Advait Energy Transitions Ltd (BSE: 543230) Q3 2026 Earnings Call dated Feb. 12, 2026
Corporate Participants:
Unidentified Speaker
Shalin Sheth — Managing Director
Vatsal Kundalia — Director – Operations & New businesses
Narayan Singh — Chief Financial Officer
Priyank Shah — Head F&A Investor Relations and Corporate Affairs
Chaitanya Mallurwar — Green Hydrogen
Bhavik Chapadiya — Senior Manager (Solar)
Analysts:
Unidentified Participant
Shashank Jha — Analyst
Suvankar Mallick — Analyst
Akhilesh Rawat — Analyst
Tanmay Jhaveri — Analyst
Vignesh Iyer — Analyst
Aditya Saraf — Analyst
Chinmay Dhyani — Analyst
Saurabh Gupta — Analyst
Nitin Gandhi — Analyst
Shashank Jha — Analyst
Arvind Ratan — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Advait Energy Transitions Limited Q3FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing Star then zero on your touchstone phone. I now hand the conference over to the EY team for the questionnaire statement. Thank you. And over to you.
Unidentified Speaker
Thank you. Good afternoon everyone. I am pleased to welcome you all to Advanced Energy Transition Transitions Limited Earnings Conference Call to discuss the Q3 9 month financial results 2026 today from the management side we have with us Mr. Shailan Sheth, Founder MD Mr. Vasal Kundaliya, MD, Advait Green Energy, Mr. Narayan Singh, the CFO and Mr. Priyank Shah, the Head of Corporate IR and Corporate Affairs. Please note a copy of Disclosure is available in the Investor section of the website as well as Stock Exchange. Anything said on this call which reflects the outlook for the future or which can be construed as a forward looking statement must be reviewed in conjunction with the risk that the company faces now.
I shall hand over the call to Mr. Shalom Seik for his opening remarks. Over to you Sir.
Shalin Sheth — Managing Director
Thank you. Good afternoon and thank you for joining us on Advait Energy Transitions Limited Earnings Conference call to discuss our business and financial performance for the quarter and nine months ended financial year 26. We’d like also to express our sincere gratitude to our investors and shareholders for their continued trust and support during the year. We achieved a significant milestone with the listing of a company on NSE main board on 20 January 2026. We are now listed and tradable on both BSE and NSE Main boards making an important step in our growth journey.
The first nine months of financial year 26 have been particularly strong for the company. Our order book has maintained thousand crores milestone reflecting robust execution capabilities and and sustained business momentum. The order book has grown by 132% over year on year with approximately 84% contribution by the Power Transmission Solutions division and 16% by New and Renewable Energy division. This provides strong visibility and confidence in our continued growth trajectory is supported by healthy order of inflows in the pipeline. For the financial year 26 nine months we reported consolidated revenue of 486 crores registering a growth of 138% year on year.
EBITDA stood at 55 crores up to 74% year on year and EBITDA margins at 11% profit after tax was about 35 crores reflecting 80% year on year growth with pat margins at. These numbers demonstrate our focus on disciplined execution and sustainable profitability. Looking ahead, we remain confident on delivering approximately 40 to 45% revenue growth in 2026. Our diversified order book over thousand crores along with a strong tender pipeline of the similar size and particularly driven by PTS division provides a healthy growth visibility. Our strategy prioritizes profitable growth or pure revenue expansion. We are continuously improving our order section focusing on right mix of business or products and enhanced margin and overall return.
From a segment perspective, the Discom EPC business continues to be key growth driver continuing about 46% revenue growth for the ninth year. 46 we are also witnessing strong traction in ERS and stringent tools business within the PTS division as well as a very steady growth is coming from Solar EPC and NRA division and particularly we are also looking forward for the strong growth coming from our BSS division. Operationally we executed 59 crores of ACs and OPW supply and installation work and supplied transmission tools worth about 52.8 crores during financial year 26. Several critical EPC projects have been completed without delays and many cases are we have completed before schedule.
Our foray into discom EPC and Solar EPC projects have been executed with a calibrated approach starting with smaller projects to build the pre qualification credentials. We have delivered this project successfully strengthening our execution track record with a strong order book, improving margin, expanding capabilities across both conventional and renewable business. We are confident of sustained growth and momentum in coming quarters to further accelerate our growth trajectory and align with our advice 2030 vision we are setting up a gigafactory complex for the new and Renewable Energy division along with key capacity expansion for the new product addition for PTS Division and same location in on a fixed lane road Ahmedabad Dholera Expressway.
This strategic capex is expected to drive the company’s future business and financial growth. The facility is targeted to be make fully commercialized and operationalized by the mid of 2028. With this I would like to know I would like to now hand over the call to Mr. Narayan Singh, our CFO for the PTS Division to share the financial performance of the company.
Narayan Singh — Chief Financial Officer
Thank you Salim Sir Good afternoon everyone and a warm welcome to the Advis Energy Transitions Limited Q3 and 9 months FY26 earning conference call. It is a pleasure to connect with you and present our financials performance for the quarter and nine months ended FY26 I am pleased to say that we have delivered yet another strong quarter continuing our consistency growth trajectory.
Our financial performance remains robust and healthy aligned with the company’s long term vision and a positive momentum in the sector. Now let me give you the key highlights of our ATL standalone and consumer. Standalone Financial performance in Q3FY26 Revenue from operations increased by 32% YoY to rupees 124.0 and well diversified order book in quarter 3FY26 EBITDA increased by 40% Y2Y to Rs. 21.10 crores from rupees 15.06 crore in quarter 3FY25 EBITDA margin stood at 16.92% in quarter 3FY26 in quarter 3FY26 paid increased by 20% YoY to rupees 12.51 crores from rupees 10.39 crores in quarter 3FY25 Rate margin stood at 10.03% in Q3FY26 Let me start with the ATL consolidated financial performance in quarter 3FY26 Revenue from operation increased by 1.4% YoY to Rs.
