Powerica Limited has informed the Exchange about Investor Presentation
P OWERICA L IMITED
iffi!iAJJ
A PROMISE FOR POWER
Regd. Office & Corp. Mktg. Office: 9th Floor, Bakhtawar, Nariman Point, Mumbai 400 021.
+91 22 6656 2525
Tel E-mail atp@powericaltd.com Web www.powericaltd.com CIN : U31100MH1984PLC032825
Date: April 21, 2026
To Sr. General Manager Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai - 400 001 Scrip Code: 544744
Sub: Investor Presentation
Dear Sir/ Madam,
To Sr. General Manager Listing Department National Stock Exchange of India Limited Exchange Plaza, C-1, Block G Bandra Kurla Complex, Bandra (E}, Mumbai -400 051 Symbol: POWERICA
Pursuant to Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, please find attached the Investor Presentation with respect to ' Unaudited
Financial Results (Standalone and Consolidated) for the quarter and nine months ended December 31, 2025.
The same may also be accessed on the website of the company at www.powericaltd .com .
This is for your information and record.
For Powerica Limited
Anita Renuse Company Secretary & Compliance Officer ACS:25102
Offices at
: Ahmedabad, Bangalore, Belapur, Chatrapati Sambhajinagar, Chennai, Coimbatore, Goa, Gurgaon, Kochi, Kolhapur, Mumbai,
Madurai, Mysore, Nagpur, Nashik, Pune, Secunderabad, Rajahmundy, Vijaywada, Vishakapatnam.
Regd. Office : 9th Floor, Bakhtawar, Nariman Point, Mumbai 400 021 • Tel+91 22 6656 2525
REG\STEBEll Til IS1J !MIGl-2015
Powerica Limited Investor Presentation
Q3’ FY26
Safe Harbor
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Powerica Limited (the “Company”), have been prepared solely
for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or
be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a
statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no
representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of
the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability
in respect of the contents of, or any omission from, this Presentation is expressly excluded.
This presentation contains certain forward-looking statements concerning the Company’s future business prospects and business profitability, which are subject to
a number of risks and uncertainties and the actual results could materially differ from those in such forward-looking statements. The risks and uncertainties
relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition
(both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on
contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the
economy. The Company does not undertake to make any announcement in case any of these forward-looking statements become materially incorrect in future or
update any forward-looking statements made from time to time by or on behalf of the Company.
2
Quarterly Overview
Successful IPO Listing on NSE and BSE in April ’26
IPO Proceeds of INR 1,100 Cr
Primary Issuance INR 700 Cr
Offer for Sale (OFS) INR 400 Cr
Net Proceeds of INR 662 Cr*
•
•
INR 525 Cr - Prepayment/repayment of certain
outstanding borrowings availed in part or full
INR 137 Cr - The amount to be utilized for general
corporate purpose
*INR 38 Cr amounting to expenses related to Fresh issue
4
Management Commentary
Bharat Oberoi Chairman and Managing Director
“Listing on the public markets represents a significant step forward for Powerica and we are excited about the journey ahead. As we warmly welcome our new investors, we would also like to extend our gratitude to all the stakeholders including our employees,
customers, business partners, and banking partners for their continuous support.
Following the IPO, the company has repaid approx. INR 525 Crs of its borrowings in Q1FY27 and hold cash & investments close to
INR 450 Cr as on (17-Apr-26). As a result, substantial reduction is expected in the finance cost from Q1 FY27.
During Q3FY26, we achieved a revenue of INR 762.93 Cr, with an EBITDA margin of 10.4% and a PAT margin of 12.8%. For the
9MFY26, we recorded revenue of INR 2,210.37 Cr, an EBITDA margin of 13.6%, and a PAT margin of 10.5%.
From a segment perspective, the DG set business contributed 81.8% to overall revenues, while the wind power segment accounted
for 18.2% during 9MFY26. Given the differing margin profiles of these segments, the business mix plays a critical role in shaping our
overall margin structure.
Looking ahead, we have a healthy pipeline of orders and projects which offer visibility for future growth. We are encouraged by the
strong policy support, particularly through initiatives like “Make in India” and the increased focus on data centers and green energy in
the Union Budget 2026–27. Rising power demand, grid instability, renewable integration, EV infrastructure expansion, and data centre growth are collectively driving a sustained need for both primary power generation and reliable backup solutions. With our
DG sets and IPP business addressing both these requirements, Powerica is well placed to benefit from these tailwinds. Further,
through our associate company, Platino Automotive Private Limited, we help in retrofitting DG sets with emission control devices minimizing environmental impact by reducing emissions, improving air quality, and enabling cleaner, compliant operations without premature asset replacement.”
