Winsol engineers wins Rs 8.25 crore order from Gujarat energy transmission corporation
- Winsol engineers secured a Rs 8.2544618 crore order from Gujarat energy transmission corporation limited for 66kV XLPE cable works in Rajkot zone.
- The contract covers laying, erection, testing, and commissioning, with completion required within 24 months from August 27, 2026.
- This adds to existing orders from Hinduja renewables, KPIG energia, and CleanMax enviro, bringing total disclosed backlog to Rs 77.03 crore.
- TTM revenue remains at Rs 0.00 crore, resulting in an infinite book-to-bill ratio and highlighting reliance on future execution.
- Company maintains a current ratio of 1.72x but reported negative operating cashflow of -Rs 24.20 crore in FY25.
*this image is generated using AI for illustrative purposes only.
Winsol Engineers has secured a confirmed work order worth Rs 8.2544618 crore from Gujarat energy transmission corporation limited for laying, erection, testing, and commissioning of 66kV XLPE cables in the Rajkot zone.
Order In Financial Context
The Rs 8.2544618 crore order represents a significant addition to the company's pipeline. Since the Trailing Twelve Month (TTM) revenue is reported as Rs 0.00 crore, the book-to-bill ratio is effectively infinite, indicating that the current order backlog vastly exceeds recent recognized revenue. The total disclosed order book sums to Rs 77.03 crore (sum of the 4 orders disclosed across the last 3 fiscal quarters shown in the table below). This backlog represents an undefined number of quarters of coverage given the zero TTM revenue base, suggesting that revenue recognition may be lagging order inflows or that the company is in a ramp-up phase.
Company Order Track Record
Order inflow has been consistent, with two orders disclosed in Q1FY27 totaling Rs 53.39 crore and one in Q2FY27 totaling Rs 15.39 crore. The current order value of Rs 8.25 crore is smaller than the Q1FY27 average but aligns with the mid-tier size of the company's recent wins.
| Quarter | Total Order Inflow (Rs Cr) | Key Awarding Entities |
|---|---|---|
| Q2FY27 (Jul-Sep 2026) | 15.39 | Hinduja Renewables Energy Private Limited |
| Q1FY27 (Apr-Jun 2026) | 53.39 | CleanMax Enviro Energy Solutions Limited, KPIG Energia Private Limited |
Execution And Revenue Quality
The TTM revenue and net profit are both Rs 0.00 crore, with an Operating Profit Margin (OPM) of 0.0%. This lack of recent quarterly revenue data prevents an assessment of immediate execution velocity or margin trends on a quarterly basis.
| Quarter | Revenue (Rs Cr) | Net Profit (Rs Cr) | OPM (%) |
|---|---|---|---|
| TTM | 0.00 | 0.00 | 0.0% |
Revenue Growth - Order Wins Translating To Revenue
As Winsol engineers has sustained order wins, with Rs 53.39 crore inflow in Q1FY27 alone, its annual revenue has grown from Rs 111.50 crore in FY25 to Rs 136.57 crore in FY26, representing a YoY growth of +22.5% based on the latest annual data. This historical growth suggests that while TTM figures are currently null, the underlying business has demonstrated consistent top-line expansion over the past five years.
Working Capital And Execution Capacity
The balance sheet shows a current ratio of 1.72x, indicating adequate liquidity to manage short-term obligations. The Total Liabilities/Equity ratio stands at 1.47x, which is within manageable limits. However, operating cashflow was negative at -Rs 24.20 crore in FY25, signaling potential working capital strain or delayed receivables collection despite positive net profits.
What To Watch
- Execution rate: Monitor when the Rs 8.25 crore order begins contributing to revenue, given the current TTM revenue of Rs 0.00 crore.
- Cash conversion: Address the negative operating cashflow of -Rs 24.20 crore in FY25 to ensure working capital does not constrain execution.
- Client concentration: Assess if Gujarat energy transmission corporation limited becomes a significant client alongside Hinduja renewables energy private limited, KPIG energia private limited, and CleanMax enviro energy solutions limited.
- Margin quality: Track if the new transmission line order maintains the historical OPM trend seen in annual data (17.97% in FY26).
Key Observations
- Cash conversion: Operating cashflow of -Rs 24.20 crore in FY25; backlog is not converting to cash efficiently, and receivables or working capital cycle may be stretched.
- Valuation check (as of 27 Aug 2026): P/E of 9.1x against ROCE of 31.94%. At the time of this article, valuation was pricing in execution improvement not yet visible in return ratios. (P/E is price-derived and will change; ROCE is from audited financials)
- Backlog signal: Book-to-bill is effectively infinite due to Rs 0.00 TTM revenue. At this level, execution capacity becomes the binding constraint.
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