Slides
Page 1
0 Power Mech Projects Limited (BSE: 539302 | NSE:POWERMECH) Q3 FY 2026 Earnings Presentation 11th February 2026
Page 2
1 1Scale & Leadership: India’s market leader in O&M services India’s Market leader in O&M services having a presence across 75 GW+ unit capacity across industrial, infrastructure assets & power segments 2Diversified Engineering and Infrastructure execution based on strong technical services From power-plant construction to metro, water, and civil infra with 25 years of multi- sector project delivery with engineering depth and reliability 3Sustainable & overseas growth over the years Strong, growing overseas presence and disciplined financial performance driving high profitability Power Mech: We are at-scale, and a leading industrial & infrastructure services provider
Page 3
2 Investment case – Sustained growth momentum & strong outlook Strong Q3 performance underscores consistent value creation & sets a foundation for next phase of growth • India’s largest O&M service provider with ~20% market share in Power O&M • Strong positioning in EPC and O&M, offering an E2E capability from erection to operations • 4 complementary segments – Erection, Testing & Commissioning, O&M, Civil Construction, and MDO • Strategic expansion into adjacent sectors & high-value EPC projects (BOP , Water, Roads) • INR 17,327 Cr order book (exc. MDO) providing 3+ years of revenue visibility • INR 6,761 Cr new order inflows so far in FY 26 including BOO orders under BESS and solar , including INR 1,270 Cr in Q1, INR 1,042 Cr in Q2, INR 2,886 Cr in Q3 & INR 1,563 Cr in Q4 till date – including marquee wins from BHEL, Adani, SJVN & WBSEDCL • High-margin MDO (focus on coking coal) contracts worth INR 39,500+ Cr operationalized • Strategy focused on building long-term annuity cash flows, sustainable & high-margin growth through expansion of O&M and MDO businesses • Focus on digital transformation across sites to enhance uptime and efficiency • 10k+ trained technical workforce deployed across global projects • Proven expertise in executing complex, large-scale and technology-intensive projects across geographies, driving consistent delivery excellence – a key competitive edge Leadership in Power services Integrated & diversified business model Robust growth momentum and visibility Margin growth & sustainable long-term recurring revenue levers operationalized Technical talent driven execution excellence
Page 4
3 Consolidated results at a glance INR 56,806 Cr Order backlog ~ 5% growth y-o-y INR 173 Cr (12.08%) Q3 EBITDA 8% y-o-y growth INR 513 Cr (12.88%) 9M EBITDA 23% y-o-y growth INR 6,761 Cr Order inflow this year 68% of target achieved INR 1,433 Cr Q3 Revenue 6% y-o-y growth INR 3,987 Cr 9M Revenue 17% y-o-y growth
Page 5
4 Leadership Commentary Commenting on the performance Mr. Sajja Kishore Babu, Chairman and Managing Director said: “As we close the third quarter of FY26, we remain focused on accelerating our strategic growth initiatives and strengthening our market leadership. The current quarter reflects the Company’s strong execution capabilities and commitment to operational excellence, particularly in Power ETC, BoP EPC, O&M and emerging segments like Battery Energy Storage Systems (BESS). From a financial perspective, performance during the quarter reflected steady execution across the business. Total Income for the quarter was Rs. 1,433 crore, registering a 6% YoY increase, supported by sustained execution across core segments and ramp-up of operations on newly secured orders, with the exception of the water division where certification timelines remained slower. EBITDA for the quarter was Rs. 173 crore, up 8% YoY with margins at 12.08%, broadly in line with the previous year. Margins remained stable during the period, with a marginal dip attributable to provisions created towards compliance with the new labour code, while underlying operating performance remained consistent. A key development during the quarter was the award of a large Balance of Plant EPC package for the 1 × 800 MW Singareni thermal power project from BHEL. This order our first EPC for BOP contact and increases our scope from pure execution packages toward integrated EPC delivery. Our past experience in BOP erection, commissioning and O&M gives us execution familiarity in these systems, which supports better planning, interface control and cost discipline at the project level. Additionally, the O&M business has performed well, supported by our execution capabilities and growing share of the power sector, while the mining division is also showing promise with both contracts now contributing to the bottom line. The diversification into non-power sectors, including civil infrastructure and renewable energy, continues to enhance our resilience and broaden our revenue base. Alongside our core businesses, we have been developing a structured platform to participate in next-generation energy infrastructure aligned with grid reliability and energy transition requirements. The focus has been on leveraging our EPC and O&M capabilities to develop and operate utility-scale assets under contracted revenue models, with emphasis on execution control, structured procurement and long-term operating visibility. Subsequently, this approach resulted in the award of a grid-scale (250 MW/ 1000 GWhr) Battery Energy Storage System project from West Bengal State Electricity Distribution Company. The project is aligned with our objective of entering energy storage through availability-based contracts and executing them through an integrated EPC and O&M framework. Looking ahead, our priorities remain focused on disciplined execution and expanding participation in EPC packages, including BOP and energy infrastructure projects. With an active orderbook pipeline across power, infrastructure and emerging energy segments, we remain confident of achieving our Rs. 10,000 crore order inflow targets for FY2026.”
