Advait Energy Transitions Q2 FY27 results: net profit up 72.6% to ₹19.18 crore, revenue up 40.8%

How did Advait Energy Transitions perform in Q2 FY27?

Advait Energy Transitions reported consolidated revenue of ₹220.94 crore for Q2 FY27, against ₹156.87 crore in Q2 FY26 and ₹179.27 crore in Q1 FY27. The quarter-on-quarter increase was ₹41.67 crore, or 23.2%, while the year-on-year increase was ₹64.07 crore, or 40.8%. On the standalone basis, revenue was ₹170.06 crore.

Consolidated EBITDA was ₹31.94 crore, up from ₹17.32 crore in Q2 FY26 and ₹24.77 crore in Q1 FY27. The EBITDA margin was 14.5%, compared with 11.0% a year earlier and 13.8% in the previous quarter. Profit before tax was ₹27.19 crore, against ₹15.99 crore and ₹20.92 crore, respectively.

Consolidated net profit was ₹19.18 crore, up from ₹11.11 crore in Q2 FY26 and ₹14.80 crore in Q1 FY27. The year-on-year increase was ₹8.07 crore, or 72.6%, and the sequential increase was ₹4.38 crore, or 29.6%. Basic EPS was ₹16.83, compared with ₹9.74 and ₹12.70. Profit attributable to owners was ₹18.43 crore.

What changed in Advait Energy Transitions' costs and profit?

Total expenses increased by ₹52.78 crore, or 36.9%, to ₹195.75 crore from ₹142.97 crore in Q2 FY26. Cost of materials rose by ₹59.33 crore, or 52.1%, to ₹173.11 crore; employee cost increased by ₹1.88 crore, or 49.7%, to ₹5.66 crore; finance costs rose by ₹3.05 crore, or 116.9%, to ₹5.66 crore; depreciation was higher by ₹0.28 crore, or 34.6%, at ₹1.09 crore; and other expenses rose by ₹4.78 crore, or 82.7%, to ₹10.56 crore.

Other income was ₹2 crore, down ₹0.09 crore, or 4.3%, from ₹2.09 crore in Q2 FY26. There was no exceptional item in either quarter. Tax expense increased by ₹3.04 crore, or 73.8%, to ₹7.16 crore from ₹4.12 crore, while profit before tax rose by ₹11.20 crore, or 70.0%, to ₹27.19 crore.

How did the first half of FY27 go?

In the first half of FY27, consolidated revenue was ₹400.21 crore, up ₹124.91 crore, or 45.4%, from ₹275.3 crore in H1 FY26. Total income was ₹403.85 crore, compared with ₹280.01 crore, an increase of ₹123.84 crore, or 44.2%.

Profit before tax rose to ₹48.11 crore from ₹28.82 crore, an increase of ₹19.29 crore, or 66.9%. Net profit was ₹33.99 crore, up ₹13.95 crore, or 69.6%, from ₹20.04 crore, while basic EPS increased to ₹29.53 from ₹17.47.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹900.22 crore, compared with ₹667.06 crore at 31 March 2026, and total equity was ₹325.62 crore against ₹290.95 crore. Borrowings increased to ₹254.4 crore from ₹89.3 crore, while cash rose to ₹28.87 crore from ₹24.73 crore. Inventories were ₹50.42 crore against ₹59.13 crore, trade receivables were ₹249.62 crore against ₹147.86 crore, and trade payables were ₹208.85 crore against ₹209.79 crore.

For H1 FY27, operating cash flow was negative ₹28.68 crore, compared with negative ₹29.98 crore in H1 FY26. Investing cash flow was negative ₹123.9 crore, against positive ₹32.68 crore, while financing cash flow was ₹146.83 crore, compared with ₹27.06 crore. Capital expenditure was ₹126.31 crore, up from ₹10.6 crore.

How has Advait Energy Transitions done over the last 8 quarters?

Revenue and net profit both increased year on year in each of the last eight quarters. Revenue reached ₹220.94 crore in Q2 FY27, the highest quarterly level in the reported series, while net profit was ₹19.18 crore, also the highest. EBITDA margin reached 14.5%, compared with its low of 9.8% in Q4 FY25.

