3rd Dec 2024

1. ADVAIT INFRATECH LIMITED BSE: 543230 (1st time covered: 22nd Feb 2023)
Recent filing: (ORDER) Advait Energy has been declared as a qualified bidder by the Gujarat Urja Vikas
Nigam Ltd for 50 MW/500MW out of the project for setting up of 500 MW/1000 MWh Standalone Battery
Energy Storage Systems in Gujarat under Tariff-Based Global Competitive Bidding (Phase-IV) with Viability
Gap Funding Support, project needs to be completed within 18 months.

SUMMARY: 6y Operating Profit uptrend | PE 65.2x (Sector PE range 50-90) | Fund raise | Large Order |
MoUs | Ace Investor | Promoter Buying | Institutional Entry | Green Energy | Power and Telecom Infra

FUTURE OUTLOOK: As per Q2FY25 Investor presentation, Company manufacturing plant, located in Kadi,
Gujarat, boasts a current capacity of 300 MW/year, with plans to expand to 1000 MW/year by 2030.

• MCap of INR 1,577 Crore (share price = INR 1,460/share) (as on 3rd Dec ‘24)
• TTM PE 65.2x (as on 3rd Dec ‘24) Retail float = 16.9% (Sep-24)

FOOD FOR THOUGHT: Intensely competitive EPC industry given low barriers to entry | Dependence on
tenders floated by government

Company Description: Since its establishment in 2009, the Company has been at the forefront of delivering
robust products and solutions tailored for power transmission, substation, and telecommunication
infrastructure. In 2023, it has diversified into green energy, through its entrance into the supply of electrolysers
and fuel cells. The Company has also extended its impact into climate services, focusing on sustainability
consultancy, decarbonization consultancy, and comprehensive carbon consultancy services.

Share price and Volume (last 1 year):

Price Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 LTP
Advait 1014 1435 1321 1527 1452 1727 1969 2093 1887 1744 1452 1460

(In INR Cr) Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24
Sales 25.7 40.9 27.5 49.0 72.7 59.7 59.8 46.2
Op Profit 5.1 6.1 3.5 8.8 12.4 11.5 8.2 8.3
Net Profit 2.7 3.5 1.5 5.5 7.7 7.2 5.4 4.0
OPM 20% 15% 13% 18% 17% 19% 13.7% 19.7%
NPM 11% 9% 5% 11% 11% 12% 9% 11.8%
Promoter % - 73.5% 73.5% 73.5% 73.5% 73.5% 73.5% 73.5%

(In INR Cr) Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TTM
Sales 28 45 66 79 104 209 238
Op Profit 4 4 5 10 17 36 40
Net Profit 2 1 5 5 8 22 24
This page is created for information purpose. It is not a BUY/SELL recommendation. 5
Please do your own due diligence before making any investment decisions.
 3rd Dec 2024
Website: https://www.advaitinfra.com/
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 65.2 (Clean Energy / Power &
Telecom Infra: 50-90)
Lower end of sector range

Yes
Futuristic Sector
(Green Hydrogen)

Nov ’24: Promoter bought 2k shares at INR 1,459 per share,

HNI / Institutional aggregating to INR 29L.
/ Promoter Yes
Sep ‘24: Ashish Kacholia is holding 2.7% stake. Suresh Kumar
Buying Agarwal is holding 2.7% stake.

Jul ’24: BoD has considered and approved the issuance of 1.4L
warrants at INR 1,776/warrants, aggregating to INR 25.5 Cr.

Special Situation Yes May ’24: BoD has considered and approved the issuance of 5.9L
shares at INR 1388/share, aggregating to INR 82.3 Cr.
Subscribers include Ashish Kacholia, RBA Finance & Investment.

Nov ’24: Company has received an order worth INR 6.7 Cr for
Design, Manufacturing, Testing at Manufacturer's works And
Supply of Emergency Restoration Systems (ERS) for 220 KV
Transmission Lines in Jammu Region by Jammu Kashmir Power
Transmission Corporation Limited (JKPTCL), to be executed
within 270 days from issuance of LOA.

Sep ’24: wholly owned subsidiary of Advait Infratech has made

further investment in TECO 2030 AS. TECO 2030, a Norwegian-
based clean-tech listed Company. Post this 2nd tranche of
investment, Advait Energy Holding AS holds 4.89% shares of
Future Visibility Yes
TECO 2030 AS. This investment is part of a strategic initiative to
establish a business relationship with the TECO 2030 ASA in line
with the MOU made by the Company as intimate to the exchange
on 11th April, 2024 which aimed at the collaboration of both
parties to leverage their respective strengths to contribute
towards the advancement of clean energy solutions by develop,
manufacture, and commercialize TECO 2030 Fuel Cell
Technology in Indian as well as SRAAC Market.

Aug ’24: Company has received an order worth INR 296 Cr for
Setting up Manufacturing capacities of 200 MW of Alkaline
Electrolysers in India under Strategic Interventions for Green
Hydrogen Transition (SIGHT) Scheme (Tranche - II) by Solar

This page is created for information purpose. It is not a BUY/SELL recommendation. 6

Please do your own due diligence before making any investment decisions.
 3rd Dec 2024
Energy Corporation of India Limited (SECI), needs to be executed
in 5 years.

Aug ’24: Company has received a work order worth INR 20.3 Cr
for EPC Work of MVCC Installation from DGVCL for Southern
Gujarat, needs to be executed within 12 months.

Aug ’24: Company has successfully achieved a significant

milestone under the strategic alliance with Guofu Hydrogen
Energy Equipment Co., Ltd (Guofu Hydrogen).
Under the terms of the agreement, GuoFu Hydrogen will provide
critical technical documentation, know-how, and training for
alkaline-based electrolyser technology. This collaboration will
enable AIL to leverage advanced hydrogen production systems
and contribute to the growth of green hydrogen technologies in
India. The agreement delineates the establishment of a
technological collaboration for Indian market, focused on the local
production of 300 MW/year electrolyzers. Future plans include
expanding production capacity to 1000 MW/year and
encompassing a wide array of products, including hydrogenation
machine production and hydrogenation station integration.

Aug ’24: Advait Energy Holdings, a wholly owned subsidiary of

the Company, has invested in TECO 2030 AS, TECO 2030, a
Norwegian-based clean-tech listed Company. Post this initial
tranche of investment, Advait Energy Holding As hold 2.63%
shares of TECO 2030 AS. This investment is part of a strategic
initiative to establish a business relationship with the TECO 2030
ASA in line with the MOU made by the Company which aimed at
the collaboration of both parties to leverage their respective
strengths to contribute towards the advancement of clean energy
solutions by develop, manufacture, and commercialize TECO
2030 Fuel Cell Technology in Indian as well as SRAAC Market.

Jul ’24: Company has incorporated wholly-owned subsidiary,

namely A&G Hydrogen Technologies Private Limited.

Jul ’24: Company has received an order worth INR 35.1 Cr for
EPC Work of OPGW Live Line Installation from Power Grid
Corporation of India for Ladakh Region, needs to be executed
within 24 months.

Jul ’24: Company received a Letter of Intent from KP Group for

projects worth INR 73 Cr, including a 30 MW Solar Plant in
Gujarat (INR 59 Cr) and a 1 MW Green Hydrogen Plant (INR 13.7
Cr).
LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 7

Please do your own due diligence before making any investment decisions.