5
We have shown breakage of quarterly data to show the seasonality of our business
Key Highlights: Quarterly and Nine Monthly Performance
Revenue from operations
Gross Profit
EBITDA
PAT
(INR Cr)
14.5%
24.9% CAGR 2,210
763
1,447
1,931
704
1,227
33.4%
36.2%
14.2%
13.6%
7.0%
10.5% Margins
24.1%
800
252
548
645
219
426
9.6%
Q3
H1
274
84
190
300
80
220
+72.4%
232
98
135
135 30
105
9MFY25
9MFY26
9MFY25
9MFY26
9MFY25
9MFY26
9MFY25 Net Working Capital Days (days)
9MFY26
Segmental Revenue
Segmental EBITDA
6 2 Y F M 9
5 2 Y F M 9
24.9% CAGR
403
315
Contribution (%)
1,807
1,616
81.8%
18.2%
83.7%
16.3%
6 2 Y F M 9
5 2 Y F M 9
Generator set
Wind power
167
133
139
135
Margins
9.3%
33.1%
8.6%
42.7%
6
Segmental Mix
(INR Cr)
9MFY26
9MFY25
YoY
FY 25
Generator Set Business Division
1,807.16
1,616.03
11.8%
2,255.19
Wind Power Business Division
403.21
315.05
28.0%
398.08
Total
2,210.37
1,931.08
14.5%
2,653.27
• Revenue mix plays an important role in margin structure. Typically, variances are seen in the margins depending on the business mix
Generator Set Business Division
• DG business typically involves standard products with order to delivery cycle from 24 hr to 12 months.
• MSLG business involves custom made products with 12 months to 4 years order completion cycle.
• 9MFY26 margins are impacted due to change in revenue mix and deferment of high-horse power projects due to extended rains
Wind Power Business Division
• On an annualized basis, IPP business though seasonal in nature enjoys better margin profile than the products business
• 9MFY26 margins are impacted due to higher proportion of EPC and O&M for BoP Business
7
Consolidated Profit and Loss Statement
(INR Cr, Unless mentioned otherwise)
Q3FY26 Q3FY25
YoY
9MFY26
9MFY25
YoY
FY 25
Revenue From Operations
Cost of goods sold
Gross Profit
% Margin
Employee benefit expenses
Other Expenses
EBITDA before share of associates
% Margin Share of net profit of associates accounted for using the equity method, net of tax Reported EBITDA
% Margin
Other Income
Depreciation and amortisation expense
EBIT
% Margin
Finance Cost
Profit before Tax
% Margin
Tax
PAT
% Margin
EPS – Basic & Diluted (Rs.)
79.67
10.4%
11.58
27.59
63.66
8.3%
5.73
57.93
7.6%
(39.72)
97.65
12.8%
8.83
84.25
12.0%
2.25
30.33
56.17
8.0%
8.65
47.52
6.7%
17.62
29.91
4.2%
2.52
762.93
704.22
8.3%
2,210.37 1,931.08
14.5% 2,653.27
• Following the IPO, the company has
510.82
485.49
1,410.19 1,286.44
1,814.19
repaid approx. INR 525 Crs of its
252.11
218.72
15.3%
800.19
644.64
24.1%
839.08
borrowings in Q1FY27 and hold cash
33.0%
34.07
31.1%
23.36
140.05
113.72
77.99
10.2%
81.64
11.6%
36.2%
101.03
33.4%
84.76
407.42
291.27
291.73
268.61
13.2%
13.9%
1.68
2.61
8.36
5.16
300.09
273.77
13.6%
14.2%
39.01
81.52
39.92
87.25
31.6%
114.28
388.17
336.63
12.7%
9.03
345.66
13.0%
57.66
116.46
& cash equivalents close to INR 450
Cr as on (17-Apr-26) . As a result,
substantial reduction is expected in
the finance cost from Q1 FY27
• Negative tax expense of INR 39.72 Cr
incurred in Q3FY26 due to deferred
tax credit of INR 67.53 Cr on account
of adoption of new tax regime after
this year’s budget announcement.
13.3%
257.58
226.44
13.8%
286.86
11.7%
18.10
11.7%
25.69
10.8%
33.42
21.9%
239.48
200.74
19.3%
253.44
10.8%
7.28
10.4%
66.05
9.6%
81.29
226.5% 232.20
134.70
72.4%
172.15
10.51%
20.58
7.0%
11.54
6.5%
14.93
8
Company Overview
Business Structure
50% Equity Holding
Platino Automotive Private Limited (Associate Co.)