211 crore from rupees 98.41 crore in quarter 3FY25 in quarter 3FY26 EBITADA increased by 58% Y to rupees 24.16 crore from rupees 15.25 crore in Q3FY25 EBITDA margin stood At 11.45% in quarter 3FY26. In quarter 3FY26 fate increased by 78% Y to Y Rs. 17.39 crore from 9.79 crore in quarter 3FY25 fit margin stood at 8.24% in Q3FY26. This concludes with the update on the company’s financial highlights. We remain confident of sustainability this growth momentum in the coming quarters reflecting our strong overall performance and year on year growth strategy. I can now request to moderator to open the floor for question and answer session.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions may press Star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions, please press Start and 1. The first question is from Shashank Jha from SB Capital. Please go ahead.
Shashank Jha
Yeah. Hi sir. Hello. Yeah. Yeah. So sir, my question is regarding new Aria division. So first of all how is order buildup happening? Like I can see like you are getting lot of order from Transmission division. But no big order coming in new area division. Recently like you settled around 300 crore in transmission. But none of this work from RE division. So how is the pipeline looking there?
Shalin Sheth
Thank you for questioning. Yes, as you have mentioned rightly that we have been building the major orders in the PTS division wherein in last two years we focused on creating the qualifications for the various segments in our RE division.
And we are expecting the similar flow of the order is coming into this division in the quarter Q4 for the year in the Q for the next year. We are very selective with the orders and that is making us to make the right quality of the order book. So what I can. What we can mention to you that you’ll be finding the similar kind of orders coming into R Division 2. And as a company we have been maintaining our growth.
Shashank Jha
Okay, Got it. Sir, one question is regarding this KPI GR. So KPI GR itself has a EPC EPIC one.
So when they are giving order to you, is it EPC work or is it the balance of plant kind of work?
Shalin Sheth
We are getting both the orders EPC and balance of plan both. Like recently we took the order from Adani. Adani order is balance of work. It was not on EPC except solar panel. Everything we are doing okay. And so I think we’ll be able to complete Adani order also in the month of March which will be very significant milestone. So okay. Rather we are getting. Yes please. Yeah. Yeah. So there will be then a big upliftment in Q4, right sir? Yes.
So getting the complete EB EPC orders needs your qualification in terms of EPC qualification and revenue. We are meeting all the revenue qualification. It’s a matter of time. That how we are able to get the complete EPC for the solar, complete EPC for the bear or the combined EPC for both. It’s a matter of time.
Shashank Jha
Okay, got it. Thank you. And sir, one thing is regarding the electrolyzer. So you told like in FY27Q3 or Q4 electrolyzer 300 megawatt will be active. So how is it going? Is it going?
Shalin Sheth
Yeah. Thank you for this question too.
As a company we have decided to watch the market carefully. Taking the right opportunity at right time. So that we maintain company’s growth and profitability. Also considering this vision, we Are Putting up our first 30 megawatt electrical assembly and manufacturing unit to be ready by 15th of March this year in Ahmedabad. We are also actively going ahead for the first expansion towards our drive of 300 megawatts. For that the land procurement has already been done and we’ll be among the only company to complete the two projects on supply and EPC for the green hydrogen which is of 1 megawatt and 300 kilowatt.
So we also in several mous with the global player in this segment. And very importantly we have completed two models technology transfer for the same. Okay. Our focus as a company is always to look at the EPC and then going backward integration to manufacture the products. So. So we are completely aligned to the focus. That’s the reason we have been in process to make the part and then fully electronizes time ahead.
Shashank Jha
Okay. And sir, one last question. So what can be the revenue expectation from one megawatt electrolyzer?
Shalin Sheth
So 1 megawatt. I think you should not take as on the numbers on megawatt.
Because when you talk about 1 megawatt, 5 megawatt, 10 megawatt, 20 megawatt with a different project different things will come. Because it’s all about economy of scale. So broadly I can tell you those numbers can be anywhere between 3.5 to 56 crores on the electrolyzer part. And then there are many other allied accessories and assemblies like compressors, piping, cooling that will add extra revenue. Come again with the number Sir, I missed. The numbers can be anywhere between 3.54 crores to 6 crores per megawatt based on the economy of scale and size of the project. And then it will further add about the other products like compressors, piping, filling plants and cooling towers etc.
So those things depends on project to project. But this is core electron numbers I have given to you.
Shashank Jha
Okay. Okay. Sir, one more last question. Is it regarding how much your stake is in other advert? I got like 69 something. Am I right?
Shalin Sheth
Yeah, it’s about 6970 stake in advert here
Shashank Jha
. Okay, great. Sir, thank you for answering my question.
Shalin Sheth
Thank you so much for asking the question. Thank you.
operator
Thank you. Before we take the next question a reminder to participants that you may press star and one to join the question queue. The next question is from Suvankar Malik from Sangai family office. Please go ahead.
Suvankar Mallick
Hello sir. Thank you for this opportunity. Can you hear me? Yeah I can. We can hear you. So sir, this is. I am covering admit for the first time. So can you give me and Like a overview of this company, all the segment, how the segment works and like a pro EBITDA margin, the revenue growth in a brief in a not in detail. This is my first question.
Shalin Sheth
Thank you. Can you please once again repeat the name of the family office?
Shalin Sheth
Shanghai family office.
Shalin Sheth
Oh, very unique. Chinese?
