Power Mech Projects Ltd(POWERMECH)

NSE: POWERMECHBSE: 539302

₹ 2,118.35-5.26%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 6,697 crWebsite: www.powermechprojects.inUpdated: 24 Oct 2026

About

Power Mech Projects Limited is a Hyderabad-based integrated infrastructure services company operating across power plant construction (ETC), operations & maintenance (O&M), civil infrastructure, industrial EPC, and mine developer-operator (MDO) segments. It describes itself as the largest O&M service provider in India, managing an installed base of 71,537 MW for O&M services. FY26 revenue was Rs 6,061.57 Cr, and total order backlog including MDO projects stood at INR 55,398 Cr in Q1 FY27.^[1][2][3][4]

Business segments

Power segment contributed 54% of Q1 FY27 revenue and non-power 46%.^[4]
Civil infrastructure revenue was INR 796 Cr in Q1 FY27, up 28% YoY, the largest single segment by quarterly revenue.^[4]
O&M revenue was INR 431 Cr in Q1 FY27, up 8% YoY; FY26 O&M revenue was INR 1,760 Cr with an FY27 target of INR 2,089 Cr.^[4]
Industrial EPC contributed INR 96 Cr in Q1 FY27; ETC (erection, testing, commissioning) revenue was INR 217 Cr.^[4]
Mining (MDO) revenue was INR 84 Cr in Q1 FY27, up 223% YoY, as the KBP mine commenced production from November 2025.^[4]

Order book and inflows

Total order backlog including MDO stood at INR 55,398 Cr in Q1 FY27; executable book ex-MDO was INR 16,229 Cr vs INR 15,898 Cr at FY26 end.^[4]
Book-to-bill (ex-MDO) was ~2.5x in Q1 FY27.^[4]
Q1 FY27 order inflows were INR 1,864 Cr against an FY27 annual target of INR 12,000 Cr.^[4]
FY26 order inflow was INR 7,210 Cr, 72% of the INR 10,000 Cr target; the shortfall was mainly the cancellation of a INR 1,563 Cr BESS order.^[1]
O&M order backlog was INR 3,322 Cr in Q1 FY27 vs INR 2,970 Cr at FY26 end, with INR 781 Cr of Q1 inflows.^[4]
International O&M order book rose from ₹145 crore in 2022-23 to ₹253 crore in 2024-25, about 11% of total O&M orders.^[2]

Operations and capabilities

Manages an O&M installed base of 71,537 MW and has 9,262 MW of export capacity across the Middle East, West Africa and Bangladesh (FY25).^[2]
Has executed about 70,626 MW of India's 2,22,000 MW coal-based installed base (FY25).^[2]
Its resource base can undertake 5000-6000 MW a year of new main-plant construction work; owns a fleet of over 300 cranes (FY25).^[2]
A Noida manufacturing facility makes heavy structures, high-pressure tanks and hydro turbine components (FY25).^[2]
Total employees were 10,445 in FY25; the O&M workforce was about 18,000 vs 13,400 a year earlier.^[2]

Mining (MDO) operations

Two coal mines have a combined peak production capacity of 9 MTPA (FY25).^[2]
KBP mine (CCL, Jharkhand) began production in November 2025; Q1 FY27 revenue was INR 57.5 Cr with an FY27 production target of 3 million tons.^[4]
SAIL Tasra mine contributed INR 26.3 Cr in Q1 FY27; post-washery target is 1.2 - 1.3 million tons annually.^[4]
Combined MDO FY26 revenue was INR 354 Cr (KBP INR 248 Cr over 5 months, SAIL Tasra INR 106 Cr).^[1]
Tasra washery hot commissioning is targeted for November - December 2026.^[4]

Customers and international reach

Power sector customers include BHEL, Adani, JSW and L&T (Q1 FY27).^[4]
O&M customers include SCCL, KPCL, GMDC, SJVN, NLC and NTPC; captive power clients include HZL, Dangote Oil Refinery (Nigeria) and Vedanta's Lanjigarh plant (FY25).^[2]
International operations earned INR 232 Crores in FY25; projects executed in nine countries across the Middle East and Africa over the last decade.^[2]
Overseas projects include the 2,640 MW Shuqaiq plant (Saudi Arabia), 1,519 MW IBRI IPP (Oman) and 250 MW Sabiya plant (Kuwait).^[2]
Desalination installation and O&M work in Saudi Arabia (2.5 lakh m3/day) and Oman (1.14 lakh m3/day) (FY25).^[2]
Water division (UP Jal Jeevan Mission): execution paused on remaining ~INR 900 Cr backlog due to state certification delays (Q4 FY26).^[1]

Expansion and capex

Singareni BOP EPC (BHEL, 1×800 MW, Telangana): INR 2,550 Cr contract secured in Q3 FY26, the first integrated BoP EPC; 38-month schedule.^[5]
JSW Salboni thermal plant civil and structural work (2×800 MW, West Bengal): INR 850 Cr order won in Q1 FY27.^[4]
FY27 capex at holding level is INR 400 Cr, mainly for Tasra washery completion.^[1]
Total Tasra washery cost is INR 680 - 700 Cr; FY26 capex was ~INR 380 Cr.^[5]
Subsidiary Surytna Projects is setting up distributed solar plants in Bihar under PM-KUSUM totalling 13.66 MW (AC) (FY25).^[2]

Recent developments

Sep 2026: Won INR 970 Cr, 60-month O&M contract from Vedanta Power for 2×600 MW Sakti Thermal Plant, Chhattisgarh.^[6]
Sep 2026: Won INR 549.37 Cr O&M contract from Moxie Power Generation for 2×600 MW Tuticorin TPP (Oct 2026 - Sep 2031).^[7]
Sep 2026: Won INR 279.20 Cr, 3-year ash and coal handling plant maintenance contract from Telangana Power Generation Corporation.^[8]
Q1 FY27: Won Mumbai Monorail O&M from MMMOCL (INR 279 Cr, 15 stations), entering urban mobility O&M.^[4]
Q1 FY27: An accident at the Athena Vedanta project disrupted work for 3 - 4 months; ETC revenue fell 13% YoY to INR 217 Cr.^[4]
BESS project (250 MW / 1,000 MWh, West Bengal, INR 1,563 Cr) was cancelled by the West Bengal State Electricity Department (Q4 FY26).^[1]

Market Cap

₹6,697 Cr

High / Low

₹3,009 / 1,718

Stock P/E

17.1

Price / Book

2.7

Book Value

₹797

EPS

₹115.1

No. of Shares

3.16 Cr

ROCE

20.8%

ROE

15.6%

OPM

11.1%

Debt / Equity

0.26

Sales

₹6,062 Cr

Net Profit

₹412 Cr

Promoter holding

58.4%

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