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.
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