Key Metrics of Power Mech Projects Limited
About Power Mech Projects Limited
Sectors
Company details
- Registered office
- Plot No. 77, Opp: Hitex, Jubilee Enclave, Madhapur, Hyderabad, In-ts, 500081
- Listed
- NSE: POWERMECH · ₹2,191.50
Operational Areas of Power Mech Projects Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 17 Aug 2026 | CARE | Reaffirmed | A+ | A1 | Stable | ₹3,918 Cr | View |
| 18 Dec 2025 | CARE | Reaffirmed | A+ | A1 | Stable | ₹3,418 Cr | View |
| 08 Jan 2025 | CARE | Reaffirmed | A+ | A1 | Stable | ₹3,418 Cr | View |
| 05 Apr 2024 | CARE | Revised (from A) | A+ | A1 | Stable | ₹2,775 Cr | View |
| 20 Sep 2023 | CARE | Reaffirmed | A | A1 | Positive | ₹2,144 Cr | View |
| 14 Dec 2022 | CARE | Reaffirmed (from A) | A | A1 | Stable | ₹4,318 Cr | View |
| 15 Nov 2022 | CARE | Revised (from A-) | A | A1 | Stable | ₹3,600 Cr | View |
| 17 Mar 2022 | CARE | Reaffirmed | A- | A2+ | Stable | ₹1,800 Cr | View |
| 05 Apr 2021 | CARE | Revised (from A) | A- | A2+ | Stable | ₹3,600 Cr | View |
| 31 Mar 2020 | CARE | Reaffirmed | A | A1 | Stable | ₹1,800 Cr | View |
| 28 Feb 2019 | CARE | Assigned | A | A1 | Stable | ₹1,800 Cr | View |
Credit strengths (CARE, Aug 2026)
+ Established track record of operations
PMPL has an operational track record of over 27 years in erection, testing and commissioning of boiler, turbine and generator (ETC-BTG), balance of plant (BoP), civil works, and O&M of power plants. It executed ETC-BTG works for the first two ultra-mega power projects (UMPPs) – Mundra and Sasan – and 19 other supercritical power projects across India. PMPL diversified into MDO projects with Steel Authority of India Limited (SAIL) (rated CARE AA; Stable / CARE A1+) and Central Coalfields Limited
+ Comfortable order book position with geographical and segment-wise diversification
PMPL maintains a robust and diversified order book of ~₹15,885 crore as of March 31, 2026, ensuring revenue visibility for ~3 years. Order inflows remain robust, with new orders worth ~₹7,210 crore secured during FY26, providing strong revenue visibility and supporting future revenue streams. Order mix is spread across civil (47%), O&M (23%), mechanical (15%), water pipeline projects (10%), and electrical, MDO and other works (6%). Projects are geographically well distributed across over 18 stat
+ Robust financial performance in FY26
The company’s revenue from operations increased by 16%, from ₹5,239 crore in FY25 to ₹6,062 crore in FY26 supported by healthy execution of its strong order book. The PBILDT margin remained stable at 11.62% in FY26 (11.64% in FY25). The company has generated healthy net cash accruals of ₹476 crore. Going forward, EPC margins are expected to remain ~11%, while overall margins are projected to improve gradually to 13-14%
+ Government thrust on infrastructure segment
India’s construction and infrastructure sector continues to benefit from the government’s sustained focus on capital expenditure. The Union Budget 2026-27 has allocated public capital expenditure of ~₹12.2 trillion, equivalent to ~3.1% of GDP, compared to ₹11.2 trillion in the previous year’s budget estimate. Allocations remain sizeable across roads, railways, urban infrastructure, water, power and renewable energy. This is expected to support a healthy project pipeline and create growth opportu
Credit challenges
− Project execution risk related to MDO projects and
PMPL is executing two MDO projects; one for CCL and another for SAIL.Being a new entrant in coal mining, PMPL faces execution risks associated with these projects, which require continuous capital expenditure during the concession period.Timely ramp-up of coal volumes per approved mining plan will be critical to mitigate cash flow risk and support growth.Comfort is derived from agreements with strong counterparties, ensuring firm revenue based on predetermined prices. Clauses for damages on lowe
− Working capital intensive operations
The company’s operations remain working capital intensive. The collection period remained almost at similar level of FY25, at 165 days in FY26 (159 days in FY25). The collection days remained elevated mainly due to high unbilled revenue, with project progress pending achievement of milestones. The GCA days also remained high at 268 days in FY26 (264 days in FY25), considering high Mob advances to sub-contractors, advances towards rehabilitation and resettlement (R&R) expenses for the Tasra and K
− Presence in a highly fragmented and competitive construction industry
PMPL operates in a highly competitive construction industry, where projects are awarded based on bidder experience, financial capability, and competitive pricing. Presence of numerous small and medium players leads to aggressive bidding, exerting pressure on margins. However, PMPL’s extensive experience, long -standing track record, and strong client relationships provide a competitive edge.
