Advait Energy Transitions share price today

Advait Energy Transitions Limited's share price was ₹1,886.40 at the close on 4 November 2026. It has been falling for 1 week. That is 2.7% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,359 and ₹2,410, and at that close it sat 50% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Advait Energy Transitions Limited is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 14 weeks running.

Over the last 6.1 years the share price moved +7,246% while the NIFTY 500 moved +127%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 31 July 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

1. Indian funds and insurers (DIIs) cut their stake for 6 quarters in a row

   From 0.7% to 0% of the company by the September 2026 quarter.

3. Revenue up on a year earlier for 8 quarters in a row

   In the September 2026 quarter revenue was ₹221 crore, +40.8% on a year earlier.

For July to September 2026 (the quarter ended 30 September 2026), Advait Energy Transitions reported revenue of ₹221 crore, up 40.8% from ₹157 crore a year earlier, and a profit of ₹19.0 crore, up 90.0% from ₹10.0 crore.

Advait Energy Transitions results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

The newest call in our records is from 1 June 2026, about January to March 2026; a call about these results is not in our records yet.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Advait Energy Transitions closed at ₹1,886.40 on 4 November 2026, up 9.0% from ₹1,731.00 a year earlier (7 November 2025) and up 4,092.0% over five years. Its highest weekly close since October 2020 was ₹2,410.05 on 17 June 2026.

Advait Energy Transitions share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

312 weekly closes from 1 October 2020 to 4 November 2026.

4 Nov 2026: Advait Energy Transitions closed at ₹1,886.40, up 14.8% on the week and up 1.3% on the month. Results for July to September 2026: Revenue up 40.8% and profit up 90.0% on a year earlier.

Earlier

• 11 Sep 2026: ex-date for a dividend of ₹2 a share, record date 14 Sep 2026.
• 1 Jun 2026: Advait Energy Transitions held its results call for January to March 2026. Management guided: Consolidated revenue 40%+ growth multi-year (prepared, specific) acknowledged as conservative vs 80% FY26 delivery; order book ₹1,600-1,650 crore goal by end FY27 from ₹2,000 crore pipeline.
• Our read, 31 May 2026: FY26 full year: revenue ₹714.52 Cr (+80% on a year earlier), profit ₹55.08 Cr (+75%), operating margin 11.73%; January to March 2026 operating margin 12.61%, first sequential improvement after three compressed quarters. ,Order book at all-time high ₹1,304 Cr (+159% on a year earlier), split 64% PTS / 36% NRE; pipeline ₹2,000 Cr; 40%+ multi-year revenue guidance affirmed; BESS 2.7 GW factory operational Sep-Oct FY27 with ₹100-200 Cr FY27 revenue.

Our read of the business

FY26 full year: revenue ₹714.52 Cr (+80% on a year earlier), profit ₹55.08 Cr (+75%), operating margin 11.73%; January to March 2026 operating margin 12.61%, first sequential improvement after three compressed quarters. ,Order book at all-time high ₹1,304 Cr (+159% on a year earlier), split 64% PTS / 36% NRE; pipeline ₹2,000 Cr; 40%+ multi-year revenue guidance affirmed; BESS 2.7 GW factory operational Sep-Oct FY27 with ₹100-200 Cr FY27 revenue.

Latest quarter: FY26 closes at ₹714 Cr revenue (+80% on a year earlier); order book peaks at ₹1,304 Cr; three new management consistency failures in Jun 2026 call.

Our read after the latest results, written 31 May 2026.

Advait Energy Transitions paid ₹2 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.11% at the ₹1,886.40 close on 4 November 2026. The last was a dividend of ₹2 a share, ex-date 11 September 2026.

Advait Energy Transitions dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Advait Energy Transitions Limited paid out 4% of its profit as dividends in FY26, and it paid a dividend in 6 of its last 13 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for January to March 2026, held on 1 June 2026, Advait Energy Transitions' management guided: Consolidated revenue 40%+ growth multi-year (prepared, specific) acknowledged as conservative vs 80% FY26 delivery; order book ₹1,600-1,650 crore goal by end FY27 from ₹2,000 crore pipeline.

