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.

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.