Advait Q2 wins underpin reported ₹1,574.83 crore order book

Advait Energy Transitions Limited secured about ₹462 crore of Power Transmission Solutions (PTS) orders and a ₹116 crore, 200 megawatt solar engineering, procurement and construction (EPC) order in the second quarter of financial year 2027 (Q2 FY27). Advait reported a ₹1,574.83 crore order book at 30 September 2026, up 47% year on year, with PTS accounting for 68%.

What orders did Advait win in Q2 FY27?

Advait won about ₹462 crore of PTS orders in Q2 FY27, led by underground cabling work for Paschim Gujarat Vij Company Limited (PGVCL) and Emergency Restoration Systems (ERS) orders from Madhya Pradesh Power Transmission Company Limited (MPPTCL) and Gujarat Energy Transmission Corporation Limited (GETCO).

Advait also won a ₹116 crore solar EPC contract for a 200 MW project from KPI Green Energy. The two disclosed awards total about ₹578 crore, combining PTS orders with an order in the New and Renewable Energy (NRE) business, which Advait says it entered in 2022.

How is Advait's order book split between businesses?

Advait's order book was ₹1,574.83 crore at 30 September 2026, with PTS representing 68% and NRE representing 32%. The company said the total was 47% higher year on year, leaving PTS as the larger component of contracted work while NRE represented nearly one-third of backlog.

PTS includes aluminium conductor steel wires, optical ground wire (OPGW), stringing tools and ERS, as well as OPGW installation, reconductoring and grid-upgradation projects. NRE covers battery energy storage systems (BESS), solar EPC, green-hydrogen projects, electrolysers, fuel cells and carbon-services activities.

What PTS capabilities underpin Advait's transmission orders?

Advait's PTS business combines manufacturing with EPC and solutions work. Its OPGW products cover 24-fibre to 144-fibre configurations for 66 kilovolt (kV) to 765 kV lines, while its live-line installation activity has installed more than 25,000 kilometres of OPGW using more than 20 gangs and tool sets.

The ERS orders cited in Q2 FY27 concern modular aluminium-alloy bypass towers designed to restore electricity after tower failure in two to three days, according to Advait. The systems cover 33 kV to 800 kV and do not require concrete foundations, distinguishing this equipment business from the underground-cabling work contributing to the about ₹462 crore PTS intake.

Advait's Kadi, Gujarat unit, which started in 2017, makes aluminium conductor steel wires, OPGW, stringing tools and ERS. The presentation lists annual OPGW capacity of 7,000 kilometres, planned to expand to 10,000 kilometres, and capacity for more than 300 ERS towers.

What does the 200 MW solar award add to Advait's NRE business?

Advait's ₹116 crore award from KPI Green Energy is for a 200 MW solar EPC project and adds utility-scale solar work to its NRE execution pipeline. The NRE platform also includes BESS and commercial and industrial solutions, green-hydrogen EPC and electrolyser initiatives.

Advait lists 30 MWp of solar work completed for KP Green, 100 MWp at Khavda for Adani, and 67.5 MWp at Khavda for KP Green. Megawatt-peak (MWp) measures rated direct-current solar capacity; Advait states a target of more than 250 MW a year for solar EPC but gives no target date.

The 200 MW award is lower in value than the about ₹462 crore PTS wins but exceeds the cited 30 MWp and 67.5 MWp completed solar projects by capacity. It follows the 2022 incorporation of Advait Greenenergy Private Limited to consolidate NRE initiatives.

What capacity investments accompany Advait's order growth?

Advait reported capital work in progress of ₹159.71 crore in Q2 FY27, which it said reflected ongoing capacity investment. It also reported debt to equity of 0.86 times and interest coverage of 5.73 times, while stating that management remained focused on working capital and collections.

Advait Battery Ecosystem Private Limited is setting up a 2.5 gigawatt-hour BESS assembly facility at Gangad, Gujarat. The Q2 FY27 update describes the site as about 4,000,000 square feet and says it is supported by a Master Supply Agreement with a counterparty identified as Lithium for up to 1 gigawatt-hour of lithium iron phosphate battery cells.

A separate Q2 FY27 collaboration page identifies HiTHIUM as the supplier in a memorandum of understanding for up to 1 gigawatt-hour of 314 ampere-hour lithium iron phosphate cells over 12 months. The manufacturing-facilities page describes the Gangad site as 400,000 square feet, with phase 1 planned to be operational in Q4 FY27.

How did Advait's Q2 FY27 operating margin change?

Advait reported a consolidated earnings before interest, tax, depreciation and amortisation margin of 14.45% in Q2 FY27. This was 0.63 percentage points above 13.82% in Q1 FY27 and 3.42 percentage points above 11.04% in Q2 FY26, equivalent to a 342-basis-point year-on-year increase.

The margin increase coincided with the ₹1,574.83 crore order book and the disclosed Q2 FY27 PTS and solar orders. Advait identified operating leverage as a key development, but the presentation does not quantify revenue, project mix, procurement or other specific drivers of the change.

Conclusion

Advait's Q2 FY27 disclosures show orders in both stated business pillars: about ₹462 crore of PTS work led by cabling and ERS orders, and a ₹116 crore, 200 MW solar EPC contract. The ₹1,574.83 crore order book remains weighted toward PTS at 68%, while NRE at 32% provides a separate renewable-energy order base.

The next disclosed milestone is phase 1 of the Gangad manufacturing facility, scheduled for Q4 FY27, alongside execution of the 200 MW KPI Green Energy project. The presentation also leaves an unresolved difference in the stated Gangad site area and battery-cell counterparty across its Q2 FY27 pages, which may require clarification in future disclosures.