Parth Electricals & Engineering Ltd(PARTH)

NSE: PARTH

₹ 484.05+4.59%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 676 crUpdated: 24 Oct 2026

About

Parth Electricals & Engineering makes medium-voltage power distribution equipment such as RMUs, MV switchgear, compact substations and GIS. It also carries out EPC and services work for utilities, ports, industry and data centres. The company is based in Vadodara and listed on NSE Emerge on 11 Aug 2025. It reported FY26 revenue of Rs 198 cr and an order book of Rs271.59 cr.^[1][2][3][4]

Business segments

Revenue in H1 FY26 was Rs70 cr from manufacturing, Rs5 cr from services and Rs5 cr from EPC.^[4]
Services earn margins of 20%+ and specialised services 30-40% (H1 FY26 call).^[4]

Products and technology partners

Makes RMUs and CSS/PSS under licence from Schneider Electric. Has a technology transfer agreement with Hezong (August 2023) for 11KV to 40.5 KV GIS and 33KV RMU.^[3]
As of H1 FY26, Schneider allows Parth to sell 11kV/33kV air-insulated switchgear directly in the market under the PARTH brand.^[4]
Shipped its first UL-compliant consignment of intelligent Motor Control Centres to the USA (reported in Q4 FY26).^[2]

Manufacturing capacity

From January 2025, RMU capacity rose to 300 units a month from 200, and MV switchgear capacity to 1400 units from 1000.^[3]
The Vadodara plant ran at about 90% utilisation in H1 FY26, limited by shop floor space.^[4]
Odisha: a rented facility of about 25,000 sq ft (Rs0.97 cr invested) was set up for small-capacity operations because the land for the permanent plant was delayed (H1 FY26).^[4]

Order book

Order book of Rs271.59 cr in Q4 FY26: Rs110.46 cr products, Rs144.57 cr EPC and Rs16.57 cr services. It is expected to be executed in FY27 and partly in H1 FY28, with a Rs100+ cr pipeline on top.^[2]
The order book was Rs137.36 cr at 30 Sep 2025 and about Rs125 Cr on 15 Aug 2025.^[4][3]
Working capital in FY26: 64 debtor days, 104 inventory days and a 73-day cash conversion cycle. In H1 FY26 these were 54 debtor days, 76 inventory days and a 66-day cycle.^[2][4]

Customers and exports

Won a Rs45.4 cr order for MV block compact substations for an AI-factory data centre project (Q4 FY26).^[2]
Won a Rs84.32 cr PGVCL order, its first in Western Gujarat, and a Rs44.71 cr GIS EPC contract from Deendayal Port (Q4 FY26).^[2]
Won a US$4.8 mn order, its largest export order so far, to supply LT panels to Mesabi Metallics in the USA (Q1 FY26).^[3]
About Rs45 cr of the H1 FY26 order book was export orders, mainly to the USA and Bhutan. Export orders worth Rs10.62 cr for ZESCO (Zambia) were executed by Q4 FY26.^[4][2]

Expansion and capex

Capex to date at Q4 FY26 was Rs20.59 cr: Rs13.09 cr on GIS Unit-2, Rs1.64 cr in Odisha and Rs5.86 cr on the skill centre. Capital work in progress stood at Rs13.51 cr.^[2]
GIS Unit-2 in Vadodara: commercial production targeted by Sep 2026, moved from the earlier target of Mar 2026.^[4][3]
Odisha permanent plant: commercial production targeted by May 2027, moved from the earlier target of May 2026.^[4][3]
IPO proceeds were allotted as 20 Cr to GIS Unit-2 and 19 Cr to the Odisha unit.^[3]

Recent developments

Listed on NSE Emerge on 11 Aug 2025. The IPO raised 49.72 Cr at Rs170 a share. Pre-IPO investors included the family offices of Polycab, Waaree and Uno Minda, and promoter holding fell to 62.57% from 79.60%.^[3]
Total debt fell to Rs17.15 cr from Rs33.32 cr after a Rs62 cr equity raise. Debt to equity moved to 0.15x from 0.82x (FY26).^[2]

Market Cap

₹676 Cr

High / Low

₹576 / 189

Stock P/E

49.4

Price / Book

6.5

Book Value

₹82

EPS

₹10.4

No. of Shares

1.37 Cr

ROCE

16.6%

ROE

12.8%

OPM

10.6%

Debt / Equity

0.15

Sales

₹198 Cr

Net Profit

₹14 Cr

Promoter holding

61.2%

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