Page 6
5 Revenue | Strong and sustained revenue momentum continues, with 6% growth over last year Amounts in INR Cr • Q3 YOY growth was 6% -driven by strong execution across all segments and the ramp up of operations along with the execution of new orders except in the water division • Overall trajectory remains positive - Core operations continue to deliver a healthy y-o-y growth of around 6% except in water division. 1,338 1,238 1,420 Q3 FY 25 Q2 FY 26 Q3 FY 26 +6%
Page 7
6 Segment revenue | Consistent momentum with strong execution in core segments & emerging MDO growth Amounts in INR Cr • Power segment momentum sustained - Strong traction in industrial power construction projects • O&M growth gaining pace - Supported by new order inflows during the year • MDO share rising - Share in total revenue up by ~2% YoY; KBP mine revenue started from November 26 onwards Segment wise revenue (INR Cr) 277 435 286 481 440 488 521 310 543 7125 34 Q3 FY 25 22 31 Q2 FY 26 32 Q3 FY 26 1,338 1,238 1,420 Erection works O&M Civil works Electrical MDO Segment wise revenue (In %) 20% 39% 36% 2% 3% Q3 FY 25 35% 35% 25% 2% 3% Q2 FY 26 20% 34% 39% 2% 5% Q3 FY 26
Page 8
7 Margins | Stable margins achieved; Uptrend expected in coming quarters as MDO revenue scales up Amounts in INR Cr • Margins remain steady, broadly in line with last year's performance – with a marginal dip this quarter due to provisions created for new labor code. • PAT margin was increased – driven by higher other income and reduced tax cost. • EBITDA & PAT margins are expected to be inline with projected - supported by the scale up of MDO operations alongside growth in regular business. 160 158 173 12% 13% 12% Q3 FY 25 Q2 FY 26 Q3 FY 26 EBIDTA Margin (%) EBITDA (INR Cr) EBITDA margins PAT margins 87 78 100 6% 6% 7% Q3 FY 25 Q2 FY 26 Q3 FY 26 PAT Margin (%) PAT (INR Cr)
Page 9
8 Order inflow & position | Strong order momentum till date worth INR 6,761 Cr; Driving towards INR 10,000 Cr milestone in FY 26 Amounts in INR Cr • Record order inflows INR 6,761 Cr in FY 26 YTD, including Rs 1563Cr BOO BESS order and Rs 159 Cr Solar order, driven by major wins across EPC, O&M, and renewable projects • Diversified order base spanning thermal, civil, solar, and township infrastructure, with marquee clients such as BHEL, Adani Group, SJVN & TGgenco providing multi-sector growth visibility Order Inflow (Exc. MDO) 4,231 8,479 8,314 6,347 6,761 10,000 FY 22 FY 23 FY 24 FY 25 FY26 (YTD) FY26 (Est.) Order backlog (Inc. MDO) 18,149 23,027 57,053 53,994 56,806 FY 22 FY 23 FY 24 FY25 FY 26 (YTD)
Page 10
9 Total new order wins of INR 6,761 Cr so far, with strategic wins driving scale, reinforcing Power Mech's integrated power & infra positioning Customer Scope of Work Strategic Significance 2500+ Cr BHEL EPC package for balance of plans (BOP) at 1 X 800 MW Singareni Super Thermal Power Project • Strengthens position in large-scale EPC & BOP execution for thermal power plants • Reinforces presence in the power segment with a marquee PSU client 370+ Cr Mahan Enargen (Adani Group) Civil works & erection of prefabricated structural steel for BTG units (2 × 800 MW) – Phase III • Strengthens presence in large-scale power ETC segment • Expands civil & structural execution capability in the Industrial ecosystem ~ 500 Cr SJVN Thermal Comprehensive O&M contract for 2 × 660 MW coal based supercritical power project • Enhances O&M portfolio scale and visibility • Long-tenure annuity contract (39m) supporting stable recurring revenue 1,563 Cr West Bengal State Electricity Distribution Company Setting up of a 250 MW/ 1,000 MWhr Standalone Battery Energy Storage System (BESS) at Goaltore, Paschim Medinipur, West Bengal, under the Build-Own-Operate (BOO) model • Establishes a reference platform for grid-scale energy storage, enabling participation in future utility-led BESS tenders under long-term contracted revenue models • Expands the Company’s execution-led presence in energy transition infrastructure by leveraging in-house EPC and O&M capabilities beyond conventional power projects
Page 11
