Synopsis: Stock delivering a 49 percent five-year CAGR secured a Rs 709 crore order for a thermal power plant in Tiroda, boosting its strong Rs 57,000 crore order book and reinforcing growth visibility across diversified infrastructure segments.
A small-cap company in the business of EPC services across power, infrastructure, and industrial projects has secured a Rs 709 crore order from the Adani Group, strengthening its already robust order book. Its client base includes NTPC, BHEL, Reliance Industries, Siemens, Larsen & Toubro, Tata Power, Vedanta, and global majors.
With a market cap of Rs 6,100 Cr, Power Mech Projects Ltd. saw its stock hit an intraday high of Rs 1,987, which is 5 percent higher than the previous close of Rs 1890. The company stock has given a compounded return of 49 percent in the last five years, while the three-year number is at 19 percent.
What’s the news?
Power Mech Projects Limited has secured a Rs 709 crore domestic contract from Adani Infrastructure Management Services Limited. The agreement involves KPI-based operations, maintenance, and overhauling for a 5×660 MW thermal power plant in Tiroda, Maharashtra. The project will be executed over five years, from April 2026 to March 2031.
The Order Book
Power Mech Projects reports strong order momentum with FY26 YTD inflows of Rs 7,766 crore, which is already 22 percent more than the previous fiscal year’s number and is supported by BESS, solar, and industrial orders. The diversified order base across thermal, civil, and infrastructure segments, along with reputed clients, enhances revenue visibility and positions the company to approach its Rs 10,000 crore inflow target overall.
The order backlog remains robust at over Rs 57,000 crore and is alread 7 percent higher than the previous fiscal year’s number. Strong inflows and diversified segments provide stability, supporting consistent growth outlook in the coming years ahead going.
The Revenue Mix
In Q3 FY26, Power Mech Projects Ltd reported total revenue of Rs 1,420 crore. Civil works emerged as the largest contributor with Rs 543 crore, accounting for 39 percent of total revenue. This was followed by O&M (Operations & Maintenance) at Rs 488 crore, forming 34 percent, reflecting strong execution in service-based and recurring projects.
Erection works contributed Rs 286 crore, making up 20 percent of total revenue. MDO (Mine Developer & Operator) generated Rs 71 crore, contributing 5 percent, while electrical works stood at Rs 32 crore, accounting for the remaining 2 percent. This mix highlights a diversified revenue base with a dominant share from civil and O&M segments.
Business & Financial Overview
Power Mech Projects Ltd is an Indian engineering, procurement, and construction (EPC) company specializing in power generation, transmission, and infrastructure projects. Founded in 1999 and headquartered in Hyderabad, it delivers services across erection, testing, commissioning, civil works, and operation and maintenance for thermal, hydro, and renewable energy projects nationwide.
Its major domestic clients include NTPC, BHEL, Adani Group, Reliance Industries, Siemens, Larsen & Toubro, Tata Power, Vedanta, Coal India, Indian Oil, ONGC, and CESC. Key international clients include Siemens, GE Alstom, Mitsubishi, Hyundai, Doosan, Samsung, Dangote, ADNOC, and NOMAC, reflecting strong global EPC credentials.
In the latest quarter the company saw a YoY revenue growth of 6 percent, going from Rs 1,338 Cr in Q3FY25 to Rs 1,420 Cr in Q3FY26, while the QoQ went up by 15 percent from Rs 1,238 Cr in Q2FY26. The YoY Net Profits growth is at 15 percent, going from Rs 87 Cr in Q3FY25 to Rs 100 Cr in Q3FY26, while the QoQ growth stood at 28 percent from Rs 78 Cr in Q2FY26.
The company has a 3 year sales CAGR of 25 percent, while the TTM is at 24 percent. The company’s 3 year profit CAGR is at 32 percent, while the TTM number is at 15 percent. The company also has a ROCE of 23 percent and a ROE of 16 percent.
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