“We are confident in delivering sustained revenue growth of 40% plus, supported by our strong order book and robust tender pipeline that provides clear visibility into future performance”Shalin Sheth, on the call for January to March 2026

What management guided

• Segment mix to reach 65:35 NRE-to-PTS by end FY27 (from 25-27 percent NRE in FY26); operating margin +1 percent to approximately 12.7 percent in FY27 despite commodity inflation headwinds.
• BESS manufacturing ₹100-200 crore revenue in FY27 (partial September-October operation) scaling to 1,000+ crore annually at 80 percent utilization medium-term.
• Electrolyzer margins 5-10 percent initially progressing to 20 percent as supply chains mature; PTS aiming for 40-50 percent growth over 5 years; Dholera Phase 1 January to March 2027.
• Fuel cell market to reach 500 MW demand in 2-3 years then scale to gigawatts; company positioning to be among first 2-3 players with FY28 readiness.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for January to March 2026, 1 June 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

What is changing at Advait Energy Transitions, from the latest results and calls: record order book (₹1,304 cr +159% on a year earlier) + fy27 pipeline ₹2,000 cr, bess 2.7 gw manufacturing, sep-oct fy27 commissioning and pts operating leverage (standalone operating profit 16.92%, capital-light epc).

• Record Order Book (₹1,304 Cr +159% on a year earlier) + FY27 Pipeline ₹2,000 Cr. Order book at all-time high ₹1,304 Cr (+159% on a year earlier); NRE now 36% of book (up from 16% in October to December 2025); pipeline ₹2,000 Cr with ₹1,600-1,650 Cr book goal by end FY27. ⚠ estimate
• BESS 2.7 GW Manufacturing, Sep-Oct FY27 Commissioning. BESS manufacturing facility (2.7 GW) operational Sep-Oct FY27; ₹100-200 Cr FY27 partial-year revenue; ₹1,000+ Cr annual at 80% utilization; margins starting 5-10%, aiming for 20%. ⚠ estimate
• PTS Operating Leverage (Standalone operating profit 16.92%, Capital-Light EPC). PTS standalone operating margin 16.92% on ₹125 Cr Q3 standalone revenue; discom EPC 46% growth in 9M FY26; negative CCC (-77 days) indicates working capital efficiency. ⚠ estimate
• Electrolyzer Phase 1 (300 MW Dholera, January to March 2027) + TECO Fuel Cell JV. Electrolyzer Phase 1 operational January to March 2027 at Dholera (300 MW capacity, 250 kW–5 MW stack modules); TECO fuel cell JV MoU signed; margins 5-10% → 20% as supply chains mature. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 31 May 2026.

Order book at all-time high ₹1,304 Cr (+159% on a year earlier); 64% PTS / 36% NRE; January to March 2026 new wins: ERS ₹70 Cr (MSETCL), EPC ₹33 Cr Uttarakhand, stringing/reconductoring ₹27 Cr (GETCO), tools ₹22 Cr.

• NRE order book share: 43% (October to December 2024, per Feb 2025 call) → 24% (July to September 2025) → 16% (October to December 2025) → 36% (January to March 2026); goal 65% by FY27. ✓ fact
• October to December 2025 key quote: 'We remain confident in delivering approximately 40-45% revenue growth in FY26, backed by our diversified order book of over ₹1,000 crore and a strong tender pipeline of similar size'. ✓ fact
• January to March 2026 order book: ₹1,304 Cr (+159% on a year earlier); pipeline ₹2,000 Cr; goal ₹1,600-1,650 Cr by end FY27. ⚠ estimate

Our read after the latest results, written 31 May 2026.

FY26 consolidated operating profit 11.73% (down 114 basis points on a year earlier); January to March 2026 improved to 12.61%; FY27 goal 12.7% (+1pp) dependent on Dholera Phase 1 and commodity normalization.

