Advait Energy Transitions Limited (AETL), incorporated in 2010 and formerly known as Advait Infratech Limited, is an emerging company with a dual focus on Power Transmission Solutions (PTS) and the New & Renewable Energy (NRE) sector. The company has established a strong presence by offering a niche product portfolio and end-to-end Engineering, Procurement, and Construction (EPC) solutions. In its PTS vertical, Advait operates state-of-the-art manufacturing facilities for critical components like Aluminum Clad Steel (ACS) wires, Optical Ground Wires (OPGW), Emergency Restoration Systems (ERS), and over 140 types of stringing tools. The company is actively expanding its manufacturing capacity for tools, ERS, and specialized high-ampacity conductors to meet growing demand.

Pivoting towards the future of energy, the NRE vertical is a significant growth driver. Advait is making substantial investments in this space by establishing a greenfield manufacturing facility for indigenous electrolysers (300 MW capacity), a Battery Energy Storage Systems (BESS) facility (2.5 GWh capacity), and an assembly line for advanced fuel cell technology. Complementing its core operations, the company manages a diversified portfolio of Carbon Credits and I-RECs across various platforms, with projects aggregating over 1,200 MW of renewable energy capacity. This strategic positioning across the entire energy value chain, from traditional transmission to futuristic green energy solutions, reflects its mission to be a global leader in driving the energy transition.

Official Website: www.advaitgroup.co.in

• Consolidated Performance (9MFY26): The company demonstrated exceptional top-line growth. Revenue from operations for the nine months ended December 31, 2025, surged by 138% YoY to ₹486.3 Cr. EBITDA grew 74% YoY to ₹55.2 Cr, while Profit After Tax (PAT) increased by 90% YoY to ₹36.5 Cr.

• Consolidated Quarterly Performance (Q3FY26): On a quarterly basis, revenue grew 114% YoY and 34% QoQ to ₹211.0 Cr. EBITDA stood at ₹24.2 Cr, a 58% YoY increase. PAT saw a significant 78% YoY jump to ₹17.4 Cr.

• Standalone Performance (9MFY26): The standalone entity, AETL, also posted strong results. Revenue for the nine-month period was up 47% YoY to ₹293.6 Cr. EBITDA increased by 46% YoY to ₹47.8 Cr, and PAT grew 41% YoY to ₹30.8 Cr, maintaining stable margins.

• Profitability Margins: On a consolidated basis, the EBITDA margin for 9MFY26 was 11%, compared to 16% in 9MFY25. This dilution is primarily due to the consolidation of the subsidiary, AGPL, which operates in the lower-margin Solar EPC business (3.9% EBITDA margin in 9MFY26). The standalone AETL business has maintained a stable and healthy EBITDA margin of 16%.

• Return Ratios & Balance Sheet: The company exhibits a strong financial risk profile. For FY25, Return on Capital Employed (RoCE) was 21% and Return on Equity (RoE) was 16%. The balance sheet remains robust with a comfortable Debt-to-Equity ratio of 0.24x as of H1FY26. The company also reported a net cash position of ₹32.7 Cr in H1FY26, indicating a healthy liquidity position.

The company's financials reflect a period of hyper-growth, driven by strong execution in both standalone and subsidiary operations, though the changing business mix has impacted consolidated margins.

• Integrated Business Model: Advait operates an integrated model that combines in-house manufacturing of niche products (ERS, stringing tools, OPGW) with EPC services. This provides a competitive edge through better control over the supply chain, quality, and project execution timelines.

• Niche Product Portfolio: The company manufactures specialized products like Emergency Restoration Systems (ERS), which are critical for rapid power restoration during crises. It is also one of the few players in India developing tower cranes for mechanized transmission line erection, showcasing its focus on high-value, specialized solutions.

• First-Mover in Energy Transition: Advait is aggressively positioning itself across the entire green energy value chain. Its investments in manufacturing electrolysers, fuel cells, and setting up BESS projects on an Independent Power Producer (IPP) basis demonstrate a forward-looking strategy to capture significant opportunities in the nascent green hydrogen and energy storage markets.

• Strategic Partnerships: The company actively forges collaborations with global technology leaders, such as AVL List GmbH for fuel cells and Jiangsu Guofuhee for electrolysers. This allows Advait to bring proven, world-class technology to the Indian market while focusing on its core strength of EPC and system integration.

Advait's unique blend of specialized manufacturing, integrated EPC services, and strategic foresight in the new energy sector differentiates it from traditional power infrastructure companies.

• Favorable Government Policy: The Union Budget for 2026-27 signals strong government support for the energy sector. A record capital expenditure is aimed at boosting renewable energy capacity, strengthening grid infrastructure, and improving the financial health of distribution companies (DISCOMs).

• Focus on Grid Modernization: Government schemes like the Revamped Distribution Sector Scheme (RDSS) are driving significant investment in modernizing India's power distribution network. This includes projects for replacing old conductors and installing underground cables, which are core areas of Advait's EPC business.

• Energy Transition Imperative: There is a clear national and global push towards decarbonization and energy security. This is fueling massive investments in renewable energy generation, green hydrogen, and battery storage solutions, creating a long-term, high-growth environment for companies positioned in these segments.

The industry outlook is exceptionally positive, underpinned by strong government capital expenditure and a strategic focus on grid modernization and renewable energy integration.

• Robust Order Book: The company's unexecuted order book stands at a record ₹1,048 Cr as of December 31, 2025, a 132% YoY increase. This provides strong revenue visibility for the upcoming quarters. The order book is diversified, with 84% from the PTS division and 16% from the NRE division.

• Strong Historical Revenue Growth: Advait has a proven track record of rapid expansion. Total revenue has grown at a 3-year CAGR of 72% (as of FY25). This momentum has continued into FY26, with consolidated revenues for 9MFY26 growing 138% YoY.

