At a Glance
Advait Energy Transitions dropped Q1 FY26 results with ₹118 Cr revenue (↑98% YoY) and ₹8.9 Cr PAT (↑56.7% YoY). Margins slipped to 11.6% OPM, hinting at cost creep while the company juggles multiple high-growth segments. At a P/E of 65.5, the market is already pricing it like the next Tesla of transmission – without the Elon tweets.
Introduction
Founded in 2009, Advait Energy is the power grid’s handyman – fixing transmission, stringing cables, and now playing in the shiny new toys club of green hydrogen and solar. Investors drool over its 131% profit CAGR (5 years), but Q1 numbers suggest the party could have a hangover if margins don’t rebound. For now, it’s still hot but not yet scorching.
Business Model (WTF Do They Even Do?)
- Core Biz:
- Power transmission & telecom EPC (stringing tools, ACS wires, OPGW cables).
- Renewable Energy (Green Hydrogen, Solar integration).
- Battery Energy Systems & underground cabling.
- Roast: They sell the plumbing for power and data grids. With green energy expansion, demand is flowing – but so are the receivables (174 debtor days).
Financials Overview
Q1 FY26 Snapshot
- Revenue: ₹118 Cr (↑98% YoY)
- OP: ₹13.8 Cr (OPM 11.6%)
- PAT: ₹8.9 Cr (↑56.7% YoY)
- EPS: ₹7.7
FY25 (TTM)
- Revenue: ₹456 Cr
- PAT: ₹36 Cr
- Book Value: ₹187
- P/E: 65.5
Commentary: Revenue doubled YoY, profits up but margins falling from FY24 highs. Growth is there, but at what cost?
Valuation
1. P/E Method
- EPS ₹31.3 × Fair P/E 30 → ₹940