The main risks

• Consolidated Margin Recovery Trajectory: FY26 consolidated operating profit 11.73% (down 114 basis points on a year earlier); January to March 2026 improved to 12.61%; FY27 goal 12.7% (+1pp) dependent on Dholera Phase 1 and commodity normalization. ⚠ estimate
• FY27 Capital spending Execution Risk (₹300-350 Cr, 3× FY26): FY27 capital spending ₹300-350 Cr (PTS ₹100 Cr + standalone ₹137 Cr + IPP/subsidiaries ₹198 Cr) vs FY26 ₹117 Cr; D/E at 0.46x rising; funding mix unspecified by business. ⚠ estimate
• Component Shortages at 765KV/800KV/HVDC Level: Industry-wide insulator shortages at 765 KV, 800 KV, and HVDC levels, Advait developing glass/composite post-insulator assembly as partial self-sufficiency hedge. ⚠ estimate

Our read after the latest results, written 31 May 2026.

When Advait Energy Transitions reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Dholera multi-integrated facility Phase 1 commissioning January to March 2027 - critical to validating 1 percent baseline margin improvement trajectory and electrolyzer manufacturing supply chain operational readiness.

Advait Energy Transitions is not on any of our India lists this week.

Advait Energy Transitions Limited earned ₹19.0 Cr of net profit in the Sep 2026 quarter, +90.0% on the same quarter a year earlier. That is the 8th quarter in a row of profit growth. Full-year FY26 profit was ₹55.0 Cr. Over 10 years profit has grown 49.3% a year on average. That is 8.6% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹10.0 Cr.

For the full year, FY26 profit was ₹55.0 Cr (+71.9% on the year before).

Why profit moved: revenue changed +40.8% on a year earlier and the margin moved +3.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +68.2% and revenue +56.5%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY26-Q3. Giga pivot ignited, revenue doubles, guidance trimmed from 50-60% to 40-45%, consistency cracks multiply post-IPO

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Advait Energy Transitions Limited reported ₹221 Cr of revenue in the Sep 2026 quarter, +40.8% on the same quarter a year earlier. That is the 8th quarter in a row with growth on the year before. Over 10 years it has grown 51.8% a year on average. The last full year, FY26, came in at ₹715 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. Order book grew from ₹1,048 Cr (Q3 FY26) to ₹1,304 Cr (Q4 FY26), a 24.4% sequential rise. NRE share recovered from 16% to 36%, strategic mix rebalancing materializing. Q4 FY26 new wins include ₹70 Cr ERS (MSETCL), ₹33 Cr EPC Uttarakhand (first direct state business), ₹27 Cr stringing/reconductoring (GETCO), ₹22 Cr tools order. The 40%+ revenue growth guidance for FY27 implies ₹1,000 Cr+ in FY27 revenue. Management goal: ₹1,600-1,650 Cr order book by end FY27 from ₹2,000 Cr pipeline.

The last four reported quarters add to ₹839 Cr.

FY26 revenue was ₹715 Cr, +79.6% on the year before.

Recent pace: the last four quarters grew +56.5% on average, against 51.8% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +48.2%, against +87.4% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +66.7%, against +70.8% a year (rolling over).

FY26-Q3. Giga pivot ignited, revenue doubles, guidance trimmed from 50-60% to 40-45%, consistency cracks multiply post-IPO

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Advait Energy Transitions Limited's operating margin was 14.0% in the Sep 2026 quarter, 3.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between −31.0% and 21.0%. The latest quarter is within that range.

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

Why this happened. PTS division is Advait's profit engine. Standalone EBITDA held at 16.92% (Q3 FY26) vs consolidated 11.73% (FY26). NABL laboratory certification (OPGW, ERS, stringing tools); OPGW supplier approvals from 10+ state utilities including 3 new in Q4. First direct state EPC contract (Uttarakhand ₹33 Cr) in Q4 FY26 opens new client channel. PTS planned at 40-50% growth over next 5 years post-capex. PTS capex ₹100 Cr in FY27 (self-funded from internal cash flow) is to expand ERS manufacturing, stringing tools capacity, and insulator assembly, each aiming for margin improvement via in-house manufacturing.

