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Awaiting price reaction for this filing.
PVV Infra reported standalone revenue of ₹1,093.22 lakhs in Q2 FY26, up sharply from ₹353.11 lakhs in Q2 FY25 (roughly 3x growth). However, H1 FY26 revenue declined about 25% YoY to ₹1,875.81 lakhs versus ₹2,491.63 lakhs last year. Net profit jumped to ₹211.44 lakhs in Q2 (from just ₹1.54 lakhs a year ago), while H1 profit fell to ₹285.32 lakhs from ₹483.61 lakhs. Margins expanded strongly in the quarter with PBT margin rising to about 23% versus less than 1% last year. Alongside results, the board approved two large solar projects in Uttar Pradesh through subsidiaries: a 100 MW PPA with UPNEDA (₹384 Cr project cost, ~₹53 Cr annual revenue for 25 years) and a 109 MW EPC contract (₹415 Cr value), both in JV with NACOF OORJA. The company will expand in renewable energy using an SPV model.
Strong Q2 sequential and YoY earnings recovery is positive, though weak H1 numbers and a small revenue base limit conviction. The large solar project wins (combined ~₹800 Cr) could significantly boost future revenues, but execution and PPA finalization risks remain. Investors should watch for project execution milestones and subsidiary-level performance.