Power Mech Projects secures ₹549.37 crore O&M order from Adani’s Moxie Power
- Secured ₹549.37 crore O&M contract from Adani Group's Moxie Power
- Contract spans 60 months for the 2x600 MW Tuticorin Thermal Power Plant
- Order book coverage stands at 2.31 quarters against average quarterly revenue
- Q1FY27 revenue rose to ₹1632.40 crore with 10.30% OPM
*this image is generated using AI for illustrative purposes only.
Power Mech Projects has secured a work order worth ₹549.37 crore from Moxie Power Generation Limited, an entity associated with the Adani Group. The contract is for providing complete operation and maintenance services at the 2x600 MW Tuticorin Thermal Power Plant.
Order details and scope
The newly disclosed order, valued at ₹549.37 crore, was awarded by Moxie Power Generation Limited with an order date of October 1, 2026. The scope of work involves providing Complete Operation and Maintenance Services at the 2x600 MW Moxie Power Generation Ltd Tuticorin TPP. The time period for this engagement is 60 Months, specifically from October 1, 2026 to September 30, 2031. The tax treatment for this order is inclusive. This is classified as a Major order from a domestic entity.
Recent order track record
This latest win adds to a series of orders secured by the company in the recent fiscal quarters. On September 28, 2026, the company won a ₹279.2 crore order from Telangana Power Generation Corporation Limited for Ash and Coal handling plants at YTPS. Earlier in September 2026, on September 9, it secured a ₹970.0 crore end-to-end Operations and Maintenance contract from Vedanta Power Limited (Sakti Thermal Plant). Prior to that, in Q1FY27 (Apr-Jun 2026), the company secured orders totaling ₹2473.70 crore, including contracts from JSW Thermal Energy Limited and South Western Railway, Bangalore.
| Date | Value (₹ Cr) | Awarding Entity | Scope/Terms |
|---|---|---|---|
| Oct 1, 2026 | 549.37 | Moxie Power Generation Limited | Complete O&M Services at 2x600 MW Tuticorin TPP |
| Sep 28, 2026 | 279.2 | Telangana Power Generation Corporation Limited | O&M for Ash and Coal handling plants at YTPS |
| Sep 9, 2026 | 970.0 | Vedanta Power Limited (Sakti Thermal Plant) | End-to-End O&M at 2x600 MW plant |
| Jun 20, 2026 | 1008.9 | JSW Thermal Energy Limited | Civil & Structural Works of BTG Area |
| Jun 19, 2026 | 1008.9 | JSW Thermal Energy Limited | Civil & Structural Works of BTG Area |
| Apr 26, 2026 | 227.95 | South Western Railway, Bangalore | Vande Bharat Maintenance Depot EPC |
Financial context
The company reported consolidated revenue of ₹1632.40 crore and net profit of ₹89.30 crore in Q1FY27, with an operating profit margin (OPM) of 10.30%. Annual revenue for FY26 stood at ₹6107.20 crore, reflecting a YoY growth of 15.7% compared to FY25. The pre-computed total disclosed order book for the last 3 fiscal quarters stands at ₹3722.90 crore across 6 orders, providing 2.31 quarters of coverage against average quarterly revenue.
Valuation and ratios
As of September 29, 2026, the company's market capitalization was ₹7579.06 Cr with a P/E ratio of 17.8x. Return on Capital Employed (ROCE) for FY26 was 21.1%, while Return on Equity (ROE) was 15.9%. The balance sheet shows a current ratio of 1.71x and operating cashflow of ₹387.50 crore in FY26.
Historical Stock Returns for Power Mech Projects
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.23% | -2.54% | +2.66% | +1.73% | -13.89% | 0.0% |
How will the 60-month duration of the Tuticorin contract impact Power Mech's long-term revenue visibility and margin stability compared to shorter-term EPC projects?
What are the potential synergies or risks arising from Power Mech's deepening relationship with the Adani Group, given the concentration of recent large orders from associated entities?
Can Power Mech sustain its current order intake pace to maintain a healthy book-to-bill ratio, considering the significant jump in order values from Q1FY27 to Q2FY27?
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