Ace investor Vijay Kedia has added another smallcap power sector bet to his portfolio — Advait Energy Transitions (AETL) — joining fellow marquee investor Ashish Kacholia, who has been invested in the company since Q2 FY25. This move highlights growing institutional and HNI interest in India’s fast-evolving energy transition and power infrastructure space.
Advait Energy–Vijay Kedia’s Entry: Deal Dynamics
In the December 2025 quarter, Kedia Securities, Vijay Kedia’s investment vehicle, purchased 1.25 lakh shares, translating into a 1.14% stake in Advait Energy Transitions. The holding is currently valued at around INR 17 crore.
Kedia, known for identifying high-potential smallcaps early, appears to be betting on Advait’s transformation from a traditional power transmission solutions provider into an integrated clean energy and hydrogen technology company.
Kacholia’s Backing Adds Weight
The stock already features in the portfolio of Ashish Kacholia, another prominent smallcap investor. Ashish Kacholia holds 2.25 lakh shares in Advait Energy, valued at approximately INR 30.6 crore, giving him a slightly higher exposure than Kedia. His continued holding signals confidence in the company’s execution capabilities and sectoral positioning.
About Advait Energy Transitions
Founded in 2009 and headquartered in Ahmedabad, Advait Energy Transitions (formerly Advait Infratech) operates in power transmission, substation, and telecommunication infrastructure, and has recently diversified into renewable energy, hydrogen, and battery energy storage.
The company’s portfolio includes:
- ACS wire manufacturing, OPGW cables, and stringing tools
- EPC projects in power distribution (RDSS, reconductoring, HTLS)
- Battery Energy Storage Systems (BESS)
- Electrolyser and Fuel Cell Systems
- Hydrogen Refuelling and Storage Systems
Financial Performance: Accelerating Growth
According to the company’s Q2FY26 results, Advait Energy is demonstrating strong operational and financial momentum:
- Revenue: INR 95.46 crore in Q2FY26 (↑101% YoY)
- PAT: INR 10.3 crore (↑85% YoY)
- EBITDA Margin: 15.9%
- Order Book: INR 1,070 crore as of September 2025 (↑177% YoY)
- RoE: 21% | RoCE: 21%
- Debt-Equity Ratio: 0.24x
In FY25, the company reported INR 295 crore revenue and INR 31 crore profit after tax, with a robust 72% three-year CAGR in total revenue.
Key Contracts & Developments
Recent months have seen a flurry of high-value orders and strategic expansions:
- INR 100 crore EPC order from DGVCL (Dakshin Gujarat Vij Company) for 11 kV Medium Voltage Covered Conductor (MVCC) projects under Kishan Suryodaya Yojana, to be executed over 18 months.
- INR 90 crore ERS order from PGCIL for 765kV/400kV segments — India’s first indigenous make-in-India supply.
- INR 87.29 crore ERS-II order from Power Grid Corporation (Oct 2025).
- MoU worth INR 1,450 crore between subsidiary Advait Greenergy and the Government of Gujarat to establish two green energy projects in Mehsana, Gujarat.
- Launch of a 300 MW electrolyser manufacturing facility and fuel cell assembly line, signaling long-term commitment to India’s hydrogen economy.
Advait Energy Post-IPO Performance
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 2,346.50 per share on 31 July 2024, reflecting an eye-popping return of 9,100% from its adjusted allotment price of INR 25.50 per share. Notably, the stock has declined 42% from its ATH.
Operational Milestones
Advait has successfully executed:
- 250 km OPGW cable stringing at Leh (at 12,500 feet altitude and −15°C)
- First HTLS reconductoring EPC project for GETCO
- Record quarterly supply of 350+ winch machines for transmission lines
Such achievements underscore Advait’s niche engineering strength and execution reliability in complex terrains — a capability that differentiates it within India’s EPC ecosystem.
Outlook
Managing Director Shalin Sheth emphasized that the company is “well-positioned to capitalize on the growing energy transition and power infrastructure upgrade cycle,” targeting expansion in green hydrogen, BESS, and solar EPC domains.
With the Indian government pushing for energy self-reliance, renewable capacity targets, and grid modernization, companies like Advait Energy — with both legacy transmission expertise and emerging clean-tech verticals — stand to benefit disproportionately.
Market View
Despite strong fundamentals, the stock had underperformed in 2025, declining over 42% in six months before Kedia’s entry. However, long-term investors appear to be taking a contrarian view, focusing on the structural growth story rather than near-term volatility.
At the last close, Advait Energy Transitions traded at INR 1,359 on the BSE, up 1.67% on the day.
Bottom Line
With two of India’s most respected small-cap investors — Vijay Kedia and Ashish Kacholia — now on its shareholder roster, Advait Energy Transitions is emerging as a serious contender in the country’s energy transition narrative. Backed by robust order inflows, diversified revenue streams, and strategic expansion into hydrogen and battery technologies, the company could well be scripting the next chapter of India’s renewable infrastructure story.
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