Why the margin moved: operating margin changed +3.4 percentage points on the year while gross margin changed −18.3 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

FY26-Q3. Giga pivot ignited, revenue doubles, guidance trimmed from 50-60% to 40-45%, consistency cracks multiply post-IPO

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Over the last 3 years, 25% of Advait Energy Transitions Limited's reported profit came in as cash from its operations, a gap worth watching. In FY26 its operations used ₹10.0 Cr of cash, against ₹55.0 Cr of profit. After ₹109 Cr of spending on assets, free cash was −₹119 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 25% of profit came in as cash: the cash cycle got 42 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: the bigger use of cash is spending on new assets, at 11.8× depreciation over three years. The next section checks what that spending is building.

Advait Energy Transitions Limited's cash cycle, the days between paying suppliers and getting paid by customers, was −62 days in FY26, down from −20 days in FY21. It spent ₹118 Cr on assets over the last 3 years. Customers take 76 days to pay, and stock sits for 54 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹715 Cr, each day of that cycle ties up about ₹2.0 Cr, so roughly −₹121 Cr is tied up in the business at any time.

FY26: customers took 76 days to pay and stock sat for 54 days, about 1.8 months of sales sitting as stock, for a full cycle of −62 days, shorter than FY21's −20.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 54 days. Customers pay about 76 days after that. Suppliers are paid at 192 days. Together that makes the −62-day cycle.

Spending on assets: ₹118 Cr over the last 3 years, against ₹10.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹71.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Advait Energy Transitions Limited's P/E is 31.0×, near the low end of its own history: it has been lower only 26% of the time. Its usual P/E (the middle reading) is 48.1×, over 6.1 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why the multiple is where it is: over the past year earnings per share moved +65.3% while the price moved +9.0%. Earnings did better than the price, which pulled the multiple down within its own range.

Where the price move came from: over 5 years the price moved +111.1% a year; about +69.3% a year came from earnings growth and about +41.8 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

A quarterly PEG curve, which only the second data source has, is not shown on this page: its two data sources disagree by up to 30% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Advait Energy Transitions Limited's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 26.0%. This is based on 9 quarters of 4 measures, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: steady growth with healthy returns is how a business compounds over time.

The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone.

This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Advait Energy Transitions Limited's story is not scored yet against the checks our research set on 31 May 2026. Where it sits in its own cycle: MID CONTRACTION.

NOT YET CHECKED

Our read, 31 May 2026. A two-engine EPC compounder, PTS core printing ₹714 Cr FY26 revenue (+80% YoY) with record ₹1,304 Cr order book, while management continues to revise strategic timelines and capital commitments, now 10 documented contradictions across 4 calls.

From the numbers. At 39th percentile, below median, not deeply depressed. Cycle…

From the price. Price stage 4, week 1, below its 200-day line, relative strength falling.

From the research. A two-engine EPC compounder, PTS core printing ₹714 Cr FY26 revenue (+80% YoY) with record ₹1,304 Cr order book, while management continues to revise strategic timelines and capital commitments, now 10 documented…

Where they disagree. At 39th percentile, below median, not deeply depressed. Cycle history shows one full expansion (Dec 2021 trough 9.4x → Jun 2024 peak 80.7x); currently in contraction phase.

What is proven. A two-engine EPC compounder, PTS core printing ₹714 Cr FY26 revenue (+80% YoY) with record ₹1,304 Cr order book, while management continues to revise strategic timelines and capital commitments, now 10 documented contradictions across 4 calls.

The test written in advance. Management Credibility Gap, 10 Documented Guidance Failures. Measured by: Management Credibility Gap, 10 Documented Guidance Failures Whether Dholera Phase 1 commissioning actually happens in Q4 FY27 as stated in the Jun 2026 call by the next result.

The test written in advance. Consolidated Margin Recovery Trajectory. Measured by: Consolidated Margin Recovery Trajectory by the next result.

The test written in advance. FY27 Capex Execution Risk (₹300-350 Cr, 3× FY26). Measured by: FY27 Capex Execution Risk (₹300-350 Cr, 3× FY26) FY27 H1 debt levels and operating cash flow realization; AGPL fundraise progress by the next result.

