01 — At a Glance
₹1,048 Crore Order Book. ₹42 P/E. Future Hydrogen Plays.
- 52-Week High / Low₹2,419 / ₹1,060
- Q3 FY26 Revenue (Cons)₹211 Cr
- Q3 FY26 PAT (Cons)₹17.39 Cr
- TTM EPS₹42.18
- Annualised EPS (Q3 Avg × 4)₹60.68
- Book Value / Share₹210
- Price to Book8.41x
- Order Book (Dec 2025)₹1,048 Cr
- ROCE26.9%
- Debt / Equity0.27x
Flash Summary: Advait Energy just delivered Q3 FY26 consolidated PAT of ₹17.39 crore—up 78% YoY. Order book crossed ₹1,048 crore. Stock is at ₹1,762. Trades at 42x P/E but PEG of 0.52 says “wait a minute, perhaps there’s growth here.” CRISIL upgraded ratings to A-/Stable in March 2026. The company is now NSE-listed (Jan 2026), assembling 30 MW electrolyzers, bidding on 150 MW BESS projects, and looking more like a green energy play that accidentally built a cable business than the other way around.
02 — Introduction
The Gujarat Electricity Company That Nobody Talks About But Should Start Worrying About
Advait Energy Transitions Limited (AETL) is what happens when a family business from Ahmedabad decides that just making stringing tools and OPGW cables for power transmission is “boring” and pivots hard into green hydrogen and battery storage systems. Founded in 2009, it’s barely 16 years old. Yet it’s managed to do what most infrastructure companies spend a decade planning: built dual revenue engines.
The stock is up 48% in one year, 85% in three years, and 132% over five years. The market has rewarded this little-known power transmission + renewable energy hybrid with a 42x P/E. But here’s the thing: the PEG ratio is 0.52. A PEG under 1 means the market might actually be missing something. Either the growth is sustainable and the market will catch up, or Advait is riding a green energy hype cycle that will eventually adjust. Let’s read the tea leaves, because the order book just crossed ₹1,048 crore and management is talking about making India’s electrolyzer capacity from scratch.
Q3 consolidated revenue was ₹211 crore, up 114% YoY. Consolidated PAT of ₹17.39 crore, up 78% YoY. The company is now merging two worlds: traditional power infrastructure (OPGW, transmission tools, reconductoring) with future infrastructure (electrolyzers, BESS, fuel cells, solar EPC). CRISIL ratings upgraded in March 2026. Management confidence is sky-high.
Concall Insight (Feb 2026): Management stated “confidence on delivering approximately 40% to 45% revenue growth in 2026.” This is after 114% growth in Q3. No, they did not misspeak. They expect NRE (New & Renewable Energy) to add “5% to 7%…every year or maybe 10%” to revenue mix from current base. Translation: growth stays violent.
03 — Business Model: WTF Do They Even Do?
Cables. Tools. Solar Panels. Hydrogen Machines. Batteries. ALL OF IT.
Advait started by making stringing tools (50% market share in India, they claim), OPGW cables (optical ground wires used in power transmission), ACS wires, and Emergency Restoration System (ERS) towers. This is the boring, steady PTS division. They own 30% market share in insulator supply. They have manufacturing capacity for ACS and OPGW, plus over 100 stringing tool designs in their arsenal.
Then, in 2023, management looked at the stringing tools and said “the future is hydrogen and batteries.” So they incorporated a subsidiary called Advait Green Energy Pvt Ltd (AGPL) and started investing in electrolyzers, green hydrogen EPC, BESS (Battery Energy Storage Systems), fuel cells, and solar EPC. In Dec 2025, management revealed they had received a 150 MW / 300 MWh BESS order from GUVNL. In March 2026, the 30 MW electrolyzer assembly plant was inaugurated.
Revenue breakdown FY25: OPGW 32%, Power DISCOM projects 31%, Stringing tools 16%, Reconductoring HTLS 11%, ACS 6%, ERS 4%. Revenue has grown from ₹209 crore (FY24) to ₹399 crore (FY25). TTM is ₹680 crore. The order book is now ₹1,048 crore. This is a company in hypergrowth mode, funded by low leverage (0.27x Debt/Equity) and strong internal cash generation. ROCE is 26.9%. Not bad for a company where the promoter still owns 66.8%.
Market Share50%stringing tools
Order Book₹1,048 CrDec 2025
ROCE26.9%9-month
Electrolyser30 MWjust commissioned
Fun fact: Advait has supplied the first ERS (Emergency Restoration System) tower ever manufactured in India. Before Advait, India was importing these. Now they make them. And their first ERS manufacturing order came from POWERGRID itself (₹87 crore order, Oct 2025). No better validation than your biggest customer becoming your first customer in a new category.
04 — Financials Overview: The Growth Story Is Real
Q3 FY26: 114% Revenue Growth. Is This Sustainable?
