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1. At a Glance
Powerica sells power in two forms, and the two halves barely resemble one another. One division builds diesel generator sets, the machines that make electricity when the grid stops. The other owns wind farms and sells their output to government distribution utilities. The company listed in April 2026, so this was its first quarter reported as a listed business.
Revenue reached ₹780.1 crore, a rise of 26.7% on the same quarter a year earlier. Operating profit was ₹106 crore and profit after tax came to ₹63.1 crore. Earnings per share, the profit spread across every share in issue, worked out at ₹4.98.
The generator division runs on Cummins engines under a partnership of more than 40 years. It brought in 81.4% of revenue at an EBITDA margin of 5.6%. That margin is the share of sales left after running costs, before interest, tax and depreciation. Wind supplied the remaining 18.6% of revenue at a margin of 48.6%. The two sit in one consolidated statement like flatmates on opposite shifts.
The quarter was busy around the numbers. The generator order book stood at ₹1,700 crore at the end of July 2026. Data-centre work accounted for ₹900 crore of that. A 100 MW power purchase agreement was signed with GUVNL, a government distribution utility, for 25 years. The tariff on it is ₹3.435 for each kilowatt hour. SECI, another government buyer, issued a letter of award for a further 100 MW. Two wholly owned subsidiaries were incorporated, named Windfusion and Whisperwind, which sound like the last two horses in a race nobody backed. A 49% stake in Fuji-Kailash Energy was bought for ₹3 crore.
Interest cost for the quarter was ₹1.61 crore, against ₹6.34 crore a year earlier. The company says the money raised in the listing is what did that.
2. Introduction
Powerica was incorporated in 1984. ICRA, a credit-rating agency, records in its rating rationale that the promoters were the late Naresh Oberoi and the late Kharati Ram Puri. The Oberoi family owns the company now. The founding idea was a simple one: India has power cuts, so India needs generators. Four decades on, the company calls itself an integrated power solutions provider, having added three more lines of work since.
The engine relationship with Cummins India Limited has run for more than 40 years. ICRA notes that Powerica is one of three original equipment makers building sets around Cummins India’s engines here. The agency describes the relationship as important in both directions, since Powerica handles key geographical territories. The two signed a general supply agreement on 11 June 2025, and it is non-exclusive. That is a marriage where both parties keep the word non-exclusive in the wedding album.
The wind business began in the year to March 2008 with six 800-kilowatt turbines at Jamnagar in Gujarat. That came to 4.8 MW, which today would not run the order book spreadsheet. It has since grown to 12 operational projects totalling 330.85 MW. A collaboration with Hyundai Heavy Industries, running since 2014, covers medium speed large generators. These are single units of 3,000 to 10,000 kVA, a measure of rated output. They are sold into oil refineries, nuclear plants and fertiliser plants, customers who do not enjoy surprises.
The shares listed on 2 April 2026. The offer raised ₹1,100 crore in total. Fresh shares accounted for ₹700 crore, with ₹400 crore sold by existing holders. Net proceeds were ₹661.54 crore. Of that, ₹525 crore went to prepaying borrowings and ₹136.54 crore to general corporate purposes. ₹29.31 crore of the general pot had been spent by 30 June 2026. Another ₹107.20 crore was parked in fixed deposits. Crisil Ratings is the monitoring agency, and the deviation column in the filing reads 0.00 all the way down.
In February 2026, ICRA assigned an AA rating with a stable outlook to a ₹250 crore term loan.
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3. Business Model: WTF Do They Even Do?
Four lines of work, arranged in two divisions and one associate company.
First come the generator sets built around Cummins engines, running from 7.5 to 3,750 kVA. That range covers a shop’s lights at one end and a data centre at the other. Selling them takes 19 sales and marketing offices and a sales and marketing team of 122. Another 40 authorised dealers carry the product. End users include manufacturing, infrastructure, commercial real estate and healthcare. Hotels, malls, rentals and agriculture buy them too, as do electric vehicle operators and data centres. Manufacturing sits at three plants. Bengaluru holds installed capacity for 8,956 generator sets a year. Silvassa makes 1,320 sets plus 3,000 PRISMA panels. Khopoli builds 50 EMI-EMC and military generator units, along with 110 shelters and containers and 1,800 canopies. Khopoli also has spare land, which in Indian manufacturing is a chair left out for an expected guest.
Second is MSLG, the large medium-speed engines linked to Hyundai. Every Hyundai-sourced enquiry of that kind for India is channelled through Powerica. Current work includes a 63 MW prime power project for NPCIL. It carries ₹283.56 crore of indigenous and commissioning items, plus imports of USD 52.41 million. A 10 MW emergency diesel generator installation at a fertiliser plant in Australia is also under way. Order cycles run two to three years from enquiry to handover, so a salesperson’s pipeline and their children grow up
