Shares of Advait Energy Transitions surged over 7% intraday on 15 April, following the announcement that the company has emerged as the lowest (L1) bidder for two critical power infrastructure projects awarded by Paschim Gujarat Vij Company (PGVCL) under its System Improvement Scheme.
This development marks a significant operational win for the company and a timely validation for ace investor Ashish Kacholia, who holds a 2.67% stake (2,88,185 shares) in the firm.
Advait Energy Orders Details
Advait Energy has won 2 turnkey contracts from PGVCL for supply, installation, testing and commissioning of 11 KV Medium Voltage Covered Conductors (MVCC) and related accessories. These contracts are for power supply projects in Bhavnagar and Amreli Circles of Gujarat. Both projects are to be completed in 12 months and will strengthen the 11 KV feeder networks – the lifeline of local power distribution.
This is part of PGVCL’s System Improvement (SI) Scheme to modernize and enhance its electrical infrastructure across Gujarat.
“These power supply projects are a big milestone in our journey to strengthen India’s energy infrastructure,” said Shalin Sheth, Founder and Managing Director, Advait Energy Transitions.
Advait Energy Post-IPO Performance & Market Sentiment
Advait Energy launched its IPO on 15 September 2020 with an issue size of INR 6.88 crore. The IPO was subscribed 1.4X and listed with modest 1.08% gains. However, in the last 5 years, Advait Energy’s share price rode on high tide and made an all-time high of INR 2,260 per share on 19 July 2024, reflecting an eye-popping return of 8,700% from its adjusted allotment price of INR 25.50 per share.
Following the news, Advait Energy share price surges 7% to INR 1,303.10 per share. However, still 42% down from its 52-week high of INR 2,260. Advait Energy has a market cap of INR 1,413 crore.
Notably, the stock has declined 29% in the last 6 months. The PGVCL order win has given a much needed boost to the stock and investor confidence in the company’s execution and growth.
Financial Snapshot
Advait Energy’s recent Q3 FY25 results indicate solid financial momentum:
- Revenue: INR 98.45 crore (up 35% YoY from INR 72.71 crore)
- Net Profit: INR 9.79 crore (up 27% YoY and 142% QoQ from INR 4.03 crore in Q2 FY25)
The earnings boost is attributed to a mix of robust execution in core transmission infrastructure and diversification into emerging segments.
Advait Energy – Company Profile
Formerly known as Advait Infratech, the company has evolved into a diversified infrastructure solutions provider operating across:
- Power transmission & substation products
- Telecom infrastructure
- Emergency restoration systems
- Green energy technologies including hydrogen fuel cells, electrolysers, and solar EPC
Advait is also betting on its solar EPC business. In its latest earnings call, the company revealed it is on track to complete 30 MW of EPC projects out of a 100 MW target, with 200+ MW more in the pipeline.
“We’re not entering the IPP model but focusing on EPC to build scale and credibility in solar and storage,” Sheth said.
The Ashish Kacholia Factor
Ashish Kacholia, known for his strategic investments in small and mid-cap growth companies, has added weight to Advait’s investor profile. His 2.67% stake, while relatively modest, is seen as a signal of confidence in the company’s growth trajectory.
With the stock showing signs of recovery and operational momentum building, Kacholia’s bet on Advait could be poised for a turnaround story—particularly if execution of the PGVCL contracts goes smoothly and solar EPC revenues ramp up.
What Lies Ahead
While the immediate impact of the PGVCL order win is positive, the long-term story will hinge on:
- Timely and cost-effective execution of these projects
- Continued traction in the renewable and battery storage segments
- Conversion of its growing EPC pipeline into topline revenue
The Letter of Intent (LoI) for both projects is awaited, and the company has committed to disclosing further details in accordance with SEBI’s regulatory norms.
Conclusion
With its latest wins from PGVCL, Advait Energy is reasserting itself as a serious player in India’s power infrastructure transformation. For investors like Kacholia—and the broader market—the signal is clear: this is a company worth watching as it balances legacy strengths in transmission with future-ready bets on clean energy. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.