Credit rating
Credit Rating- Revision 4 Aug - Crisil upgraded Parth Electricals' long-term rating to BBB/Stable and short-term to A3+ for ₹70 crore facilities.
Source: Nse
Parth Electricals & Engineering Ltd. (PARTH)
SME CapPower stocks · SME cap · NSE
Parth Electricals & Engineering Ltd. is a manufacturer and service provider in the Electrical Power Transmission & Distribution sector, with in-house R&D and design capabilities. It offers RMUs, MV Panels, Compact Substations, and specialized installation, testing, and commissioning services for substations and power cables.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result20 May, 10:55 pm IST
Score20 Oct, 06:00 pm IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
79Bullishfull bull SMA stack · MACD + · near 52W high
Stock trend: 79
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PARTHD candles · FIT view+57.4%Latest close ₹530.05 on 2026-10-19
Bar
-2.7%
RSI
52
MACD hist
2.29
52W pos
88%
2026-10-19O ₹544.90H ₹544.90L ₹530.05C ₹530.05Vol 1,200 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PARTHNifty PowerNifty 500
- PARTH
- +19.1%
- Nifty 500
- -5.6%
- Nifty Power
- -13.0%
- Vs Nifty 500
- +24.7 pp
Chart stats
19 Oct 2026- From 52W high
- -7.9%
- 52W range position
- 88%
- ATR (14)
- 4.7%
- Volume vs 20D
- 0.09x
- Avg traded value
- ₹0.5 Cr
- 20D price channel
- ₹491 - ₹575.5
₹575.5
₹188.6 - ₹575.5
₹25.1
Latest completed session
20-session average
54.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST39
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bullish79
Price trend and sector-relative-strength timing.
Valuation
Legacy model-102.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹118 Cr | NDF | +47.5% |
| EBITDA | ₹11 Cr | NDF | +10.0% |
| Operating margin | 9.0% | NDF | -300 bps |
| PAT | ₹8 Cr | NDF | +33.3% |
| PAT margin | 6.8% | NDF | -72 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 52.00
- P/B
- 6.50
- EV/EBITDA
- 32.91
- Market Cap
- 740.00Cr
Profitability
- ROE
- 18.70%
- ROCE
- 21.00%
- ROA
- 7.45%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 23.00%
- Revenue 3Y
- 45.00%
- EPS 3Y
- 80.00%
Balance Sheet
- Debt/Equity
- 0.15
- Interest Coverage
- 10.50×
- Altman Z
- 8.21
- Book Value
- 81.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -4.00 Cr
- EPS TTM
- 10.42
Shareholding
- Promoter Hold
- 61.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 88%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 118+47.5% vs prev
Net Profit
₹ CrLatest: 8.0+33.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 52.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 52 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 8% off 52W high · 181% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
94
RS percentile
Stage 2 UptrendEstablished S2
1M return
+1.4%
3M return
+19.1%
6M return
+64.2%
1Y return
+94.5%
RS 1D
0
RS 20D
0
Sector rank
#11
Industry rank
#29
Stage evidence
- Price is 22.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +8.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 observed by
08 Apr 2026
S2 age
137 trading sessions
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 228.3+0.86%
RS vs Nifty 500228
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth16/25
Quality10/20
Balance Sheet11/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-1
Raw sum
39
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
39/100 · legacy band WATCHLIST
Positive drivers
- Balance sheet contributes 11/15 to the score.
- Growth contributes 16/25 to the score.
- Quality contributes 10/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -102.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
52.0
PB
6.5
EV/EBITDA
32.9
ROE
18.7%
ROCE
21.0%
FCF Yield
—
Debt/Equity
0.1
MoS
-102.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
39
Previous: 39
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-102.4%
Previous: -102.4%
Score history
12 stored score snapshots. Latest stored move: -1 points.
20 Oct 2026
v4.3-runtime-valuation
40
40
40
40
40
40
40
40
40
40
40
39
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹138.23
-283.5% MoS
Growth-justified P/E
25.1
Growth-justified Value
₹261.85
-102.4% MoS
PEG
1.41
Comparable companies
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RULKA
SME
Rulka Electricals Ltd.
Electrical Equipment
match 154
47
16.0
9.2%
+47%
FAIR VALUE
CHAMUNDA
SME
Chamunda Electrical Ltd.
Electrical Equipment
match 153
57
14.0
13.1%
+51%
FAIR VALUE
VIVIANA
SME
Viviana Power Tech Ltd.
Electrical Equipment
match 133
66
14.9
59.7%
+46%
UNDERVALUED
JAINIK
SME
Jainik Power Cables Ltd.
Electrical Equipment
match 128
58
17.5
25.6%
+30%
FAIR VALUE
LAKSHYA
SME
Lakshya Powertech Ltd.
Electrical Equipment
match 126
21
9.8
9.8%
-29%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-21T07:19:32.329Z
Management commentary snapshot
FY26 Revenue grew 14% YoY to INR 200.95 Cr, EBITDA rose 19% to INR 20.85 Cr, and PAT surged 41% to INR 14.24 Cr. Post-IPO, Debt/Equity sharply reduced to 0.15x, but ROE and ROCE diluted due to the expanded equity base.
