Advait Energy Transitions, once a power transmission hardware maker, is now scaling electrolysers, battery storage, and fuel cells. Its order book crossed ₹1,330 crore by mid-2026, with management targeting as much as ₹1,650 crore for FY27.
Founded in 2009 and incorporated in 2010, Advait built cash flows supplying transmission utilities. In 2024 it rebranded and added New and Renewable Energy plus clean-tech manufacturing to its legacy Power Transmission Solutions division.
The National Green Hydrogen Mission targets five million tonnes of green hydrogen annually by 2030, backed by ₹19,744 crore. Component I allocates ₹4,440 crore for electrolyser manufacturing, with incentives paid per kilowatt.
Competing against Reliance and BP, the company secured 100 MW in Tranche I, then added 200 MW in Tranche II. The total 300 MW allocation positions it in green hydrogen manufacturing.
The 150,000-square-meter Gangad Multi-Integrated Giga-Factory near Ahmedabad is being built for battery storage and fuel cells. Phase 1, due Q4 FY27, includes a 2.5 GWh battery line and a 100 MW electrolyser facility.
FY23 revenue was ₹104 crore, FY24 ₹208 crore, FY25 ₹399 crore, and FY26 crossed ₹714 crore. EBITDA margin narrowed from 17.3% in FY24 to about 11% in FY26.
At end of FY24, the order book was about ₹204 crore. By mid-2026 it reached roughly ₹1,330 crore, adding state transmission and private solar orders. Management targets ₹1,600–1,650 crore for FY27.
In FY26, New and Renewable Energy was 36% of the order book versus 64% for Power Transmission. By the end of FY27, management projects a 65:35 split favouring renewables, making execution in battery storage and hydrogen decisive.
The transition has sharp edges: FY26 operating cash flow turned negative at ₹9.68 crore, while TECO 2030's bankruptcy threatens the fuel cell roadmap. Dholera execution delays could also risk PLI subsidies.
Advait has transformed from niche transmission contractor into a broad clean-tech platform. Whether it clears working-capital, technology, and project hurdles will determine if the order book converts into durable value. Read the full deep dive for more.
Read the full analysis →