Click Here for Video Link
Generator Set Business
Wind Power Business
RECD3 Business
DG1 Sets Powered by Cummins Engines
MSLG2 In association with Hyundai
Allied Businesses
IPP Business
EPC and O&M for Balance of Plant
1: DG: Diesel Generator; 2: MSLG: Medium Speed Large Generators; 3: Retrofit Emission Control Devices
10
Key Business Highlights
Generator Set Business
Wind Power Business
Manufacturing of DG Sets
Independent Power producer
• Powered by Cummins Engines (7.5 KVA – 3,750 KVA)
End-to-end solutions for Medium Speed Large Generators
•
3,000KVA – 10,000 KVA Single Unit in association with Hyundai
Design, production, and testing of EMI1 Shelters & MIL DG4 sets Manufacturing and Service of Schneider Electric’s PRISMA Panels3
• As on the date of RHP, our operational wind power projects with an
installed capacity of 330.85 MW; 52.70 MW under construction; 280 MW in pipeline2
EPC works for BoP
• As on the date of RHP, 450.40 MW developed; definitive contract
capacity of 435.60MW, LOA for BoP of 150MW. Also developing 7.2
km, 400 kV transmission line, and a 220/400kV substation
Revenue Mix (INR Cr)
EBITDA Mix (INR Cr)
6 2 Y F M 9
5 2 Y F
403
398
1,807
Contribution (%)
81.8%
18.2%
85.0%
15.0%
2,255
6 2 Y F M 9
5 2 Y F
Generator set
Wind power
167
133
188
164
Margin (%)
9.3%
33.1%
8.4%
41.1%
1: EMI: Electromagnetic Integrated; 2: 280 MW of pipeline capacity includes 250 MW of wind power capacity and 30 MW of solar capacity; 3: Schneider Electric’s PRISMA Control Panels and switchboards; 4: MIL DG Sets: Military Grade Diesel Generator Sets
11
Strategic Partnerships
We maintain strong and enduring relationships with established industry players across industries
Cummins India Limited
Hyundai Heavy Industries
GE Vernova
Vestas Wind Technology4
Schneider Electric
One of the leading engine manufacturers in FY25 for MHP1 and HHP1
Enabled us to expand our product range and geographical reach
•
3 projects commissioned
•
8 projects implemented2
(153.90MW)
•
JDA3 to develop & own RE
projects in India
(172.15 MW)
• Agreement for supply of
multi-model WTG spare
parts
•
Enables us to
manufacture and service
PRISMA control panels
•
Eco-Xpert LV Panel
Partner certification
1: Source: Frost and Sullivan; MHP: Medium Horsepower; HHP: High Horsepower ; 2: 8 projects where Vestas also provides O&M and other related services; 3: JDA: Joint Development Agreement; 4: Vestas Wind Technology India Private Limited
12
About 39 years of experience in various capacities at senior level positions in premier Central PSUs in power sector such as PGCIL and NTPC. He
was former Chairman & Managing Director of Power Grid Corporation of India Limited (PGCIL). Currently, he is Director on the Board of several
Companies such as Odisha Power Transmission Corporation Limited, TP Central Odisha Distribution Limited, TP Western Odisha Distribution
Limited, GRIDCO Limited, Diamond Power Infrastructure Limited, Yash Highvoltage Limited, IMP Powers Limited, Odisha Hydro Power
Corporation Limited, Green Energy Development Corporation of Odisha Limited and Future Smartec (OPC) Private Limited. He is a consultant to
the World Bank Group, Washington, several international cross border projects and also providing services to leading International Consulting
Companies etc.
Board of Directors
Bharat Oberoi
Pradeep Omprakash Gupta
Chairman and Managing Director
Whole-Time Director
Renu Naresh Oberoi
Whole-Time Director
Jai Ram Oberoi
Whole-Time Director
Over 30 years of experience in the generator set industry. Oversees manufacturing operations, business development & customer relationship
Over 34 years of experience in managerial positions, 20+ years with Powerica. Responsible for overseeing overall strategy, investments and operations of the wind division
Over 12 years of experience in wind power operations as well as other corporate functions. Responsible for corporate and administrative functions and overall strategy
Responsible for overseeing the generator set business strategy and operations, developing systems and strengthening business relations
Udaya Shankar Jena
Sowmya Chaturvedi
Independent Director
Independent Director
Sunil Godwin Lobo
Independent Director
Tapan Ray
Independent Director
Rabindra Nath Nayak
Additional Director (Independent)
Over 20 years of experience in management roles. Formerly associated with SBI Gilts Limited and Societe Generale in various managerial roles
Over 14 years of experience in the power and energy generation sector. Formerly associated with Tractors & Farm Equipment Limited, ABO and Cummins Asia Pacific Pte Limited
Over 29 years of experience in corporate development and investment banking. Currently heads the corporate banking business for Doha Bank in India and formerly associated with BNP Paribas as director – Wealth Management
He is a retired Indian Administrative Officer and has served as the secretary to the Ministry of Corporate Affairs, GOI. He has previously served on the board of directors of SEBI, Central Bank of India and former MD and CEO of Gifty City
About 39 years of experience in various capacities at senior level positions in premier Central PSUs in power sector such as PGCIL and NTPC. Former Chairman & MD of Power Grid Corporation of India Limited (PGCIL). Currently, he is Director on the Board of several Power Companies and a consultant to the World Bank Group, Washington, several international cross border projects and also providing services to leading International Consulting Companies etc.
