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 ₹2,061, in a confirmed uptrend and 23 weeks into that stage. That is +4.3% against its own 200-day average. It sits at 67% 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 (6 weeks and counting).

Today the stock is in a confirmed uptrend — week 23 of stage 2, confirmed. At ₹2,061 it trades +4.3% versus its 200-day average and sits at 67% of its 52-week range (₹1,359–₹2,410).

Against the market, two honest reads. Cumulative: over the last 5.9 years the stock moved +7,927% while the NIFTY 500 moved +137% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (6 weeks and counting; last ahead the week of 2026-07-31) — 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.

Story check

Advait Energy Transitions Limited's story is not scored yet against the markers our research file set on 31 May 2026. Where it sits in its own cycle: MID_CONTRACTION. Our fortnightly research layers last read it on 27 June 2026.

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. PE compressed 47% from Jun 2024 peak of 80.7x to current 43.1x. At 39th percentile — below median, not deeply depressed. EARNINGS_DISCONNECT: EPS growth (88% TTM PAT growth) has outpaced multiple contraction. Cycle…

From the price. Price stage 2, week 23 — above 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. PE compressed 47% from Jun 2024 peak of 80.7x to current 43.1x. At 39th percentile — below median, not deeply depressed. EARNINGS_DISCONNECT: EPS growth (88% TTM PAT growth) has outpaced multiple contraction. Cycle history shows one full expansion (Dec 2021 trough 9.4x → Jun 2024 peak 80.7x); currently in contraction phase. FY26 delivered 80% revenue growth and 75% PAT growth — the market has compressed the multiple despite fundamental delivery on PTS. The PE decline is not driven by earnings deterioration but by PE mean-reversion from an extreme peak.

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.

What is not proven yet. 7 prior failures + 3 new in Jun 2026: Dholera timeline shifted third time (Jul 26→mid-28→Q4 FY27), standalone capex reversed (zero→₹137 Cr), subsidiary funding reversed (self-fund→parent invests ₹198 Cr).

Layer 1 read, 27 June 2026 — KEEP. Order-book-led earnings inflection with PE compressing as EPS compounds — top of batch, capped by weak cash conversion. Revenue 8x'd to Rs 714 Cr (+80%) on a record Rs 1,304 Cr order book (+159%) while the multiple actually compressed 34% as EPS rose 129% — the EARNINGS_DISCONNECT winner signature. It is held to P2, not P1, by 10 documented guidance reversals and OCF/PAT of just 0.25 (FY26 OCF Rs 5.82 Cr vs Rs 55 Cr PAT), i.e. growth funded by working capital.

What would change Layer 1’s mind. If OCF/PAT stays stuck near 0.25 into FY27 (receivables NOT normalizing post-capex per) OR OPM keeps sliding below ~11% (the BESS/electrolyzer timeline misses compound to a 12th-plus guidance failure per milestone M5), the earnings would be revealed as low-quality WC-funded growth and the thesis flips.

Layer 2 read, 27 June 2026 — BENCH. Real +159% order-book inflection, but growth funded by working capital (OCF/PAT 0.25) with a promoter cutting stake and serial guidance reversals -- not yet investable. ADVAIT's revenue 8x and record order book are genuine, but earnings are not converting to cash -- OCF/PAT just 0.25 over 3 years and OCF fell 121.7% as PAT rose 71.9%, the exact pattern the Working Capital Growth Governor model flags. The concall record CONFIRMS management reversed its 'no equity raising' stance to a fundraise and shifted the Dholera timeline three times, and the promoter reduced stake ~3.4pp into the story -- so the self-funding leg is unconfirmed.

What would change Layer 2’s mind. If next 1-2 quarters show OCF/PAT converging toward 1.0 (order book collecting to cash) AND the promoter stake stabilizes/rises AND management hits a guided milestone without another reversal, the cash/governance reds clear and BENCH -> ADVANCE; conversely an explicit promoter pledge or a further stake cut would push toward DROP.

The test written in advance. Management Credibility Gap — 10 Documented Guidance Failures — 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 — Consolidated Margin Recovery Trajectory Q1 FY27 consolidated EBITDA margin — does recovery from 12.61% base hold? by the next result.

The test written in advance. FY27 Capex Execution Risk (₹300-350 Cr, 3× FY26) — 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.

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 target 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%, targeting 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 sell into — 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 Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

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

Advait Energy Transitions Limited reported ₹179 Cr of revenue in the Jun 26 quarter, +51.7% year on year. That is the 7th 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 ₹775 Cr.

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 target: ₹1,600-1,650 Cr order book by end FY27 from ₹2,000 Cr pipeline.

FY26 revenue came in at ₹715 Cr (+79.2% on the year), capping 10 years at 51.8% compound. The latest quarter (Jun 26) printed ₹179 Cr, +51.7% year on year — the 7th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +106.6% 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 +70.3% over the last 4 quarters against +79.0%/yr over the last 8 — rolling over; TTM profit +69.4% vs +53.2%/yr — accelerating.

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.

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 14.0% in the Jun 26 quarter, +2.0 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.

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 targeted 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 targeting margin improvement via in-house manufacturing.

The latest quarter's operating margin is 14.0%, +2.0 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 +2.2 pp year on year while gross margin went −4.3 pp — the gain came mostly from the gross line: input costs and pricing.

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.

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 ₹15.0 Cr of net profit in the Jun 26 quarter, +66.7% year on year. It is the 7th consecutive quarter of growth. Full-year FY26 profit was ₹55.0 Cr. The 10-year compound rate is 49.3%. That is 8.4% of the quarter's revenue. The same quarter a year earlier earned ₹9.0 Cr.

Jun 26 profit was ₹15.0 Cr, +66.7% year on year — the 7th 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 +51.7% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +83.2% vs revenue +106.6%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

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.

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.

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.

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 +7.6 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: 19.6% − 12.0% = a +7.6 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.

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.

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 2.7 points of Advait Energy Transitions Limited over 8 quarters, the biggest move on the register. That takes promoters to 66.8% 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: −2.7 points over 8 quarters to 66.8%; 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 (−2.7 points), absorbed on the other side by foreign institutions (+0.7 points) — distribution into the market’s bid.

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.

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 (targeted 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.

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

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 39.1× P/E, near the bottom of its own range — cheaper only 31% of the time. Its long-run median P/E is 47.7×, measured across 5.9 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 39.1× is near the bottom of its own range — cheaper only 31% of the time, against a long-run median of 47.7× measured over 5.9 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 +9.6% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +124.7%/yr price move, ~+64.5%/yr came from earnings growth and ~+60.2 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 low against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 29 June 2026 price, Advait Energy Transitions Limited was paying for profit growth of about 24.1% a year. Profit itself has compounded 49.3% a year over the past 10 years. Today the market pays 39.1× P/E, the 31st percentile of its own 6-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is below what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 29 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Consistent 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 consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 31.9% and holding. The read is built from 11 quarters across 4 curves, on full evidence.

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

4-Factor Sector Score

66.4/100 — rank 1 of 6 in EPC · 100% evidence confidence

Advait Energy Transitions Limited scores 66.4 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: 31.6 + 14 + 6.8 + 14 = 66.4. 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.

Said versus delivered

What Advait Energy Transitions Limited's management promised, set against what actually arrived — 4 tracked 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 target 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 target 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. Conversely, the June 2026 call unveils a major shift in parent-level capital allocation, with management now guiding for 198 crores of parent investments into subsidiaries to fund these upcoming facilities.

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.

Frequently asked questions