NSE: PROSTARM · BSE: 544410
PROSTARM INFO SYSTEMS LTD
Manufactures and supplies power electronics products including UPS systems, lithium-ion battery packs, solar hybrid inverters, servo-controlled voltage stabilizers, isolation transformers, and battery energy storage systems (BESS), and also executes solar EPC projects along with installation, AMC and rental services. Operates three manufacturing facilities — two UPS and power conditioning plants in Pune and a lithium battery pack plant in Navi Mumbai — with two more under construction: a 1.2 GWh BESS facility in Jhajjar, Haryana (expected operational by end Q1 FY27) and a UPS plant in Gujarat (expected Q2 FY27). FY26 revenue was ₹386 crore (+10% YoY), generated from contracts with power utilities, railways, healthcare and industrial customers; named clients include Adani, Karnataka Power, Bihar Power, L&T, West Bengal Medical, South Central Railway, Steel Authority of India and India One. The business is order-book driven, with ₹1,202 crore of executable plus L1 orders and ₹257 crore of bids under evaluation providing visibility into FY27 and beyond. Materials at 20.4% of revenue are the largest cost line, followed by other operating expenses (7.9%) and employee costs (7.5%); FY26 EBITDA margin was around 12%. Working capital days spiked to 185 in FY26 (from 68 in FY25) due to receivables from large project execution. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Power electronics products, Energy storage products, Solar EPC and services. Order-book driven, project-execution power electronics manufacturer with growing energy storage exposure
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 351 | 386 |
| EBITDA (ex other income) | 46 | 46 |
| margin % | 13.0 | 12.0 |
| Owners' profit | 30 | 0 |
| EPS, as reported (₹) | 6.92 | 5.86 |
| ROE % · ROCE % | 27.8 · 40.8 | 11.5 · 16.5 |
| Debt / equity (x) | 0.65 | 0.29 |
| Cash from operations | (5) | (49) |
| Capex | (12) | (22) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 82 | 55 | 121 | 160 | 104 | 76 |
| Profit before tax | 9 | 3 | 14 | 20 | 11 | 6 |
| Net profit | 7 | 2 | 10 | 15 | 8 | 5 |
| EPS (₹) | 1.58 | 0.41 | 1.88 | 2.69 | 1.35 | 0.78 |
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. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 65,440 | 17.1 | 4.36 | 10.6 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 60,809 | 51.5 | 11.27 | 32.0 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 39,130 | 23.2 | 9.08 | 16.0 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 20,676 | 154.9 | 25.14 | 110.5 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,654 | 89.8 | — | 87.0 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,571 | 12.4 | 4.48 | 9.2 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 14,460 | 108.1 | 20.04 | 72.0 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,156 | 11.4 | 3.68 | 10.4 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.9 | 22.6 | 22 of 52 | 59% |
| P/B | 2.5 | 3.3 | 20 of 49 | 60% |
| ROCE | 14.9 | 12.4 | 26 of 55 | 54% |
| ROE | 11.5 | 12.4 | 27 of 50 | 47% |
| Debt / Equity | 0.3 | 0.3 | 26 of 50 | 49% |
| EBITDA margin | 11.9 | 12.6 | 29 of 51 | 44% |
| Revenue growth | 38.5 | 20.7 | 17 of 46 | 64% |
| Profit growth | 150.5 | 37.7 | 10 of 45 | 80% |
| Market cap | 707 | 576 | 25 of 56 | 56% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Prostarm allots 28.99 lakh convertible warrants to 21 non-promoters at Rs 147 | fund raising | high | — | — |
| 10 Oct 2026 · Prostarm CIN changed from L31900 to L62099 after object clause shift | general | low | — | — |
| 9 Oct 2026 · Quarterly certificate on share dematerialization filed with exchanges | compliance | minimal | — | — |
| 3 Oct 2026 · NSE in-principle approval for preferential warrant issue | fund raising | high | — | — |
| 1 Oct 2026 · BSE in-principle nod for preferential issue of 28.98 lakh warrants at Rs 147 | fund raising | high | — | — |
| 28 Sept 2026 · Prostarm Info Systems Limited has informed the Exchange about Rescission/termination(s) | strategic transactions | high | — | — |
| 23 Sept 2026 · Prostarm clarifies preferential issue valuation methodology | fund raising | medium | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · Prostarm gets Rs 3.67 Cr UPS order from Rayzon Energy | business updates | high | — | — |
| 22 Sept 2026 · Prostarm commences operations at 3 new manufacturing facilities | business updates | high | — | — |
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.