Strong execution at 46% growth; order book momentum intact despite new ventures unproven

₹929.3 Cr revenue (46% YoY), ₹112 Cr EBITDA (12% margin), 8.5% PAT margin

Per call: H1 ₹1,250 Cr fresh orders, plus Oct ₹450 Cr = ₹1,700 Cr YTD (vs ₹4,000-5,000 Cr FY27 target)

Management stated ~₹3,600-4,000 Cr unexecuted; targeting ₹5,000 Cr closing by year-end

Utsav Panchal: 'Target in FY27 for HKRP is around INR 150 crore of revenue and 20% PAT margin on standalone basis'

Adhish Patel: 'What guidance we had committed of 40%, we are maintaining our guidance' (upper end of prior 35-40% range)

Management stated '40% growth' guidance for FY27 unchanged; call confirmed upper end of prior 35–40% range. H1 delivered 46%, tracking above guidance.

H1 margin 12% (top of 11–12% range); management reaffirmed 11–12% guidance despite cost inflation (import volatility noted).

Prior call (FY26) referenced ₹4,000–5,000 Cr new inflows target. Current call reveals ₹5,000 Cr is closing book target (i.e., total unexecuted order book by year-end), not new inflows. Requires ₹1,300+ Cr incremental H2 inflows.

BESS (65 MW Virpur), NZ subsidiary (evaluating), HKRP ₹150 Cr FY27, data centre (preliminary). Not previously quantified; each early-stage.

Outside Gujarat order book moved from ~10% to 12% (H1 call). Targeting 15–20% in 2 years. Odisha emerging as material hub (₹16,000 Cr govt transmission projects announced).

HKRP H2-heavy; JV 100% parent company. L1 status ~₹100 Cr; current bid pipeline ₹3,500–4,000 Cr

Yes. Maintaining guidance of 40% growth and 11–12% EBITDA margin

L1 status ~₹100 Cr. Current bid pipeline ₹3,500–4,000 Cr total unexecuted. No HKRP order in parent's order book

Receivables seasonal; ₹150–200 Cr booked in Sept alone (project-dependent). Unbilled is retention money to be recovered. NZ evaluating opportunities, no specific number yet

PGVCL ₹800–900 Cr, RVPNL ₹132 Cr gas, Odisha ₹212 Cr. 18–24 month execution. Margins sustained 11–12% EBITDA. NZ early-stage, targeting solar generation growth

HKRP ₹100–150 Cr per project; ₹3,000 Cr pan-India SCADA/DMS opportunity. BESS bidding purely EPC (not BOT). Data centre in preliminary stage with leading players

Outside Gujarat 10% → 12% currently; targeting 15–20% in 2 years. ₹5,000 Cr closing order book is achievable with current ₹3,600–4,000 Cr unexecuted pipeline

Receivables project-dependent; Sept booking of ₹150–200 Cr explains surge. Execution momentum H2 will offset. Trade receivables improved due to better collections

GIS mapping and tech part of project delivery; traditional transaction between HKRP and Rajesh. Promoter buying on dips in March; no current selling

Yes, confident. Data centre is preliminary stage; targeting partnership approach (RFQ basis). Geographic diversification in progress

BESS EPC ₹200–300 Cr pipeline. Ex-Gujarat order book ₹1,500 Cr (moving from 10% to 12% share). Share increasing over time

H1 delivered 46%; order book ₹3,600–4,000 Cr supports. Reaffirmed on call despite macro volatility

H1 at 12% (top of range). Management stated maintained despite cost volatility (imports). FY27 achievable

H1 at 8.5%; within range. Operating leverage demonstrated; stable financial costs

BESS 65 MW Virpur and HKRP platform investments mentioned (IPO proceeds deployed). Data centre and NZ early-stage

Unexecuted order book ₹3,600–4,000 Cr; ₹5,000 Cr target requires ₹1,300+ Cr fresh inflows in H2. H1 added ₹1,700 Cr (incl Oct). If tendering slows or orders slip beyond FY27, growth guidance at risk.

HKRP ₹150 Cr FY27 revenue target entirely in H2 (zero H1). Management stated H2-heavy; if SCADA/DMS project execution slips, full-year guidance at risk. Additionally, ₹150 Cr is ~16% of Rajesh's ₹929 Cr H1 run-rate; significant bet on early-stage profit margin (20% PAT).

Trade receivables jumped 86% YoY (₹174 Cr to ₹324 Cr); ₹150–200 Cr booked in September alone. While management attributed to normal project scheduling, the seasonal spike indicates lumpy cash flows and DSO vulnerability if project payment schedules tighten.

BESS pilot at Virpur is 65 MW (marginal relative to ₹929 Cr revenue). Data centre opportunity is 'preliminary stage'. NZ subsidiary is 'evaluating opportunities' with no specific targets. Together, these represent speculative growth but lack near-term revenue visibility. Market execution risk is elevated.

Outside Gujarat order book only at 12% (up from 10% H1). Target is 15–20% in 2 years. While progression is underway, company remains Gujarat-centric for near-term. Odisha entry (₹212 Cr) is one large order; broader geographic traction is still building.