10 Snapshots of select projects under execution 2 X 800 MW Mahan Ultra SCTPP, Madhya Pradesh Challaghatta metro depot cum workshop, Karnataka Comprehensive O&M of 2 X 600 MW Singareni STPP, Telangana 5 X 800 MW Yadadri Thermal Power Station, TelanganaDrinking water supply system under JJM, Uttar Pradesh MDO at Tasra mines, Jharkhand
Page 12
11 Multi segment presence backed by strong technical execution Execute full-scope erection, testing & commissioning of BTG/BOP systems (including FGD/SCR) across power, nuclear , oil-&-gas, petrochemicals, steel & minerals >30.29 Lakhs MT Erection Works complete Power Non-Power Erection, Testing & Commissioning (ETC) Provide integrated mechanical, electrical & C&I services including control-room/desk operations, boiler/turbine/auxiliary overhauls, long-term AMCs for utility & captive plants 75,042 MW Unit capacity of the O&M & AMC Power Operations & Maintenance Deliver civil/structural construction for power, industrial & urban infrastructure -- foundations, decks, cooling towers, CHPs, roads and coal‐handling plants 30.92 Lakhs m3 Concreting works carried out Civil infrastructure Power Non-Power Develop mine infrastructure, mineral processing operations & manage full contract mining leveraging PMPL’s execution & O&M strengths 9 MTPA Peak rated Mining capacity Mining, Development & Operations (MDO)
Page 13
12 From foundation to future – 25 years of building leadership & scale 2016-2020 Consolidation and service leadership: Establishes large O&M footprint, strengthens asset base and manpower, leverages infrastructure growth in India 1999 Initial days: The firm started out in the power sector (gas turbine overhauling for a major utility) and entered the Erection & Commissioning and O&M segments in India 2000–2010 Strengthening core power-plant services: ETC of boilers/ turbines, overhauling and maintenance contracts for large power plants in India 2010-2015 Diversification: Company expands services into non-power sectors (industrial plants, rail/metro, water), enters overseas markets & attains major growth in scale of operations 2014-2015 Public listing / scaling up: Company prepares IPO and significantly increases visibility, order book 2020-2025 Strategic pivot & next-wave growth: Entry into mining, backward/ forward integration, large order-book scale up, aligning with India’s infrastructure pipeline (NIP) and global operations Built by passion, relationships, and resilience 2026 and beyond Strategic focus to transform into an integrated services providers across industries
Page 14
13 Our established track record over the years >30.29 Lakhs MT Erection Works 70,626 MW Capacity addition of Boiler, Turbine, Generator and Balance of Plant 756 TKM Commissioned overhead Electrification works 2.71 Lakhs MT Structural Fabrication works 15 Lakhs sq. ft. Completed infra development work within a year at Vizag, AP 30.92 Lakhs m3 Concreting works carried out 75,042 MW Unit capacity of the O&M & AMC 546 Km Execution of Natural Gas Cross Country Pipeline 220Kv GIS Substation works 9,262 MW Commissioned in power sector in overseas markets 11.8L inch mts Of piping at Dangote, Nigeria 132Kv Lines & 33/11 Kv SS Commissioned in Assam and MP
Page 15
14 Our Indian clients base Central Organization for Railway Electrification (CORE) Not exhaustive
Page 16
15 Our International clients base Not exhaustive
Page 17
16 Board of Directors Mr. Sajja Kishore Babu (Founder, CMD) • 37+ years experience in Power and Infrastructure sector • Serves on Board of subsidiary and joint venture companies • Holds a Bachelor degree in Mechanical Engineering Ms. Sajja Lakshmi (Non-Executive Director) • Holds a place in the HR management of the Company and CSR Committee • Ms Lakshmi is a science graduate who is deeply engaged in social service Audit Committee CSR Committee Nomination and Remuneration Committee Risk Management Committee Stakeholder Relationship Committee Investment Committee Executive Committee Ms. Lasya. Y (Independent Director) • 16+ years exp. In IT Project Management & delivery, client engagement, IT strategy, business development • Holds Post-Graduate in Management from ISB and MS in Electrical & Computer Engineering from the University of Texas Mr. M Rajiv