What Happened

Desco Infratech has received a significant work order valued at Rs 2.34 crore from Adani Total Gas Limited (ATGL). The contract covers the execution of work for MDPE Pipeline Laying and LMC activities at Navsari.

Order Details and History

This new order adds to the company's recent disclosures. Desco Infratech previously announced a Rs 0.586164245 crore order from Sabarmati Gas Limited for steel gas pipeline connectivity in Gujarat. Additionally, the company disclosed a Rs 2.14 crore order involving KP Energy Limited, Adani Total Gas Limited, and Maharashtra Natural Gas Limited for various supply and installation works.

The following table summarizes the order track record over the last two fiscal quarters:

Financial Context

The Trailing Twelve Month (TTM) revenue remains reported as Rs 0.0 Cr, making the book-to-bill ratio undefined. This indicates that recent orders represent fresh inflows without a corresponding current revenue base for comparison. The company's standalone revenue growth was +99.3% in FY26 and +102.5% in FY25. Operating cash flow was negative Rs 19.00 Cr in FY26.

Valuation and Shareholding

As of 23 Sep 2026, the company has a market cap of Rs 146.60 Cr with a P/E ratio of 9.0x. The ROCE for FY26 stands at 32.03%, while the ROE is 23.12%. Promoter holding increased slightly to 58.31% in Q4FY26 from 58.12% in Q2FY26. Public shareholding stood at 33.91% in the latest quarter.

Desco Infratech has been empaneled by the New & Renewable Energy Development Corporation of Andhra Pradesh Limited (NREDCAP) as an approved supplier for grid-connected rooftop solar photovoltaic power plants. The empanelment covers projects ranging from 1 KWp to 500 KWp across various locations in Andhra Pradesh under the Solar Rooftop Net Metering Policy.

The company disclosed the development in a filing with the BSE on September 21, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. NREDCAP is a state government company responsible for promoting renewable energy initiatives in the region.

Strategic Significance

Desco Infratech stated that this empanelment provides an additional platform to identify and pursue solar project opportunities. The company aims to diversify its project portfolio and leverage its existing capabilities in solar infrastructure execution. This move aligns with its strategy to strengthen its presence in the renewable energy segment, particularly within the growing rooftop solar market in Andhra Pradesh.

No Immediate Order Award

The company clarified that the empanelment does not constitute an award of any specific project or order. Actual business opportunities will depend on project requirements, proposals, subsequent work orders, contracts, and other applicable conditions. Desco Infratech will continue to evaluate and pursue suitable opportunities arising from this status.

Tripti Gaggarr, Company Secretary and Compliance Officer of Desco Infratech Limited, signed the disclosure.