Apart from having a strong order book at the beginning of the current fiscal year, the company has continued to report sustained order momentum in the first five months of the year. It expects 23-25% revenue growth for FY26 on top of 30% growth in the previous year while retaining the earnings before interest, taxes, depreciation, and amortisation (Ebitda) margin at around 12%.
The company has over four decades of experience in executing projects in India and abroad. It offers EPC services for substations upto 765 kilovolts (kV) in high and extra high voltage (HV and EHV) segments. It derives over three-fourths revenue from T&D, around 10% from related civil construction such as tunnels and bridges, and remaining from sales of lighting poles and conductors. It has manufacturing facilities in Gujarat, Maharashtra, Silvassa, Dadra and Nagar Haveli to produce galvanised steel towers, conductors and poles.
At the end of March 2025, it had unexecuted orders worth ₹14,550 crore or nearly three times its FY25 revenue of ₹5,308 crore. In FY26 so far, it has added ₹1,600 crore new contracts. Nearly half of the orders are from the overseas markets. The company expects the order traction to continue given a strong pipeline of T&D projects in India and abroad.
The company has a market share of over 10% in the T&D segment, which raises hopes for the company to benefit from the projected outlay of nearly ₹3 lakh crore on the transmission business by Power Grid Corporation of India (PGCIL) till FY32. PGCIL has earmarked ₹28,000 crore, ₹35,000 crore and ₹45,000 crore in FY26, FY27, and FY28 respectively.
Of the existing manufacturing capacity of towers and conductors, 96% is used for internal consumption. It has undertake ₹326 crore worth of brownfield and greenfield expansion, which is expected to be complete by December 2025. This is likely to improve the share of product sale, which is currently at around 4%.