13
Generator Set Business
Diesel Generator Sets
Cummins Engine Powered DG sets, ranging from 7.5KVA to 3,750 KVA
DG Set Offerings
• Marketing, manufacturing,
supplying, testing,
installation, and
commissioning.
40+ year old OEM partnership with Cummins
Customers across diverse market segments
•
Support in development and
• Commercial (including real-
integration of new products
• Work closely with Cummins to
estate), Manufacturing,
Infrastructure, Rentals,
Agriculture, IT, EV and Data
• On-site mechanical and
periodically prepare product
electrical work
forecasts and formulate sales
Centers
•
19 sales/marketing offices
plans and market strategies
supported by a sales &
• Undertake EPC works for DG
marketing team of 122 & 40
sets
authorized dealers1
• Collaborate with Cummins on
• Non-exclusive General Supply^
the integration and testing
and Agreement with
Cummins
1: Data as on December 31th 2025; ^: non-exclusive general supply agreement dated June 11, 2025, with Cummins India
13.32%
18.09%
18.89%
FY 23
FY 24
FY 25
Top 10 customers contribution as a percentage of total revenue from operations
15
Medium Speed Large Generators
Single-unit capacities ranging from 3,000 kVA to 10,000 kVA
Non-Exclusive Association with Hyundai since 2014
All Hyundai-sourced MSLG enquiries for India are channeled through us
Comprehensive Solutions
MSLG Applications
Current Projects
• Pre-purchase consultancy
• Design & project engineering
•
Testing, Installation, and on-site
•
Through our collaboration with
•
63 MW (10 X 6.3 MW) prime
Hyundai, we serve both
power project for NPCIL 4
emergency and high base load
amounting to INR 283.56 crore1
work
• O&M
• Offer a power output of 3 MW
to 10 MW of single units
supporting high-capacity
requirements across sectors3
applications
and USD 52.41 million2
•
Long gestation orders, typically
•
10 MW emergency diesel
2-3 years from initial inquiry to
generator installation at a
project handover
fertilizer plant in Australia
1: Order for supply of indigenous items amounting to INR 247.23 crores and commissioning order value of ₹36.33 crores; 2: Imported items amounting to USD 52.41 million; 3: Sectors include oil refineries, nuclear power plants, fertilizer plants, liquefied natural gas, terminals, steel plants, cement plants, automobiles and heavy industries.; 4: Nuclear Power Corporation of India Limited
16
Allied Business
EMI Shelters and MIL DG Sets for Defense Applications
•
In-house facilities for design, prototype manufacturing, production, testing and approval from
Defense Research and Development Organization (DRDO) and other defense equipment testing
organizations
• Capacity expansion plans are ongoing
Schneider PRISMA control panels and switchboards
•
EcoXpert LV Panel (Certified) Partner’ for Schneider Electric in India
• Manufacturing, assembly, and service capabilities with comprehensive distribution
17
Retrofit Emission Control Devices (RECDs)
RECD business through associate company, Platino Automotive Private Limited
Platino holds certifications from ARAI and ICAT for RECD technology
• Recognising the increasing demand for environmentally sustainable technologies and stricter
regulatory requirements, Platino Automotive, has directed investment towards the development and
commercialisation of advanced RECDs
•
•
It is engaged in the manufacturing, marketing, sale, and installation RECDs
These RECD products are designed for all engine brands and provide comprehensive solutions
for reducing emissions from existing DG sets
• By integrating RECDs, legacy DGs can continue to operate while sufficiently minimizing their
environmental impact
• Backed by its proven capabilities, Platino Automotive is well equipped to capitalise on the increasing
need for effective emission control in India’s rapidly evolving DG market with plans to explore export
opportunities
• Platino Key Financials:
Revenue
EBITDA
(INR Crs.)
