Powerica Order Book Stands at ₹1,700 Cr; How Much of It Is Driven by Data Centres?
Order books tell you a lot about where a company’s headed, but they don’t always tell the whole story. Sometimes the real story is hiding in which part of that order book is growing fastest, and what that means for margins down the line. That’s kind of the situation here, honestly. Powerica Ltd. shares were trading at ₹576.00, up 3.60% or ₹20 from the previous close of ₹556.00. The stock has a market cap of ₹7,289.39 crore.
Powerica’s Order Book Snapshot
Powerica Limited‘s total order book stood at ₹1,700 crore as of July 31, 2026, and this reflects a 15% to 19% growth over the same period last year, depending on product mix. Out of this, the data center-specific portion within the DG set business (powered by Cummins engines) came in at ₹900 crore. These orders are expected to be executed over the next 12 to 18 months, so this isn’t money that lands all at once.
Just one week after July 31, the data center orders had already grown to ₹1,100 crore by August 7. The company said it bagged a single order worth over ₹200 crore in that short window. Last year, the data center order book was sitting at ₹400-500 crore, so this segment has nearly doubled in a year, and it’s still climbing on a monthly basis.
Q1 Numbers Look Strong, But Margins Took a Hit
For the quarter ended June 30, 2026, revenue came in at ₹780 crore, up 26.7% year-on-year. EBITDA stood at ₹106 crore with a margin of 13.6%, while PAT was ₹64 crore, a margin of 8.3%.
That said, margins were under some pressure this quarter. Commodity price inflation, along with the ongoing West Asia crisis, pushed up input costs, and there’s usually a time lag before those higher costs can be passed on to customers. The company took a price hike in two phases, a small one in the middle of Q1 and the rest at the start of Q2, and expects margins to start recovering from Q3 onward.
DG Set Business Still The Bigger Chunk
The generator set business contributed 81.4% of total revenue in Q1, though its EBITDA margin was lower at 5.6%, largely because of that commodity cost pressure. Within this, gensets powered by Cummins engines made up 72% of revenue, while allied products like EMI shelters, containers for defense use, and control panels added another 9%.
Wind power, meanwhile, brought in 18.6% of revenue but with a much healthier EBITDA margin of 48.6%, growing 28.8% year-on-year. This segment benefited from a wind installation of 51.3 MW that went live in February 2026, plus a good wind season during the quarter.
Wind Portfolio Expansion Is In Motion
On the renewable side, the company currently has 330 MW of operational IPP wind assets and is working toward taking this to around 633-638 MW. It recently won three projects totaling 250 MW, a 100 MW project for GUVNL where the Power Purchase Agreement has already been signed and work has started, a 50 MW GUVNL project where the Letter of Award is still awaited, and a 100 MW SECI project where the LOA has come through.
The company also picked up a 49% stake in Fuji-Kailash Energy Private Limited a renewable energy firm working across solar and bioenergy, and set up two new wholly-owned subsidiaries to support transmission connectivity for its wind projects. The company held net cash of around ₹193 crore as of the quarter, with no near-term debt requirement flagged for capex.
About the Company
Powerica Limited manufactures diesel generator sets powered by Cummins engines, catering to sectors like manufacturing, real estate, data centers, and rentals. It also has a growing renewable energy arm, building and operating wind power projects across India through both owned assets (IPP) and EPC contracts, alongside a defense-focused allied products business.
