Akanksha Power & Infrastructure Ltd – H1 FY26 (Sep 2025) Results: ₹40.53 Cr Revenue, ₹2.38 Cr PAT, 199 Days Cash Conversion Cycle & a Balance Sheet That’s Doing Power Yoga
1. At a Glance – Current Lagao, Shock Baad Mein Aayega
Akanksha Power & Infrastructure Ltd is that classic SME stock which shows up with solid revenue growth, government clients, fancy acronyms like MCC, PCC, CT, PT, RVT… and then quietly reminds you that cash is still stuck somewhere between Odisha and Maharashtra. As of mid-December, the stock is chilling at ₹72.2, almost hugging its 52-week low of ₹72, after falling ~24% in three months and ~49% over one year. Market cap stands at ~₹141 Cr, which officially qualifies it for the “ignored but interesting” category.
Latest half-year numbers (H1 FY26, Sep 2025) show revenue of ₹40.53 Cr and PAT of ₹2.38 Cr, up ~61% YoY. Sounds spicy? Yes. Return ratios? ROCE at 11.4% and ROE at 7.8% politely tell you not to get too excited yet. Debt sits at ~₹35.7 Cr with a debt-to-equity of 0.52, which is manageable but not gym-body lean. Add a promoter holding of ~57.5% (with 13.3% pledged), zero dividends, and debtor days approaching 190+, and you know this stock is not here to give you mental peace — it’s here to test your patience and blood pressure.
Still curious? Good. Because the story only gets more entertaining from here.
2. Introduction – Welcome to the Switchboard Cinematic Universe
Akanksha Power is not new to the power game. Founded in 2008, the company manufactures electrical panels, transformers, vacuum contactors, and also executes turnkey electrical projects. Basically, they don’t just sell you the switch — they wire the whole building and then offer to monitor it on the cloud. Very modern. Very buzzword-compliant.
Their client list reads like a PSU wedding guest list: HAL, Coal India, IOCL, Hindalco, L&T, Ordnance Factory Board, Military Engineer Services. If government tenders were Instagram followers, Akanksha Power would be flexing hard.
But here’s the catch — this is still an SME company with concentrated customers (top 10 clients contribute 86% of revenue) and highly working-capital-heavy operations. Revenue jumps around depending on which project gets billed, which explains why sales were ₹19.85 Cr in Sep 2023 and suddenly ₹40.53 Cr in Sep 2025. Same business, different mood swings.
So the big question is: is Akanksha Power an underrated execution story… or just another electrical contractor doing financial parkour? Let’s dig.
3. Business Model – WTF Do They Even Do?
Imagine you’re setting up a factory, a PSU substation, or a smart power distribution system. You need panels, transformers, contactors, testing, installation, monitoring, and someone to blame if lights go off. Akanksha Power wants to be that someone.
About 54% of FY23 revenue came from products — electrical panels (MCC, PCC, VFD panels), current & potential transformers, and vacuum contactors. These are manufactured at their two Nashik facilities. Nothing fancy like semiconductors here — it’s hardcore electrical engineering with steel, copper, and deadlines.
The remaining ~46% comes from services — turnkey electrical projects, distribution management, power quality testing, and now even cloud-based monitoring and analytics. This is where margins can improve, but cash collection usually slows down because clients pay like they’re doing you a favour.
Earlier, the company even ran an electricity distribution franchisee business (25% of FY22 revenue), which vanished completely in FY23. Either they exited strategically… or it exited them.
In short: Akanksha Power is a hybrid manufacturer–contractor. High execution dependency, decent technical capability, and revenue visibility only as good as the order book (₹45 Cr+ as of H1 FY24). Simple business, complicated cash flows.
Would you trust them with a national grid? Maybe. Would you trust them with your monthly SIP peace of mind? That’s what we’re here to discuss.
Result Type Lock: The latest official heading clearly states “Half Yearly Results”, so EPS is treated as half-yearly. Annualised EPS = Latest EPS × 2
H1 FY26 Performance Comparison (₹ Cr)
Source table
Metric
Latest Half (Sep 2025)
YoY Half (Sep 2024)
Prev Half (Mar 2025)
YoY %
HoH %
Revenue
40.53
25.26
52.43
+60.4%
-22.7%
EBITDA
4.94
2.65
5.44
+86.4%
-9.2%
PAT
2.38
1.46
2.82
+61.0%
-15.6%
EPS (₹)
1.22
0.79
1.44
+54.4%
-15.3%
Annualised EPS: 1.22 × 2 = ₹2.44
Commentary time: YoY growth is strong, no doubt. But sequentially, revenue and profits dipped from Mar 2025. This is not collapse — it’s classic project-based volatility. Akanksha Power earns when projects bill, not when investors feel hopeful.
