1. Opening Hook

Thermal power is officially back from the dead — and Power Mech is acting like it never left. 😏
While the world debates ESG, storage, and batteries, Power Mech calmly talks about 80,000–1,00,000 MW of new coal capacity, ₹3 lakh crore opportunity size, and mining EBITDA touching 25%. The Q2 concall felt less like an earnings call and more like a long-term infrastructure masterclass.

Yes, receivables are stuck. Yes, water projects are a headache. And yes, mining took longer than promised (again). But order inflows are roaring, execution is picking up, and management sounds extremely comfortable with where things are headed.

If you think thermal power is finished, Power Mech just politely disagreed — with numbers.
Read on. This concall gets very bullish, very fast.

2. At a Glance

• Revenue ₹1,249 Cr (+19% YoY) – Old-school EPC growth, no gimmicks.
• EBITDA ₹158 Cr (+18% YoY) – Stable margins, despite rains and receivables.
• PAT ₹78 Cr (+12% YoY) – Finance costs eating first.
• H1 Revenue ₹2,554 Cr (+24%) – Momentum clearly front-loaded.
• Order Book ₹56,353 Cr – Visibility longer than most careers.
• Net Debt ₹360 Cr – Manageable, but cash flow still grumpy.

3. Management’s Key Commentary

“Performance remained in line with our set targets.”
(Nothing flashy, but no panic either.)

“EBITDA margins remained stable despite higher operating costs.”
(Translation: rains happened, margins survived.) 🌧️

“Water division delays are due to non-allocation of funds.”
(Classic government client moment.)

“Executable order book excluding MDO stands at ₹16,804 Cr.”
(Plenty to execute before worrying about new wins.)

“We expect to execute ~40% of opening order book annually.”
(Execution confidence = very high.)

“Thermal capacity addition will rise to 8,000–10,000 MW per year.”
(Coal is not going anywhere, sorry.)

“MDO EBITDA can reach 23–28% at peak capacity.”
*(Mining is the real margin story — just not yet.) 😏

4. Numbers Decoded

Cash flows improve once water bills clear — big “if”, but known risk.

5. Analyst Questions (Decoded)

• Why receivables so high in water projects?
  JJM funds stuck, ₹446 Cr pending. Govt promises incoming.
• Is thermal power risky post-2030?
  Management: grid stability >