Power Mech Projects (POWERMECH) Q4 25/26 earnings summary

Executive summary

• Q4 FY26 revenue grew 13–14% year-over-year, reaching INR 2,121 crore, with full-year revenue at INR 6,107 crore, up 16% year-over-year, driven by strong execution in power, O&M, and ramp-up of MDO operations.

• PAT for Q4 FY26 was INR 153 crore, up 18% year-over-year; full-year PAT was INR 412 crore, also up 18%.

• Order inflow for FY26 was INR 7,210 crore, impacted by a major BESS order cancellation; order backlog rose to INR 55,151 crore, ensuring over two years of revenue visibility.

• Strategic expansion into metro O&M, solar, and high-value EPC projects, with significant wins from BHEL and a 16 MW solar plant commissioned in Bihar.

• Audited standalone and consolidated financial results for FY26 were approved with unmodified opinions; a 15% final dividend (₹1.50 per share) was proposed.

Financial highlights

• Q4 FY26 EBITDA was INR 237 crore, up 2% year-over-year; EBITDA margin at 11.17%.

• Full-year EBITDA was INR 750 crore, up 16% year-over-year; EBITDA margin stable at 12.3%.

• PAT margin improved to 7.27% in Q4 FY26; full-year PAT margin was 6.8%.

• Operating cash flow for FY26 was INR 430 crore (consolidated), up from INR 74 lakh in FY25.

• Gross debt at March 31, 2026 was INR 622 crore; net debt INR 163 crore; debt-equity ratio at 0.32x.

Outlook and guidance

• FY27 order inflow target is INR 12,000 crore, with focus on BOP EPC, O&M, and energy infrastructure projects.

• Revenue growth guidance for FY27 is 21%, with EBITDA margin expected to improve to 12.5%.

• Multi-year revenue visibility supported by a robust order backlog and pipeline across power, civil, EPC, and O&M.

• Continued emphasis on digital transformation and operational efficiency.