75.9
Margins
73.2
Margins
25.7
34.0%
23.5
32.0%
FY25
9MFY26
18
Manufacturing Facilities
Land parcel available at Khopoli plant to support future expansion
Bengaluru
Silvassa
Khopoli
Land Area
50,585 sq. m
39,395 sq. m
85,570 sq. m
Products
DG Sets
DG Sets, PRISMA Control Panels
Installed Capacity (units p/a for H1’FY26)
8,956 DG sets
1,320 DG sets 3,000 PRISMA panels
MIL DG Sets, EMI-EMC Shelters & containers, Canopies
50 EMI-EMC / MIL DG 110 EMI-EMC Shelter & Containers 1,800 Canopies
Capacity Utilization (H1’FY26) (Annualized)
82.16% DG Sets
83.03% DG Sets 78.00% PRISMA Control Panels
52.73% EMI-EMC Shelter & Containers 86.30% Canopies
19
Wind Power Business
Wind Power Business - IPP
IPP Portfolio
Pipeline Projects
Current Customers
Current Portfolio:
Projects Under Construction:
• Customer base comprises
• 12 operational projects
• One projects at 25-year PPAs.
government-owned
aggregating to 330.85MW*
50.00MW1 @ INR 3.81/kWh
distribution utility companies
• Tariff range: INR 2.4 – 4.19
• Pipeline for 3 projects
/kWh
aggregating to 250MW -
• PPAs of 25 years for all
•
Won 100MW of GUVNL project
projects except 1 4.80MW
(including the Green Shoe
project which has 20 years PPA
Option of 50 MW)
• GUVNL: 10 PPAs for total of
226.95MW1 capacity, GUVNL
rating of “AA” by CARE
•
SECI: 2 PPA for a total of
101.90MW1 capacity, SECI rating
of “AAA” by ICRA
98.7%
99.2%
99.2%
98.8%
99.7%
99.8%
98.3%
99.6%
99.7%
98.7%
99.4%
99.7%
1: PPA capacity, not installed capacity; *2 IPP wind power projects divested in Fiscal 2024 with total installed capacity of 26.4MW located in Tamil Nadu
21
FY23
FY24
FY25
9MFY26
Average Plant Availability
Average Internal Grid Availability
Average External Grid Availability
EPC and O&M for BoP Capabilities
EPC Service Provider, encompassing complete project development, resource studies, Balance of Plant
construction, electrical work (transmission lines and substations) and other installations
EPC & O&M Capabilities
Continued traction in the EPC & O&M for BoP Business
• Completed EPC for BoP for 12 projects
with aggregate capacity of 450.40 MW
• Providing O&M at 10 wind power projects
– 296.50 MW
•
Two projects under construction for
other IPP for a total capacity of 435.60
MW including EPC for BoP, including
land acquisition and BoP letter of
award for additional 150 MW
• Developing infrastructure including a 7.2
km, 400 kV transmission line, and a
220/400 kV substation
Received a letter of award for the BoP works of an additional 150 MW project
Contract with a leading integrated power utility company in India to provide land acquisition services for a 150 MW solar power project
Land aggregation services for a 50 MW solar power project at Khambalia, Gujarat for Airpower Wind Farms Private Limited
22
Financials
Key Financial Metrics (1/2)
Revenue from operations
EBITDA
Generator Set Business 24.9% CAGR
Wind Power Business
EBITDA Margin - Wind Business
EBITDA Margin - Generator Set Business
EBITDA - Wind Business
EBITDA - Generator Set Business
PAT
(INR Crs.)
PAT
PAT Margin
2,378
2,210
2,653
2,210
17.2%
13.7%
15.0%
18.2%
82.8%
24.9% CAGR 86.3%
85.0%
81.8%
FY23
FY24
FY25
9MFY26
450
400
350
300
250
200
150
100
50
0
369
10.4%
164
40.0%
205
388
12.9%
143
47.1%
245
352
8.4%
164
41.1%
188
300
9.3%
133
33.1%
167
Include one-time gain of INR 85.25 crores
226
232
Net Working Capital Days (days)
9.59%
176
106
4.39%
6.49%
10.51%
FY23
FY24
FY25
9MFY26
FY23
FY24
FY25
9MFY 26
24
Key Financial Metrics (2/2)
Leverage Ratios
Return Ratios
Net debt
breakage
Net Debt/Equity
Net Debt/EBITDA
Return on Capital Employed
Return on Equity
43.47%
2.20x
26.50%
27.02%
0.74x
0.31x
0.40x
0.16x
0.24x
0.75x
0.40x
FY23
FY24
FY25
H1' FY26 *
NA
FY23
17.53%
13.90%
11.60%
FY24
FY25
H1'FY26 *
Net Cash from Operating Activities (INR Cr)
Working Capital Days
252
283
247
220
Inventory Days
Receivable Days
Payable Days
40
36
31
53
50
45
55
36
28
49
43
40
FY23
FY24
FY25
H1'FY 26
FY23
FY24
FY25
H1' FY26
