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Powerica Ltd

POWERICA

NSE

₹565.45-3.44%19 Oct 2026

Reports

Capital Goods Gensets and Turbines

Powerica Ltd

POWERICA

NSE

₹565.45

-3.44%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Capital Goods Gensets and Turbines

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

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.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

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Quarterly Results

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Mkt Cap

Market Capitalization

₹7,156Cr

Close Price

₹565.45

Industry

Capital Goods Gensets and Turbines

Price To Earnings

22.71

Price To Sales

2.25

Revenue

₹3,176Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	704	722	616	832	763	801	780
Growth YoY Revenue Growth YoY%					8.3	10.9	26.7
Expenses ExpensesCr	623	654	531	703	685	717	674
Operating Profit Operating ProfitCr	82	68	85	129	78	84	106
OPM OPM%	11.6	9.4	13.8	15.5	10.2	10.5	13.6
Other Income Other IncomeCr	5	22	25	9	13	6	19
Interest Expense Interest ExpenseCr	9	8	6	6	6	7	2
Depreciation DepreciationCr	30	29	27	27	28	35	38
PBT PBTCr	48	53	77	105	58	48	85
Tax TaxCr	18	15	26	21	-40	3	20
PAT PATCr	30	37	51	84	98	45	64
Growth YoY PAT Growth YoY%					226.5	20.3	27.4
NPM NPM%	4.3	5.2	8.2	10.1	12.8	5.6	8.3
EPS EPS₹	10.1	3.4	4.5	7.3	8.8	3.8	5.0

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	704	722	616	832	763	801	780
Growth YoY Revenue Growth YoY%					8.3	10.9	26.7
Expenses ExpensesCr	623	654	531	703	685	717	674
Operating Profit Operating ProfitCr	82	68	85	129	78	84	106
OPM OPM%	11.6	9.4	13.8	15.5	10.2	10.5	13.6
Other Income Other IncomeCr	5	22	25	9	13	6	19
Interest Expense Interest ExpenseCr	9	8	6	6	6	7	2
Depreciation DepreciationCr	30	29	27	27	28	35	38
PBT PBTCr	48	53	77	105	58	48	85
Tax TaxCr	18	15	26	21	-40	3	20
PAT PATCr	30	37	51	84	98	45	64
Growth YoY PAT Growth YoY%					226.5	20.3	27.4
NPM NPM%	4.3	5.2	8.2	10.1	12.8	5.6	8.3
EPS EPS₹	10.1	3.4	4.5	7.3	8.8	3.8	5.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	890	1,488	2,378	2,210	2,653	3,012	3,176
Growth Revenue Growth%		67.1	59.9	-7.1	20.1	13.5
Expenses ExpensesCr	762	1,302	2,031	1,848	2,317	2,636	2,779
Operating Profit Operating ProfitCr	128	186	347	362	336	376	397
OPM OPM%	14.4	12.5	14.6	16.4	12.7	12.5	12.5
Other Income Other IncomeCr	37	36	44	147	67	54	48
Interest Expense Interest ExpenseCr	39	47	56	41	33	25	21
Depreciation DepreciationCr	111	117	136	128	116	117	129
PBT PBTCr	14	59	200	341	253	287	295
Tax TaxCr	30	39	80	115	81	10	4
PAT PATCr	-15	20	120	226	172	277	291
Growth PAT Growth%		232.4	500.2	87.7	-23.9	61.0
NPM NPM%	-1.7	1.4	5.1	10.2	6.5	9.2	9.2
EPS EPS₹	-3.6	6.2	31.8	18.5	14.9	24.4	24.9

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	890	1,488	2,378	2,210	2,653	3,012	3,176
Growth Revenue Growth%		67.1	59.9	-7.1	20.1	13.5
Expenses ExpensesCr	762	1,302	2,031	1,848	2,317	2,636	2,779
Operating Profit Operating ProfitCr	128	186	347	362	336	376	397
OPM OPM%	14.4	12.5	14.6	16.4	12.7	12.5	12.5
Other Income Other IncomeCr	37	36	44	147	67	54	48
Interest Expense Interest ExpenseCr	39	47	56	41	33	25	21
Depreciation DepreciationCr	111	117	136	128	116	117	129
PBT PBTCr	14	59	200	341	253	287	295
Tax TaxCr	30	39	80	115	81	10	4
PAT PATCr	-15	20	120	226	172	277	291
Growth PAT Growth%		232.4	500.2	87.7	-23.9	61.0
NPM NPM%	-1.7	1.4	5.1	10.2	6.5	9.2	9.2
EPS EPS₹	-3.6	6.2	31.8	18.5	14.9	24.4	24.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	17	17	17	14	14	63
Reserves ReservesCr	729	752	858	899	1,071	1,928
Current Liabilities Current LiabilitiesCr	556	1,099	1,126	840	841	1,231
Non Current Liabilities Non Current LiabilitiesCr	427	360	204	332	480	694
Total Liabilities Total LiabilitiesCr	1,729	2,149	2,126	2,085	2,415	3,931
Current Assets Current AssetsCr	571	897	937	1,039	1,124	2,216
Non Current Assets Non Current AssetsCr	1,158	1,252	1,188	1,046	1,291	1,715
Total Assets Total AssetsCr	1,729	2,149	2,126	2,085	2,415	3,931

