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.

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.