What the company does. FY26 full year: revenue ₹714.52 Cr (+80% YoY), PAT ₹55.08 Cr (+75%), EBITDA margin 11.73%; Q4 FY26 EBITDA margin 12.61%, first sequential improvement after three compressed quarters. Order book at all-time high ₹1,304 Cr (+159% YoY), split 64% PTS / 36% NRE; pipeline ₹2,000 Cr; 40%+ multi-year revenue guidance affirmed; BESS 2.7 GW factory operational Sep-Oct FY27 with ₹100-200 Cr FY27 revenue.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

• 1 · Operating leveragebuilding
• 2 · Value-added mixquiet
• 3 · Management changequiet
• 4 · Paying down debtquiet
• 5 · Regulatory approvalbuilding
• 6 · Order-book winsbuilding
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servebuilding
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 6 · Order-book wins: building. Order book at all-time high ₹1,304 Cr (+159% YoY); NRE now 36% of book (up from 16% in Q3 FY26); pipeline ₹2,000 Cr with ₹1,600-1,650 Cr book goal by end FY27. What proves it keeps working: Record Order Book (₹1,304 Cr +159% YoY) + FY27 Pipeline ₹2,000 Cr. It stops working if Whether Dholera Phase 1 commissioning actually happens in Q4 FY27 as stated in the Jun 2026 call.

Lever 5 · Regulatory approval: building. BESS manufacturing facility (2.7 GW) operational Sep-Oct FY27; ₹100-200 Cr FY27 partial-year revenue; ₹1,000+ Cr annual at 80% utilization; margins starting 5-10%, aiming for 20%. What proves it keeps working: BESS 2.7 GW Manufacturing, Sep-Oct FY27 Commissioning. It stops working if Whether Dholera Phase 1 commissioning actually happens in Q4 FY27 as stated in the Jun 2026 call.

Lever 1 · Operating leverage: building. PTS standalone EBITDA margin 16.92% on ₹125 Cr Q3 standalone revenue; discom EPC 46% growth in 9M FY26; negative CCC (-77 days) indicates working capital efficiency. What proves it keeps working: PTS Operating Leverage (Standalone EBITDA 16.92%, Capital-Light EPC). It stops working if Whether Dholera Phase 1 commissioning actually happens in Q4 FY27 as stated in the Jun 2026 call.

Lever 14 · A bigger market to serve: building. 1,150 kV UHVT and 765 kV infrastructure expansion underway; NABL certification for OPGW/ERS/stringing; 10+ utility approvals; classified priority sector with government funding irrespective of political cycles. What proves it keeps working: India Power Transmission Capex Supercycle (Priority Sector, Multi-Client). It stops working if Whether Dholera Phase 1 commissioning actually happens in Q4 FY27 as stated in the Jun 2026 call.

Sources: our stock research file (31 May 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What Advait Energy Transitions Limited's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Manufacturing Facility Timeline Shifts · 1 June 2026. In the Nov 2025 call, management stated the integrated manufacturing facility would be ready by July 2026. This was later delayed to mid-2028 during the Feb 2026 call. However, in the latest June 2026 call, management shifted the goal yet again, asserting that Phase 1 of the Dholera facility would be operational by Q4 FY27, without reasonably explaining the repeated timeline alterations for this major project.

Standalone Capex Guidance Reversal · 1 June 2026. In the Nov 2025 call, management explicitly guided that the standalone entity (AETL) would not incur any additional phased capex in the coming financial year. However, in the June 2026 call, management materially contradicted this previous goal by revealing 137 crores in planned capex for the core business (excluding IPP) for the next year.

Subsidiary Funding Strategy Pivot · 1 June 2026. During the Feb 2026 call, management emphasized they would not dilute Advait Energy's capital to fund the Advait Green Energy subsidiary, intending instead for the subsidiary to independently raise 100 crores via direct divestment.

Revenue Growth Guidance Lowered · 12 February 2026. In the November 2025 call, management guided for 50-60% growth, aiming to maintain the historical trajectory of doubling similar to previous years. However, in the February 2026 call, this guidance was revised downward to 40-45% without explicitly bridging the gap from the higher prior expectations. Earlier call (Nov 2025): “We believe that we will maintain our growth in a growth trajectory. overall growth rate about 50%, 60% that we did. So, these are the numbers we are looking forward.” Later call (Feb 2026): “Looking ahead, we remain confident in delivering approximately 40-45% revenue growth in FY26.”

