BSE: 543375
Promax Power Limited
Operates in civil construction and reported revenue from operations of ₹70.7312 crore for FY26, up 6.6% from FY25. In January 2026, the company received a Letter of Award from Hubli Electricity Supply Company Limited (HESCOM), a Government of Karnataka undertaking, to set up a 6.0 MW (AC) grid-connected solar power project at Hipparagi, Karnataka under the Build-Own-Operate (BOO) / RESCO model. The contract runs for 25 years from the Commercial Operation Date at a tariff of ₹2.97 per unit, with an estimated value of ₹70-75 crore over the contract period. To execute the project, it acquired a 63.76% stake in Promax Solar One Hubli Private Limited, a newly incorporated special purpose vehicle. The disclosed cost structure shows employee costs at 1.2% of revenue and other operating expenses at 2.0% of revenue, with no materials cost reported. Profit after tax for FY26 fell to ₹85.67 lakhs from ₹234.26 lakhs in FY25, and operating cash flow was negative at ₹986.36 lakhs. The company is listed on the SME platform of BSE Limited. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Civil construction, Solar power generation. Small-scale civil construction company, recently diversifying into renewable power generation
Exhibit 1: Financial summary, FY22–FY23 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 |
|---|---|---|
| Revenue | 40 | 55 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 0.50 | 0.80 |
| ROE % · ROCE % | — · 16.5 | — · 9.0 |
| Debt / equity (x) | — | — |
| Cash from operations | (5) | (17) |
| Capex | — | — |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q2 FY22 | Q4 FY22 | Q2 FY23 | Q4 FY23 | Q2 FY24 |
|---|---|---|---|---|---|
| Revenue | 21 | 19 | 0 | 33 | 29 |
| Profit before tax | 0 | (0) | 0 | 0 | 1 |
| Net profit | — | — | 0 | — | — |
| EPS (₹) | 0.82 | (0.14) | 0.00 | 0.13 | 0.37 |
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. | 4,98,723 | 30.1 | 3.88 | 18.2 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 39,032 | 43.4 | 3.98 | 28.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 23,895 | 21.0 | 3.09 | 10.8 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 21,100 | 16.2 | 1.01 | 9.8 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,980 | 27.0 | 6.21 | 16.4 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 19,499 | 32.4 | 8.13 | 16.6 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,254 | 20.7 | 5.17 | 18.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 10,966 | 25.4 | 2.64 | 18.0 | 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) | 32.1 | 14.6 | 77 of 101 | 24% |
| Revenue growth | 37.7 | 6.2 | 17 of 86 | 81% |
| Market cap | 29 | 468 | 97 of 107 | 9% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Oct 2026 · Promax Power appoints Secretarial Auditor for 5-year term | management changes | medium | — | — |
| 1 Oct 2026 · New statutory auditor appointed for five year term | management changes | medium | — | — |
| 1 Oct 2026 · Promax Power 9th AGM: All 6 resolutions passed with 100 percent votes in favor | compliance | minimal | — | — |
| 30 Sept 2026 · Promax Power 9th AGM: 6 resolutions tabled, MD and auditor reappointments | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Trading Window Closed Ahead of Half-Yearly Results | compliance | minimal | — | — |
| 9 Sept 2026 · Newspaper publication of 9th AGM Notice and E-voting details | compliance | minimal | — | — |
| 7 Sept 2026 · Promax Power 9th AGM Sept 30: FY26 revenue up 6.5%, PAT down 63% | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Promax Power files FY26 annual report and 9th AGM notice | board shareholder meetings | medium | — | — |
| 7 Sept 2026 · Promax Power files FY26 Annual Report; 9th AGM on Sept 30 | results | high | — | — |
| 7 Sept 2026 · Promax Power board fixes AGM on Sep 30, reappoints MD and Independent Director | 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.