Secures Letter of Award worth ₹615.76 crore from MSEDCL for Bhandup Zone works

Secures ₹615.76 crore Letter of Award from MSEDCL for distribution infrastructure works at Bhandup Zone, Maharashtra.

Wed 7 Oct 2026

Letter of Award Value

₹615.76 crore from MSEDCL for Bhandup Zone, Maharashtra

Order Size vs Revenue

~1.2x FY26 revenue of ₹504 crores

Unexecuted Order Book

~₹1,400 crores, up from ₹687 crores in March

The order

• Secured a Letter of Award (LOA) worth approximately ₹615.76 crore from Maharashtra State Electricity Distribution Company Limited (MSEDCL).
• The work covers the Development of Distribution Infrastructure and System Strengthening works at Bhandup Zone, Maharashtra.
• The project is funded by the Asian Development Bank (ADB).

Scope of work

• Development of new substations, HT/LT lines and distribution transformers.
• Augmentation of existing infrastructure, underground cabling, renovation works, GIS mapping, asset tagging and other allied works.

Why the size stands out

• This is the largest single order in the Company's history.
• It is equivalent to approximately 1.2 times the Company's FY26 revenue of ₹504 crores.
• The Company's unexecuted order book stands at approximately ₹1,400 crores, doubled from ₹687 crores in March.
• The order book has presence across 9 states.

Strategic read

• The order marks entry into Maharashtra, described in the release as among India's leading power-consuming states, which attracts high investment in the Power T&D sector.
• The Company independently participated in and was awarded the tender on its own financial and technical qualifications, built over 15 years of execution and successful work completion.
• ADB funding is aligned with the Company's stated focus on projects funded by multilateral development agencies.
• The Company's recently concluded IPO included an equity fund raise of approximately Rs. 130 crores.

How to read this as an investor

• This is a Letter of Award, i.e. an award of the contract; revenue is recognised as the works are executed over the project period.
• The release states that certain statements are forward looking and are subject to risks and uncertainties such as government actions, local, political or economic developments and technological risks, which could cause actual results to differ materially.

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