The current direction was upward from Q1 FY27: revenue rose from ₹179.27 crore to ₹220.94 crore, net profit from ₹14.8 crore to ₹19.18 crore, and EBITDA margin from 13.8% to 14.5%. Revenue and net profit were lower in Q1 FY26 than in the preceding Q4 FY25, before rising in each of the following quarters.

Which businesses drove the quarter?

The Power Transitions Division reported revenue of ₹165.87 crore in Q2 FY27, up 70.4% from ₹97.37 crore in Q2 FY26. Its EBIT was ₹20.97 crore, compared with ₹16.35 crore in the year-ago quarter, and the segment EBIT margin was 12.6%.

The New & Renewable Energy Business reported revenue of ₹55.06 crore and EBIT of ₹11.88 crore in Q2 FY27. The segment EBIT margin was 21.6%. Comparable revenue and EBIT figures for Q2 FY26 were not provided, so year-on-year growth for the segment cannot be stated.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review report. It approved the appointment of Vimal Kishore Yadav as Chief Operating Officer. The board also approved 1515 grants under the Advait Employee Stock Option Plan 2022.

The company approved the acquisition of an additional 1,000 shares of Advait Unified Renewable Assets Private Limited, taking its holding to 90%. It also approved the acquisition of an additional 12,733 shares of Advait Greenergy Private Limited for ₹7,95,81,250, taking its holding to 79.65%. No dividend or fund-raising decision was included in the same-day filings provided.

What did Advait Energy Transitions' management say?

Management said the consolidated order book, including L1 positions, was about INR 1,575 crores on 30 September 2026, up 47% year on year. It retained FY27 revenue growth guidance of 55-60%, taking revenue above INR 1,000 crores. Gangad Phase 1 and the 2.5 GWh BESS plant, expandable to 5 GWh, are targeted for operation in Q4 FY27.

Management expected the FY27 H2 EBITDA margin to be similar to H1 FY27’s 14.2%, but explicitly avoided calling it a commitment, citing input-cost inflation. It targets about 15% group EBITDA margin by FY28-29 as manufacturing scales. The 2.5 GWh BESS plant is expected to reach 40-60% utilisation in its first year, while 150 MW of electrolyser capacity is targeted for nearly Q4 2027.

Management said capital allocation, cash flow and macro factors constrain the long-term revenue ambition. H1 capex was INR 101 crores, H2 capex is planned at INR 140 crores, and an equity raise is contemplated in Q3 or Q4 FY27. Founder and Managing Director Shalin Sheth said: “As per our new integrated manufacturing plan, our company is aiming to be 70% to 75% manufacturing, from the year 2028-29 based on the new facilities that are coming. So this is the transformation of the company.”

Shalin Sheth also said: “definitely we should be extremely sensitive in capital allocation, cash flow, and our ability to create that cash flow.” Vatsal Kundalia, Managing Director of Advait Greenergy, said: “we are quite hopeful that this will start happening with fuel cell in the next 2 to 3 years as well.” Management described hydrogen and fuel-cell commercialisation as gradual, with meaningful economics taking 1-3 years.

How did Advait Energy Transitions shares react?

The filing appeared after market hours. Advait Energy Transitions’ shares fell 0.9% within five minutes, 1.9% within 15 minutes and 3.1% within 30 minutes of the filing appearing. On the reaction day, the stock closed 3.5% above its pre-results close, and by the next day’s close it was up 4.7% from that close.

The Other Electrical Equipment industry median gain was 0.6% on the reaction day and 1.1% by the next day’s close, while the Nifty Microcap 250 gained 1.4% and 1.7%, respectively. Advait’s reaction-day move was 2.8 percentage points above the industry median, and its move by the next day’s close was 3.6 percentage points above it. Earlier reaction-day moves were negative 6.1% on 7 August 2026, negative 0.1% on 27 May 2026 and 10.0% on 11 February 2026.

How did other Other Electrical Equipment companies do?

Among 25 Other Electrical Equipment companies compared for the quarter, the median revenue growth was 39.4%, against Advait Energy Transitions’ 40.8%. Of the other companies, 13 grew more slowly than Advait and 12 grew faster. Fourteen companies reported higher profit, based on 23 companies compared for profit.