 crores sales, INR5.8 crores PBT (Q4 FY26)
p. 13
“the Platino has a INR22 crores of sales with INR5.8 crores of PBT during the quarter -- Q4 of FY26.”
Ritesh Kumar Agrawal, page 13 of the filed PDF · View the filing
High horsepower contribution to Cummins business: over 50% (FY26)
p. 14
“It is over 50% that we do with high horsepower.”
Ritesh Kumar Agrawal, page 14 of the filed PDF · View the filing
IPP portfolio installed capacity: 330.85 megawatts
p. 4
“Today, we own and operate 12 wind power projects in Gujarat with a total installed capacity of 330.85 megawatts.”
Jai Ram Oberoi, page 4 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.
Top line growth — double-digit · FY27
stated as an aspiration by Jai Ram Oberoi
p. 5
“We remain focused on the larger opportunity ahead and are targeting double-digit top line growth in FY27.”
Jai Ram Oberoi, page 5 of the filed PDF · View the filing
IPP portfolio capacity — 384 megawatts at completion
stated firmly by Pradeep Gupta
p. 5
“we are constructing an additional 52.7 megawatt project, taking our IPP portfolio to 384 megawatts at completion.”
Pradeep Gupta, page 5 of the filed PDF · View the filing
Wind order pipeline execution — 585-megawatt order · till December '27
stated firmly by Pradeep Gupta
p. 8
“we already have an order pipeline of almost, you can say, 585-megawatt order, which we are executing.”
Pradeep Gupta, page 8 of the filed PDF · View the filing
DG Sets organic growth — 11% to 12% · FY27
stated firmly by Jai Ram Oberoi
p. 12
“we target an organic growth of about 11%, 12%.”
Jai Ram Oberoi, page 12 of the filed PDF · View the filing
Wind vs DG revenue split — 75%, 25% · next four or five years
stated as an aspiration by Pradeep Gupta
p. 10
“So in the next four or five years, it will be in the range of 75%, 25% only because DG is also going to grow in the same fashion plus the other -- our allied business is also growing.”
Pradeep Gupta, page 10 of the filed PDF · View the filing
IPP scale-up under wind and WSH projects — by 2030
stated conditionally by Pradeep Gupta
p. 5
“the company aims to scale its IPP portfolio across wind and WSH projects by 2030, subject to RE Park land allotment.”
Pradeep Gupta, page 5 of the filed PDF · View the filing
Depreciation and capex — additional 50 megawatt capex · FY27
stated conditionally by Ritesh Kumar Agrawal
p. 13
“So you might see additional 50 megawatt capex and some bit of a higher depreciation during the year.”
Ritesh Kumar Agrawal, page 13 of the filed PDF · View the filing
Margin improvement — FY27
stated conditionally by Ritesh Kumar Agrawal
p. 7
“We bounced back on the margin FY26 vis-a-vis excluding the quarter 4, which was impacted.”
Ritesh Kumar Agrawal, page 7 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 Q4 was impacted by temporary geopolitical tension and expects margins to normalize from Q2 FY27 onwards, aided by higher wind generation in the first half.
Answered by Ritesh Kumar Agrawal
Asked by Nidhi Shah: Whether Q3/Q4 EBITDA margins around 10.5% represent the expected range for FY27 or if margins will improve.
p. 7
“We believe this is a temporary. And for '27, we believe we will be in the target.”
Ritesh Kumar Agrawal, page 7 of the filed PDF · View the filing
Management said they have a strong order pipeline through December 2027 with definitive contracts in hand.
Answered by Pradeep Gupta
Asked by Nidhi Shah: How is the EPC/O&M wind inquiry pipeline building for FY27, given land and connectivity delays reported by peers.
p. 8
“we already have an order pipeline of almost, you can say, 585-megawatt order, which we are executing. So till December '27, we have enough orders.”
Pradeep Gupta, page 8 of the filed PDF · View the filing
Management said the project is pending land allotment from the Gujarat government and that ROW/land challenges persist due to rising competition in windy regions.
Answered by Pradeep Gupta
Asked by Divyam Sureka: How is execution progressing on the 2 gigawatt RE (Khavda) project given easing ROW issues reported by Power Grid.
p. 8
“still we are in the process of getting the land from the Gujarat government. Post getting the land from the Gujarat government, only this project will get initiated with the IPP customers.”
Pradeep Gupta, page 8 of the filed PDF · View the filing
Management gave PLF figures for new and older wind machines and EBITDA margins for the IPP portfolio, noting new projects ramp toward stabilized margins.
Answered by Pradeep Gupta
Asked by Divyam Sureka: What was the EBITDA margin and PLF of the IPP business in FY26.
p. 8
“our EBITDA margin for the entire portfolio is almost 60% - 62%. But the new projects, the first year of the operation, it will be around 88% - 87% of the EBITDA.”
Pradeep Gupta, page 8 of the filed PDF · View the filing
Management said generator sets remain a necessary power backup insurance regardless of new technologies and that Powerica would be part of the market for any new technology that emerges.
Answered by Ritesh Kumar Agrawal
Asked by Sampath Nayak: Whether emerging fuel cell technology (e.g., from Bloom Energy) poses a threat to the DG Sets/data center business.
p. 11
“we do not see in next 20, 25 years that there is any question of the Genset that will go out of market.”
Ritesh Kumar Agrawal, page 11 of the filed PDF · View the filing
Management guided organic growth of 11-12% for the DG business, potentially higher given data center order execution.
Answered by Jai Ram Oberoi
Asked by Vikram Datwani: What growth is expected for the DG Sets business in FY27 and how much is price-led versus volume-led.
p. 12
“we expect organic growth at about 11% to 12% from our DG space.”
Jai Ram Oberoi, page 12 of the filed PDF · View the filing
Management said the project is about 90-95% complete with a service order secured for ongoing operation and maintenance.
Answered by Jai Ram Oberoi
Asked by Hetvi Sanghvi: Update on the Australia project for MSLG.
p. 13
“the Australia project is in the advanced stages, about 90% to 95% complete.”
Jai Ram Oberoi, page 13 of the filed PDF · View the filing
Management disclosed Platino's quarterly sales and PBT figures.
Answered by Ritesh Kumar Agrawal
Asked by Nidhi Shah: Follow-up on Platino's Q4 revenue and PAT figures.
p. 13
“the Platino has a INR22 crores of sales with INR5.8 crores of PBT during the quarter -- Q4 of FY26.”
Ritesh Kumar Agrawal, page 13 of the filed PDF · View the filing
Risks flagged
Geopolitical uncertainties, rising energy prices and supply chain pressures weighing on near-term demand, especially in Q1 FY27
p. 5
“Geopolitical uncertainties, rising energy prices and supply chain pressures are beginning to weigh on near-term demand, especially in Q1 FY27.”
Jai Ram Oberoi, page 5 of the filed PDF · View the filing
Right-of-way and land acquisition challenges affecting wind project execution due to rising competition and investment in the RE sector
p. 8
“still the situation is not improving and the situation especially in the wind, the position is the same basically because competition is increasing, investments are increasing in RE sectors.”
Pradeep Gupta, page 8 of the filed PDF · View the filing
Pending Gujarat government land allotment delaying the Khavda 2 gigawatt RE project
p. 8
“the land has not been acquired or allotted by the government. Only after that only, the project will take the shape.”
Pradeep Gupta, page 8 of the filed PDF · View the filing
Margin volatility caused by temporary geopolitical tension impacting Q4 and extending into Q1
p. 7
“there was a geopolitical tension that sparked during the Q4, and that also extended in the Q1.”
Ritesh Kumar Agrawal, page 7 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.