NSE: ADVAIT · BSE: 543230
ADVAIT ENRGY TRANSITION L
Executes turnkey electrical infrastructure contracts for state-owned power distribution utilities, with the Power Transitions Division (PTS) contributing 96.1% of segment revenue. PTS takes on work to convert existing 11 kV HT and LT overhead line networks into underground cable networks with ring main systems, primarily for Gujarat state DISCOMs. Recent orders include five turnkey contracts from PGVCL and DGVCL individually worth ₹75.56 crore, ₹64.20 crore, ₹58.25 crore, ₹52.58 crore and ₹51.62 crore, covering Porbandar, Bhuj, Bhavnagar, Ranavav and other subdivisions under the state's System Improvement and Vanbandhu Kalyan Yojana-2 schemes. Scope covers survey, design, supply, installation, testing, commissioning and GIS mapping, with execution timelines of 15 to 18 months. The New & Renewable Energy Business (NRE) accounts for 3.9% of segment revenue. Materials are the dominant input cost at 61.0% of FY26 revenue, with capex at 15.8% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Power Transitions Division (PTS) (96%), New & Renewable Energy Business (NRE) (4%). Order-driven turnkey electrical infrastructure contractor with concentrated Gujarat DISCOM exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 79 | 103 | 209 | 399 | 715 |
| EBITDA (ex other income) | — | — | 36 | 51 | 84 |
| margin % | — | — | 17.3 | 12.7 | 11.7 |
| Owners' profit | — | — | 22 | 31 | 52 |
| EPS, as reported (₹) | 10.43 | 12.67 | 21.45 | 29.06 | 47.43 |
| ROE % · ROCE % | — · 22.5 | — · 25.7 | 29.2 · 39.1 | 15.4 · 21.1 | 18.9 · 28.0 |
| Debt / equity (x) | — | — | 0.74 | 0.23 | 0.31 |
| Cash from operations | 12 | 12 | (10) | 46 | (10) |
| Capex | — | — | (10) | (14) | (113) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 46 | 98 | 195 | 118 | 157 | 211 | 228 | 179 |
| Profit before tax | 6 | 13 | 18 | 13 | 16 | 24 | 27 | 21 |
| Net profit | 4 | 10 | 13 | 9 | 11 | 17 | 19 | 15 |
| EPS (₹) | 3.83 | 9.23 | 10.68 | 7.73 | 9.74 | 15.19 | 16.15 | 12.70 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| (a) Power Transitions Divisioin (PTS) | 254 | 35.0 |
| (b) New & Renewable Energy Business (NRE) | 74 | 10.2 |
| Power Transitions Divisioin (PTS) | 205 | 28.1 |
| New & Renewable Energy Business (NRE) | 87 | 12.0 |
| (b) New & Renewable Energy Business (NRE) | 62 | 8.5 |
| New & Renewable Energy Business (NRE) | 45 | 6.2 |
| Total, before eliminations | 727 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.4 | 22.4 | 34 of 52 | 35% |
| P/B | 6.3 | 3.3 | 39 of 49 | 21% |
| ROCE | 23.5 | 12.4 | 14 of 55 | 76% |
| ROE | 18.9 | 12.4 | 15 of 50 | 71% |
| Debt / Equity | 0.3 | 0.3 | 28 of 50 | 45% |
| EBITDA margin | 14.7 | 12.6 | 22 of 51 | 58% |
| Revenue growth | 51.4 | 20.7 | 13 of 46 | 73% |
| Profit growth | 65.8 | 37.7 | 18 of 45 | 61% |
| Market cap | 1847 | 591 | 18 of 56 | 69% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Advait schedules Q2 and H1 FY26 earnings call for November 2, 2026 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 21 Oct 2026 · Haryana regulator grants electricity licence to consortium | business updates | medium | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · Advait unit signs 1 GWh LFP cell supply deal with Hithium | business updates | high | — | — |
| 23 Sept 2026 · Advait 16th AGM: all 16 resolutions passed, Rs 2 dividend cleared | board shareholder meetings | low | — | — |
| 21 Sept 2026 · 16th AGM held: dividend, subsidiary loans, related party deals on agenda | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Advait signs 1 GWh LFP battery cell supply deal with Hithium | business updates | high | — | — |
| 18 Sept 2026 · Advait Energy to attend JM Financial Environmental and Energy Conclave on Sept 24 | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Advait Energy files newspaper notice for 16th AGM and dividend record date | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.