PIGL’s Rs 320 Crore Book Is 90% RDSS, 93% Utilities

Power & Instrumentation (Gujarat) Ltd (PIGL) reported an Rs 320 crore-plus order book at September 30, 2026, with 90% in RDSS power-distribution orders and 93% linked to state utilities through centrally sponsored schemes. The disclosure provides near-term workload visibility while showing substantial concentration by both segment and client category.

What does PIGL’s order-book mix show?

PIGL’s order book is predominantly transmission and distribution work, which represented 90% of the Rs 320 crore-plus closing backlog on September 30, 2026. The company identifies this 90% share as power-distribution orders under the Revamped Distribution Sector Scheme (RDSS), while airports and other works accounted for 7% and solar engineering, procurement and construction (EPC) accounted for 3%.

The current composition differs from PIGL’s broader operating base, which spans six segments: power distribution and utilities, airports and public infrastructure, industrial and commercial work, critical and institutional facilities, renewable energy, and telecom infrastructure. PIGL reports more than 310 projects delivered and more than 100 clients served, but its disclosed current backlog is materially more concentrated in distribution work than that wider operating footprint.

PIGL separately states that 10% of the order book comes from government or public clients, alongside its disclosed 93% state-utility client share. The presentation does not define whether the government or public-client category overlaps with state utilities or reconcile the two classifications. The disclosed mix nevertheless indicates that utility-led distribution mandates are the dominant source of backlog.

Why does RDSS matter to PIGL’s backlog?

RDSS matters because PIGL describes large-scale projects for state power utilities under the scheme as a core part of its power-distribution business. The presentation cites an RDSS outlay of Rs 3.04 lakh crore for FY22 to FY28 and says the programme has been extended to March 2028, creating the policy setting for the company’s 90% distribution-led order book.

The presentation’s RDSS progress data show that 51% of low-tension lines work was complete, compared with 42% of loss-reduction work, 33% of transformer work and 30% of smart-meter work. PIGL says more than half of works remained pending after the extension to March 2028, though it does not identify the specific RDSS packages, contract values or completion schedules within its Rs 320 crore-plus backlog.

PIGL’s stated distribution capabilities include substations and high-tension and low-tension networks for state utilities. It reports more than 1 lakh below-poverty-line households electrified and more than 20,000 kilometres of high-tension and low-tension lines completed. These historical delivery figures describe the type of work aligned with its RDSS exposure, rather than a quantified measure of work remaining in the current order book.

How much execution visibility does PIGL report?

PIGL says its Rs 320 crore-plus order book and Rs 500 crore-plus active bid pipeline support execution over the next 12 to 15 months. The bid pipeline is under evaluation and is not part of the closing order book reported at September 30, 2026, so conversion of that pipeline remains separate from execution of awarded work.

The company reported consolidated revenue from operations of Rs 126.04 crore in H1FY27, up 12.96% from Rs 111.58 crore in H1FY26. Q2FY27 consolidated revenue was Rs 77.14 crore, up 9.78% year on year from Rs 70.27 crore and 57.78% sequentially from Rs 48.90 crore in Q1FY27. Against the H1FY27 revenue base, the reported order book is larger than two half-years of revenue, although revenue recognition depends on project milestones and timing.

Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) rose 36.58% to Rs 14.53 crore in H1FY27 from Rs 10.64 crore in H1FY26, while profit after tax increased 26.36% to Rs 9.26 crore from Rs 7.32 crore. Management attributes margin expansion to backward integration and operational efficiency, and has set an FY27 outlook of 30% revenue growth with margin expansion driven by backward integration.

What concentration and execution factors should be monitored?

PIGL’s disclosed concentration is clear: 90% of the order book is RDSS power-distribution work and 93% is associated with state utilities through centrally sponsored schemes. This makes backlog execution dependent on utility-led programmes, but the presentation does not provide exposure by individual utility, state, payment cycle or contract value.

PIGL’s FY27 roadmap calls for building on large Rajasthan distribution orders to pursue new state distribution-company mandates and convert its Rs 500 crore-plus bid pipeline. The company lists utility-related operating assignments in Rajasthan, Madhya Pradesh, Jharkhand and Assam, but does not disclose the amount of current order-book exposure in each state.

Management also plans to scale the 400 kilovolt extra-high-voltage segment and target projects above Rs 200 crore, while growing solar EPC and solar-grade panels under PM-KUSUM. PIGL raised its stake in PECL to 60% in March 2026; management says the subsidiary’s panels, busducts and compact substations are intended to support in-house supply, external sales and margin expansion.

Conclusion

PIGL’s reported September 30, 2026 backlog is overwhelmingly tied to state-utility distribution activity, with RDSS power-distribution work at 90% of an Rs 320 crore-plus order book and state utilities at 93% of client mix. Airports, other works and solar EPC together account for 10% of the segmental backlog, underscoring the difference between PIGL’s diverse stated capabilities and its current distribution-led order profile.

The next disclosures to watch are conversion of the Rs 500 crore-plus bid pipeline, delivery against management’s FY27 target of 30% revenue growth, and progress in winning new state distribution-company mandates. Management’s plans to target projects above Rs 200 crore in 400 kilovolt extra-high-voltage work and expand PECL-led product sales could also affect the mix of future orders.