Suvankar Mallick
No, no, Indian.
Shalin Sheth
Thank you. See we’ve got a lot of investors are setting so I’d like to complete the my explanation about the company’s operation.
In short, so broadly our company developed its operation from identifying the unique products those are rarely manufactured or being manufactured or are imported. And we have the plan to take up those projects under make in India or Atman and put on our manufacturing program which we have been doing regularly. So we build up the PTS division accordingly and presently we manufacture acf OPW ERS and then high temperature low set conductors. And we are also developing two more products now which are purely imported. So this is first is the manufacturing and then we also provide the EPT services of the same products being used for the various products.
So we are having EPC and manufacturing division under working as a power transmission solutions and as we have mentioned in our former speech we are also putting indicated facility for further growth of this division. We also have the second division called NRE and renewable under which we have been working with the BESS as a manufacturing and also EPC and also working as a developer. This is one part and we got a PLI of 450crore rupees for the manufacturing of electrolyzers for the. As I said in earlier answer that we have been looking forward to go this segment time to time and we also have the technology transfer with one of the European leading companies for development and manufacturing of the fuel cell probably will be among the top two or three coming in India when the fuel cell drive will come in India.
And we’re also doing the EPC of the solar that is NRE division. So broadly I told you how do we operate and both divisions are having the total separate business aid, separate SBU head and all are working separately as a separate company.
Suvankar Mallick
Thank you so much. So my next question is. So if I look at YouTube presentation.
operator
I’m really sorry to interrupt but there’s a lot of background noise at your end.
Suvankar Mallick
Request you to maybe move to a quiet area now. Is this okay?
operator
Yes, thank you.
Shalin Sheth
Yeah. So I was if I look at your YouTube presentation, in that presentation the order book was 1070 year and the new business was 24% of the order book. So the order book is 1048 crore and the new business that is 16% of the order book. Right. So I can see is there any order solar related order the company, it’s a very lawless right. So what is going on in the. Is there any slowdown in the sector? What is what is going on? Our business head for the N Division, Mr.
Pia. He will take up the question.
Vatsal Kundalia
Yes. Hello sir. Thank you for the question. And the thing is that as even repeated in the last question we are in a capacity and capability building zone when it comes to specifically solar projects. When we talk about solar as a business, if financial side then the top line is very high in solar businesses. But at the same time currently there are not very lucrative orders in the market where a company like us can be working at a desired margin. And of course as again we have this quarter itself we have charged 30 megawatt which is our first solar project in K.
And even in the 100 megawatt Adani project we have charged one block of it which is of 12.5 megawatts. And we are due to complete it by March end. And we’ll be seeing some good opportunities visible in the quarter four and quarter before quarter first of the next upcoming financial year.
Suvankar Mallick
Okay. Okay. Okay. I’ll get back. Thank you.
operator
Thank you. The next question is from Akhilesh Rabat from Vedanta Vision. Please go ahead.
Akhilesh Rawat
Hi. Am I audible? Yes, you’re audible. Hi. So. So my first question is if I compare revenue, sorry our EBITDA margin from for some past quarters. So like there isn’t much growth in the EBITDA margin front. So are we going to see any improvement going forward? And like what is our margin target for FY26 and 27?
Shalin Sheth
Thank you for the questions. See this was the quarter three. Normally this quarter three is predominant with the the weather and monsoon also. So overall on a year, on year because we should not look at the business on a fragmented basis.
We should look at the business on year on year basis. So we are hopeful for having the similar numbers by end of the year. Okay so if you could quantify like a bit you know like at what target you you want to end the FY26. Quantifying the target will not be suitable in this forum. If you want to ask such questions our CFO and business head can definitely take up. But what I just tried to mention that overall numbers will be line with our tech record.
Akhilesh Rawat
Okay. Okay. Sure sir. So my second question is so going forward do we have any plan to like servicing our.
You know like we are Currently into EPC project. Right. So we, we made EPC project. So like going forward do we, do we have any plan to like the service those project projects which we have done. So like we. We can get our you know a recurring revenue stream. So do we have any such kind of you know future future like outlooks?
Shalin Sheth
Hey we have to look at how we are getting and bringing the value to the business. So EPC is a kind of value bringing business to us. We are also working as a developer as you might be aware that we have won several projects on BSS wherein we also need to maintain our projects.
So we are bringing value wherever it comes in terms of O and M and services. But we also have the partners who are helping us for taking up our OM projects for electrolyzers, for solar and for bss. So we will take such projects wherever we are able to add the value in the company. Thank you.
Akhilesh Rawat
Yeah. Sir, sir, sir I have few more questions so. Sir my. My. My next question is. So in this, in this presentation as we have mentioned that we have got our largest order of 216 crore from PGVCL. So, so like when are we.
So what kind of revenue visibility like in which quarter are we. Are we going to see some revenue coming from it?
Shalin Sheth
The revenue will start coming from the Q4 and it will be completed completely by next year.
Akhilesh Rawat
Okay sir. Okay sir. And my one last question. Sir. Sir, sir, what is our ERS segment revenue revenue in this quarter?
Shalin Sheth
You are asking the Q3 or Q4?
Akhilesh Rawat
Yeah sir. Q3. Q3
Shalin Sheth
for era. You know that we have received the biggest orders in these quarters. And our revenue for these biggest orders will start from the Q4 of this year to be continued for about four to six quarters for the coming year.
For the current orders what you receive. Okay sir. So so that means we don’t have any like we don’t don’t have any revenue in this quarter of Q3. Yeah, last quarter we don’t have revenue because last quarter was a very significant milestone for us for completion of the earlier years project installation and commissioning. And I think this was the first ERS indigenously developed, manufactured, supplied and commissioned in India. So by that way it was the most important quarter for completion and order booking. But revenue wise no.
Akhilesh Rawat
Okay. Thank you sir. Thank you. Thank you for answering my question.
Shalin Sheth
Thank you so much. Yeah, thank you.
operator
The next question is from Tanmay Zaveri from Pinterest Capital. Please go ahead.
Tanmay Jhaveri
Hello. Hi sir. Good afternoon. Firstly congratulations on good set of numbers. So my question was regarding the Order books Out of the current order books that we have how much percentage of the order book would be to be executed in less than 6 months period. Thank you for the question from our current order book we Hope that about 75 order should be completed by the next year in next six months or next financial this is over and above the new orders to be received and to be completed during the year Right sir just then you said 75 in next financial year am I right? Yes yes okay and sir, in the previous control you had mentioned that by the month of jan we’ll complete two things first was 10 minute volt capacity for electrolyzers and PTS manufacturing so right now in the problem.
operator
I’m sorry to interrupt I’m sorry to interrupt but your. Your voice is not very clear if you are on a hands free request you to use the handset Am I audible now? Yes, much better please go ahead thank. You
Tanmay Jhaveri
Previous control you had mentioned that we’ll be having a capacity of 10 meter walls of electrolyzers by then and PTS manufacturing would be completed by Q3FY26 so just wanted it isn’t bad I would request Mr. Chan the head of the GH2 division would take up this question.
Shalin Sheth
Hello thank you so much sir and thank you so much sir so the plan is for the electrolyzer manufacturing in the first phase of 30 megawatt will be completed in the March 15 of this year and the next phase of the 300 megawatt with the first phase will be completed end of this financial year and the next phase will be the next year this is the plan for electrolyzer manufacturing which includes indigenous manufacturing of we will call it as make in India of 95% indigenous product
Tanmay Jhaveri
okay yeah thank you so much sir
Shalin Sheth
thank you.
operator
Thank you the next question is from Nitin Gandhi from Inner Quest Advisors Please go ahead.
Nitin Gandhi
Thank you very much for taking my question Continuing this question phase electrolyzer when 30 megawatt phase one and phase two what will be the capex and what’s likely asset turnover at a peak potential
Shalin Sheth
thank you for the question I think Priyan Bai who is taking care of the capex of the company he will be taking the question.
Nitin Gandhi
Thank you so much for your question so overall Capex plan for the electrolyzer factory for the current and next to financial year would be close to 200 crore and we would like to complete the first phase by end of this March 2026 and we are expecting once our full fledged capacity will be up likely to be commissionized by end of the March 27 then our full fledged revenue will be reflecting in FY28 we are expecting the revenue from first full financial year is roughly anything between 200 to 300 crore stately adding up considering the market demand and upcoming time ahead potential from the inquiries coming from the sector.
So out of 450 crore for electrolyzer 200 crore will get commissioned by March 27 and which will result turnover of 1 to 1.5. Can you share for the balance 250 crore what will happen and when? Sorry Electrolyzer for electrolyzer total capex plan is 450 crore right?
Vatsal Kundalia
No, no not exactly in first phase we are likely to complete the 100 megawatt plan is there by end of next financial year we would like to spend capex of rupees 200 crore in setting up this factory and making it full fledged operation. Rest of the capex we will incurred in next to next financial year.
Nitin Gandhi
Okay, can you share something more on a Sanand also now capex side what is the capex and what is the asset turnover likely to be commissioned by March 27? Q3 27. Sorry
Vatsal Kundalia
so I have already mentioned by end of next financial year we are likely to complete the capex of 200cr for completing this and we are expecting the full place revenue from next to next financial year that will be full fledged financial first financial year getting the full revenue estimating anything between 250 to 300 crore.
Nitin Gandhi
Okay. For PTS and NRE put together all the expansion plans and whatever you have in mind FY28 what will be the revenue potential?
Shalin Sheth
So you’re asking about the revenue plan for the PTS and NRD division separately, Right?
Shalin Sheth
Right.
And that is for the year 2027-28 or 2627
Nitin Gandhi
after completion of all the projects in 27. So it’s 2829.
Shalin Sheth
So 2829 will be too early. But what I can indicate to you that looking to the our upcoming manufacturing facility, looking to the trend in the industry and our qualification being updated and looking to the kind of exposure my company is able to take we will be continuing the growth rate on a company level and also at the NRE business level will be maintained. It may be a little more there division wise but overall we maintain.
Nitin Gandhi
So that is 40 45% of 26, right?
Shalin Sheth
Yes.
Nitin Gandhi
Okay. And this excludes BASS and other ventures which you have still to decide, right?
Shalin Sheth
Broadly we can say yes.
Nitin Gandhi
Okay. Thank you.
Shalin Sheth
Thank you so much.
operator
Thank you. Participants who wish to ask questions please press STAR and one to join the question queue. The next question is from Sashank Udupa. Please go ahead.
Unidentified Participant
Yeah, hi, can you hear me? Yes, I can hear you. Yes, wonderful sir. First of all thank you for such amazing numbers. My first question is on the 90 crore fundraise that is coming. Can you shed some light on that for the subsidiary company?
Shalin Sheth
Thank you. Thank you for the question. This fundraising requirement is coming into subsidiary company and we are very happy to inform that this will be probably one of the few or the only company in India which is having the manufacturing of the base manufacturing of the electrical manufacturing of the fuel cell and also the EPC and valued services through solar in the one room.
So this company naturally needs the funds as and when required to take up their expanse and drive. So we are taking the points in the first phase now and we would like to take up this next two or three months which will help us to manufacture our second expansion of the electrolyzers and part of the expansion of the BSS facility. Thank you for the question.
Unidentified Participant
Wonderful sir. And also I had the privilege of meeting your team at the IEW event and they ran me through the entire hydrogen plant as well. One question I had on that front is what triggers do you see in the medium term to long term that should be done by the government for us to you know, streamline these orders and get more orders Any triggers that need to happen.
Shalin Sheth
Very interesting question. I would like to give very short answer and then further expression can be given by our business. See we have got these triggers not now before two or three years and we are firmly believer about the exponential growth of the segment in years to come. At the same time we take our decisions in interest of the company so that we don’t have the or investment. At the same time we don’t want to left behind when the market comes. So that we have been steadily making our facilities, developing the qualifications, developing know how, completing our TOT and completing our balance of planned engineering.
So we strongly believe that in next three to five years it will have the exponential requirements. The market further can be explained by Mr. C.H.
Chaitanya Mallurwar
Hello. Thank you sir. Sir, on the contrary of the S answer we just want to give you addition on that the market regarding the green hydrogen what we have seen from last two years it’s growing exponentially which means which is having some segments in the PSU as well as the private segment. We see that what firm believe and the companies believe we just want to invest on the technology first. We want to driven engineering completed on site so we can make our PQ stronger and after that we can develop our product in the market.
So we see in next two years the market should be fulfilled in a green hydrogen segment which if you ask me on the segments it would be on the fertilizer industries and the steel industry. And also we are working on some commercial, commercial applications as well like pharmaceutical industries and a different regarding the feedstock which is used for green hydrogen.
Nitin Gandhi
Wonderful sir, thank you. That’s my question and again, all the best. Thank you sir.
operator
Thank you. The next question is from Sourabh Gupta from Financially Free. Please go ahead.
Saurabh Gupta
Hello. Yes please. Am I audible sir? Yeah, you’re audible. So thank you for the opportunity sir. So sir, if I see the last two three year financial of our company margins are continuously going down. So what could be the reason behind it? Sir,
Shalin Sheth
thank you for the question. I would further request our CFO to explain but broadly I’ll tell why if you look at our company on a standalone basis, I think your questions will be reflected back to you that our company is maintaining the EBITDA and all the numbers and the extension of the questions can be answered on a consolidation basis.
Because when you are making the new business you have to get the business by compromising margin to develop the qualification and capability. So in one year this portion will be completed and I’m sure that we’ll be able to give those kind of margins into other part of the business also in time to come. And our target is to maintain the same numbers in terms of EBITDA and revenue for the all company basis in time.
Saurabh Gupta
So when can we expect those type of margin reflect in our PNL? Somewhere by 28, 29 or if you provide some color about the timelines, as you said it will take two to three years.
So it takes two to three years to get back to those
Shalin Sheth
because at the same time our company need to grow also. So those numbers we are talking about on those revenue numbers.
Saurabh Gupta
Got it sir. And other question that I have is sir, if I see the order book of our company from last three quarter, our order book mix, if I see the NRE division is continuously going down from 34 to 25 and currently it is around 16. So if you could provide some color about It sir,
Shalin Sheth
as Mr. Watson head of NRE has mentioned that we have been developing the quality orders capability and I think it is already completed.
So by this year will be have the qualification of the solar will be among the first company to complete the BSS project fully completed on EPC basis and as a developer basis we expect our first project to come in June 2026. So with this all actions and efforts together you’ll be able to find the numbers in coming time.
Saurabh Gupta
So what can be the mix we are looking for in FY27 or beyond? Sir, we are looking forward the mix will continuously changing towards NRE division. By adding 5 to 7% increase in the mix every year. Maybe 10%.
Okay. At the base of Q3. Sir.
Shalin Sheth
Yes.
Saurabh Gupta
Okay sir. Got it. And any type of guidance if you want to provide for FY27 on for top line or margin. Sir,
Shalin Sheth
as I tried to reply the question in previous question also we’ve been growing with the CAGR of 40 to 50% from last three to five years. And we expect this to be continued.
Shalin Sheth
Okay. Okay sir. And sir, about margin. Sir,
Shalin Sheth
margin. I also reply to you that in the long term, maybe the midterms, maybe in two to three years we’ll be able to maintain the margins at the same level for both the company for standalone we’ll continue with the margin for developing the new business.
Our margin may change may. But it will be towards the betterment zone.
Saurabh Gupta
Okay. Okay. So can we expect around 1213 margin for FY27? Sir,
Shalin Sheth
you’re talking yes or EBITDA level. Sir,
Saurabh Gupta
that’s what we have been working for. I think will be successful.
Saurabh Gupta
Okay. Okay sir. Got it. Got it. Thank you.
operator
Thank you. Next question is from Vignesh Iyer from Sequent Investments. Please go ahead sir.
Vignesh Iyer
Thank you for the opportunity. And my first question is. Sir, if I heard you right and if please correct me if I’m wrong that you said hundred Mehomod electrolyzer is what you’re targeting by end of FY27. And you will require a capex of around 200 crores which is phase one, right? Mostly right. Okay. Just wanted to know. So considering our target of 300 megawatt. You know in times to come. So how are we planning on funding this effects? Are we planning on raising some fund in next year or maybe after that?
Shalin Sheth
Thank you for your question. I think Priyanbai has already tried to mention and reply this question. The fundraising what we’ve been doing now of about 90 to 100 crores. Along with the mix of date we’ll be creating the facility initially to start with 100 to 125 megawatt of supply of the driver. And this is already covering the complete plant setup and land requirements for to go ahead with the gigawatt scale. So we will be needing some only differential amount for adding up some specific equipment. So I think 1/4 or 1/5 of the investment will take care for us to go from 100 to 300.
So we may not be needing the further fund from augmenting through 100 to 300 megawatt.
Vignesh Iyer
Oh okay. Got it. So basically the land cost and the structure cost is advanced in such a way that we can scale up easier in an easier way later on. Right. Is what I.
Shalin Sheth
Yeah. Because we are looking forward when the time comes our factory should be of the gigawatt square and we’re looking forward this factory to make up to one gigawatt battery.
Vignesh Iyer
Okay. Right. Perfect. Perfect sir. Yeah. That’s all from my side sir. And thank you and all the best.
Shalin Sheth
Thank you.
operator
Thank you. Next question is from Aditya Saraf from Swayom Advisors. Please go ahead.
Aditya Saraf
Yes, you’re audible.
Aditya Saraf
Most of my questions are clear. And this fun of potions that that planning for this best manufacturing is want to know that what will be our component in this area. It can be BMS assembly and. Or what. Please throw some light on it.
Shalin Sheth
Our marketing head for the base Bhavik is sitting with us. So I’d request to attempt the question.
Bhavik Chapadiya
Hello. Yeah, thank you for the question sir. So sir, for initially we are you know targeting by October to commission our factory and we are targeting for you know 2.5 GWh factory and uh, for the EMS.
We are uh, you know uh, trying uh to develop it in house for the EMS and for the P PCs we will be collaborating with the channel partners.
Aditya Saraf
What? You said that what part they are collaborating. Sir?
Shalin Sheth
For ems as B has mentioned that we are doing in house but we already collaborated with India, one of the biggest EMS company who is already our partner for various applications now. And that company has already commissioned the projects for the BSS. More than 300 megawatt and orders in hand are about 1 gigawatt with them. And they’ve been only providing the solutions about the EMs and software for the solar and completed more than 80 gigawatt of solar in the software side.
So those valued partners will be part of us for providing EMS services. And of course the PMS will always be the bought out. So we have lined up the strategic supplying chain for the PCs with one of the India based company.
Aditya Saraf
Okay. Okay. So thank you. That’s it.
Shalin Sheth
Thank you so much.
operator
Thank you. The next question is from Sashank Shah from SB Capital. Please go ahead.
Shashank Jha
Yes sir. My question is regarding the best. So are you planning to have battery assembling also? I think he has already Covered the question by mentioning that yes, my battery assembly factory should be started by the Q3 for the year 20, 26, 27. And yes, we are going ahead. Yeah, so. So when you are doing fundraise for other green. So you must be diluting your estate. And how are you reading? First thing for
Shalin Sheth
Advait Green we are not diluting the stake of Advait Energy and Advait Green on its own. We go for the divestment for raising about 100 crores and that is already owned.
And our IRPR in front head Mr. Priyank Shah is only taking care of the same.
Shalin Sheth
Okay, got it. And your guidance of 45, 50 looks very very conservative. For my calculation you can easily grow 60, 70% if all your plan goes successful. Like bad electrolyzer fuel cells. So you can easily grow 60 70% for next 3, 4 years if your plan goes successful. So any comment on that? Sir,
Shashank Jha
Sorry, can I. Can I hear you again?
Shalin Sheth
Yes sir. What I am saying if your every plan for base to sell electrolyzer base, epc, then solar epc then transmission, everything goes successful then you can easily grow at 60, 70% for next 3, 4 years as per my calculation and the plan you have shared.
Vatsal Kundalia
Yes. So the time ahead the market demand will be for a. And whatever the demand will be for a new and renewable energy segment. We are now building up the capacity and capability so to mitigate and take the no lead in that segment. So we are in process of the same. So that growth which you are telling can be easily attract and mitigate.
Shashank Jha
Just wanted them some confirmation. I think you are doing great job sir. And thank you for answering my question. And sir, one last, one last request. Sir, please say when you get a EPC order and like this order so please save in details is it EPC or balance of plant? What.
What is the nature of actual order? Sir, it will be very helpful.
Shalin Sheth
Broadly speaking. Yeah, yeah. I’m answering your question Broadly speaking for EPC, part of the BFF is having these components. One is the supplying of the DC components. Supplying of the AC component. Third integration of AC and DC components by actual installation at the site. Fourth by providing O&M services. These are four parts. If you look at this four part the first one will be about 60% or 65% of the project. And balance three is about 35%. So when you ask someone about EPC normally it covers the balance three, not the first one because it is a purely supply side.
So while we are developing some of the project on bss so we are trying to cover all four and the first is a supply part that is coming also under AGPL as a supplying of the BSS DC blocks and balance three as a EPC portion. So company is getting the total exposure on the EPT by this way.
Shashank Jha
Okay, great. Thank you. Thank you sir.
Shalin Sheth
Thank you so much.
operator
Thank you. The next question is from Akhilesh Rawat from Redanta Vision. Please go ahead.
Akhilesh Rawat
Actually my question is answered. Sir, could you please like. Could you please repeat the capex number? Sir, I, I, I didn’t heard that. Could you please repeat the capex number? Like the 200 crore and then there is something.
Shalin Sheth
Yeah, I’ll tell you the capex number. Sir, our PTSD division, Power Transmission solution division is going with the capex of 100 crores. This capex equity we are managing from our internal cash flow and existing funds of the company. So this 100 crores will be taken care by the company on on its own by date and equity. We are going ahead for the capex under EGPN for developing of the facility of electric and BSS Here we are going with a total capex of about 180 to 200 crores.
And for that we are raising about 90 to 100 crores. These are the broad numbers.
Akhilesh Rawat
Okay. Thank you sir.
Shalin Sheth
Thank you so much.
operator
Thank you. Next question is from Arvind Ratan from Capital Land. Please go ahead.
Arvind Ratan
Yeah. Hi. Congratulations on great set of numbers. I have two questions. One is on the. On the order from Adanu Clean Energy in Khao. So you have provided details about the EPC contracts coming up for function this quarter. But I also want to understand if any of your Bess EPC contract order book comprises of orders from the Kavra project. And the second question.
Shalin Sheth
Yeah, you complete the question please.
Arvind Ratan
The second question is I understand you’ll be divesting a stake at the EDPL level, right? What would be the nature of that State management? Are you looking at a small minority? Are you trying to bring in a strategic.
If you can provide some color on that, that would be great.
Shalin Sheth
I would request you please repeat your second question once again please.
Arvind Ratan
My question is on the Adani Green Energy. Sorry, the Advait Green Energy subsidiary, the renewable energy subsidiary that you have for the state divestment. Are you talking to a strategic or a financial partner? And secondly, what is the nature of that fundraise going to be? Is it going to be a significant minority? Is it going to be a small minority or. I don’t know if a majority.
Shalin Sheth
Thank you for the two great questions.
First about the Adani Khowram like Adani is coming up with the Kavada Reliance coming a big way. Our focus was to complete one or two projects successfully with them and we have, we believe that month or this this year by 15th of March we’ll be able to complete our first project of the 100 megawatt Pitakani. I think their expansion plan needs about 5 to 6 gigawatt of solar per year. Similarly about 4 to 5 gigawatt will be also coming from Reliance and this is also adding to about 5 to 4 to 5 gigawatts of other company.
So what we foresee in next few years Kutch region will be having about 10 to 15 gigawatt of new installations. So business is not at Dart. Right contractor, right facility and right team will definitely be able to take the reasonable pie of the same. So we are with this focus we are working on the segment and your second question about the base portion for the Khawda projects. I think we are working selectively on the base of the the EPC of the base. As I try to explain in my first last answer that it is having the four part and yesterday also we have been the lowest position for development about 300 gigawatt of solar facility on our own.
So this kind of opportunity are also coming for the EGPL time ahead. And about any other questions left about the capex from your side? No, that’s actually all. I just want to have a view on the the state management and the fundraise. See we have never forgot the people who have helped us by investing with us in Advait energy from year 2020. So we are of course will be open for the small requirements and the small funds also. And Mr. Priyank is already having the plan for the same. So you can definitely in touch with our IRPR and investment division and we’ll be happy to invite small holders also.
Arvind Ratan
Got it. Okay. Thank you very much. All the best.
Shalin Sheth
Thank you.
operator
Thank you. Next question is from Jignesh Vaidya. Please go ahead.
Unidentified Participant
Yes sir. Actually my question was regarding that such region of 1015 gigawatt development but as you have told that very good contractors will be able to garner a bigger share of the piece. Sir wanted to understand that these are very big developers. So I think the margins needs to be sacrificed for bigger orders from them, right? I think answer to question is no. Okay. Because what we have seen in last one one and a half years, maybe this not this bigger players but many small players who have taken EPC contracts and because of change in few module or other commodity prices they are not able to meet the required price that they have taken the contracts at.
Shalin Sheth
Yes you are right but I am sure there for the bigger projects time ahead margin will not be squeezed because the requirement are going to increase continuously and only the mighty only the good tech record kind of companies will be able to secure such projects with the better margin and they’ll also be able to perform
Unidentified Participant
thanks and as you had mentioned that your best target is around 1 gigawatt in next five years so wanted to understand that four parts of best components that you explained. So this 1 gigawatt broadly will handle the first part will you will handle around 50% or more if you break it down.
Shalin Sheth
I think you heard one gigawatt that I spoke about the electrolyzers facility and for the base we are anyway putting the 2.5 gigawatt assembly plant to be ready by Q3 this year and correct. So this is the answer at the moment and against the four part the first part which is supplying the DC block this is what we are building the capacity balance three we are anyway doing right
Unidentified Participant
Understood. So final question in few of other con calls of transmission equipment players there were issues raised that few parts like insulators there is a shortage may a few other parts is shortage.
So in your this manufacturing divisions are you seeing a bump up in demand because lot of transmission orders are underway next two years. So any surprise we can expect in next one or two years in manufacturing side
Shalin Sheth
is a very interesting question. First I would like this to be addressed by Mr. Path Gandhi heading over the business development for the PTS division and then I’ll try to further take the question after part is replying.
Priyank Shah
Thank you sir I just want to before briefing just want to understand your question once again so I’ll be able to better reply
Unidentified Participant
yes so in few con calls there was mention that insulators and fewer the products there is a shortage so and there is a lot of transmission activity coming in next one or two years.
So can we see a surprise in your manufacturing various products in next coming one to two years.
Priyank Shah
There is. Your question is very valid and there is a dust two transmission products which which you have mentioned. One of them is yes insulators for the for the new upcoming transmission lines but basically the new whatever the transmission lines are coming up in India are basically for the higher voltages maybe around 765kV 800kV and that 2 into HVDC the technology for the HVDC products that brings that may need to bring to India. Which may we. Which may we can think of in near future.
Shalin Sheth
Okay. You would like to add See this company is today. Yeah. Spending on the the foundation made by the insulator. Because our company used to have 30 40% of the total revenue coming from the insulators. And looking to this company we have got the highest ever exposure know how knowledge of insulator industry. We have supplied composite glass and porcelain from our sources and our collaborators in Russia and China over the years. Recently as you ask that will there be any surprise? I can tell you the surprise has already come. Our country is looking forward for the new investment and the new products to come in India very fastly.
And our company to be specific here is looking forward to put up the assembly operations of the glass insulators time ahead. Along with some specialized composite bus post insulators to be required for transmission line towers 220kV and above. That is in the plan.
Unidentified Participant
Okay, thank you very much.
Shalin Sheth
Thank you so much.
operator
Thank you. Next question is from Chinmay Diani from Satwa Ventures. Please go ahead.
Chinmay Dhyani
Sir, I would like to understand more on the electrolysis business. You mentioned that it will entail a capex of 200 crores which could generate a revenue of 250 to 300 crores in 12 years post completion. So what kind of margin can we expect from that business? Can you answer the question please?
Shalin Sheth
So for the manufacturing sir, the margin should be around 8 to 10%.
Chinmay Dhyani
Okay. It’s a net margin around 8 to 10%.
Chinmay Dhyani
Okay. Net margin. Understood. What kind. What kind of revenue can be generated from that?
Shalin Sheth
For. For 20, 27, 28. It’s with around 200 crores.
Chinmay Dhyani
No, I’m saying like at like the full scale one has become 100 operational. Maybe next next two, three years.
Shalin Sheth
Yeah. Okay.
Chinmay Dhyani
Okay, understood. And sir, like all these new initiatives that are you taking like in the new energy segment. What kind of ROC profile would that be? That will initiative have? Like would it be as compared to your initial businesses or would it be like in you know ROC accretive? Because you are taking a lot of. You know venturing into a lot of new products and segments.
Shalin Sheth
Once again can you explain roc? Because I could not understood your question with regards to roc.
Chinmay Dhyani
So I’m saying sir, when you are venturing to these new segments what kind of you know return on capital we can expect from these new initiatives that you are taking? Because I believe that you know like some of the men will be have a lower margin. So from the capital Allocation perspective, how you are thinking and planning.
Shalin Sheth
See, for our manufacturing our ROC is Normally more than 25 to 30%. For EPC our rose will be about 15 to 25%. And for our development project the rosary will be about 12 to 15%.
Chinmay Dhyani
Okay, understood. Thank you so much.
Sir. These were the questions I had.
Shalin Sheth
Yeah. Yeah.
operator
Thank you. Next question is from the line of Gautam. Please go ahead.
Unidentified Participant
Am I audible?
Shalin Sheth
Yeah, you’re audible.
Unidentified Participant
I just wanted to ask one question. So there are a lot of players coming in in the green hydrogen space. And a lot of big players are also entering into it. So how we see our company against those players in next two, three years. Thanks.
Shalin Sheth
Thank you for the question. There are some big players. There are the midstage players already are entering into the segment. And in next three years or two years will be the consolidation phase. Many big players may decide not to continue. And many small players have decided already to exit.
And we are among the company who is sticking to the plan since last three years. And the kind of market and kind of product segmentation for the big player in a company like us will be totally different. The big player will be working for their own requirement of the electorizers. Because they are into business of the molecules not the supplying of the electrolyzers. So for supplying of the litterizers I think we will always be able to have the fair chance of market and overhead and technology cost will of course will be at our side when we are competing also with the big players.
So we find that looking to our expansion plan will not find any challenge. Only thing we are looking forward for the right market to come.
operator
Thank you. Next question is from Sourabh Gupta from Financially3. Please go ahead.
Saurabh Gupta
Hi sir. Am I audible?
Shalin Sheth
Yes, please.
Saurabh Gupta
Thank. Thanks for the follow up. Sir, I have missed one part that you said electrolyzer plan will going to live on till 15th March 2026. So it is for 30 megawatt or. Or something else. Sir,
Shalin Sheth
can you please answer the question? Yes,
Vatsal Kundalia
thank you. Currently we are aiming at the total capacity of the plan to be at a 30 megawatt of electrolyzer manufacturing from. From our plant. So it will be 30 megawatt.
Saurabh Gupta
30 megawatt. 3 0.
Vatsal Kundalia
Yes, 33 0.
Saurabh Gupta
Okay. Okay. And sir, the next question that I have is.
Sir mentioned recently that capex for PTS is 100. And that will be from internal accrual and electrolyzer plus Bess 200 crore. So is it for every 27? Yes. And. Okay. And what? Whatever. What? What is the amount of capex that we have incurred in nine months. Sir, if you can provide the number.
Priyank Shah
So so far during this nine months we have already we have invest in technology adoption more than 35 crore. That is the CAPEX over and above. We have also procured the planted machinery and some of the civil work we have completed. So all put together during this nine months we are very much close to no around 60 Karod kind of capex.
And by end of this year we are likely to come incur another maybe 110 crore kind of capex by end of this financial year.
Saurabh Gupta
So means you have incurred around 60 crore in nine months and it will go to 110 crore by the end of FY26.
Priyank Shah
Yes. Yes. Yes you are correct.
Priyank Shah
Okay, so means another 50 crore capex in Q4. Yes, it’s okay.
Saurabh Gupta
Got it. Got it. Thank you. That’s it from my side.
operator
Thank you very much. That was the last question in queue. I would now like to hand the conference over to the management team for closing comments.
Shalin Sheth
Thank you everyone. On behalf of the management of Advait Energy Transitions Ltd. We thank you all for joining us on our post earnings call today. We hope we have been able to address majority of the queries. You may reach out to me or our investor relations partner Ernst and Yoong ey for any further queries that you may have and they will connect you with offline. Ranju, we can close the call.
operator
Thank you very much.
Shalin Sheth
Thank you all.
operator
With that we conclude today’s conference. Thank you for joining us ladies and gentlemen. You may now disconnect your lines.