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.

Power & Instrumentation has scheduled its 42nd Annual General Meeting for Friday, September 25, 2026. The meeting will address key governance matters, including the adoption of an Employee Stock Option Scheme (ESOP) and the ratification of material related-party transactions.

The company has dispatched web-links to its FY26 Annual Report and the AGM notice to shareholders who have not registered email addresses, ensuring compliance with SEBI Listing Regulations. The meeting will be conducted via Video Conferencing or Other Audio Visual Means (VC/OAVM).

Key Agenda Items

The AGM notice outlines several ordinary and special resolutions for shareholder approval:

• ESOP Scheme Approval: Shareholders will vote on the "Power & Instrumentation (Gujarat) Limited Employee Stock Option Scheme-2026." The scheme proposes the creation of up to 2,00,000 options, exercisable into equity shares of face value ₹10 each. These options are intended for eligible employees of the company and its group entities.
• Related-Party Transactions: The board seeks omnibus approval for transactions with subsidiary Peaton Electrical Company Limited up to ₹30 crore for FY26–27. This limit represents approximately 13.71% of the company’s consolidated turnover of ₹218.76 crore in FY25–26.
• Auditor Appointments: The meeting will ratify the remuneration of Cost Auditors M/s Mayur Chhaganbhai Undhad & Co. Additionally, shareholders will approve the appointment of M/s Nisarg Sharma & Associates as Secretarial Auditor for five years, filling a casual vacancy left by the resignation of M/s SJV & Associates.
• Director Reappointment: Mrs. Padmavati Padmanabhan Pillai retires by rotation and seeks reappointment as a director.

E-Voting and Participation

Remote e-voting will be facilitated by Central Depository Services (India) Limited (CDSL). The voting window opens on Tuesday, September 22, 2026, at 9:00 am and closes on Thursday, September 24, 2026, at 5:00 pm. The cut-off date for determining voting entitlement is September 18, 2026.

Shareholders can access the Annual Report and AGM notice at grouppower.org/annual-reports. Physical copies are available upon request from the company secretary.