Kumar (Non-Executive Director) • 38+ years experience in BHEL • Rose to the level of Executive Director, Power Sector, Eastern Region • Mr. Kumar is a graduate in Electrical Engineering from the BIT, Sindri Mr. Vivek Paranjpe (Independent Director) • 45+ years experience in leadership roles • Previous associations include Hewlett Packard, Reliance Industries Ltd • Holds B.Sc (Honors) from Fergusson College, Pune and Post-Graduate degree from XLRI Jamshedpur Mr. B Prasada Rao (Independent Director) • 37+ years experience at BHEL, including over 6 years as Chairman & MD & holds directorship in 5 companies • He is also a member of 2 committees constituted by Government of India Mr. J P Chalasani (Independent Director) • 40+ years experience in the Indian infrastructure industry • He is the CEO of Suzlon Energy Limited • Previous associations include NTPC, Reliance Power, Punj Lloyd and others Mr. S. Rohit (Executive Director) • Leads Overseas Operations, Business Development, Corporate Strategy and digital initiatives for Power Mech group of companies • MBA from University of Oxford & Master’s Engineering Management degree from USC
Page 18
17 Leadership Team N Nani Aravind Group Chief Financial Officer M Raghavendra Prasad Group Company Secretary & Compliance Officer Umesh Mehta Chief Techno Commercial Officer S.K. Kodandaramaiah Director Head – Business Development G Srinivasulu Executive Director Head – Facility Engineering Services & Stores L Sai Shankar Executive Director (Head – Engineering (EPC) Srinivasan Selvaraj Executive Director Head – Project Management (EPC) D.S.G.S. Srinivas Babji Executive Director Head - O&M 1 Gattu Rambhav Director Head – O&M Business N Srinivasa Rao Director Technical – Nigeria Business T Srinivasa Prasad Senior Vice President Head – Infra Construction Business M Ramesh Vice President (Head – Civil Subcontracts) T Ramesh Vice President-Mining K Sekhar Babu Vice President Head - O&M 2 Abdul Basheer AVP (Head – Industrial Construction) R Murali Krishna AVP & Head – Commercial Subcontracts – Industrial Construction Uppada Subbarao AVP – HR & Admin P Dileep Kumar General Manager Head – UAE Operations G Murali Director Head EPC & Washery
Page 19
Consolidated profitability statement Rs. Cr Particulars Q3FY26 Q2FY26 Q3FY25 YOY 9M FY26 9M FY25 YOY Revenue from Operations 1,419.56 1,237.87 1,337.97 6% 3,950.84 3,380.86 17% Other Income 13.43 10.93 8.93 35.74 28.26 Total Revenue 1,432.99 1,248.80 1,346.90 6% 3,986.58 3,409.12 17% Material Consumed 220.95 222.51 211.34 539.99 527.99 Contract Execution Expenses 811.86 668.65 783.25 2300.98 1925.09 Employee Cost 191.85 175.93 171.53 538.67 477.57 Other Expenses 35.21 23.72 20.9 93.47 61.9 EBITDA 173.12 157.99 159.88 8% 513.47 416.57 23% EBITDA Margin 12.08% 12.65% 11.87% 21 bps 12.88% 12.22% 66 bps Depreciation 19.33 17.42 14.02 53.17 39.75 EBIT 153.79 140.57 145.86 5% 460.30 376.82 22% EBIT Margin 10.83% 11.36% 10.90% -7 bps 11.65% 11.15% 50 bps Finance Cost 29.89 28.4 24.94 87.73 65.59 Share of profit of Associates 0.03 0.8 -0.4 1.76 0.88 Profit before Tax 123.87 111.37 121.32 2% 370.81 310.35 19% PBT Margin 8.73% 9.00% 9.07% -34 bps 9.39% 9.18% 21 bps Tax 24.24 33.26 34.77 112.55 92.57 PAT 99.63 78.11 86.55 15% 258.26 217.78 19% PAT Margin % 7.02% 6.31% 6.47% 28 bps 6.54% 6.44% 10 bps Non Controlling Interest 5.63 3.19 4.51 36.83 8.53 PAT after Non Controlling Interest 94.00 74.92 82.04 15% 221.43 209.25 6% PAT Margin % 6.62% 6.05% 6.13% 49 bps 5.60% 6.19% -59 bps EPS 29.73 23.7 25.94 70.04 66.18
Page 20
