Powerica posts 27% rise in Q1 FY27 profit; wind business margins improve
Powerica Limited reported a 26.7% year-on-year increase in consolidated revenue from operations to Rs 780.1 crore for the quarter ended June 30, 2026. Profit after tax (PAT) rose 27.3% to Rs 64.3 crore, while EBITDA increased 20.4% to Rs 106.3 crore.
The company reported an EBITDA margin of 13.6% for the quarter, compared with 14.3% a year earlier. Gross profit margin declined to 33.5% from 36.8% due to higher commodity prices.
Business performance
The generator set business remained the largest contributor, accounting for 81.4% of revenue with an EBITDA margin of 5.6%. DG sets powered by Cummins engines contributed 72% of total revenue, while the MSLG business, operated in collaboration with Hyundai, contributed 0.4%.
Powerica said execution of MSLG orders was affected by temporary logistical challenges in transporting and installing large engine sets, with deliveries expected to be completed in the coming quarters.
The wind power business contributed 18.6% of revenue and reported an EBITDA margin of 48.6%, compared with 46.5% in the corresponding quarter last year. The improvement was attributed to seasonal factors and the addition of 51.3 MW of capacity in February 2026.
Project pipeline
During the quarter, the company signed a Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) for a 100 MW wind project in Gujarat at a tariff of Rs 3.435 per kWh for 25 years.
Powerica also received a Letter of Award (LoA) from the Solar Energy Corporation of India Limited (SECI) for a 100 MW wind project at a tariff of Rs 3.85 per kWh and is awaiting the LoA for a 50 MW GUVNL project awarded at Rs 3.51 per kWh.
The company has also signed an agreement with GE Vernova to procure 28 units of its 3.8 MW-154m onshore wind turbines for the 100 MW Botad Wind Farm in Gujarat. According to the company, this will be the first deployment of GE Vernova’s 3.8 MW turbine platform in India.
Powerica further incorporated two wholly-owned subsidiaries, Windfusion Renewable Private Limited and Whisperwind Renewable Private Limited, for renewable energy project development. Its board also approved an investment of Rs 3 crore for up to a 49% equity stake in Fuji-Kailash Energy Private Limited.
Order book
As of July 31, 2026, the company’s order book for Cummins-powered DG sets stood at around Rs 1,700 crore, including nearly Rs 900 crore of orders from the data centre segment.
Commenting on the results, Chairman and Managing Director Mr. Bharat Oberoi said: “During the quarter, the company reported a revenue of ₹780 crore, registering growth of 26.7% YoY with an EBITDA growth of 20.4% YoY, margin of 13.6% and a PAT growth of 27.3% YoY, margin of 8.3%.”
He said margins are likely to remain under pressure during the first half of FY27 because of commodity price inflation and the time lag in passing higher input costs to customers, but expects the impact to moderate as revised pricing takes effect.
Mr. Oberoi added, “Over the long term, our growth is supported by a strong order book in DG sets and planned expansion in wind power. With our existing portfolio of 330.85 MW alongside under-construction projects and the pipeline, the company has clear visibility to take its IPP Portfolio to 638.35 MW.”
The featured photograph is for representation only.
