NSE: POWERMECH · BSE: 539302
POWER MECH PROJECTS LTD.
Provides engineering, procurement and construction (EPC) and operations & maintenance (O&M) services primarily to India's power sector. Core work is civil, structural and Balance of Plant (BOP) construction for thermal power plants — clients referenced include NTPC, BHEL, JSW, Adani and Singareni — alongside operations and maintenance contracts across thermal and metro rail. FY26 consolidated revenue was INR 6,061.57 crore with a 12.38% EBITDA margin and INR 411.68 crore net profit. End-FY26 order backlog stood at INR 55,151 crore, of which INR 15,899 crore was flagged as executable (excluding the MDO book), giving multi-year revenue visibility; FY26 order inflow was INR 7,210 crore versus a INR 10,000 crore target, the shortfall caused by cancellation of a INR 1,563 crore West Bengal BESS order. The company has expanded into mine development and operations (MDO) at the KBP and SAIL mines, guided to deliver INR 500 crore in FY27 and INR 1,250 crore in FY28, and into metro rail O&M via a INR 279 crore Mumbai Monorail contract. International operations include around 1,500 staff in the Middle East and an O&M push into West Africa (Nigeria, Senegal, Liberia). FY27 guidance points to 21% revenue growth, a 12.5% EBITDA margin and INR 12,000 crore of new orders; operating cash flow was INR 430 crore in FY26. The largest cost line is other operating expenses at 61.6% of revenue, with materials at 14.3% and employees at 12.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Power sector EPC (civil, structural, BOP), Operations and Maintenance (O&M), Mine Development and Operations (MDO), International operations. Cyclical, project-driven EPC and O&M contractor with long execution cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,710 | 3,601 | 4,207 | 5,234 | 6,062 |
| EBITDA (ex other income) | 286 | 404 | 496 | 601 | 705 |
| margin % | 10.6 | 11.2 | 11.8 | 11.5 | 11.6 |
| Owners' profit | 139 | 209 | 248 | 326 | 364 |
| EPS, as reported (₹) | 94.49 | 141.26 | 162.28 | 103.26 | 115.12 |
| ROE % · ROCE % | 13.2 · 21.3 | 16.2 · 25.4 | 13.5 · 22.2 | 15.9 · 23.2 | 15.9 · 21.2 |
| Debt / equity (x) | 0.50 | 0.37 | 0.21 | 0.33 | 0.25 |
| Cash from operations | 177 | 182 | 204 | 0 | 430 |
| Capex | (46) | (54) | (92) | (163) | (335) |
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 | 1,035 | 1,338 | 1,853 | 1,293 | 1,238 | 1,420 | 2,111 | 1,624 |
| Profit before tax | 102 | 121 | 181 | 137 | 112 | 124 | 188 | 126 |
| Net profit | 70 | 87 | 130 | 81 | 78 | 100 | 153 | 89 |
| EPS (₹) | 42.43 | 25.94 | 37.08 | 16.61 | 23.70 | 29.73 | 45.09 | 25.23 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.7 | 13.5 | 60 of 101 | 41% |
| P/B | 2.7 | 1.3 | 66 of 85 | 21% |
| ROCE | 17.6 | 10.0 | 27 of 107 | 76% |
| ROE | 15.9 | 9.1 | 18 of 87 | 80% |
| Debt / Equity | 0.3 | 0.4 | 33 of 87 | 63% |
| EBITDA margin | 10.8 | 12.4 | 49 of 88 | 45% |
| Revenue growth | 25.5 | 6.2 | 21 of 86 | 77% |
| Profit growth | 10.9 | 2.7 | 34 of 84 | 60% |
| Market cap | 6934 | 456 | 16 of 107 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Power Mech secures Rs 327 Cr O&M order from Vedanta Aluminium | business updates | high | — | — |
| 15 Oct 2026 · Corporate Guarantee of Rs 469 Cr issued for subsidiary KTMPL | credit debt | high | — | — |
| 7 Oct 2026 · RTA certificate: no demat or remat activity in Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Power Mech bags ₹549 Cr O&M order from Adani's Moxie Power | business updates | high | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 until 48 hours after Q2 FY26 results | compliance | minimal | — | — |
| 28 Sept 2026 · Investor presentation filed ahead of Mumbai analyst roadshow | investor communications | medium | — | — |
| 28 Sept 2026 · Power Mech bags Rs 279.20 Cr O&M order from Telangana Power Gen Corp | business updates | high | — | — |
| 25 Sept 2026 · Power Mech Projects to participate in Non-Deal Roadshow on Sept 29 | board shareholder meetings | low | — | — |
| 18 Sept 2026 · 27th AGM results: All 9 resolutions passed; ESOP plan gets about 80% approval | compliance | minimal | — | — |
| 17 Sept 2026 · Power Mech Projects 27th AGM: 9 resolutions including dividend and ESOP 2026 | board shareholder meetings | low | — | — |
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.