Advait Energy Transitions Ltd (ADVAIT) Q2FY27 Concall Transcript - Sep-2026 Qtr
Moderator (Concept Investor Relations): Good morning, everyone. Welcome to Advait Energy Transitions Limited's Q2 and H1 FY27 earnings conference call hosted by Concept Investor Relations. On the call today, we have Mr. Shalin Sheth, Founder and MD Advait Energy Transitions Limited; Mr. Narayan Singh, Chief Financial Officer; Miss Rutvi Sheth Kundalia, Head Human Resources and Strategy; Mr. Priyank Shah, Head F&A, IR and Corporate Affairs; Mr. Vatsal Kundalia, Managing Director Advait Greenergy Private Limited. Please note a copy of all the disclosures is available in the investors section of the website as well as on the Stock Exchange. Anything said on this call which reflects the outlook for the future or which could be construed as a forward-looking statement must be reviewed in conjunction with the risks that the company faces. Now, I shall hand the call over to Mr. Shalin Sheth, Founder and MD Advait Energy Transitions Limited, for his opening remarks. Thank you, and over to you, sir.
Shalin Sheth (Advait Energy Transitions Limited): Thank you, madam, and welcome everybody. I'm Shalin Sheth. Good morning, everyone, and a warm welcome to our Q2 and H1 Financial Year '27 earnings call. Joining us today, along with our team, our investor relations advisors, Concept PR. It is always a pleasure to connect with you, as we look back at the first year '27, I would like to share how we are progressing on our Advait's journey, on building on our established strengths while expanding into new areas of energy transition, where we already put our base in the last three to four years. Advait has built its foundation in power transmission and substation solutions by developing capabilities in specialized products and execution-led solutions. Execution and delivery has always been the forte of our group. Over time, this foundation has enabled us to take on more complex assignments, deepen our manufacturing capabilities and expand into newer areas of the energy transition. We look forward, at this half year, we've focused on two connected priorities: continuing to deliver in the business that has built our credentials and legacy, while investing into capabilities that will support Advait's next phase of growth. Let me begin with update on our upcoming manufacturing facilities. I am pleased to share that we are making steady progress on manufacturing capabilities outlined earlier at Jambhar, Gujarat. The work is progressing towards planned Phase 1 operationalization of our integrated manufacturing facility by Q4 Financial Year '27. This expansion will strengthen our capabilities across power transmission and substation solutions, new and renewable energy, while providing the infrastructure to support our future growing business pipeline. For our 2.5 gigawatt-hour BESS manufacturing facility, which is expandable up to 5 gigawatt, we have placed the final plant and machinery orders, and the plant is expected to be operational by Q4 Financial Year '27. This is an important execution milestone, as it builds capabilities in a segment with specific growth potential and extremely sensitive capital allocation. Overall, these investments are aimed at strengthening our execution capacity, broadening our technology offerings, and positioning Advait to capture opportunities across energy transitions value chain. We'll share further updates as we move forward through implementation milestones. With this update, let me move to our order book and business momentum we have witnessed during the first year of '27. We saw encouraging business momentum in first year. Our consolidated order book, including L1 positions, stood at about 1,575 crores as on September 30th, 2026, reflecting year-on-year growth by 47%. The strong order book provides us with a healthy revenue visibility and reflects the continued confidence of our customers in Advait's capabilities. With strong pipeline of opportunities across the business, we remain focused on converting this opportunities in orders and building sustainable platform for growth. Our priority remains to convert order book into timely delivery while maintaining the disciplined approach to project selection and working capital. H1 execution and completed orders:
Shalin Sheth (Advait Energy Transitions Limited): our business and delivery on customer commitments. Our focus remains on maintaining execution discipline, ensuring timely delivery and strengthening our track record as we continue to scale up our operations. PTS business, critical solutions business we continue to strengthen our order positions supported by demand across the transmission infrastructure, distribution network and specialised power transmission solutions. During the period we secured distribution related orders from DGVCL about 52 crores. We also received the multiple orders from PGVCL. In addition we have also received very milestone and specific orders for the ERS, OPGW, stringing tools and our upcoming facilities. India's continued investment in transmission capacity, green modernizations, constraints in expanding transmission network and our offering as a solution, renewable energy evacuation are creating opportunities across all the product segments we have been focused. Our focus remains on leveraging our established capabilities, expanding our product offerings and converting this demand into sustainable business growth. New and renewable energy business. In the new and renewable energy business H1 FY '27 was marked by progress across battery energy storage, C&I applications, green hydrogen and manufacturing capabilities. In BESS storage we secured the new order 150 MW / 300 MWh standalone BESS system in Junagadh. This is also an important step in strengthening our presence in energy storage segment complete value chain where the growing integrations of renewable energy is increasing the need of reliable and flexible power infrastructure. In green hydrogen our electrolyzer technology continues to progress through testing and customer engagement. Our 5 MW testing program has enabled us to engage with more than 30 Indian green hydrogen players, supporting the validation of our technology and its application across the emerging hydrogen ecosystem. We have also entered into the cell take-off agreement with Lithium for our upcoming order pipeline supporting our efforts to build capabilities across battery energy storage value chain. The broader industry is entering a phase where renewable energy generation storage, green hydrogen are becoming increasingly connected. We believe this creates a meaningful opportunity to Advait to build its engineering and execution capabilities while remaining disciplined in our the scale of our business x across the business. Our focus in NRE segment is therefore twofold. One, to execute the opportunities already secured and while building the manufacturing technology capabilities required to participate in next phase of energy transition boom. With this, I will now hand over to our Chief Financial Officer, Narayan Singh, who will take you to the financial performance and key financial highlights for the period. Over to you, Narayan, and thank you everybody for listening.