Could lead to an upgrade
• Significantly growing revenue with PBILDT margin above 12% • Improving GCA days to below 200 days on a sustained basis.
Could lead to a downgrade
• Deteriorating TD/PBILDT to over 2x. • Increasing GCA days to over 250 days on a sustained basis. • Significantly lower-than-estimated revenue from MDO projects.
Agency-reported financials (CARE, 17 Aug 2026)
| Metric | March 31, 2025 | March 31, 2026 |
|---|---|---|
| Total operating income | ₹5,239 Cr | ₹6,062 Cr |
| PBILDT* | ₹610 Cr | ₹705 Cr |
| Profit after tax (PAT) | ₹348 Cr | ₹412 Cr |
| Overall gearing (x) | 0.45× | 0.43× |
| Interest coverage (x) | 6.44× | 6.09× |
| Revenue growth (YoY) | — | 15.7% |
| PAT margin | 6.6% | 6.8% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Action Long Term Short-term bank | Working capital & bank lines | — | ₹2,900 Cr | — | A+ (Stable) | Reaffirmed | CARE |
| facilities 738.48) | Other | — | ₹938 Cr | — | A1 | Other | CARE |
| Long-term bank facilities | Working capital & bank lines | — | ₹80.0 Cr | — | A+ / A1 (Stable) | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹2,900 Cr | CARE A+; Stable / CARE A1 |
| Bill Discounting/ Bills Purchasing | ₹80.0 Cr | CARE A1 |
| Term Loan | ₹68.5 Cr | CARE A+; Stable |
| Working Capital Demand loan | ₹36.5 Cr | CARE A+; Stable |
| Working Capital Limits | ₹834 Cr | CARE A+; Stable |
Lenders
| Fund-based - LT | Term Loan | Axis Bank Ltd. |
| Fund-based - LT | Term Loan | Bank of Baroda |
| Fund-based - LT | Term Loan | Canara Bank |
| Fund-based - LT | Term Loan | HDB Financial Services |
| Fund-based - LT | Term Loan | HDFC Bank Ltd. |
| Fund-based - LT | Term Loan | South Indian Bank Ltd. |
| Fund-based - LT | Term Loan | Union Bank of India |
| Fund-based - LT | Working Capital Demand loan | Bank of India |
| Fund-based - LT | Working Capital Demand loan | IndusInd Bank Ltd. |
| Fund-based - LT | Working Capital Limits | Axis Bank Ltd. |
| Fund-based - LT | Working Capital Limits | Bandhan Bank Ltd. |
| Fund-based - LT | Working Capital Limits | Bank of Bahrain and Kuwait B.S.C |
| Fund-based - LT | Working Capital Limits | Bank of Baroda |
| Fund-based - LT | Working Capital Limits | Bank of India |
| Fund-based - LT | Working Capital Limits | Central Bank of India |
| Fund-based - LT | Working Capital Limits | HDFC Bank Ltd. |
| Fund-based - LT | Working Capital Limits | IDFC First Bank Ltd. |
| Fund-based - LT | Working Capital Limits | Indian Overseas Bank |
| Fund-based - LT | Working Capital Limits | Karnataka Bank Ltd. |
| Fund-based - LT | Working Capital Limits | Punjab National Bank |
| Fund-based - LT | Working Capital Limits | RBL Bank Limited |
| Fund-based - LT | Working Capital Limits | State Bank of India |
| Fund-based - LT | Working Capital Limits | UCO Bank |
| Fund-based - LT | Working Capital Limits | Union Bank of India |
| Fund-based - LT | Working Capital Limits | Yes Bank Ltd. |
| Fund-based - ST | Bill Discounting/ Bills Purchasing | Proposed |
| Non-fund-based - LT/ ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Bandhan Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Bank of Baroda |
| Non-fund-based - LT/ ST | BG/LC | Bank of India |
| Non-fund-based - LT/ ST | BG/LC | Central Bank of India |
| Non-fund-based - LT/ ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | IDFC First Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Indian Overseas Bank |
| Non-fund-based - LT/ ST | BG/LC | IndusInd Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Karnataka Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Punjab National Bank |
