Power & Instrumentation (Gujarat) Limited held its 42nd Annual General Meeting on September 25, 2026. The meeting, conducted via Video Conferencing, saw shareholders approve the adoption of the PIGL ESOP Scheme 2026 alongside routine business items.

The proceedings commenced at 2:30 pm and concluded at 2:58 pm. Mr. Sumeet Dileep Agnihotri, Chairman and Non-Executive Director, chaired the session. Ms. Daisy Mehta, Company Secretary and Compliance Officer, facilitated the meeting and confirmed that the requisite quorum was present with 36 members participating virtually.

Key resolutions passed

Shareholders voted on several ordinary and special business items as outlined in the notice dated August 25, 2026. The following table summarizes the agenda items transacted during the meeting:

The special resolution regarding the PIGL ESOP Scheme 2026 also included approval for granting employee stock options to eligible employees of the company’s group entities, including subsidiaries, associate companies, and the holding company.

Meeting proceedings and attendance

The meeting was held pursuant to General Circular No. 09/2024 issued by the Ministry of Corporate Affairs and SEBI Circular no. SEBI/HO/CFD/CFDPoD-2/P/CIR/2024/133. The statutory auditors from MAAK & Associates and secretarial auditors from Nisarg Sharma and Associates were present.

Ms. Mehta noted that the auditors' report on the financial statements for the year ended March 31, 2026 contained no qualifications or adverse remarks. Consequently, the report was not read out during the meeting. Voting was conducted through remote e-voting and e-voting at the meeting via CDSL. Mr. Nisarg Sharma served as the scrutinizer for the voting process.

No registered speakers joined the meeting for an open discussion session. The company informed members that voting results would be submitted to stock exchanges and placed on the company website.

Power & Instrumentation has received a confirmed work order valued at ₹6.057626 crore from Mahesh Solar Solution Private Limited.

WHAT HAPPENED

The company secured a confirmed work order for ₹6.057626 crore from Mahesh Solar Solution Private Limited. The scope involves supply of 11kV ICOG Panels and Inverter LT Panels under the KUSUM-C Scheme (Feeder Level Solarization). Delivery is scheduled within 5-6 weeks from drawing approval.

ORDER IN FINANCIAL CONTEXT

The order value represents approximately 10.6% of the company's average quarterly revenue of ₹57.02 crore. The total disclosed order book sums to ₹31.48 crore across 6 orders (sum of the 6 orders disclosed across the last 3 fiscal quarters shown in the table below). This provides a book-to-bill ratio that translates to 0.55 quarters of average quarterly revenue coverage. As a confirmed work order, the value is firm and executable upon commencement of supply activities.

COMPANY ORDER TRACK RECORD

Order inflow velocity has been concentrated in the most recent quarter, with significant activity in Q1FY27 driven by distribution infrastructure projects. The current order size is consistent with the company's typical per-order range visible in recent history, which spans from ₹2.62 crore to ₹7.14 crore.

EXECUTION AND REVENUE QUALITY

Revenue generation remains stable with operating profit margins holding above 10% over the last three quarters. No net losses were recorded, indicating steady execution without immediate stress on margins.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

As Power & Instrumentation has sustained order wins, with significant inflow of ₹31.48 crore in Q1FY27, its annual revenue has grown from ₹171.30 crore in FY25 to ₹218.76 crore in FY26, representing a YoY growth of +27.7% based on the latest annual data.

WORKING CAPITAL AND EXECUTION CAPACITY

The company maintains a healthy current ratio of 2.44x, indicating sufficient liquidity to fund working capital requirements for new orders. Total Liabilities/Equity stands at 0.54x, reflecting a conservative capital structure with minimal reliance on external borrowings. However, operating cashflow was negative at -₹39.90 crore in FY25, suggesting that while profitability is present, cash conversion from operations requires monitoring as receivables or inventory cycles may be stretched.

WHAT TO WATCH

• Execution rate: Monitor whether the 5-6 week delivery timeline for this KUSUM-C order translates into accelerated revenue recognition in Q2FY27.
• OPM trajectory: Track if margins on solarization panel supplies hold steady against the historical average of 10-12%.
• Cash conversion: Given negative operating cashflow in FY25, watch for improvement in free cashflow as backlog converts to collections.
• Client concentration: Assess if diversification beyond state discoms like Ajmer Vidyut Vitran Nigam Limited continues with private entities like Mahesh Solar.

KEY OBSERVATIONS

• Cash conversion: Operating cashflow of -₹39.90 crore in FY25; backlog is not converting to cash efficiently, and receivables or working capital cycle may be stretched.
• Backlog signal: Book-to-bill coverage is 0.55 quarters. While modest, it reflects recent order acceleration rather than deep accumulated backlog.
• Promoter holding: Moved from 46.28% to 50.69% between Q4FY26 and Q1FY27, a 4.41 pp increase, signaling promoter confidence through stake accumulation.