Net debt is calculated as Non-Current Borrowings plus Current Borrowings less Cash and Cash Equivalents less Other Bank Balances; Return on Equity is calculated as restated profit after tax for the given year divided by average Total Equity for the given year; Return on capital employed is calculated as Restated profit before tax and finance costs divided by average capital employed; Return Ratios not disclosed for Fiscal 2023 as Fiscal 2022 numbers not included in the RHP; * denotes numbers which are not annualized
25
Strengths & Strategies
Our Strengths
Established Position in the Generator Set Market
Collaborations and Alliances with Established Industry Players
Strong Technical and Execution Capabilities
Large and Diversified Customer Base
Experienced and Proven Management Team and Board of Directors
Balanced Business Portfolio with Strong Financial Performance
27
Growth Strategies
Capitalize on Continued Demand for Generator Sets
Growing power demand, grid instability, and EV infrastructure expansion are driving sustained need for reliable backup power in India. Our Generator Sets Business is well-positioned to capture this demand
Continuously evaluate expansion opportunities considering policy and consumer base attractiveness
Identify and assess potential markets while leveraging our strengths and established relationships. Conduct comprehensive market research to target states with favourable policy environments for renewable energy projects
Continue to develop our Wind Power Business & diversify into Solar Hybrid Projects
Well-positioned across IPP, EPC, and O&M segments, with a robust pipeline, cost-efficient execution, and strategic aftermarket partnerships
Continue to develop our Allied & RECD Business through our associate, Platino Automotive Private Limited
Committed to expanding both our manufacturing facilities and our presence in the defence sector by supplying high-quality EMI-enabled shelters and containers for specialised applications
1
2
5
3
4
Further develop and strengthen our alliances to improve our position in India
Leverage strong partnerships with industry leaders to enhance products, expand markets, and access advanced technologies
28
Industry Overview
Indian DG Market Overview (1/2)
India DG Market Size^
INR Cr
CAGR: 10.50%
CAGR^: 17.19%
10,521
13,202
14,449
15,966
17,642
19,494
21,541
23,803
FY 23
FY 24
FY 25
FY 26E
FY 27E
FY 28E
FY 29E
FY 30E
•
•
• • •
Criticality of Standby Power Frequency and power outages in India; Power Supply Instability Manufacturing (Industrial) and Commercial Dependence Rapid Urbanization and Infrastructure Growth Disaster Preparedness and Climate Resilience Despite growing attention to sustainability, diesel-based solutions remain the preferred choice for critical applications across industries
Key Growth Drivers Increasing Demand in Commercial & Residential Sectors Data Centres (20.5% CAGR FY25-30) and Increasing AI Adoption EV Charging to grow from 3.6GW to 10.8GW (CAGR: 24.6%) Reliable and Uninterrupted Power Supply Government Initiatives
•
•
•
• •
^: Source: Frost and Sullivan Report; The drop in FY2025 is primarily attributed to pre-buying of DG sets in FY2024 ahead of anticipated transition period of CPCB2 to CPCB4, which led to an all-time high number in FY2024 – leading to an optically high CAGR in the period FY2023-25
30
Indian DG Market Overview (2/2)
Power demand in datacentres projected to witness a sharp rise in demand from 1.4 GW in FY2025 to 4.7 GW
in FY2030E, registering a CAGR of 27.41%
Data center capacity in India, FY2023-FY2030E (in MW)^
CAGR: 27.41%
3,900
3,100
4,700
919
1,300
1,400
1,800
2,400
FY 23
FY 24
FY 25
FY 26E
FY 27E
FY 28E
FY 29E
FY 30E
•
•
•
Critical Datacentre Operations Given mission-critical nature of datacentre operations, assurance of uninterrupted power supply a fundamental operational necessity Failure to maintain adequate standby power capacity exposes operators to significant risks SLAs commit to exceptionally high levels of uptime—typically 99.99% or above
