Parth Electricals Lands ₹85 Crore in Ring Main Unit Orders, Lifting Order Book to ₹471 Crore
The Vadodara-based switchgear maker Parth Electricals & Engineering has picked up a fresh batch of domestic orders, adding to a backlog that was already sizable. The work comes from EPC contractors building out Gujarat’s power distribution network. It follows a year in which profit grew far faster than sales. Management says business visibility now looks encouraging for roughly the next 12 to 14 months, and the shift toward higher-value orders could also open the door for its new eastern plant.
The Nifty 50 closed at 22,997.35 up 1.65%, while the Sensex gained 2.10% to 74,315.61 on Thursday. Against the backdrop of a broader market rally, Parth Electricals & Engineering Limited is in focus after securing domestic orders worth approximately Rs. 85 crore, excluding GST, from EPC contractors in Gujarat for Ring Main Units. The new orders take its executable order book to around Rs. 471 crore, providing revenue visibility for the next 12 to 14 months. The shares were closed at Rs. 560.35, after opening at Rs. 575.50 and touching an intraday high of Rs. 575.50 and a low of Rs. 534.00. The company had a market capitalisation of Rs. 782.69 crore.
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Parth Electricals picks up fresh orders from Gujarat contractors
On 15 October 2026 Parth Electricals & Engineering informed the exchange that it has secured new domestic orders amounting to approximately Rs 85 crore, excluding GST. These orders have been obtained from EPC contractors in Gujarat and involve the manufacture and supply of Ring Main Units for inclusion in the state's electricity distribution network. With these new orders, the executable order book has reached about Rs 471 crore and the RMU pipeline has increased to around 2,500 units. The company intends to begin work within two months and complete the project over the next twelve months.
What the new orders mean for Parth Electricals
The order book is the figure to keep an eye on. Since Parth earned Rs 198 crore in revenue in FY26, a backlog of Rs 471 crore is nearly two and a half times the amount that it sold last year. The Rs 85 crore from this announcement alone amounts to about 43 per cent of that annual total. For the next 12 to 14 months the company has a fairly well-defined workload, something that management has also stated. The Vadodara RMU plant should remain busy, and that generally enables a manufacturer to spread its fixed costs. Management also points out that the strong domestic pipeline allows it to pursue more value-added orders, which could improve margins if that proves successful.
The orders also provide Parth with a reason to have its new plant in Khordha, Odisha, serve customers in eastern India. There are, however, some cautions to note. The audited accounts indicate that, as at 31 March 2026, none of the Rs 19 crore which had been allocated for the Odisha facility from the IPO had been spent. Moreover, cash flow from operations was negative at Rs 4.06 crore in fiscal year 2026, mainly due to an increase in inventories of about Rs 26.87 crore. With a larger order book, the company's ability to manage working capital will be put to the test. The management itself states that visibility will depend on the project schedules and execution.
Financial Performance
Looking at the half-yearly results of Parth Electricals & Engineering Limited, standalone revenue from operations rose 12.25 percent YoY, from Rs 104.77 crore in H2 FY25 to Rs 117.61 crore in H2 FY26. Compared with H1 FY26, when it stood at Rs 80.40 crore, revenue grew 46.28 percent HoH.
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The company reports a single segment, which covers the manufacture and distribution of electric switchgear and related project work. All of its H2 FY26 revenue came from that segment, and no product-wise split is disclosed.
Standalone net profit for H2 FY26 came in at Rs 8.13 crore, up 35.76 percent from Rs 5.99 crore in the same period last year. Against H1 FY26, when it earned Rs 6.10 crore, profit improved by 33.28 percent.
Basic earnings per share rose 40.24 percent to Rs 5.96, from Rs 4.25 in H2 FY25. Over the full year, revenue from operations grew 13.36 percent to Rs 198.00 crore in FY26, from Rs 174.67 crore in FY25. Net profit jumped 40.73 percent to Rs 14.24 crore from Rs 10.12 crore. Basic EPS went up only 10.52 percent to Rs 11.35 from Rs 10.27, because the IPO increased the number of shares.
Why spending on power distribution works in the sector’s favour
India is in the middle of a long investment cycle in its power sector, and the distribution end of the chain is now getting the attention it was missing. Electricity demand keeps climbing with urban growth, industrial expansion, data centres and electric vehicles, while state utilities try to bring down network losses and keep supply reliable. Ring Main Units are compact switchgear used in urban and underground networks, so they sit right in the middle of this push. Growing renewable capacity, which has to be connected to local grids, adds to the demand. Much of the work is handed to EPC contractors on behalf of state utilities, so orders like Parth’s tend to move with government budgets. Gujarat, with its industrial base and steady network upgrades, is a dependable market. The risks are late payments from utilities, swings in raw material prices and competition from larger switchgear makers.
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Company Overview
Parth Electricals & Engineering is a Vadodara-based maker of electric switchgear, including Ring Main Units for power distribution projects. Its works are at Manjusar in Savli, and a new plant is coming up at Khordha, Odisha. Listed on the NSE SME platform under the symbol PARTH, it reported standalone revenue of about Rs 198 crore in the year to March 2026.