1. At a Glance

Power Mech Projects Ltd (PMPL) is that one engineering student who topped in civil, chilled in mechanical, and somehow ended up running the power plant’s control room while also digging coal mines on weekends. Incorporated in 1999, the company is an EPC/O&M player that builds, erects, and maintains everything from chimneys to cooling towers, while recently pulling a “side quest” into mine development. With an FY25 order book of ₹53,994 Cr (73% mining!), PMPL has basically gone from scaffolding contractor to wannabe Coal King.

2. Introduction

Imagine a company that started off erecting turbines and boilers (aka playing Lego with steel), then expanded into civil foundations (pouring concrete with flair), then got bored and said, “Why not run the damn power plants too?” Enter Power Mech’s O&M vertical. But wait, they didn’t stop there—because someone in Hyderabad thought contract coal mining sounded like a cool idea.

And it worked. With ₹39,607 Cr worth of Mine Developer & Operator (MDO) contracts from Coal India and SAIL, this once niche power-plant erection guy is now halfway to becoming a mining empire. They even plan a ₹500 Cr washery (basically a coal spa) to clean up all that black gold.

The market clearly noticed. In just two years, the order book more than doubled from ₹23,027 Cr (FY23) to ₹53,994 Cr (FY25). But here’s the kicker—mining is now 73% of that backlog, while the once-glorious erection division (17% FY25 revenue mix) is a fading star. PMPL has turned from builder to miner faster than an IITian turned coder.

For investors, it’s the classic story: solid past growth, ambitious diversification, and a promoter family that still holds ~58%. For clients, it’s cheaper to outsource tough jobs to Power Mech than to hire twenty different contractors. For us spectators, it’s free entertainment watching engineers pretend to be coal barons.

3. Business Model (WTF Do They Even Do?)

Think of Power Mech as a one-stop shop for industrial chaos management. Their model works like this:

• Civil Works (46% FY25):From decks, chimneys, and cooling towers to metro stations and water projects, they’re the “civil multitool.” Basically, if it stands up and doesn’t fall, they probably built it.
• O&M (33% FY25):The boring but highly profitable business. Running power plants globally—from Saudi to Nigeria. They don’t just fix turbines, they run control rooms. It’s like being a driver who also owns the Uber app.
• Erection Works (17% FY25):This was their OG segment. Installing BTGs (boilers, turbines, generators), FGD systems, petrochem plants—you name it. But lately, order inflow is dropping faster than a civil contractor’s promises.
• MDO (2% FY25):Small in revenue but gigantic in order book. Two mega contracts worth ₹39,677 Cr combined. That’s like finding out your side