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1. At a Glance
Revenue of ₹780.1 crore, up 26.7% year-on-year. Operating profit of ₹106 crore. PAT of ₹63.1 crore. EPS of ₹4.98. For a company that listed on the exchanges in April 2026 and is therefore filing quarterly results roughly the way a new driver takes a roundabout — carefully, with everybody watching — this was an eventful first lap.
The eventfulness came from both engines. The generator set division, which runs on Cummins engines under a partnership older than most of the people reading this, contributed 81.4% of revenue at a 5.6% EBITDA margin. The wind division contributed 18.6% at a 48.6% EBITDA margin. One business sells machines that make power when the grid quits; the other one is the grid, occasionally. They sit in the same consolidated statement and behave like flatmates with entirely different sleep schedules.
Around the numbers, the quarter was busy: a ₹1,700 crore DG set order book as of 31 July 2026, of which ₹900 crore is data-centre work; a 100 MW power purchase agreement signed with GUVNL at ₹3.435/kWh for 25 years; a letter of award received from SECI for another 100 MW; two wholly owned subsidiaries incorporated with names — Windfusion and Whisperwind — that sound less like corporate vehicles and more like the last two horses in a race nobody bet on; and a 49% stake bought in Fuji-Kailash Energy for ₹3 crore.
Interest cost for the quarter was ₹1.61 crore, against ₹6.34 crore a year ago. The IPO money did that, and the company says so out loud.
2. Introduction
Powerica was incorporated in 1984 and, per ICRA’s rating rationale, was promoted by Late Naresh Oberoi and Late Kharati Ram Puri; it is now owned by the Oberoi family. Its founding trick was a simple one: India has power cuts, therefore India needs generators, therefore somebody should build generators. Forty-plus years later the company describes itself as an integrated power solutions provider, which is the corporate-filing way of saying it has since found three more things to do and did not want to rename itself.
The engine relationship with Cummins India Limited has run for more than 40 years. ICRA notes Powerica is one of three OEMs for CIL in India — a relationship the agency describes as important in both directions, since Powerica handles key geographical territories. In corporate-India terms this is a marriage where both parties keep saying “non-exclusive” in the wedding album, and there is a non-exclusive general supply agreement dated June 11, 2025 to prove it.
The wind business began in FY2008 with six 800-kilowatt units at Jamnagar in Gujarat — 4.8 MW total, which today would not power the order book spreadsheet. That seed has grown to 12 operational projects and 330.85 MW. A collaboration with Hyundai Heavy Industries since 2014 covers medium speed large generators, single units of 3,000 kVA to 10,000 kVA, sold into oil refineries, nuclear plants and fertiliser plants — customers who do not enjoy surprises.
The listing arrived on April 2, 2026. The IPO raised ₹1,100 crore: ₹700 crore fresh issue, ₹400 crore offer for sale. Of net proceeds of ₹661.54 crore, ₹525 crore went to prepaying borrowings and ₹136.54 crore to general corporate purposes, of which ₹29.31 crore had been used by June 30, 2026, with ₹107.20 crore parked in fixed deposits. The monitoring agency is Crisil Ratings, and the deviation column in the filing reads 0.00 all the way down.
In February 2026, ICRA assigned [ICRA]AA (Stable) to a ₹250 crore term loan.
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3. Business Model: WTF Do They Even Do?
Four things, roughly, arranged in two divisions and one associate.
One: DG sets powered by Cummins engines, ranging from 7.5 kVA to 3,750 kVA — a range that spans “keeps a shop’s lights on” to “keeps a data centre alive.” This is sold through 19 sales and marketing offices, a sales and marketing team of 122, and 40 authorised dealers. End users include manufacturing, infrastructure, commercial real estate, healthcare, hotels, malls, rentals, agriculture, EV and data centres. Manufacturing happens at three plants: Bengaluru (8,956 DG sets a year of installed capacity), Silvassa (1,320 DG sets plus 3,000 PRISMA panels), and Khopoli (50 EMI-EMC/MIL DG units, 110 shelters and containers, 1,800 canopies). Khopoli also has spare land, which in Indian manufacturing is the equivalent of leaving a chair out for a guest you’re fairly confident is coming.
Two: MSLG, the Hyundai-linked large engines. All Hyundai-sourced MSLG enquiries for India are channelled through Powerica. Current projects include a 63 MW prime power project for NPCIL worth ₹283.56 crore of indigenous and commissioning items plus USD 52.41 million imported, and a 10 MW emergency diesel generator installation at a fertiliser plant in Australia. Order cycles run 2–3 years from enquiry to handover, which means the MSLG salesperson’s pipeline and the MSLG salesperson’s children grow up together.
Three: allied businesses. EMI shelters and MIL DG sets for defence, with DRDO approvals; Schneider PRISMA control panels and switchboards, under an EcoXpert LV Panel certified partnership. On the call, management put allied at 9% of total revenue.
Four: wind. 12 operational IPP projects totalling 330.85 MW in Gujarat, tariffs ranging ₹2.4–4.19/kWh, PPAs of 25 years for all but