• Diversified Growth Drivers: Growth is not reliant on a single segment. The Power Transmission Solutions (PTS) division is securing large EPC contracts, while the New & Renewable Energy (NRE) division is rapidly scaling up through solar, BESS, and green hydrogen projects.

• Strategic MoUs: The company executed MoUs with the Government of Gujarat worth ₹1,400 crore during the Vibrant Gujarat Summit 2025, signaling a strong pipeline of future projects and investments.

Advait is in a high-growth phase, supported by a rapidly expanding order book, proven execution capabilities, and strategic expansion into new, high-potential energy sectors.

• Battery Energy Storage Systems (BESS): Advait has secured its first BESS project of 50 MWh / 100 MW from Gujarat Urja Vikas Nigam Limited (GUVNL) on a Build-Own-Operate (BOO) basis. With a plan to develop 1 GW of BESS projects over the next five years, this marks a significant entry into the lucrative energy storage market.

• Green Hydrogen Ecosystem: The company is building capabilities across the green hydrogen value chain. Strategic MoUs with Power to Hydrogen, Inc. (AEM electrolysers), VJ Industries (hydrogen storage), and CENMAT (PEM/AEM technologies) position it as a key EPC and system integrator for upcoming green hydrogen projects.

• Large-Scale EPC Projects: The company is winning large-ticket EPC orders, such as the ₹216 Cr project from PGVCL for conductor replacement. Its successful and timely execution of projects for major utilities like DGVCL and GETCO enhances its credibility and ability to secure larger contracts.

• Solar EPC: Advait's subsidiary, AGPL, is executing large-scale solar projects, including a 100 MW ground-mounted project for Adani Green Energy at the Khavda Renewable Energy Park. This demonstrates its capability to handle complex, utility-scale renewable projects.

The company is capitalizing on substantial opportunities in energy storage, green hydrogen, and large-scale power infrastructure projects, which are set to be major growth engines.

• Major Capex Underway: Advait is undertaking significant capital expenditure to build a new multi-integrated manufacturing facility in Sanand, Gujarat. This facility is focused on launching new product lines and expanding existing manufacturing capacities for both PTS and NRE verticals.

• Timeline for New Capacity: Construction is currently in progress, with operations scheduled to commence in Q3FY27. This investment will be crucial to support the company's growth ambitions and order book execution.

• Expansion of Existing Lines: The company is also expanding its existing PTS manufacturing facility to enhance capacity for stringing tools, ERS, and high-ampacity specialized conductors.

Advait is in an expansion phase, investing in significant new manufacturing capacity that will come online in FY27 to support its long-term growth trajectory.

• Become an Integrated NRE Player: Advait aims to be a key player across the entire New and Renewable Energy ecosystem. This includes manufacturing indigenous electrolysers and fuel cells by leveraging technology from global partners.

• Scale BESS Portfolio: The company has a clear target to develop 1 GW of BESS projects over the next five years, establishing a strong recurring revenue stream through its IPP model.

• Strengthen PTS Product Portfolio: While expanding in NRE, the company continues to focus on developing new product solutions under the Power Transmission Solutions (PTS) division to maintain its competitive edge and cater to the evolving needs of the grid.

• Leverage Strategic Collaborations: The future strategy heavily relies on executing projects through its recent MoUs in the green hydrogen space, moving from pilot-scale to commercial-scale projects with partners like Power to Hydrogen and VJ Industries.

The company's future plans are centered on becoming a fully integrated energy transition leader by building indigenous manufacturing capabilities and scaling its presence in high-growth areas like energy storage and green hydrogen.

• Stable Standalone Margins: The core standalone business (AETL) operates at healthy and stable margins. For 9MFY26, the EBITDA margin was 16.3% and the PAT margin was 10.5%, consistent with historical levels.

• Consolidated Margin Dilution: The consolidated EBITDA margin for 9MFY26 stood at 11.4%, a decline from 15.6% in 9MFY25. This is a direct result of the business mix changing with the rapid growth of the subsidiary, AGPL, whose Solar EPC business operates at lower margins (3.9% EBITDA margin in 9MFY26).

• Profitability Growth: Despite the margin dilution at the consolidated level, absolute profitability has grown substantially. Consolidated EBITDA for 9MFY26 grew 74% YoY, and PAT grew 90% YoY, indicating that the growth in lower-margin businesses is still highly accretive to overall profits.

While the influx of lower-margin EPC business has diluted consolidated margin percentages, the company's core operations remain highly profitable, and overall profit growth is exceptionally strong.

• Major EPC Order Win: Secured the largest-ever EPC order for the company, valued at ~₹216 Cr from PGVCL, for replacing conductors in 11kv lines.

• Successful Project Executions: Completed several challenging projects ahead of schedule, including an 800 ckm EPC project for DGVCL, a 105 km underground cable project for UGVCL, and a 195 km live-line OPGW project for GETCO.

• Technology Transfer & Licensing: Successfully completed the technology transfer for manufacturing 5MW electrolyser stacks. Also entered into a key licensing agreement with AVL List GmbH of Austria for manufacturing fuel cells in India to cater to mobility, marine, and stationary power applications.

• Record Operational Performance: Achieved the highest quarterly supply of transmission tools in its history, delivering over 1,500 conductor stringing rollers in Q3FY26.

• Subsidiary Milestones: The subsidiary, AGPL, completed a 1 MW Green Hydrogen plant for KPI Green Hydrogen and is nearing completion of a 67.1 MWp solar installation in Khavda.

The company has demonstrated strong operational excellence through timely project completions and has secured key technology partnerships that are crucial for its future in the NRE sector.