Power & Instrumentation profit rises 32% in September quarter

Power & Instrumentation (Gujarat) Limited reported consolidated net profit of Rs 6.22 crore for the quarter ended 30 September 2026, up 32% from Rs 4.71 crore a year earlier, as revenue from operations rose 10% to Rs 77.15 crore and subsidiary Peaton Electrical Company Limited recorded Rs 19.08 crore of revenue.

How did Power & Instrumentation perform in the September quarter?

Power & Instrumentation delivered Rs 77.15 crore of revenue from operations in the quarter ended 30 September 2026, compared with Rs 70.27 crore in the quarter ended 30 September 2025 and Rs 48.90 crore in the quarter ended 30 June 2026. Total income reached Rs 77.47 crore after Rs 32.35 lakh of other income, against Rs 70.91 crore a year earlier.

Net profit rose to Rs 6.22 crore from Rs 4.71 crore in the comparable prior-year quarter, while profit before tax increased to Rs 7.72 crore from Rs 6.31 crore. Sequentially, net profit more than doubled from Rs 3.05 crore in the June 2026 quarter, when revenue from operations was Rs 48.90 crore. Basic and diluted earnings per share were Rs 2.80 in the September 2026 quarter, compared with Rs 2.66 a year earlier.

For the half year ended 30 September 2026, Power & Instrumentation reported revenue from operations of Rs 126.04 crore, compared with Rs 111.58 crore in the corresponding half of 2025. Half-year net profit was Rs 9.26 crore, versus Rs 7.33 crore a year earlier, while profit before tax rose to Rs 11.61 crore from Rs 9.84 crore.

What did Peaton Electrical contribute to Power & Instrumentation's results?

Peaton Electrical Company Limited recorded total revenue of Rs 19.08 crore and total comprehensive income of Rs 72.25 lakh for the quarter ended 30 September 2026, with both figures included in Power & Instrumentation's consolidated unaudited results. The filing does not provide a separate reconciliation of Peaton Electrical's contribution to consolidated net profit.

Peaton Electrical became a subsidiary on 11 September 2025 after Power & Instrumentation acquired an additional 35.82% equity stake for Rs 12.54 crore, raising its holding from 15.24% to 51.06%. Power & Instrumentation subsequently raised its holding to 60.00% in the fourth quarter of financial year 2025-26, and the September 2026 quarter includes the increased shareholding.

The auditor said Peaton Electrical's financial information included in the consolidated statement was certified by management and had not been subjected to its review. The group also includes PIGL GEPL JV, which reported nil revenue and an unaudited net loss of Rs 0.21 lakh for the September 2026 quarter.

What drove Power & Instrumentation's reported revenue and profit?

Power & Instrumentation's profit before tax rose by Rs 1.41 crore year on year because total income increased by Rs 6.56 crore while total expenses increased by Rs 5.18 crore. Purchases of stock-in-trade declined to Rs 63.34 crore from Rs 65.71 crore, while employee benefits expense rose to Rs 1.64 crore from Rs 1.13 crore and finance costs increased to Rs 1.81 crore from Rs 79.57 lakh.

The reported revenue includes Rs 3.10 crore of price-variation claims approved by Ajmer Vidyut Vitran Nigam Limited, or AVVNL, for the period ended 30 September 2026. AVVNL's approval letter was dated 6 October 2026 and received after the reporting date but before board approval. Power & Instrumentation recognised the amount as revenue from operations and unbilled revenue under Indian Accounting Standard 115, treating the approval as an adjusting event under Indian Accounting Standard 10.

Tax expense was Rs 1.50 crore in the September quarter, compared with Rs 1.60 crore a year earlier despite the higher pre-tax profit. The quarterly tax total included current tax of Rs 1.52 crore, a deferred-tax credit of Rs 3.68 lakh and Rs 1.19 lakh relating to earlier years. Total comprehensive income was Rs 6.23 crore after Rs 1.47 lakh of remeasurement gains on defined-benefit plans.

What changed in Power & Instrumentation's balance sheet and cash flow?

Power & Instrumentation's total assets were Rs 286.23 crore at 30 September 2026, up from Rs 260.99 crore at 31 March 2026. Other non-current financial assets rose to Rs 71.10 crore from Rs 57.00 crore, while inventories increased to Rs 89.18 crore from Rs 83.79 crore.

Total equity increased to Rs 176.23 crore from Rs 167.36 crore over the same period, while total current liabilities rose to Rs 103.06 crore from Rs 79.70 crore. Current borrowings increased to Rs 31.22 crore from Rs 20.67 crore, whereas non-current borrowings declined to Rs 5.36 crore from Rs 11.63 crore.

The group reported net cash used in operating activities of Rs 31.88 lakh for the half year ended 30 September 2026, compared with net operating cash generated of Rs 15.91 crore in the previous-year half. Cash generated from operations declined to Rs 1.64 crore from Rs 16.23 crore, alongside a Rs 17.61 crore increase in other financial assets and a Rs 5.39 crore increase in inventories.

Cash and cash equivalents declined to Rs 1.11 crore at 30 September 2026 from Rs 3.78 crore at 31 March 2026. Investing activities used Rs 3.42 crore in the first half, including Rs 1.47 crore for property, plant, equipment, intangibles and capital work-in-progress, while financing activities generated Rs 1.08 crore after Rs 4.27 crore of net borrowing proceeds.

Conclusion

Power & Instrumentation reported higher consolidated revenue, profit before tax and net profit than in both the preceding quarter and the prior-year quarter. Peaton Electrical's Rs 19.08 crore of quarterly revenue formed part of the consolidated results, while the Rs 3.10 crore AVVNL price-variation recognition was included in revenue from operations and unbilled revenue for the period.

The next results will indicate how revenue, working-capital movements and cash conversion develop after the first-half operating cash outflow of Rs 31.88 lakh. Power & Instrumentation also said it continues to monitor final Central and State rules and government clarifications on the Labour Codes after recording an incremental gratuity impact of Rs 8.14 lakh in standalone results for the period ended 31 March 2026.