Powerica is fundamentally a power-backup builder that turned itself into a power *generator* - it started in 1984 by solving India’s painfully slow, unorganized diesel generator market, and has spent four decades layering new engines onto that core: first bigger generators, then wind farms, and now emission-control devices. The recurring approach is to lock in a global OEM partner - Cummins, Hyundai, GE Vernova - and then build the manufacturing, installation and service muscle around that partner’s technology, so the company owns the customer relationship and the margin on everything except the engine block itself. # Business segments Three engines at different stages - a diesel-generator cash cow that also builds and installs what it sells, a wind-power business that both owns and builds for others, and a tiny emission-control bet that could one day ride on the back of every old generator in the country. ## 1. Generator sets: the factory that builds, installs and services the backup power India runs on **A 40-year partnership with Cummins gives Powerica access to engines covering over 90% of the market, but the company makes almost everything else itself - the enclosure, the controls, the exhaust - so it controls cost and delivery in a way pure traders cannot.** - **One engine platform, almost the whole market** - the Cummins tie-up gives Powerica diesel and gas engines from 7.5 kVA to 3,750 kVA, which covers an estimated 90-95% of Indian demand, so the company can address nearly any customer need without switching suppliers. - **Makes everything but the heart** - except for the engine and alternator, all components - acoustic enclosures, fuel and exhaust systems, control panels - are manufactured, processed and tested in-house across three plants (Bangalore, Silvassa, Khopoli), which means shorter lead times and better cost control than rivals who outsource. - **Sells the box and the build** - for data centres, the company supplies the generator set and also performs the installation EPC (engineering, procurement and construction) work, which can add anywhere from a quarter to three-quarters of the supply order’s value on top, turning a product sale into a far larger project. - **Big engines for factories that cannot stop** - the Medium-Speed Large Generator division, started in 1996 and now sourcing from Hyundai, makes gensets from 3,000 kVA to 10,000 kVA for continuous-process industries like cement, steel and nuclear plants, where on-site assembly and end-to-end engineering are rare capabilities in India. - **A national sales net with no single customer calling the shots** - 19 sales offices, 122 salespeople and 40 authorised dealers spread across the country, and no single customer accounts for more than 5% of trade receivables, so the business is not hostage to any one relationship. ## 2. Wind power: the owner-operator that also builds wind farms for others **Powerica owns 331 MW of wind assets selling electricity under 25-year government contracts, while simultaneously constructing balance-of-plant infrastructure for third-party developers - so it earns both a steady utility-like income and project-based construction fees from the same in-house engineering team.** - **A utility with a 25-year price lock** - 12 wind projects in Gujarat with 330.85 MW of capacity sell power to state distribution companies (GUVNL and SECI) under fixed-tariff agreements of 20-25 years, with tariffs ranging from INR 2.4 to INR 4.19 per kilowatt-hour, giving the IPP (independent power producer) portfolio highly predictable cash flows. - **Builds the rest of the wind farm for others** - the EPC business has developed 450 MW of balance-of-plant work (everything except the turbine itself) for third parties, including a 175 MW project for Airpower Wind Farms and a 250 MW project for Torrent Surya Urja, with a further 150 MW under a letter of award. - **Services what it builds - and its own machines too** - the operations and maintenance team looks after 88 wind-turbine locations in Gujarat, 67 of which are the company’s own and 21 belong to outside customers, so the field force stays utilised and the company captures the lifetime service revenue. ## 3. Platino RECD: the emission fix that could become compulsory **A retrofit device that cuts diesel generator emissions by up to 92% and fits any engine brand above 125 kVA - a small associate-company bet today, but one aimed at every pre-CPCB4 generator set still running in India.** - **One device, any engine** - the Platino RECD (retrofit emission control device) is certified by India’s automotive and testing agencies (ARAI and ICAT) and works across all engine brands, so it is not tied to Powerica’s own Cummins-installed base. - **A price tag that scales with the generator** - installation costs range from INR 3 lakhs to INR 30 lakhs per unit, meaning the opportunity grows with the size of the machine it is fitted to. - **The addressable market is every old DG set in the country** - the device targets all generators built before the current emission norms (CPCB4), which is a vast installed base that regulators could eventually force to clean up. # Group structure and partners **Powerica runs its wind projects through a web of subsidiaries - some wholly owned, some shared with global turbine makers - while the generator business sits inside the parent company and leans on two multi-decade OEM relationships.** - Wholly owned subsidiaries include Vartaman Wind Energy, Windstride Power (incorporated in FY25), and a UAE-based entity, Powerica Power Systems FZE, giving the group an international vehicle. - The wind development pipeline is housed in subsidiaries where partners sometimes take a stake: Paramount Windfarms was 49% sold to GE Renewable R&D India in December 2024, and two new wholly owned entities - Windfusion Renewable and Whisperwind Renewable - were incorporated in June 2026 to develop future renewable projects. - The 50% stake in Platino Automotive (the emission-device associate) was acquired in April 2024, while a previous 50% interest in wind developer Airpower Windfarms was sold in September 2023, showing a pattern of entering and exiting partnerships as projects mature. - The core OEM relationships are with Cummins India (over 40 years, covering 7.5-3,750 kVA engines), Hyundai Heavy Industries (medium-speed large generators), and in wind, GE Vernova and Vestas - including a joint venture with GE Vernova for a 2 GW renewable project at Khavda, pending land allotment from the Gujarat government.