Powerica Ltd. Share Price

Powerica: Data-Centre Growth, Margin Test

Powerica is gaining from India’s expanding data-centre industry, which needs reliable backup power. Data-centre demand is expected to grow at around 20.5% annually between FY25 and FY30, supported by cloud services, digital platforms and artificial-intelligence workloads. The generator business contributed 81.4%, or ₹635.2 crore, of revenue in Q1FY27. The company has manufactured gensets with Cummins India for over 40 years, offering products from 7.5 kVA to 3,750 kVA. Cummins-powered gensets accounted for 72% of generator-division revenue. Data centres contributed 20% of generator revenue in Q1FY27. Powerica’s DG-set order book stood at ₹1,700 crore in July 2026, including ₹900 crore from data centres. By 7 August, the data-centre order book rose to ₹1,100 crore, including a ₹200-crore hyperscaler or colocation order. Most orders are completed within 24 hours to 12 months, while data-centre projects generally require 12–18 months. Plant utilisation was 75–80% on a single shift, leaving scope to increase output. However, the generator division’s EBITDA margin declined 150 basis points to 5.6% in Q1FY27 because of higher raw-material costs, supply-chain pressure and delayed price revisions. Planned price increases could support recovery in Q2 and Q3. The Wind Power division contributes 18.6% of revenue but has a strong 48.6% margin and generates 67% of core EBITDA. For shareholders, strong orders and profit growth offer attractive data-centre exposure. However, investors must watch execution, working capital, competition and margin recovery. At 22.4 times earnings, Powerica traded below the industry multiple of 32.5 times as of 2 September 2026, although its recent listing limits historical comparison. The opportunity is promising, but shareholder value will depend on converting orders into profitable cash flows.

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### Stocks in Focus **

** – The company commissioned a **110.34 MWh Battery Energy Storage System (BESS) project in Rajasthan**, taking its total operational BESS capacity to **952.96 MWh**. The commissioning strengthens its energy storage portfolio and improves operational capacity in the fast-growing renewable energy segment. *(Positive)* ** ** – Secured a **₹79.05 crore work order** for the **Goregaon-Mulund Link Road (GMLR) project**, involving transportation and disposal of tunnel excavation material. The order strengthens its project pipeline and provides additional revenue visibility. *(Positive)* ** ** – Secured a **100 MW wind power project** through **SECI's wind power tender**, marking a significant addition to its renewable energy portfolio. The project provides long-term growth visibility and strengthens the company's position in India's wind energy sector. *(Strongly Positive)*

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Secures 50MW Wind Project bid from GUVNL’s Wind Power Tender - Powerica Ltd

Code BSE: 544744 NSE:

Powerica Secures 50MW Wind Project bid from GUVNL’s Wind Power Tender Powerica Ltdhas emerged as a winning bidder in the e-Reverse auction conducted by Gujarat Urja Vikas Nigam Limited (GUVNL) for purchase of power through competitive bidding process from 250 MW grid-connected Wind Power Projects. The company has successfully secured the bid for 50MW project. The electronic reverse auction was finalized on July 09, 2026. The company’s discovered tariff was ₹3.51 per unit, representing a 2.77% variance relative to the tender start-price. The Letter of Award (LOA) is expected to be awarded within the stipulated timelines prescribed in the tender document

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Rising Standby Power Demand Directs Growth for

and

has experienced a remarkable post-IPO surge of over 50%, underpinned by its decades-long relationship as a primary original equipment manufacturer (OEM) for Cummins India, which commands over an 80% market share in the heavy-duty, high-horsepower (HHP) generator segment. KOEL's Disruption: Kirloskar Oil Engines (KOEL) has seen its stock skyrocket after securing a massive 192MW generator supply order from hyperscaler HyperNext. This milestone underscores a narrowing technological gap and marks KOEL's aggressive entry into the lucrative colocation and data center backup market. Massive Sector Tailwinds: India's push for AI, 5G, and data localization is projected to drive data center power capacity at a staggering 27.4% CAGR between FY25 and FY30. This exponential expansion is creating unprecedented standby power requirements across the entire manufacturing landscape. Healthy Competitive Outlook: Although KOEL’s aggressive ₹2,100 crore expansion roadmap and attractive pricing introduce tangible competition for Cummins, the broader market expansion acts as a rising tide. The soaring demand ensures significant growth opportunities for multiple sector participants rather than derailing Powerica's narrative. Financial Strengths & Valuation: Powerica currently trades at an attractive valuation discount (23 times FY26 earnings) relative to indigenous technology peers like KOEL and Cummins. Additionally, a substantial debt repayment of ₹525 crore in Q1 FY27 will dramatically lower finance costs, immediately expanding net profit margins. Long-Term Investment Case: While Powerica relies heavily on external strategic alliances for its core technology and lacks a distinct proprietary moat, its projected medium-term earnings trajectory and underutilized wind energy vertical make it a solid long-term addition on market corrections.

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Powerica Ltd Business drivers and Market update

Powerica has been tied to wind-turbine and power-infrastructure activity, including a 102.6 MW wind turbine project from GE Renewable and participation in Gujarat wind auctions. Those projects support its clean-energy growth story. Recent price feeds show the stock around ₹514.95–₹551.45, with the day’s high near ₹551–₹572 in different feeds. Screener also notes strong long-term profit growth, which helps explain why the stock remains on investor watchlists.

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Q4FY26 & FY26 results

Q4FY26 & FY26 results Consolidated Financial Highlights: Total Income for Q4FY26 stood at Rs 805.17 crore, representing a growth of 3.96% QoQ from Rs 774.51 crore in Q3FY26 and an increase of 8.79% YoY compared to Rs 740.13 crore in Q4FY25. Revenue from Operations for Q4FY26 was Rs 801.15 crore, showing a growth of 5.01% QoQ compared to Rs 762.93 crore in Q3FY26 and an increase of 10.93% YoY compared to Rs 722.19 crore in Q4FY25. Profit After Tax (attributable to owners of the company) for Q4FY26 was Rs 42.51 crore, a decline of 55.64% QoQ from Rs 95.83 crore and an increase of 15.89% YoY from Rs 36.68 crore. For the full year FY26, Total Income reached Rs 3,054.55 crore, marking a 12.67% increase over Rs 2,711.13 crore in FY25. Revenue from Operations for FY26 was Rs 3,011.52 crore, showing a growth of 13.50% compared to Rs 2,653.27 crore in FY25. Net Profit (attributable to owners of the company) for FY26 stood at Rs 267.21 crore, representing a significant growth of 63.75% over Rs 163.18 crore in FY25.

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