Synopsis: Ashish Kacholia & Vijay Kedia-backed stock rose 3% after signing an MoU with TECO Fuel Cell Technology. The partnership focuses on hydrogen fuel cell technology under the National Green Hydrogen Mission. It targets stationary power, including data centre systems, heavy-duty transport, and maritime applications
The shares of a Small-cap company specializing in the manufacturing of critical components and providing EPC (Engineering, Procurement, and Construction) services for the power transmission, telecommunications, and renewable energy sectors are in focus after it signed a hydrogen fuel cell MoU with Norway’s TECO.
With a market capitalization of Rs. 2,065.31 crores in the day’s trade, the shares of Advait Energy Transitions Ltd rose by 2.87 percent, reaching a high of Rs. 1,928.85 per share compared to its previous closing price of Rs. 1,874.95 per share. As of March 2026, Ashish Kacholia holds a 1.83% stake in the company, while Vijay Kedia, through Kedia Securities Private Limited, holds a 1.14% stake.
What Happened
Advait Energy Transitions Limited has entered into a Memorandum of Understanding (MoU) with TECO Fuel Cell Technology AS, Norway. The MoU was signed during the 3rd India–Nordic Summit held in Oslo, Norway.
The MoU was executed by Mr Shalin Sheth, Promoter and Managing Director of the Company, and Mr Tore Enger, Executive Chairman of TECO Maritime Group and CEO of TECO Fuel Cell Technology AS. The signing ceremony was witnessed by the Hon’ble Prime Minister of India, Shri Narendra Modi, and the Prime Minister of Norway, Mr Jonas Gahr Støre, on the sidelines of the Summit.
The collaboration is aligned with the Government of India’s “Atmanirbhar Bharat” initiative and the National Green Hydrogen Mission. It aims to strengthen domestic manufacturing capabilities through knowledge transfer and joint engineering in hydrogen fuel cell technology. The collaboration is intended to cater to the following sectors:
- Stationary power applications, including data centre systems – targeted production from Q1 CY2027
- Heavy-duty transport and mobility applications – targeted production from Q1 CY2028
- Maritime and shipping applications – development progressing alongside mobility applications through CY2028.
Financials & Others
The company’s revenue rose by 114 percent from Rs. 98 crores in December 2024 to Rs. 211 crores in December 2025. Meanwhile, Net profit rose from Rs. 10 crores to Rs. 17 crores in the same period.
The company has demonstrated strong financial efficiency with a Return on Capital Employed (ROCE) of 26.9% and a Return on Equity (ROE) of 22.5%. It also maintains a conservative capital structure, reflected in a low debt-to-equity ratio of 0.27, indicating prudent leverage and financial stability.
In terms of growth and valuation, the company has delivered an impressive profit CAGR of 131% over the last five years. It also shows a favourable PEG ratio of 0.56, suggesting potential undervaluation relative to its earnings growth, along with a consistent ROE track record of 25.7% over the past three years.
As of 31 December 2025, the company reported a strong order book of Rs. 1,048 crore, indicating healthy revenue visibility going forward. This provides a solid foundation for execution and future growth momentum. The order book is largely driven by the PTS Division, which contributes 84% of the total, while the NRE Division accounts for the remaining 16%.
Advait Energy Transitions Limited, incorporated in 2010, is an emerging player in the Power Transmission Solutions (PTS) and new energy (NRE) space. The company offers EPC solutions and services supported by a niche product portfolio and modern manufacturing capabilities, operating across multiple geographies.
In its PTS segment, the company manufactures ACS and OPGW wires, Emergency Restoration Systems (ERS), and over 140+ stringing tools, and is expanding capacity for advanced tools, ERS, and high-ampacity conductors. In the NRE segment, it is developing a greenfield facility with 300 MW electrolyser capacity, a 2.5 GWh BESS manufacturing unit, and an assembly line for fuel cell technology.
Additionally, the company has built a diversified carbon credits and I-RECs portfolio across verified global standards, spanning renewable energy, waste management, and nature-based projects with over 1,200+ MW of RE/I-REC capacity. It has also participated in the Vibrant Gujarat Summit 2025, securing MoUs worth Rs. 1,400 crore, reflecting its growing footprint in the clean energy transition space.
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