Advait Energy Transitions H1 Revenue Jumps 45% to ₹400 Cr; Order Book Hits ₹1,575 Cr

Key numbers

H1 Revenue Growth	45.4%Year-on-Year
Order Book	₹1,575 CrAs of Sep 2026
Net Profit Q2	₹18.43 CrUp 74.9% YoY
EBITDA Margin	14.2%H1 FY27

Key highlights

• H1 FY27 consolidated revenue grew 45.4% YoY to ₹400 crore
• Consolidated order book including L1 positions reached ₹1,575 crore, up 47% YoY
• EBITDA margins expanded to 14.2% in H1 from 11.3% in the previous year
• Phased commissioning of 2.5 GWh BESS facility and Gandhinagar plant set for Q4 FY27
• Management targets ₹1,000 crore revenue for FY27 and ₹5,000 crore top-line over five years
• Secured standalone 150 MW BESS order in Junagadh and distribution orders from DGVCL

Strategic Pivot Toward High-Margin Manufacturing

Advait Energy Transitions is undergoing a fundamental transformation, shifting its revenue mix from EPC solutions toward high-margin manufacturing. The company aims to have manufacturing contribute 70% to 75% of total sales by FY29, moving away from its current execution-heavy model. This shift is centered around its upcoming multi-integrated manufacturing facility in Gandhinagar, Gujarat.

The facility, which is making steady progress toward phase-one operationalization by Q4 FY27, will strengthen capacities across power transmission, substation solutions, and renewable energy. By deepening manufacturing capabilities, Advait intends to capture higher value in specialized niche segments like OPGW and stringing tools.

Green Hydrogen and BESS Execution Milestones

• Completed a 300 kW green hydrogen project for THDC in Rishikesh and a 1 MW project in Gujarat
• Entered into a license agreement with AVL for TechO fuel cell technology usage over the next decade
• Standalone 150 MW/300 MWh BESS system project in Junagadh marks a major entry into energy storage
• Orders placed for plant and machinery for the 2.5 GWh BESS plant, expandable to 5 GWh
• Engaged with over 13 Indian green hydrogen players for technology validation and electrolyzer testing
• Commissioned a 30 MW electrolyzer assembly line as of March 2026 to showcase technological transfer

Growth Anchored by Grid Modernization

Our priority remains to convert order book into timely delivery while maintaining the disciplined approach to project selection and working capital. India's continued investment in transmission capacity, grid modernization, and renewable energy evacuation are creating opportunities across all the product segments we have been focused on.

Capacity Expansion and Financial Outlook

To fuel its aggressive growth targets, Advait has planned a significant capex program. Following an investment of ₹101 crore in H1 FY27, the company anticipates an additional ₹140 crore in the second half, largely funded through debt. This investment supports the expansion of the electrolyzer facility toward a 300 MW capacity in phase two, with long-term goals of reaching 1 GW by FY29.

Management maintains a target of ₹1,000 crore revenue for FY27, requiring the execution of approximately ₹600 crore in the second half. Despite the increased debt for capex, the company intends to maintain a disciplined debt-to-equity ratio, targeting 0.5 to 0.7 for the manufacturing and solutions business.

What to watch next

• Commissioning of the 2.5 GWh BESS facility by Q4 FY27 (March 2027)
• Phase 1 operationalization of the Gandhinagar integrated manufacturing complex by March 2027
• Update on the ₹2,000 crore active bidding pipeline for energy transition projects
• Progress on the fuel cell manufacturing plant and first plant timeline by early FY28

“Advait has built its foundation in power transmission and substation solutions. Over time, this foundation has enabled us to take on more complex assignments and expand into newer areas of the energy transition.”

“Our EBITDA for the first half stood at 57 crore, reflecting a year-on-year growth of 82.6%. Our EBITDA margin for H1 stood at 14.2% versus 11.3% in H1 FY26.”

Advait Energy Transitions · financial snapshot

Share price	₹1642.4
Market capitalisation	₹1,803.85 Cr
Revenue (annual)	₹714.52 Cr
Net profit (annual)	₹51.72 Cr
Revenue (latest quarter)	₹220.94 Cr+23.24% vs previous quarter
Net profit (latest quarter)	₹18.43 Cr+32.66% vs previous quarter
P/E (TTM)	27.09×Sector 40.46×
Promoter holding	66.72%+0.20% QoQ
FII holding	0.09%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.