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Parth Electricals & Engineering H2 FY26 Earnings Call Highlights
👉 FY27 & Future Outlook
▫️Revenue growth of 20–30% expected for the next 2–3 years
💠Driven by new GIS & Odisha facilities, own-brand MV AIS panels, 33 kV RMU, higher-voltage control & relay panels (up to 400 kV)
💠Focus remains on value-added manufacturing + services (not volume-driven EPC); EBITDA and PAT margins to improve by at least 100 bps per year for the next 2–3 years.
💠GIS factory (Vadodara) inauguration targeted for September 2026; Odisha rental facility fully operational by October 2026 (accelerated from original May 2027 plan via long-term lease).
💠Combined new facilities expected to add ~₹300 Cr incremental revenue at full capacity (GIS ~₹200 Cr + Odisha ~₹100 Cr).
💠Exports targeted at 20–25% of manufacturing revenue (already ~₹31 Cr in FY26)
💠Certification for LV/MV products opens high-margin US/Canada opportunities; Africa (Zambia repeat orders), Middle East, and data-centre exports also in focus.
▫️Skill Development Centre inauguration on 26 May 202 – major in-house capability build;
💠~₹6–6.5 Cr invested; will support training of own team + international clients (e.g., JESCO Zambia engineers).
👉 Current Order Book / Projects and Future Pipeline
▫️Order book of ₹271.59 Cr (as on call date) – majority executable in FY27, small portion in H1 FY28.
💠Break-up: Manufacturing & Supply ₹110.46 Cr | EPC ₹144.57 Cr | Services ₹16.57 Cr.
▫️Key wins highlighted:
💠₹84 Cr PGVCL RDSS project (EPC – heavy RMU component; builds credentials for underground MV network).
💠₹45.4 Cr Reliance AI Data Centre MV block compact substation order (Jamnagar) – first major data-centre breakthrough; execution in <6 months.
💠₹10.62 Cr JESCO (Zambia) – first trial export order for RMUs/CSS; repeat expected; customer visiting skill centre + exploring refurbishment JV.
💠₹9.23 Cr Tata Central Odisha rate-contract for 11 kV CSS (L1 after reverse auction).
💠First certified Intelligent Motor Control Centre dispatched to USA (remainder this year); follow-on quotes already submitted.
▫️Pipeline & repeat business:
💠Healthy across data centres (100% probability of repeat from Reliance/Vertiv and others)
💠Exports (US, Africa, Middle East), and domestic utilities.
💠Focus on high-margin, value-added orders only
💠EPC used strategically to push own manufactured products (RMUs, CSS, earth link boxes, etc.).
👉 Other Notable Points
▫️Working capital days improved to 73; net WC requirement reduced from ₹33 Cr to ₹17 Cr via better management and IPO fund deployment.
💠Inventory deliberately built to hedge raw-material volatility (steel, copper, aluminium, gas) – no major margin hit expected on existing orders.
▫️Capex & IPO utilisation: ₹62 Cr raised (pre-IPO + IPO); ₹20 Cr allocated to GIS factory (Vadodara), ₹19 Cr to Odisha unit
💠Balance used for WC repayment and general corporate purposes.
💠Savings from accelerated Odisha rental model to be deployed for further expansion post-board approval.
▫️US entity: MD is co-founder with local partners; used for market access, after-sales service, and component sourcing.
💠Not yet a subsidiary but option kept open if it scales meaningfully (target 2–3 years).
💠No direct fund transfer; self-sustaining via local revenues.
▫️Competitive edge: Long-tenure core team (avg. 20+ years industry exp., 10+ years with Parth); Schneider tech tie-up; complete in-house design-manufacture-service capability; timely specialised services (even at 765 kV GIS); quality benchmarked against Siemens/ABB/CG.
▫️Raw material & contract strategy: Most industrial orders are fixed-price; utilities offer price-variation clause.
💠Existing order book largely insulated via pre-built inventory + PV clauses in EPC/cable portions.
💠Future bidding to factor in cost increases + export premium for better margins.
▫️Governance & team: Employee strength ~270; zero intent to shift core focus from manufacturing + high-value services.
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👉Smaller. Less covered, though noisy at times. Yet occasionally, genuinely exceptional.
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⚠️ For educational purposes only. Not investment advice. Please DYODD.
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