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Power Mech Projects
SectorIndustrials
In the news
India's Thermal Power Expansion: Who Wins the Order Book Battle?
India's BESS Crisis: When ₹2 Bids Hit Reality
Power Mech Projects secures ₹549 cr Adani contract, ₹279 cr Telangana deal
Power Mech Projects bids farewell to Independent Director Vivek Paranjpe
Power Mech Projects Q1 profit drops 44% QoQ to ₹80 crore
Power Mech secures ₹1,009 crore JSW Thermal order
Power Mech wins ₹266 cr Adani thermal plant contract
Urban Transit Revitalization: Mumbai Monorail & Delhi-Faridabad Metro Transform NCR Mobility
Power Mech surges 11% on ₹296 cr Mumbai Monorail O&M contract
Power Mech wins ₹109 cr Hindustan Zinc power plant order
Power Mech shares jump 5% after securing ₹710 cr Adani contract
Power Mech Projects wins ₹3,126 cr battery storage order
The Quarter story
The two most recent quarterly results, compared side-by-side.
Revenue recovery is intact, but margins and EPC execution are under pressure.
Cash generated from operations is up from ₹15.22 Cr in Q2 FY26 to ₹616.91 Cr in Q4 FY26 — operating cash generation improved sharply
EBITDA margin is down from 13.95% in Q1 FY26 to 10.78% in Q1 FY27 — profitability is under pressure
Civil Infra revenue share is up from 45% in Q1 FY26 to 47.91% in Q1 FY27 — core segment is carrying more revenue
EPC revenue is down from ₹435 Cr in Q2 FY26 to ₹78 Cr in Q4 FY26 — project execution slowed sharply
Finance cost is down from ₹29 Cr in Q1 FY26 to ₹26.62 Cr in Q1 FY27 — financing burden is lighter
Order inflow is down from ₹6,761 Cr in Q3 FY26 to ₹3,113 Cr in Q1 FY27 — new order momentum slowed
Current borrowings are down from ₹882.36 Cr in Q2 FY26 to ₹543.05 Cr in Q4 FY26 — short-term debt reduced
Trade receivables are up from ₹1,349.76 Cr in Q2 FY26 to ₹1,546.79 Cr in Q4 FY26 — cash is tied up in receivables
Total equity is up from ₹2,337.99 Cr in Q2 FY26 to ₹2,589.06 Cr in Q4 FY26 — equity base strengthened
Electrical revenue share is down from 5% in Q1 FY26 to 2% in Q3 FY26 — contribution is low
Company insights, generated from the most recent coverage.
O&M does not make quarterly numbers smooth: Q1 FY27 O&M revenue of Rs 413 Cr fell sequentially on one-off overhauls pulled into Q4 FY26, and management's own FY27 O&M growth target was stated inconsistently as both 28% and 20% in the same discussion.
The Rs 970 Cr Vedanta Sakti O&M contract (Rs 890 Cr basic plus Rs 80 Cr additional services) runs 60 months, roughly Rs 190 Cr a year of contracted recurring revenue against an O&M base of about Rs 1,760 Cr in FY26.
Management sees five to six years of O&M runway from 8,000-10,000 MW of planned capacity plus about Rs 800 Cr a year of private-sector outsourcing. Even fully won, that outsourcing pool is small relative to Power Mech's total revenue, so O&M stabilises earnings rather than re-rates them.