Power Mech Projects Limited (POWERMECH)
Micro CapInfra stocks · Micro cap · NSE
Power Mech Projects is India's market leader in O&M services with 75 GW+ capacity across industrial, infrastructure, and power segments. It offers diversified engineering and infrastructure execution, from power plant construction to metro, water, and civil infra, with 26 years of multi-sector project delivery.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +26% YoY · PAT +10% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,624 Cr | +25.6% | -23.1% |
| EBITDA | ₹167 Cr | -1.8% | -26.1% |
| Operating margin | 10.0% | -300 bps | -100 bps |
| PAT | ₹89 Cr | +9.9% | -41.8% |
| PAT margin | 5.5% | -78 bps | -177 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4 FY26 revenue grew 14% YoY to INR 2,111 Cr, with full-year revenue up 16% to INR 6,062 Cr. EBITDA growth was modest at 2% YoY in Q4 due to higher costs, but full-year EBITDA rose 16%. Order inflow of INR 7,210 Cr was below target due to a cancelled BESS order.
The company delivered strong revenue growth for Q4 and FY26, supported by execution and MDO ramp-up. The substantial order backlog provides good visibility. However, Q4 EBITDA margins faced pressure from increased operating expenses, and a significant order cancellation impacted full-year inflows. The MDO segment's increasing contribution and strategic pivot to high-value EPC are positive, but execution in the water division needs monitoring.
Segment Revenue (Q4 FY26)
Latest issuer-disclosed distribution across 5 reported categories.
MDO Business
High-margin MDO contracts worth INR 39,500+ Cr operationalized, with share in total revenue rising due to ramp-up at KBP mine.
High-Value EPC Projects
Entry into integrated Balance of Plant (BOP) EPC projects with a 1x800 MW Singareni thermal power project win from BHEL.
O&M Expansion
Strengthened O&M portfolio and entry into metro O&M towards the end of FY26.
Energy Transition & Urban Mobility
Management is optimistic about opportunities in energy storage and urban mobility.
MDO Peak Rated Capacity
Achieved 9 MTPA peak rated mining capacity.
BOP EPC Package
Awarded Balance of Plant EPC package for 1x800 MW Singareni thermal power project.
Diversified Order Book
Total order backlog of INR 55,151 Cr (including MDO) provides strong execution visibility over the medium term.
MDO Contribution
Both MDO contracts progressed during FY2026, now contributing meaningfully to cash flow from operations.
Strategic Expansion
Meaningful progress in strengthening position across the power and infrastructure sector through expansion into larger EPC and diversification.
Order Cancellation
Unexpected cancellation of a INR 1,563 Cr BESS order by WBSEDCL impacted FY26 order inflows, which were lower than expectations.
Administrative Delays
Revenue from operations was impacted by administrative delays in the water division.
Increased Operating Expenses
Q4 FY26 EBITDA margins were lower compared to Q4 FY25, primarily due to increased operating expenses and reduction in other income.
Project Execution Delays
Administrative delays in the water division indicate potential for execution slowdowns in certain segments, impacting revenue recognition.
Order Cancellations
The unexpected cancellation of a significant BESS order highlights the risk of large project cancellations impacting order inflows and targets.
Margin Pressure
Increased operating expenses and provisions for new labor code can compress profitability, as seen in Q4 FY26 EBITDA margin decline.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
YoY comparison is crucial for assessing overall business growth and performance against the previous year's seasonal cycles. QoQ is important to track sequential momentum, especially in new order inflows, MDO ramp-up, and project execution pace.
Order Inflow
FY26 order inflow was INR 7,210 Cr, achieving 72% of the target.
Order Backlog
Total order backlog (incl. MDO) stood at INR 55,151 Cr as of March 31, 2026.
Revenue Cover
Order book (exc. MDO) of INR 15,899 Cr provides 2+ years of revenue visibility.
Q4 Revenue Growth
Revenue from Operations grew 14% YoY to INR 2,111 Cr.
Disciplined Execution
Management remains focused on disciplined execution and improving profitability as the company enters FY2027.
Targeted Order Inflows
For FY2027, the company is cautiously optimistic and focused on targeting order inflows through increased participation in BOP EPC packages, O&M contracts, and energy infrastructure projects.
Strategic Diversification
The year reflects meaningful progress in strengthening position across the power and infrastructure sector through expansion into larger EPC and diversification.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow | INR 7,210 Cr in FY26 (72% of target) | Achievement of FY27 order inflow targets, especially in BOP EPC, O&M, and energy infrastructure segments. |
| MDO Contribution | 11% of Q4 FY26 revenue, contributing meaningfully to cash flow. | Continued scale-up of MDO operations and its positive impact on overall revenue and EBITDA margins. |
| Water Division Execution | Impacted by administrative delays in Q4 FY26. | Resolution of administrative delays and ramp-up of execution in the water division to avoid future revenue drag. |
| EBITDA Margin Trend | 11.17% in Q4 FY26 (down 126 bps YoY), 12.29% in FY26 (down 1 bps YoY). | Improvement in EBITDA margins in coming quarters, supported by MDO scale-up and effective cost management. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -4.9% / mo · MACD − · sector +2.3pp vs Nifty (3M)
Technical chart
POWERMECHdaily · 1Y · AUTO+13.3%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 31.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.2% over last month) — short-term momentum negative.
- RSI(14) at 31 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 27% off 52W high · 34% 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.
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 26.5%.
- Growth contributes 21/25 to the score.
Main drags
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
- Quality is weaker at 11/20; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 99th percentile within Infra. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 58.4%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Infra: 99th pctile, median 64 · Micro: 96th pctile, median 73
110 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 58.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.8%.
- ▸5 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 18.60
- P/B
- 2.89
- EV/EBITDA
- 10.20
- Market Cap
- 7291.00Cr
Profitability
- ROE
- 15.40%
- ROCE
- 21.70%
- ROA
- 7.51%
- Dividend Y
- 0.07%
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 58.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 20.00%
Balance Sheet
- Debt/Equity
- 0.26
- Interest Coverage
- 6.19×
- Altman Z
- 3.77
- Book Value
- 797.00
Cash Flow
- FCF Yield
- 2.78%
- FCF Positive Y
- 5/5
- OCF
- 387.00 Cr
- EPS TTM
- 123.75
Shareholding
- Promoter Hold
- 58.41%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 41%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Infra, ranked by similarity
Peers
Business-comparable peers in Infra — 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.