Consolidated Balance sheet Rs. Cr Assets Dec-25 Mar-25 Non - Current Assets 1,044.76 889.61 Property Plant & Equipments 350.43 303.43 CWIP 111.20 27.91 Right-of-Use Assets 11.62 12.56 Goodwill 0.00 0.00 Other Intangible Assets 5.85 7.36 Financial Assets (i) Investments 34.24 35.28 (ii) Loans 0.00 0.00 (iii) Other Financial Assets 476.85 455.88 Deferred Tax Assets 18.78 18.31 Other Non Current Assets 35.79 28.88 Current Assets 4,179.85 3,724.80 Inventories 297.16 197.96 Financial Assets (i) Investments 0.62 0.56 (ii) Trade Receivables 1,379.34 1,462.22 (iii) Cash 62.11 91.99 (iv) Bank 537.07 500.78 (v) Loan 18.11 15.45 (vi) Other financial assets 1,144.21 890.45 Income Tax Assets 0.00 0.00 Other Current Assets 741.23 565.39 Total Assets 5,224.61 4,614.41 Rs. Cr Equity & Liabilities Dec-25 Mar-25 Total Equity 2,438.17 2,182.63 Share Capital 31.62 31.62 Reserves & Surplus 2,347.06 2,128.30 Non-Controlling Interest 59.49 22.71 Non-Current Liabilities 584.26 365.83 Financial Liabilities (i)Borrowings 72.78 63.21 (ii) Other Financial Liabilities 7.25 128.62 (iii) Lease Liabilities 146.31 8.33 Provisions 13.56 4.11 Other Non Current Liabilities 344.36 161.56 Current Liabilities 2,202.18 2,065.95 Financial Liabilities (i) Borrowings 781.79 660.03 (ii) Trade Payables 854.07 929.98 (iii) Lease Liabilities 2.75 3.45 Other Financial Liabilities 323.94 229.28 Other Current Liabilities 226.33 224.62 Provisions 2.70 0.96 Current tax Liabilities 10.60 17.63 Total Equity & Liabilities 5,224.61 4,614.41
Page 21
Consolidated cash flow statement Rs. Cr Particulars Dec-25 Mar-25 Net Profit Before Tax 370.81 491.23 Adjustments for: Non -Cash Items / Other Investment or Financial Items 109.61 122.97 Operating profit before working capital changes 480.42 614.20 Changes in working capital -243.01 -462.50 Cash generated from Operations 237.41 151.70 Direct taxes paid (net of refund) 123.97 151.43 Net Cash from Operating Activities 113.44 0.27 Net Cash from Investing Activities -183.64 -192.59 Net Cash from Financing Activities 40.34 232.46 Net Decrease in Cash and Cash equivalents -29.86 40.14 Add: Cash & Cash equivalents at the beginning of the period 91.99 51.84 Cash & Cash equivalents at the end of the period 62.13 91.98
Page 22
21 Disclaimer This investor presentation has been prepared by Power Mech Projects Limited and does not constitute a prospectus or placement memorandum or an offer to acquire any securities. This presentation or any other documentation or information (or any part thereof), delivered or supplied, should not be deemed to constitute an offer No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, or correctness of such information or opinions contained herein. The information contained in this presentation is only current as of its date. Certain statements made in this presentation may not be based on historical information or facts and may be ‘forward-looking statements’, including those relating to the general business plans and strategy of Power Mech Projects Limited, its future financial condition and growth prospects, future developments in its industry, and its competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, ‘horizons of growth’, ‘strong growth prospects’, among many others, or similar expressions or variations of such expressions. These forward-looking statements involve a number of risks, uncertainties, and other factors that could cause actual results, opportunities, and growth potential to differ materially from those suggested by the ‘forward-looking statements’ Power Mech Projects Limited may alter, modify, or otherwise change, in any manner, the content of this presentation without obligation to notify any person of such revision or changes. This presentation cannot be copied and disseminated in any manner
Page 23
22 Disclaimer Jatin Babani / Abhishek Dakoria +91 226 169 5988 powermech@churchgatepartners.com This presentation contains “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating Power Mech Projects Ltd. future business developments and economic performance. While these forward looking statements indicate our assessment and future expectations concerning the development of our business, a number of risks, uncertainties and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macro-economic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors that could affect our business and financial performance. We undertakes no obligation to publicly revise any forward looking statements to reflect future / likely events or circumstances. Mr. M. Raghavendra, Company Secretary +91 40 30444418 / +91 99480 41312 cs@powermech.net Registered Address: Plot No 77, Jubilee Enclave, Opp. Hitex, Madhapur, Hyderabad - 500081, Telangana, INDIA For Further Information Please Contact: