Advait Energy Transitions Limited

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Advait Energy Transitions Limited trades at ₹2,079, in a confirmed uptrend and 15 weeks into that stage. That is +10.6% against its own 200-day average. It sits at 69% of a 52-week range of ₹1,359 to ₹2,410. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 15 of stage 2, confirmed. At ₹2,079 it trades +10.6% versus its 200-day average and sits at 69% of its 52-week range (₹1,359–₹2,410).

Against the market, two honest reads. Cumulative: over the last 5.8 years the stock moved +7,997% while the NIFTY 500 moved +142% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 49th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Advait Energy Transitions Limited trades at 47.7× P/E, mid-range by its own standards (49th percentile). Its long-run median P/E is 48.0×, measured across 5.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 47.7× is mid-range by its own standards (49th percentile), against a long-run median of 48.0× measured over 5.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +65.2% against a −0.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +134.3%/yr price move, ~+60.8%/yr came from earnings growth and ~+73.5 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Advait Energy Transitions Limited reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: revenue growth has eased from +100.0% at its peak to +18.1% (single-quarter readings) but is still expanding, ROCE holding at 31.9%. The read is built from 11 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

71.8/100 — rank 1 of 6 in EPC · 100% evidence confidence

Advait Energy Transitions Limited scores 71.8 out of 100 against the 6 companies it is compared with in EPC, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 32.1 + 15 + 6.4 + 18.3 = 71.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Advait Energy Transitions Limited reported ₹228 Cr of revenue in the Mar 26 quarter, +18.1% year on year. That is the 6th straight quarter of year-on-year growth. Over 10 years it has compounded at 51.8% a year. The last full year, FY26, came in at ₹715 Cr. The last four reported quarters add to ₹714 Cr.

Advait Energy Transitions Limited reported ₹228 Cr of revenue in the Mar 26 quarter, +18.1% year on year. That is the 6th straight quarter of year-on-year growth. Over 10 years it has compounded at 51.8% a year. The last full year, FY26, came in at ₹715 Cr. The last four reported quarters add to ₹714 Cr.

FY26 revenue came in at ₹715 Cr (+79.2% on the year), capping 10 years at 51.8% compound. The latest quarter (Mar 26) printed ₹228 Cr, +18.1% year on year — the 6th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +117.9% growth against the decade's 51.8% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +79.8% over the last 4 quarters against +84.8%/yr over the last 8 — rolling over; TTM profit +71.9% vs +58.1%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 13.0% this quarter (+3.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Advait Energy Transitions Limited's operating margin is 13.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −31.0% to 21.0%. The current quarter sits inside that band.

Advait Energy Transitions Limited's operating margin is 13.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −31.0% to 21.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 13.0%, +3.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −31.0%–21.0%.

Why the margin moved: operating margin went +2.6 pp year on year while gross margin went +4.5 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit +46.2% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Advait Energy Transitions Limited earned ₹19.0 Cr of net profit in the Mar 26 quarter, +46.2% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹55.0 Cr. The 10-year compound rate is 49.3%. That is 8.3% of the quarter's revenue. The same quarter a year earlier earned ₹13.0 Cr.

Advait Energy Transitions Limited earned ₹19.0 Cr of net profit in the Mar 26 quarter, +46.2% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹55.0 Cr. The 10-year compound rate is 49.3%. That is 8.3% of the quarter's revenue. The same quarter a year earlier earned ₹13.0 Cr.

Mar 26 profit was ₹19.0 Cr, +46.2% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹55.0 Cr (+71.9%), and the 10-year compound rate is 49.3%.

Why profit moved: revenue contributed +18.1% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +86.5% vs revenue +117.9%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 25% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 25% of Advait Energy Transitions Limited's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−10.0 Cr of operating cash against ₹55.0 Cr of profit. After ₹96.0 Cr of capital spending, ₹−106 Cr was left as free cash.

FY26: operating cash of ₹−10.0 Cr against reported profit of ₹55.0 Cr, leaving free cash of ₹−106 Cr after ₹96.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 25% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 25%: the cash cycle tightened 42 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 11.8× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹118 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Advait Energy Transitions Limited's cash conversion cycle runs −62 days in FY26, down from −20 days in FY21. Capital spending ran ₹118 Cr over the last 3 years. At FY26 sales of ₹715 Cr each day of that cycle holds about ₹2.0 Cr, so roughly ₹−121 Cr sits inside the business at any moment.

FY26: debtors at 76 days, inventory at 54 days — roughly 1.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −62 days, tighter than FY21's −20.

The full loop: cash goes out to suppliers and production on day 0; stock waits 54 days to sell; customers pay about 76 days after that; and suppliers themselves are paid at 192 days — netting out to the −62-day cycle.

In money terms: at FY26 sales of ₹715 Cr, each day of the cycle holds about ₹2.0 Cr — so the −62-day loop keeps roughly ₹−121 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹118 Cr over the last 3 fiscal years against ₹10.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹59.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 28% and the ROIC − WACC spread is +12.0 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Advait Energy Transitions Limited earns a ROCE of 28% in FY26. That is up from a trough of 13% in FY20. Return on invested capital clears the cost of that capital by +12.0 percentage points, so growth here adds value rather than only size. The wiring behind it is 7.7% net margin on 1.07× asset turns.

FY26 ROCE is 28%, recovered from a FY20 trough of 13% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 7.7% net margin × 1.07× asset turns × 2.40× balance-sheet leverage ≈ 19.8% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 24.0% − 12.0% = a +12.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.34.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Advait Energy Transitions Limited carries total debt of ₹128 Cr against shareholder equity of ₹291 Cr as of Mar 26, a debt-to-equity of 0.44. On the annual view that ratio went from 0.24 in FY22 to 0.44 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹128 Cr against shareholder equity of ₹291 Cr — a debt-to-equity of 0.44. On the annual view, debt-to-equity went from 0.24 (FY22) to 0.44 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 2.9 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 2.9 points of Advait Energy Transitions Limited over 8 quarters, the biggest move on the register. That takes promoters to 66.5% of the company. Foreign institutions moved +0.7 points over the same window, to 0.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −2.9 points over 8 quarters to 66.5%; Foreign institutions: +0.7 points over 8 quarters to 0.7%; Domestic institutions: +0.0 points over 8 quarters to 0.0%.

🚨 Why the register moved: promoters drove it (−2.9 points), absorbed on the other side by foreign institutions (+0.7 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Advait Energy Transitions Limited: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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