Power Mech Q4 FY2026: Strong execution drives 14% revenue growth, while margins stay steady

Q4 FY26 total revenue was INR 2,120.67 crore and EBITDA was INR 236.82 crore, with an EBITDA margin of 11.17% (consolidated).

FY26 total revenue was INR 6,107.25 crore and consolidated PAT was INR 411.68 crore (as per the profitability statement in the presentation).

The presentation and concall state total order backlog (including MDO) of INR 55,151 crore as of March 31, 2026. Management also stated executable order book excluding MDO at about INR 15,899 crore.

Management said FY26 order inflow was INR 7,210 crore versus a INR 10,000 crore target mainly due to cancellation of a INR 1,563 crore BESS order by WBSEDCL.

Management guided around 21% revenue growth for FY27 and indicated an expectation to reach about 12.5% EBITDA margin (including other income).

Management guided MDO revenue of about INR 500 crore in FY27 (KBP INR 350 crore and SAIL/Tasra INR 150 crore) and about INR 1,250 crore in FY28, with MDO mix stated at about 7% in FY27 and 13% in FY28.

Management cited certification delays of bills and funding-related issues in the water division. They stated balance work of about INR 900 crore remained in order value (with part already in WIP), and that they paused new execution while completing near-finished schemes to move into O&M revenue.