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	17	17	17	14	14	63
Reserves ReservesCr	729	752	858	899	1,071	1,928
Current Liabilities Current LiabilitiesCr	556	1,099	1,126	840	841	1,231
Non Current Liabilities Non Current LiabilitiesCr	427	360	204	332	480	694
Total Liabilities Total LiabilitiesCr	1,729	2,149	2,126	2,085	2,415	3,931
Current Assets Current AssetsCr	571	897	937	1,039	1,124	2,216
Non Current Assets Non Current AssetsCr	1,158	1,252	1,188	1,046	1,291	1,715
Total Assets Total AssetsCr	1,729	2,149	2,126	2,085	2,415	3,931

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	219	214	257	283	256	453
Investing Cash Flow Investing Cash FlowCr	-95	-80	-99	-14	-346	-1,394
Financing Cash Flow Financing Cash FlowCr	-80	-135	-165	-268	86	1,001
Net Cash Flow Net Cash FlowCr	44	0	-6	2	-4	60
Free Cash Flow Free Cash FlowCr	-20	153	214	155	-50
CFO To PAT CFO To PAT%	-1,443.5	1,064.8	213.4	125.3	148.9	163.3
CFO To EBITDA CFO To EBITDA%	171.2	115.0	74.0	78.2	76.2	120.5

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	219	214	257	283	256	453
Investing Cash Flow Investing Cash FlowCr	-95	-80	-99	-14	-346	-1,394
Financing Cash Flow Financing Cash FlowCr	-80	-135	-165	-268	86	1,001
Net Cash Flow Net Cash FlowCr	44	0	-6	2	-4	60
Free Cash Flow Free Cash FlowCr	-20	153	214	155	-50
CFO To PAT CFO To PAT%	-1,443.5	1,064.8	213.4	125.3	148.9	163.3
CFO To EBITDA CFO To EBITDA%	171.2	115.0	74.0	78.2	76.2	120.5

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							7,156
Price To Earnings Price To Earnings							22.7
Price To Sales Price To Sales							2.3
Price To Book Price To Book							3.6
EV To EBITDA EV To EBITDA							17.7
Profitability Ratios Profitability Ratios
GPM GPM%	31.8	27.7	32.0	29.4	24.5	24.4	24.4
OPM OPM%	14.4	12.5	14.6	16.4	12.7	12.5	12.5
NPM NPM%	-1.7	1.4	5.1	10.2	6.5	9.2	9.2
ROCE ROCE%	4.7	9.1	22.2	34.8	20.6	12.2	12.2
ROE ROE%	-2.0	2.6	13.8	24.8	15.9	13.9	13.9
ROA ROA%	-0.9	0.9	5.7	10.8	7.1	7.0	7.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							7,156
Price To Earnings Price To Earnings							22.7
Price To Sales Price To Sales							2.3
Price To Book Price To Book							3.6
EV To EBITDA EV To EBITDA							17.7
Profitability Ratios Profitability Ratios
GPM GPM%	31.8	27.7	32.0	29.4	24.5	24.4	24.4
OPM OPM%	14.4	12.5	14.6	16.4	12.7	12.5	12.5
NPM NPM%	-1.7	1.4	5.1	10.2	6.5	9.2	9.2
ROCE ROCE%	4.7	9.1	22.2	34.8	20.6	12.2	12.2
ROE ROE%	-2.0	2.6	13.8	24.8	15.9	13.9	13.9
ROA ROA%	-0.9	0.9	5.7	10.8	7.1	7.0	7.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	TDPOWERSYS	TRITURBINE	POWERICA	TRL	SUZLONPP
Market CapitalizationMkt CapCr	23,691	15,409	7,156	75	70
Close PriceClose₹	737.00	484.70	565.45	60.12	5.50
IndustryIndustry	Capital Goods Gensets and Turbines	Capital Goods Gensets and Turbines	Capital Goods Gensets and Turbines	Capital Goods Gensets and Turbines	Capital Goods Gensets and Turbines
Price To EarningsPE	83.75	45.86	22.71	83.50
Price To SalesPS	11.15	6.84	2.25	1.86
RevenueRevenueCr	2,124	2,253	3,176	40
Revenue Growth TTMRev Gr TTM%	54.3%	17.7%		-53.0%
PAT Growth TTMPAT Gr TTM%	45.3%	-1.9%		-91.8%

	TDPOWERSYS	TRITURBINE	POWERICA	TRL	SUZLONPP
Market CapitalizationMkt CapCr	23,691	15,409	7,156	75	70
Close PriceClose₹	737.00	484.70	565.45	60.12	5.50
IndustryIndustry	Capital Goods Gensets and Turbines	Capital Goods Gensets and Turbines	Capital Goods Gensets and Turbines	Capital Goods Gensets and Turbines	Capital Goods Gensets and Turbines
Price To EarningsPE	83.75	45.86	22.71	83.50
Price To SalesPS	11.15	6.84	2.25	1.86
RevenueRevenueCr	2,124	2,253	3,176	40
Revenue Growth TTMRev Gr TTM%	54.3%	17.7%		-53.0%
PAT Growth TTMPAT Gr TTM%	45.3%	-1.9%		-91.8%