Parth Electricals has ₹470 crore order book split evenly

In H1 FY27, Parth Electricals & Engineering Ltd. reported a ₹470 crore order book, with ₹228.67 crore in manufacturing and ₹240.93 crore in service and engineering, procurement and construction (EPC) work. Manufacturing accounted for 48.7% of the backlog, while services and EPC together accounted for 51.3%.

How is Parth Electricals' ₹470 crore order book divided?

Parth Electricals reported ₹228.67 crore of manufacturing orders, ₹120.79 crore of service orders and ₹120.14 crore of EPC orders on hand. The presentation assigns 48.7% of the order book to manufacturing, 25.7% to services and 25.6% to EPC, leaving service and EPC at almost equal individual-category shares.

The combined service and EPC amount is ₹240.93 crore, compared with ₹228.67 crore for manufacturing. The ₹12.26 crore difference means execution work represents a slightly larger share of the disclosed backlog when services and EPC are considered together.

Which manufacturing orders are under execution?

Parth Electricals has more than 2,000 ring main unit (RMU) orders under execution within its ₹228.67 crore manufacturing backlog. The presentation lists RMUs in the 11 kilovolt (kV) to 33kV range and says they are made under a technology-transfer arrangement with Schneider Electric SAS, France.

The manufacturing pipeline also includes more than 100 Compact or Package Substation orders, more than 100 medium-voltage (MV) switchgear panel orders at 11kV, and more than 200 earth link box orders. Parth Electricals lists Compact or Package Substations from 11kV to 33kV and up to 5 megavolt-amperes, while its earth link boxes are for grounding cables up to 220kV.

The disclosed mix covers repeated equipment categories rather than a named manufacturing contract. The presentation also lists MV switchgear panels, control and protection relay panels from 33kV to 132kV, gas-insulated switchgear from 11kV to 33kV, and E-Houses in Parth Electricals' manufactured product and supply range.

What service and EPC projects make up Parth Electricals' backlog?

Parth Electricals reported ₹240.93 crore of combined service and EPC orders, including a ₹48 crore 66kV/11kV gas-insulated switchgear (GIS) substation project for Deendayal Kandla Port. The project is under execution and is one of two individually valued project disclosures in the services and EPC backlog.

The presentation also identifies 66kV underground cable projects for GETCO, comprising EPC and service work worth ₹135 crore. This disclosed cable work represents more than half of the ₹240.93 crore combined services and EPC amount, although Parth Electricals does not separate the ₹135 crore value between EPC and service categories.

Other work under execution includes an 11kV RDSS/Robust project for PGVCL and DGVCL that includes RMU and Compact Substation supply as part of EPC. The service offering covers substation and power-cable installation, testing and commissioning from 415 volts to 220kV, specialised cable jointing up to 220kV, and health check-ups of MV, low-voltage, high-voltage and extra-high-voltage switchgear and panels.

How does the order book compare with H1 FY27 financial performance?

Parth Electricals reported total income, including other income, of ₹116.40 crore in H1 FY27, up 43.5% year on year from ₹81.11 crore in H1 FY26. Its reported ₹470 crore order book was larger than the income recorded during the six-month period, although the presentation gives no order-book-to-revenue ratio or completion timetable for individual orders.

Profit after tax (PAT) was ₹9.10 crore in H1 FY27, up 49.2% from ₹6.10 crore in H1 FY26. PAT margin increased by 30 basis points, with one basis point equal to one-hundredth of a percentage point, to 7.82% from 7.52%, meaning reported profit growth exceeded total-income growth in the same period.

What capabilities support Parth Electricals' order execution?

Parth Electricals lists manufacturing and field-execution capabilities corresponding to its 48.7% manufacturing and 51.3% combined service-and-EPC order-book mix. Its stated services include GIS installation and commissioning up to 400kV, air-insulated switchgear installation and commissioning up to 220kV, and cable-related services up to 220kV.

The presentation identifies a team of more than 270 members, with average industry experience of more than 20 years and average association with Parth Electricals of more than 10 years. The stated core team includes a Head of Projects with 23 years of experience, a Head of Services with 18 years, and a Manager of Execution with 15 years.

Parth Electricals also states that it repairs and refurbishes RMUs, extending switchgear life instead of scrapping it. That service is distinct from the disclosed count of more than 2,000 RMU manufacturing orders, while the presentation does not quantify revenue or order-book value from RMU refurbishment.

Conclusion

Parth Electricals' ₹470 crore order book is almost evenly divided between manufacturing and combined services and EPC, at ₹228.67 crore and ₹240.93 crore respectively. The most specifically quantified execution items are ₹135 crore of GETCO cable EPC and service work and the ₹48 crore Deendayal Kandla Port GIS substation, alongside a manufacturing pipeline led by more than 2,000 RMU orders.

The next issue to watch is conversion of orders under execution into income and profit after H1 FY27. Parth Electricals reported ₹116.40 crore of H1 FY27 total income, but disclosed no completion schedule for the ₹135 crore cable projects, the ₹48 crore port project or the broader manufacturing orders, leaving delivery timing and category-wise revenue recognition unresolved.