While PARTH delivered strong top-line and bottom-line growth in FY26 and significantly deleveraged its balance sheet post-IPO, the dilution in ROE and ROCE, coupled with negative operating cash flow, raises concerns about capital efficiency and cash conversion. Management acknowledges these areas for improvement.
Current business mix
Order Book by Vertical
Latest issuer-disclosed distribution across 3 reported categories.
Manufacturing & Supply40.7%
EPC53.2%
Services6.1%
Growth engines
Government Policies
GoI initiatives like the Revamped Distribution Sector Scheme (RDSS) and the National Electricity Plan envisage T&D capex of INR 9.16 lakh Cr through 2032.
Sharp Increase in Peak Power Demand
CEA estimates projected peak demand for FY30 to reach 335 GW, 60% higher than FY’23.
Evolution of Demand to RMUs & CSS
End-use industries are installing Ring Main Units (RMUs) as secondary distribution sources for reliable power supply, with gas insulated segments anticipated for fastest growth.
Boom in Data Centres
India's data center demand is expected to surge from 1.2 GW in 2024 to 4.5 GW by 2030, a structural tailwind for electrical equipment.
Capacity and execution
GIS Plant, Karachiya, Vadodara (Unit-2)
Construction of new GIS plant started in Sept 2025 for manufacturing 33KV, 66KV, 132KV & 220KV GIS. Total CapEx till date is INR 13.09 Cr.
Manufacturing Unit, Khordha, Odisha
Rented manufacturing facility in Odisha (temporary basis) to capitalize on opportunities in the Eastern region. Total CapEx till date is INR 1.64 Cr.
Skill Development Centre, Savli, Vadodara
Launch of Training & skill development center in May 2026. Total CapEx till date is INR 5.86 Cr.
Tailwinds
Government Initiatives
RDSS scheme and National Electricity Plan drive T&D capex, bolstering long growth for transformers, switchgear, and EPC players.
Transition to Clean Energy
India's power sector budget increased 50% in 2024, with focus areas including green hydrogen, solar power, and green-energy corridors.
Data Centre Boom
India's data center demand is expected to surge, creating demand for MV/LV switchgear, panels, and compact substations.
Export Market Expansion
Commenced revenue generation from markets such as USA, Zambia, Nepal, and Bhutan, with successful dispatch of Intelligent MCC to USA.
Risk radar
Capital Efficiency Dilution
ROE and ROCE decreased in FY26 due to a significant equity infusion (INR 62.05 Cr) and higher capital employed, outpacing profit growth.
Negative Operating Cash Flow
Operating cash flow was negative INR 4.06 Cr in FY26, indicating a stretched working capital cycle and a need for better cash conversion.
Heavy CapEx Cycle Execution
The company is in a heavy CapEx cycle with new plants under construction, requiring commissioning discipline and utilization ramp-up to generate returns.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation covers the annual financial year (FY26) and provides year-on-year comparisons for key financial metrics, making YoY the most relevant basis for assessing performance trends.
Sector KPIs management disclosed
Net Revenue
Net Revenue (excl. other income) increased 13% YoY to INR 198.00 Cr in FY26. Total Revenue was INR 200.95 Cr (14% growth).
EBITDA
EBITDA grew 19% YoY to INR 20.85 Cr in FY26.
PAT
Profit after Tax (PAT) expanded 41% YoY to INR 14.24 Cr in FY26.
PAT Margin
PAT Margin expanded from 5.79% to 7.19% in FY26, up 140 bps.
Management forward view
Better Capital Utilisation
Management's focus is to lift ROCE and ROE through higher utilization and tighter asset turns.
Optimize Working Capital Cycle
Management aims to normalize inventory and improve net capital turnover without disrupting growth.
Convert Earnings to Cash
The company's next focus is to move toward stronger cash flow from operations.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| ROCE | 15.77% (FY26) | Improvement from higher utilization and tighter asset turns. |
| Operating Cash Flow | -4.06 Cr (FY26) | Positive conversion of earnings to cash. |
| Working Capital Cycle | 73 days (FY26) | Normalization of inventory and improved net capital turnover. |
| Capacity Utilization | New GIS plant and Odisha facility under buildout. | Commissioning discipline and ramp-up of utilization at new facilities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
68Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 65th percentile within Power. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
5 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · Power: 65th pctile, median 65 · SME: 70th pctile, median 64
Evidence depth
Financial-only
5 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
90
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 61.2%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 40.2%.
- ▸ROCE is 21%.
Trust risks
- ▸Operating cash flow is negative at ₹-4 Cr.
- ▸Only 1 years of positive FCF.
- ▸ROCE trend is -8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Parth Electricals & Engineering Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptMay 2026
May 2026 · Transcript
Source: Company Ir
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Concall transcriptMay 2026
May 2026 · Analysts/Institutional Investor Meet/Con. Call Updates 26 May 2026 - Parth Electricals shared FY26 earnings call transcript, discussing results, order book, capex, exports, and growth plans.
Source: Nse
Annual report
Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · Updates 4 Sep - 19th AGM on 26 September 2026; annual report web-link shared, plus KYC update reminder.
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationAug 2025
Aug 2025 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.