Parth Electricals & Engineering Ltd. deploys Rs 28.43 crore

Parth Electricals deployed Rs 28.43 crore of Phase 1 capital expenditure through the first half (H1) of financial year 2027 (FY27), including Rs 21.79 crore at Karachiya, Vadodara and Rs 6.64 crore at Khordha, Odisha. The Vadodara facility was completed for inauguration in November 2026, while Odisha’s 60,000-square-foot shopfloor targets full operations by June 2027.

How much has Parth Electricals deployed on expansion?

Parth Electricals deployed cumulative Phase 1 capital expenditure of Rs 28.43 crore through H1 FY27, of which Rs 19.77 crore was incurred during the half year. The capital expenditure schedule divides this spending between Unit 2 at Karachiya, Vadodara and Unit 3 at Khordha, Odisha. Karachiya accounted for Rs 21.79 crore of cumulative spending, while Khordha accounted for Rs 6.64 crore.

Spending during H1 FY27 was higher at the Vadodara site, where Parth Electricals deployed Rs 13.13 crore, than at Odisha, where it deployed Rs 6.64 crore. The Odisha H1 FY27 amount equals cumulative investment at that site, whereas Vadodara’s Rs 21.79 crore total includes Rs 8.66 crore deployed before H1 FY27. This makes Vadodara the larger completed investment and Odisha the newer ongoing build.

The reported deployment coincided with higher fixed assets and capital work in progress on the balance sheet. Fixed assets plus capital work in progress reached Rs 51.88 crore in H1 FY27, compared with Rs 28.72 crore in H1 FY26. Net fixed assets were Rs 30.33 crore and capital work in progress was Rs 21.55 crore in H1 FY27, versus Rs 21.03 crore and Rs 7.69 crore respectively a year earlier.

What is ready at Parth Electricals’ Vadodara facility?

Parth Electricals said its Karachiya, Vadodara manufacturing facility was completed and scheduled for inauguration in November 2026. The site is identified as Unit 2 in the capital expenditure schedule and had received Rs 21.79 crore of cumulative spending through H1 FY27. The construction-progress material labels it a completed facility rather than one under construction.

Parth Electricals deployed Rs 13.13 crore at Karachiya in H1 FY27 after Rs 8.66 crore of earlier spending. Its balance-sheet commentary connects the increase in fixed assets and capital work in progress to the facility nearing completion. The presentation does not disclose the plant’s annual manufacturing capacity, equipment count, utilisation plan or revenue contribution.

The company also completed its Skill Development Centre in May 2026 within Unit 1 at Savli, Manjusar, Vadodara. The centre contains classroom and practical training rooms for engineers and technicians serving the new plants. Although the presentation identifies the centre as completed capital expenditure, it does not disclose a separate cost for the training facility.

What is Parth Electricals’ Odisha operating plan?

Parth Electricals said its first rental unit in Odisha was operational with initial orders under execution, while the permanent 60,000-square-foot Khordha shopfloor remained under construction. The rental unit is intended to serve clients in Odisha and neighbouring states. The company said trial assembly and testing for Tata Power work were in progress from Odisha.

The Khordha facility has two stated milestones: completion targeted for March 2027 and full operations targeted for June 2027. Management described the planned role of the permanent site as full-scale manufacturing for the Eastern market. The Unit 3 scope covers shopfloor set-up, store set-up and machinery, but the presentation provides no separate completion date for each workstream.

Parth Electricals reported Rs 6.64 crore of capital expenditure at Khordha in H1 FY27, matching its cumulative investment there to date. That was Rs 6.49 crore lower than the Rs 13.13 crore spent at Karachiya in the same half year. State-utility approvals remained in process for the Odisha operation, making approvals an unresolved item while the rental unit transitions toward the permanent shopfloor.

How is Parth Electricals staffing the new plants?

Parth Electricals reported 105 engineers and technicians trained, recruited or planned for the Vadodara and Odisha plants. The first batch consists of 25 engineers and technicians in intensive training for deployment to Odisha. A second batch of 30 people was being recruited for Vadodara, with another 50 engineers and technicians planned for recruitment and training over the next six months.

The fully operational Skill Development Centre supports both in-house and customer training. Its 25-person first batch supplies the stated initial workforce link to the Odisha plant, while the 30-person recruitment batch is directed to the completed Vadodara facility. The presentation does not state how many of the 105 people had finished training by the H1 FY27 reporting date.

The workforce plan combines people at three stages: trained, recruited and planned. Its 105-person total is therefore not a disclosed count of employees already available at either plant. Parth Electricals also does not disclose the eventual staffing requirement for the 60,000-square-foot Odisha shopfloor or the Vadodara manufacturing facility.

What should investors track after the capital expenditure deployment?

Parth Electricals’ expansion is occurring alongside higher working-capital use and investment outflows in H1 FY27. Cash used in investing activities was Rs 11.70 crore, including Rs 12.63 crore of capital expenditure on property, plant, equipment, capital work in progress and advances. Operating activities used Rs 6.45 crore in H1 FY27, compared with cash generation of Rs 8.95 crore in H1 FY26.

The company reported closing cash and equivalents of Rs 37.45 crore in H1 FY27, down from Rs 71.53 crore in H1 FY26. Its cash conversion cycle increased to 92 days from 58 days in H1 FY26, while receivable days rose to 94 from 47. Management attributed the movement to raw-material build-up for a Reliance Data Centre project and said September billing of Rs 25.63 crore was collectible by 15 November.

Parth Electricals also reported H1 FY27 revenue from operations of Rs 114.19 crore, up from Rs 80.40 crore in H1 FY26, while profit after tax increased to Rs 9.10 crore from Rs 6.10 crore. These results provide the financial backdrop for the expansion, but the presentation does not quantify future sales, margins or returns specifically attributable to either new manufacturing site.

Conclusion

Parth Electricals has reported Rs 28.43 crore of Phase 1 capital expenditure through H1 FY27, with Rs 21.79 crore directed to the completed Vadodara facility and Rs 6.64 crore to the Odisha set-up. The programme combines physical facilities with a 105-person workforce pipeline and an operating Odisha rental unit handling initial orders and trial work.

The next disclosed events are the November 2026 inauguration of the Vadodara facility, March 2027 completion of Odisha’s 60,000-square-foot shopfloor and June 2027 full operations at that site. Investors can also monitor state-utility approvals, progress in Odisha trial assembly and testing, and management’s expectation that the 92-day cash conversion cycle will decline in the second half.