| Non-fund-based - LT/ ST | BG/LC | RBL Bank Limited |
| Non-fund-based - LT/ ST | BG/LC | State Bank of India |
| Non-fund-based - LT/ ST | BG/LC | UCO Bank |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 61% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 61% chance the next rating action is stable or better
- Current rating A+ (investment grade)
- Interest coverage 6.09×
- Working-capital limits 86% utilised on average
Rated limits by facility
Timeline
From the report
The company has generated healthy net cash accruals of ₹476 crore.
From the report
Liquidity: Adequate PMPL’s liquidity position remains adequate to strong, supported by gross cash accruals of ₹480 crore in FY26 against schedule d debt repayments of ₹131 crore in FY27, reflecting comfortable debt servicing coverage .
From the report
Average utilisation of fund -based working capital limits stood at ~86% and non-fund-based limits at 76% for 12 months ended June 2026.
From the report
The company also maintained a free cash balance of ₹107 crore as on March 31, 2026.
From the report
The company raised funds to the tune of ₹350 crore in October 2023 through qualified institutional placements (QIP), which strengthened capital structure, while providing funds for working capital requirements and financing equity commitment in MDO projects undertaken for SAIL in Tasra.
From the report
Liquidity: Adequate PMPL’s liquidity position remains strong, supported by gross cash accruals of ₹396 crore in FY25 against low debt repayments (₹46 crore in FY26).
From the report
Average utilisation of fund-based working capital limits stood at ~80% and non-fund-based limits at 76% for 12 months ended October 2025.
From the report
The company also maintained a free cash balance of ₹122 crore as on 30 September 2025.
From the report
Growth trajectory continued in H1FY25 with revenue growth of 14% and PBILDT margin continuing at 11.62% PMPL continues to have a comfortable capital structure which has been strengthened with funds raised to the tune of ₹350 crore in October 2023 through qualified institutional placement (QIP).
From the report
Liquidity: Adequate The liquidity is marked by adequate accruals in FY24, against moderate repayment obligations and a cash balance of ₹52 crore as on March 31, 2024.
From the report
Free cash and bank balance as on September 30, 2024, stood at ~₹36 crore.
From the report
Average utilisation of fund- based working capital limits was 74% for 12-months ended November 30, 2024.
From the report
The company has also raised funds to the tune of ₹350 crore in October 2023 through qualified institutional placement (QIP) which has strengthened the capital structure while providing funds for financing equity commitment in the Mine Development and Operation (MDO) project s undertaken for Steel Authority of India Limited (SAIL; rated ‘CARE AA;
From the report
The promoter fund infusion of ₹50 crore and interest free mobilisation advance for FGD orders and improved collection period is expected to support the working capital requirements going forward.
From the report
Press Release Liquidity: Adequate The liquidity is marked by adequate accruals in FY23 against moderate repayment obligations and a cash balance of ₹44 crore as on March 31, 2023.
From the report
The average utilisation of the fund-based working capital limits was 82% for the trailing 12 months ended February 29, 2024.
