Padmavir Hospitality LLP has announced the conversion of warrants into equity shares of Power & Instrumentation (Gujarat) Limited through preferential allotment. The conversion was approved during a board meeting held on February 12, 2026, with the disclosure filed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Warrant Conversion Details

The promoter group entity converted 6,12,000 warrants into equity shares, significantly increasing its stake in the target company. The conversion represents 3.17% of the total share capital and 2.89% of the diluted share capital.

Shareholding Position Analysis

The conversion has altered Padmavir Hospitality's shareholding structure in Power & Instrumentation (Gujarat) Limited. Before the conversion, the entity held 7,88,000 equity shares representing 4.21% of total share capital.

Company Capital Structure

Following the warrant conversion, Power & Instrumentation (Gujarat) Limited's equity share capital has increased from Rs. 18,70,09,000 to Rs. 19,31,29,000, comprising 1,93,12,900 equity shares of Rs. 10.00 each. The total diluted share capital, assuming full conversion of all outstanding warrants, stands at Rs. 21,16,89,000 representing 2,11,68,900 equity shares.

Warrant Terms and Conditions

The converted warrants were fully convertible warrants, each exchangeable for one fully paid-up equity share with a face value of Rs. 10.00. The warrants carried an issue price of Rs. 83.75 per warrant and had a conversion period of 18 months from the date of allotment.

Regulatory Compliance

Padmavir Hospitality LLP, identified as a promoter group entity, submitted the required disclosure to both the National Stock Exchange of India Limited and BSE Limited. The company trades under the scrip symbol PIGL on NSE and scrip code 543912 on BSE. The disclosure ensures compliance with SEBI regulations governing substantial acquisition of shares and takeovers.

Power & Instrumentation (Gujarat) Limited has released its comprehensive investor presentation for Q3FY26 and nine months ended December 31, 2025, providing detailed insights into the company's financial performance, strategic initiatives, and market positioning.

Q3FY26 Financial Highlights

The company demonstrated robust consolidated performance during the quarter, with significant growth across key metrics:

Nine-Month Performance

For the nine-month period, the company achieved substantial growth momentum:

Major Contract Wins

During Q3FY26, the company secured significant contracts totaling ₹124.17 crore. The largest contract worth ₹102.78 crore was awarded by Ajmer Vidyut Vitrán Nigam Limited for supply, erection, installation, testing and commissioning of distribution infrastructure for on-grid electrification covering Dungarpur Circle and Salumber Circle in Rajasthan under the RDSS Scheme. Additionally, ATS Techno Limited awarded a ₹21.39 crore contract for design, supply, installation, testing, commissioning, and client handover of a factory shed at Star Platinum Industrial Park, Ahmedabad.

Investor Call Audio Recording Submission

Following the investor presentation, the company has submitted the audio recording of its Q3FY26 investor call to stock exchanges under Regulation 30. The submission was made to both NSE and BSE, with Managing Director Padmaraj Padmnabhan Pillai and Acting Chief Financial Officer Rohit Maheshwari as management attendees.

The company confirmed that no unpublished price sensitive information was shared during the investor call, ensuring compliance with disclosure requirements.

Strategic Business Expansion

The presentation highlighted the company's diversified business segments spanning infrastructure, telecom, industries, government public sector units, and distribution companies. With over 50 years of experience, the company has successfully delivered 310+ projects across 100+ clients, maintaining ongoing works worth ₹450+ crore as of February 13, 2026.

PECL Subsidiary Development

Peaton Electrical Company Limited (PECL), now a subsidiary with 51.06% holding, has launched its busduct system branded as "Phibar" for power transfer and distribution applications. The global busduct system market is projected to reach USD 11.81 billion by 2033, growing at a CAGR of 6.6% from 2025 to 2033.

Market Position and Outlook

The company operates across eight states with a strong presence in the aviation sector, having completed over 35 airport projects. The presentation emphasized India's renewable energy growth potential, with the country targeting 500 GW of non-fossil-based electricity capacity by 2030, presenting significant opportunities for electrical infrastructure companies.