Power backup implications
•
•
Diesel and gas generator sets continue to be the mainstay, especially in large-scale applications Newer technologies like battery-based systems are gaining visibility, they complement conventional setups
^: Source: Frost and Sullivan Report
31
India Power Sector Overview (1/2)
India per capita consumption of power is lower than other economies
India Power Demand to continue growing
12,716
9,829
h W k
7,182
6,528
6,045
5,050
4,144
2,916
1,284
1,112
CAGR FY19-24: 5%
1,275
1,291
1,276
1,380
Power demand (TWh)
CAGR FY26-30F: 4-6%
2,120 – 2,130
1,513
1,626
1,694 1,715 – 1,725
Net debt
breakage
Leading to increase in generation capacity – Installed capacity in GW
With increasing share of renewables in installed capacity
FY 19
FY 20
FY 21
FY 22
FY 23
FY 24
FY 25 FY 26P
FY 30P
Coal
Other Fossil Fuels
Solar Wind
Other RES
Other non-fossil
Coal
Other Fossil Fuels
Solar Wind
Other RES
Other non-fossil
50 15 39 40 32
203
50 16 41 54 32
204
50 15 43 64 32
205
52 19 46
79 32
211
52 21 50
101
32
215
60 – 70 20 – 30 85 – 95
300 – 310
25 – 35
50 – 60 15 – 25 50 – 60
140 – 150
25 – 35
220 – 230
250 – 260
13% 4% 10%
11%
8%
54%
13% 4% 10%
14%
8%
12% 4% 11%
16%
8%
51%
50%
12% 4% 10%
18%
7%
48%
11% 4% 11%
22%
7%
45%
11% 4% 11%
27%
6%
42%
Share of non- fossil: 64%
9% 4% 12%
40%
4%
33%
FY 21
FY 22
FY 23
FY 24
FY 25
FY 26P
FY 30P
FY 21
FY 22
FY 23
FY 24
FY 25
FY 26P
FY 30P
Source: CRISIL Report
32
Leading to an investment of Rs. 2.5 – 3.5
trillion
India Power Sector Overview (2/2)
India wind potential higher than solar – Wind potential concentrated in few states
Renewable Power is now cheaper and faster to construct than conventional power plants
Net debt
breakage
Powerica wind power operations in state of Gujarat
Form of Power
Coal
Hydro
Solar
Wind
Construction Time (Years)
Input availability / potential
4 to 6 years
5 to 8 years
1 to 2 years
1 to 2 years
149 billion tonnes of domestic proven coal reserves
1,869 cubic km mean annual flow in rivers
748 GW
1,164 GW (at 150 m)
Tariff range of fuel
4.0 – 7.0
4.0 – 7.0
2.5 – 2.75
3.7 – 3.9
Wind expected to add 25-30GW b/w fiscal 2026-30
Leading to an investment of Rs. 2.5 – 3.5 trillion
A robust outlook for O&M market as well
Standalone
FY26 - FY30 30 - 40 GW
(GW)
Wind utility investment (INR bn)
INR Billion
4.2
4.5 – 5.5
2.1
1.6
1.6
1.6
3.2
2.3
Source: CRISIL Report
(INR billion)
48-52
44
Wind O&M Market Size
96 – 100
80 – 84
67 – 71
56 – 60
.
5 6
– 5 5
.
.
5 9
– 5 8
.
8 –
7
0 1 –
9
0 1 –
9
FY26P
FY27P
FY28P
FY29P
FY30P
FY25
FY26P
FY27P
FY28P
FY29P
FY30P
33
Annexures
Restated Profit and Loss Statement^
(INR Cr, Unless mentioned otherwise)
Revenue From Operations
Cost of goods sold
Gross Profit
% Margin
Employee benefit expenses
Other Expenses
EBITDA before share of associates
% Margin
Share of net profit of associates accounted for using the equity method, net of tax
Reported EBITDA
% Margin
Other Income
Depreciation and amortisation expense
EBIT
% Margin
Finance Cost
Profit before Tax and Exceptional Items
% Margin
Exceptional Items*
Profit before Tax
Tax
PAT
% Margin
EPS – Basic & Diluted (Rs.)
FY 25
2,653.27
1,814.19
FY 24
2,210.00
1,437.74
FY 23
2,378.26
1,568.28
9MFY26
2,210.37
1,410.19
839.08
31.6%
114.28
388.17
336.63
12.7%
9.03
345.66
13.0%
57.66
116.46
286.86
10.8%
33.42
253.44
9.6%
0.00
253.44
81.29
172.15
6.5%
15.26
772.26
34.9%
113.46
296.33
362.47
16.4%
(0.02)
362.45
16.4%
61.52
127.98
295.99
13.4%
40.53
255.46
11.6%
85.25
340.71
114.60
226.11
10.2%
18.46
809.98
34.1%
94.84
367.74
347.40
14.6%
(14.19)
333.21
14.0%
44.16
135.51
241.86
10.2%
56.01
185.85
7.8%
0.00
185.85
79.40
106.45
4.5%
6.32
800.19
36.2%
101.03
407.42
291.73
13.2%
8.36
300.09
13.6%
39.01
81.52
257.58
11.7%
18.10
239.48
10.8%
0.00
239.48
7.28
232.20
10.5%
20.58
*In FY24, 16 WTGs from wind power IPP projects in Tamil Nadu were sold, resulting in a one-time gain of Rs. 85.25 crores ^: Restated Consolidated Financial Statements