Narayan Singh (Advait Energy Transitions Limited): Thank you, Shalin sir. And good morning to everyone on the call. I will now take you through Advait Energy Transitions's consolidated financial performance of phenomenal second quarter and first half year ended September 26. Our revenue from operations stood at 221 crore registering a year-on-year growth of 40.8% compared to 157 crore in Q2 FY '26. EBITDA for the quarter stood at 32 crore, reflecting year-on-year growth of 84.4 percentage. Our EBITDA margin for Q2 FY '27 stood at 14.5% compared to 11% in correspondingly quarter of the previous financial year. Profit after tax for the quarter was 19 crore, registering a year-on-year growth of 88.5% compared to the 10 crore in quarter two FY '26. Our PAT margin stood at 8.7% as against 6.5 in quarter two FY '26. Moving to our performance for the first half year FY '27, consolidated revenue from operations for H1 FY '27 stood at 400 crore, registering a year-on-year growth of 45.4% compared to 275 crore in H1 FY '26. EBITDA for the first half year stood at 57 crore, reflecting a year-on-year growth of 82.6%. EBITDA margin for H1 FY '27 stood at 14.2% versus 11.3 in H1 20 '26. Profit after tax H1 FY '27 stood at 34 crore, registering a year-on-year growth of 77.9% compared to 19 crore in the correspondingly period last year. PAT margin for H
Narayan Singh (Advait Energy Transitions Limited): FY '27 stood at 8.5% compared to 6.9% in H1 FY '26. Our consolidated net worth stood at 326 crores, while gross borrowing was 280 crore, and our debt to equity ratio stood at 0.86 times compared to 0.42 times as of March '26. During H1 FY '27, our incremental CapEx of Rs. 101 crore was placed. FY '26 was 59 crore. After that, we are anticipated around incremental of 140 crore CapEx in H1 FY '27, out of which 100 crore were funded through debt. That covered the key financial highlights of our quarter and the first half year of FY '27. I will now hand the call back to Shalin sir.
Shalin Sheth (Advait Energy Transitions Limited): Thank you, Narayan. As we look ahead, the Indian power and energy sector is witnessing a significant transformation. Rising electricity demand, investments in transmission infrastructure, renewable energy integration, and growing need for energy storage and green hydrogen are creating new opportunities across the sector. We believe Indian energy transition limited, Advait Energy Transitions Limited is well-positioned to participate in these opportunities, building on our established capabilities while expanding into emerging energy transition businesses. Our focus remains on disciplined execution, strengthening our capabilities, and creating sustainable and long-term value for our shareholders. With that, we will be happy to open the floor for questions and answers. Thank you.
Moderator (Concept Investor Relations): Thank you very much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask questions may please press star and one on their touch-tone phone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. We will wait for a moment while the question queue assembles. The first question is from the line of Monish Tony Lalwani from Monarch Networth Capital. Please go ahead.
Monish Tony Lalwani (Monarch Networth Capital): Hello, am I audible?
Moderator (Concept Investor Relations): Yes, you are. Yeah, you are.
Monish Tony Lalwani (Monarch Networth Capital): Hi, sir. Good morning. Thank you for taking my question, Mr. Seth. Very, very recently, you have outlined a 5,000 crore top-line target over the course of 5 years roughly, which would be around 7x of FY '26 revenue. What gives you the conviction behind this number, actually? Is it the order book capacity, or is it the new capacity that is coming up, or the new verticals? And on the execution front, who is exactly driving this trend?
Shalin Sheth (Advait Energy Transitions Limited): Thank you for the question. If you look at, if I look at my numbers in last 6 to 7 years, we have achieved the similar numbers, which is more than, which is about 50% to 60% CAGR in revenue and also in EBITDA. So, we are looking forward this path to take ahead as a, the vision and mission of the company. So, we have, we are looking forward this as a mission of the company. And we are finding immense opportunities in terms of offering the product and project sizes that we are now being qualified, and we are already qualified. So, looking to the support from the investors and fundings, we are encouraged and we seems that it is it is feasible to make this revenue target by the specific timeline. Thank you.
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