Power & Instrumentation (Gujarat) Limited announced the successful allotment of equity shares through warrant conversion following a board meeting held on March 10, 2026. The board meeting, which commenced at 10:50 A.M. and concluded at 11:20 A.M. at the company's registered office in Ahmedabad, Gujarat, approved significant capital structure changes.

Latest Warrant Conversion Details

The board approved the allotment of 4,84,600 equity shares of Rs. 10.00 each at a premium of Rs. 73.75 per equity share. This latest allotment resulted from the conversion of an equal number of convertible warrants that were originally part of a larger issuance.

Allottee Distribution and Shareholding

The warrant conversion was distributed among three entities, including both promoter and non-promoter categories. The allotment details show the post-conversion shareholding pattern for each allottee.

Previous Warrant Conversion Activity

This follows an earlier warrant conversion that took place on March 03, 2026, where the company had allotted 1,73,530 equity shares through warrant conversion to non-promoter Manisha Vipulkumar Pathak. That conversion was executed at the same pricing of Rs. 83.75 per share.

Original Warrant Framework and Remaining Conversions

Both conversions are part of a substantial issuance of 50,96,000 convertible warrants that were issued and allotted on September 21, 2024. The company has now converted a total of 34,13,530 warrants into equity shares before this latest allotment, with 6,35,400 warrants still pending conversion.

Cumulative Impact on Share Capital

The latest warrant conversion has resulted in a significant increase in the company's paid-up equity capital structure. The capital expansion reflects the company's ongoing efforts to strengthen its financial position through equity participation.

Regulatory Compliance

The allotment was conducted in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Chapter V of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. The company has informed both the National Stock Exchange of India Limited and BSE Limited about this corporate action, ensuring transparency and regulatory compliance. The decision was formally communicated by Managing Director Padmaraj P. Pillai, who signed the disclosure document on behalf of the company.

Power & Instrumentation (Gujarat) Limited demonstrated strong operational performance in Q3 FY26, delivering significant growth across key financial metrics while securing substantial new orders and achieving important product approvals.

Financial Performance Highlights

The company reported robust financial results for Q3 FY26, with consolidated total income reaching INR48.89 crores, marking a year-on-year growth of 43.18%. This strong revenue performance was supported by disciplined execution and operational efficiency across projects.

For the nine months ended FY26, the company maintained strong momentum with total income of INR161.35 crores, representing a year-on-year growth of 39.23%. EBITDA for the period stood at INR17.68 crores, reflecting growth of 24.86% with an EBITDA margin of 10.96%.

Order Book and New Contract Wins

During Q3 FY26, Power & Instrumentation secured significant contracts aggregating INR124.17 crores, strengthening its order book position. The major contract win included a INR102.78 crores turnkey project from Ajmer Vidyut Vitran Nigam Limited across 9 circles in Rajasthan under the RDSS framework, scheduled for execution within 15 months.

The company currently maintains an order book of approximately INR450 crores, with 60-65% coming from the RDSS and distribution segment, while the remaining 30-35% originates from infrastructure projects including airports and industrial facilities.

Product Development and Manufacturing Expansion

A significant milestone was achieved during the quarter with CPRI approval for the company's 11 kV 3,000 ampere segregated phase busduct system, branded as Phibar, through subsidiary Peaton Electrical Company Limited. This product line is designed for high-load, high-reliability environments including data centers, airports, metros, and renewable energy installations.

The Phibar platform offers several advantages:

• Compact space-saving design
• Efficient heat dissipation capabilities
• Lower voltage loss
• Quick installation and scalability
• Safe standardized certified components

The company expects the manufacturing division to contribute approximately 20-30% of current top line in FY27, with plans for full-scale production beginning around May 2026.

Strategic Outlook and Growth Drivers

Management outlined a five-year growth strategy targeting 30-35% year-on-year growth, supported by strong structural opportunities in India's power and infrastructure sector. The company is well-positioned to benefit from India's ambitious target of achieving 500 gigawatts of renewable energy capacity by 2030 and peak power demand projected to cross 800 gigawatts.

Key growth drivers include:

• Revamped Distribution Sector Scheme with INR3 lakh crores outlay
• Plans for 50 new airports over the next 5 years
• Over 1,000 kilometers of approved metro rail projects
• Continued capex push in transmission expansion

The company maintains a working capital cycle of 95-100 days and plans to fund expansion through internal accruals, with project-specific debt financing if required. Management expects to maintain EBITDA margins between 12-15% going forward while targeting PAT margins of 9-10% in the medium term.