35
FY 23
FY 24
FY 25
H1’ FY26
Particulars (INR Crs)
FY 23
FY 24
FY 25
H1’ FY 26
Restated Balance Sheet^
Particulars (INR Crs)
Non-Current Assets:
a) Property, Plant and Equipment
1,076.60
b) Capital Work-in-Progress
c) Goodwill
d) Intangible Assets
e) Right-of-use Assets
f) Financial Assets:
i) Investments
ii) Trade Receivables
iii) Loans
iv) Other Financial Assets
g) Non-Current Tax Assets (Net)
h) Other Non-Current Assets
4.40
4.83
6.47
3.50
69.53
16.38
0.33
2.54
-
3.70
931.45
23.45
4.83
6.77
7.64
27.99
9.36
0.87
13.46
-
19.86
839.93
352.23
4.83
7.00
13.73
40.42
2.34
0.40
12.54
13.11
4.08
800.64
429.30
4.83
6.91
16.70
74.05
-
0.34
12.57
11.41
128.83
Total Non-Current Assets
1,188.28
1,045.68
1,290.61
1,485.58
Current Assets:
a) Inventories
b) Financial Assets:
i) Investments
ii) Trade Receivables
iii) Cash and Cash Equivalents
iv) Other Bank Balances
v) Loans
vi) Other Financial Assets
c) Other Current Assets
Total Current Assets
Total Assets
203.39
269.52
206.85
315.11
324.72
262.28
23.33
7.35
0.50
7.21
108.75
937.53
305.42
318.49
25.17
7.40
0.82
13.54
98.87
354.67
399.26
21.40
21.68
0.68
5.03
343.01
342.37
54.81
31.51
0.79
17.97
114.65
138.58
1,039.23
1,124.22
1,244.15
2,125.81
2,084.91
2,414.83
2,729.73
^: Restated Consolidated Financial Statements
Equity: a) Equity Share Capital b) Other Equity Equity attributable to owners of the Company c) Non-Controlling interests Total Equity Non-Current Liabilities: a) Financial Liabilities: Borrowings i) ii) Lease Liabilities iii) Other Financial Liabilities b) Other Non-Current Liabilities c) Provisions d) Deferred Tax Liabilities (Net) Total Non-Current Liabilities Current Liabilities: a) Financial Liabilities: Borrowings i) ii) Lease Liabilities iii) Trade Payables Total outstanding dues of micro and small enterprises
Total outstanding dues of creditors other than micro and small enterprises iv) Other Financial Liabilities b) Other Current Liabilities c) Provisions d) Current Tax Liabilities (Net)
Total Current Liabilities Total Liabilities and Equity
16.70 777.88
794.58
- 794.58
55.60 - 11.26 18.42 3.94 114.32 203.54
223.28 -
13.60 898.67
912.27
-0.18 912.09
135.62 4.34 1.00 17.18 4.20 170.15 332.49
41.90 0.39
13.60 1,070.95
54.41 1,158.99
1,084.55
1,213.40
9.21 1,093.76
13.09 1,226.49
235.77 9.73 - 25.37 4.86 204.68 480.41
65.03 1.35
506.09 12.56 - 24.58 5.65 219.25 768.13
65.86 1.36
7.02
15.39
26.38
61.23
228.45
289.78
237.20
326.26
494.06 170.79 1.30 2.79 1,127.69 2,125.81
296.41 193.52 1.39 1.55 840.33 2,084.91
296.40 211.97 1.03 1.30 840.66 2,214.83
78.53 198.31 1.07 2.49 735.11 2,729.73
36
Restated Cash Flow Statement^
Particulars (Rs. Crs)
Net Profit Before Tax
FY 25
FY 24
FY 23
H1’ FY26
245.63
340.73
200.04
174.87
Adjustments for: Non -Cash Items / Other Investment or Financial Items
101.74
30.06
159.04
42.18
Operating cash flows before working capital changes
347.37
370.79
359.08
217.05
Changes in working capital
-42.65
-27.20
-84.17
31.32
Cash generated/(used) from Operations
304.72
343.59
274.91
248.37
Direct taxes paid, net
-57.31
-60.21
-22.74
-28.65
Net cash generated/(used) from operating activities
247.41
283.38
252.17
219.72
Net Cash from Investing Activities
-336.79
-13.75
-93.74
-442.21
Net Cash from Financing Activities
85.57
-267.79
-164.8
Net Decrease in Cash and Cash equivalents
Add: Cash & Cash equivalents at the beginning of the period
-3.81
25.17
1.84
23.33
-6.37
29.7
255.9
33.41
21.4
Cash & Cash equivalents at the end of the period
21.36
25.17
23.33
54.81
^: Restated Consolidated Financial Statements
37
Company:
Powerica Limited CIN: U31100MH1984PLC032825 Ritesh Kumar Agrawal, Group Chief Financial Officer Anita Praful Renuse, Secretary & Compliance Officer E-mail id: investorrelations@powericaltd.com
Investor Relations Advisor:
Strategic Growth Advisors Pvt Ltd. CIN: U74140MH2010PTC204285 Shikha Puri / Srushti Pathak Email id: shikha.puri@sgapl.net / srushti.pathak@sgapl.net Tel No: +91 9819282743 / +91 8308245280