Every quote above is taken word for word from the company’s own earnings calls.

Focus on PTS cash flow not strategic promises until delivery improves.

Regulatory and governance record

No SEBI/CBI/ED action or fraud; Apr-2026 Large-Corporate non-applicability is routine.

Checked 15 June 2026.

Advait Energy Transitions Limited earned a ROCE of 26% in FY26. That is up from a low of 13% in FY20. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 7.7% net margin and 1.07× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 7.7% net margin × 1.07× asset turnover × 2.40× leverage (assets divided by equity) ≈ 19.8% on equity. The margin does its share; borrowing is a big part of it.

The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 30% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Advait Energy Transitions Limited had ₹128 Cr of borrowings against ₹278 Cr of equity in FY26, so its debt is 0.46× its equity. Its operating profit is 5 times its interest bill. Over 5 years borrowings went from ₹8.0 Cr to ₹128 Cr. Over the last 3 of those years it spent ₹118 Cr on assets.

Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

Part of the spending on assets is being paid for with borrowed money.

The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 30% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Promoters cut their stake in Advait Energy Transitions Limited by 2.7 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 66.7% of the company. Foreign institutions moved +0.1 points over the same period, to 0.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Promoters: −2.7 points over 8 quarters, to 66.7%; Foreign institutions: +0.1 points over 8 quarters, to 0.1%; Domestic institutions: +0.0 points over 8 quarters, to 0.0%.

Why the owners changed: promoters drove it (−2.7 points). They reduced their stake.

For Advait Energy Transitions Limited, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

Why this happened. The BESS factory is the biggest near-term revenue optionality catalyst. 2.7 GW capacity split: 1 GW built-own-operate (BOO) via SPV with electricity revenue consolidated at COD; 1.7 GW EPC/manufacturing for external contracts. ₹100-200 Cr FY27 contribution from the partial year (Sep-Oct to Mar 2027). At 80% utilization (planned 1.5 years post-commissioning), ₹1,000+ Cr annual run-rate. Located in Advait Battery Ecosystems subsidiary. 5 GW future expansion planned. Accounting structure clarified: BOO projects consolidate at COD; EPC work recognized as performed. This resolves prior analyst confusion around ₹44-46 Cr FY26 revenue.

66.1 out of 100, rank 2 of 6 in EPC, with 82% of the evidence available.

Advait Energy Transitions Limited scores 66.1 out of 100 against the 6 companies it is compared with in EPC, ranking 2. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks.

The four parts add up to the total exactly: 28.2 + 16.3 + 10 + 11.6 = 66.1. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Advait Energy Transitions ranks 2 of 6 EPC companies on the 4-Factor Sector Score, with 66.1 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: EPC, all 6 compared on one page.

Advait Energy Transitions is the 5th largest of 6 EPC companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Dilip Buildcon, Transrail Lighting, Ahluwalia Contracts (India) and J Kumar Infraprojects. Just below it: Viviana Power Tech.

EPC companies close in size

1. Dilip Buildcon Ltd ₹6,105 crore
2. Transrail Lighting Ltd ₹5,695 crore
3. Ahluwalia Contracts (India) Ltd ₹3,535 crore
4. J Kumar Infraprojects Ltd ₹3,069 crore
5. Advait Energy Transitions Limited ₹1,798 crore
6. Viviana Power Tech Ltd ₹713 crore

All 6 EPC companies, largest first

Companies close in size in other industries

1289. Schneider Electric President Systems Ltd ₹1,803 crore
1290. Sika Interplant Systems Ltd ₹1,799 crore · Aerospace & Defence - Equipments
1291. Advait Energy Transitions Limited ₹1,798 crore
1292. Geojit Financial Services Ltd ₹1,797 crore · Finance - Capital Markets - Brokers
1293. G M Breweries Ltd ₹1,795 crore · Alcoholic Beverages

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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