From the report
The promoters of the company brought in unsecured loans of Rs.50 crore as on March 31, 2022 and 50% of the same (Rs.25 crore) was converted into equity as on August 2022.
From the report
The promoter fund infusion of Rs.50 crore, interest free mobilization advance for FGD orders and improved collection period is expected to support the working capital requirements going forward.
From the report
Press Release Liquidity: Adequate The liquidity is marked by adequate accruals during FY23 against moderate repayment obligations and a cash balance of Rs.44 crore as on Mar. 31, 2023.
From the report
The average utilisation of the fund-based working capital limits was 82% for the trailing 12 months ended July 31, 2023.
From the report
The promoters of the company brought in unsecured loans of Rs.50 crore as on March 31, 2022 and 50% of the same (Rs.25 crore) was converted into equity as on August 2022.
From the report
Liquidity: Adequate Liquidity is marked by adequate accruals during FY22 and Q1FY23 against moderate repayment obligations and cash balance of Rs.74 crore as on March 31, 2022.
From the report
The cash balance as on June 30, 2022 stood at ~Rs.14 crore.
From the report
Average utilization of the fund based working capital limits was 83% for trailing twelve months ended October 2022.
From the report
The promoter fund infusion of Rs.50 crore, interest free mobilization advance for FGD orders and improved collection period is expecte d to support the working capital requirem ents going forward.
From the report
The promoters of the company brought in unsecured loans of Rs.50 crore as on March 31, 2022 and 50% of the same (Rs.25 crore) was converted into equity as on August 2022.
From the report
Liquidity: Adequate Liquidity is marked by adequate accruals during FY22 and Q1FY23 against moderate repayment obligations and cash balance of Rs.74 crore as on March 31, 2022.
From the report
The cash balance as on June 30, 2022 stood at ~Rs.14 crore.
From the report
Average utilization of the fund based working capital limits was 83% for trailing twelve months ended October 2022.
From the report
The promoter fund infusion of Rs.50 crore, interest free mobilization advance for FGD orders and improved collection period is expecte d to support the working capital requirements going forward.
From the report
Though the collection efficiency 9MFY21 is more than 100%, the average working capital utilization for the last 12 months ending February 2021 stands high at 88%, due to impact of covid19 pandemic during Q4FY20 and H1FY21.
From the report
Liquidity: Adequate Adequate liquidity is marked by collection efficiency of more than 100% during 9MFY21 and presence of free cash balance of Rs 60 crore to meet repayment obligation of Rs 9 crore for Q4FY21.
From the report
Liquidity: Adequate Adequate liquidity is marked by collection efficiency of more than 100% during 9MFY21 and presence of free cash balance of Rs 60 crore to meet repayment obligation of Rs 9 crore for Q4FY21.
From the report
However, the company has availed COVID relief loan of Rs.2.5 crore Analytical approach: CARE has analysed Power Mech Projects Limited’s credit profile by considering the consolidated financial statements (comprising PMPL and its subsidiaries/JVs/Associates) owing to financial and operational linkages between the parent and subsidiaries.
From the report
Furthermore, the average working capital utilisation stands at 74% for the last 12 months ended February 2020.
From the report
Liquidity: Strong Liquidity is marked by strong accruals of Rs. 185.89 crore vis-à-vis scheduled repayment obligations of Rs 43.73 crore and liquid investments to the tune of Rs.15.55 crore.
From the report
Liquidity: Strong Liquidity is marked by strong accruals of Rs. 185.89 crore vis-à-vis scheduled repayment obligations of Rs 43.73 crore and liquid investments to the tune of Rs.15.55 crore.
From the report
The average utilization of the working capital was at 74% for the past 12 months ended December 2019.
From the report
PMPL has an outstanding cash and bank balances of Rs.94.76 crore (free cash of Rs.52.11 crore) as against Rs.34.74 crore (free cash of Rs.8.56 crore) as on March 31, 2017.
From the report
Furthermore, the average working capital utilisation remains on the higher side at 83.27% for the last 12 month ended September 2018.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Power Mech Projects Limited
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
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