Power Mech Projects LimitedInfrastructure & ConstructionPOWERMECH
Q1 FY27 earnings callPower Mech Projects Limited
Strong revenue growth of 26% was driven by diversified execution across core verticals, but EBITDA margin declined to 10.8% due to temporary project-specific costs and input inflation.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Total Revenue | INR 1,632 crores | 26% | |
| EBITDA | INR 176 crores | -3% | |
| EBITDA Margin | 10.8% | — | |
| Profit After Tax (PAT) | INR 89 crores | 11% | |
| PATAMI | INR 80 crores | 53% | |
| EPS | INR 25.23 | — | |
| Order Inflow (Q1 FY27) | INR 1,864 crores | — | |
| Executable Order Book | INR 16,229 crores | 2% |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,337.97 Cr+20.8% YoY+29.2% QoQ | ₹86.55 Cr+39.5% YoY+24.5% QoQ | ₹25.94-34.3% YoY-38.9% QoQ |
| Q2 FY25 | ₹1,035.49 Cr+11% YoY+2.8% QoQ | ₹69.51 Cr+35.6% YoY+12.6% QoQ | ₹42.43+23.3% YoY+11.5% QoQ |
| Q1 FY25 | ₹1,007.39 Cr+16.4% YoY-22.6% QoQ | ₹61.72 Cr+21.1% YoY-26.9% QoQ | ₹38.04+11.2% YoY-28.8% QoQ |
| Q4 FY24 | ₹1,301.53 Cr+10.9% YoY+17.5% QoQ | ₹84.41 Cr+13.2% YoY+36% QoQ | ₹53.46+6% YoY+35.4% QoQ |
| Q3 FY24 | ₹1,107.50 Cr+21.8% YoY+18.8% QoQ | ₹62.05 Cr+22.6% YoY+21% QoQ | ₹39.48+16.2% YoY+14.8% QoQ |
TL;DR
- Revenue grew 26% year-on-year to INR 1,632 crores.
- EBITDA margin was 10.8%, down from last year due to higher costs in KBP mining, KRBM royalty changes, and input inflation.
- PAT increased 11% to INR 89 crores.
- Order backlog stands at INR 16,229 crores (excluding MDO), providing strong visibility.
- Management maintains FY27 guidance of INR 12,000 crore order inflow and 12.5% EBITDA margin.
Said on the call
“Our diversified order book, strong execution capabilities and strategic focus on high value projects continue to position the company for sustained long-term growth.”
From the Q&A
| Topic | What management said |
|---|---|
| FY27 Margin Guidance | Management reiterated confidence in achieving the full-year EBITDA margin guidance of 12.5%, citing expected ramp-up in higher-margin O&M and mining businesses, and mitigation of one-off costs. |
| MDO Execution and Margins | For FY27, MDO revenue is targeted at INR 500 crores (INR 350cr from KBP, INR 150cr from Tasra). Margins are 15% currently, expected to be 15-17% in FY28 and ramp to 21-23% in FY29 at peak capacity. |
| Opportunity Pipeline | Management mapped an immediate opportunity of INR 25,000-30,000 crores in the power sector, with a historical strike rate of 60-65%, supporting the annual order inflow target of INR 12,000 crores. |
| KRBM Project Impact | EBITDA margin for the KRBM project declined to ~10% from 14% last year due to a government order sharing 50% of penalty revenue and increased royalty rates, with full-year revenue expected at INR 700-750 crores. |
| Cost Inflation | EBITDA margin was impacted by higher costs of steel, gases, and diesel due to the Middle East conflict and commodity price spikes; most contracts have price variation clauses, but compensation lags. |
| O&M Business Outlook | O&M is expected to grow 20% year-on-year to ~INR 2,089 crores in FY27, with margins around 18%. Long-term growth is tied to annual capacity additions of 8,000-10,000 MW, creating ~INR 800-1,000 crore annual opportunity. |
| Major Customer Order Backlog | Adani outstanding order book is ~INR 2,400 crores across 14 projects; BHEL is ~INR 5,300 crores across 5 projects; Vedanta is ~INR 1,551 crores across 6 projects. |
| Long-term Margin Trajectory | Management targets a 0.5% yearly improvement in EBITDA margin, aiming to reach ~14% by 2030, driven by a higher mix of O&M, mining, and balance-of-plant businesses. |
Guidance
- Full-year order inflow target: INR 12,000 crores.
- Full-year EBITDA margin target: 12.5%.
- Full-year revenue target: INR 7,300 crores.
- O&M revenue target for FY27: ~INR 2,089 crores (28% growth).
- MDO revenue for FY27: INR 500 crores (INR 350cr from KBP, INR 150cr from Tasra).
- KBP mine EBITDA margin to be maintained at 15-16% for the year.
Source
Summary written from the transcript filed by Power Mech Projects Limited for the call held on 10 Aug 2026; published 22 Aug 2026, 10:27 IST.