Mumbai-based generator set maker and wind power producer Powerica Limited has approved the sale of a 49% stake in its wholly owned subsidiary, Windstride Power Private Limited, to GE Renewable R&D India Private Limited for ₹2,11,54,525 (about ₹2.12 crore). The board cleared the deal on 5 November 2026 along with results for the quarter ended 30 September 2026 (Q2 FY27). Powerica will keep 51% of Windstride, which will remain a subsidiary.
Key Details
According to the stock exchange disclosure, the transaction covers 1,22,500 equity shares of Windstride, representing 49% of its paid-up share capital. Its main terms are:
- Buyer: GE Renewable R&D India Private Limited, which does not belong to Powerica’s promoter group
- Consideration: ₹2,11,54,525, to be received after the share purchase agreement and related documents are signed
- Timing: the agreement is to be signed, and the sale completed, within six months or another mutually agreed date
- Related party: the company classifies the deal as a related party transaction on an arm’s length basis, although it states that the buyer is outside the promoter group; the filing does not explain the relationship
- Contribution: Windstride did not contribute to Powerica’s turnover, revenue, income or net worth in the last financial year
The board also approved a postal ballot notice seeking shareholder approval to grant a loan to Windstride. The disclosure does not state the loan amount, Windstride’s line of business, the projects it will develop or how the price was set.
Powerica’s investor presentation separately lists, in its company timeline, a joint development agreement with GE Renewable R&D India Private Limited to develop up to 2,000 MW of wind-solar hybrid renewable energy projects in Gujarat. The filings do not say whether Windstride is the vehicle for that programme.
Q2 FY27 Results
According to the investor release, consolidated revenue from operations was ₹847.6 crore in Q2 FY27, up 1.9% from ₹831.5 crore a year earlier. Reported earnings before interest, tax, depreciation and amortisation (EBITDA) were ₹128.4 crore against ₹132.1 crore, a margin of 15.2%. Profit after tax fell to ₹70.9 crore from ₹84.0 crore, a margin of 8.4%. First-half revenue reached ₹1,627.7 crore, up 12.5% from ₹1,447.4 crore, against ₹780.11 crore in Q1 FY27.
The wind power segment contributed 19.4% of first-half revenue, with the independent power producer (IPP) business at 11.4%. Engineering, procurement and construction (EPC) and operation and maintenance (O&M) services for wind balance of plant (BoP) made up 8.0%. The wind segment’s EBITDA margin was 47.4% in H1 FY27 against 37.3% a year earlier. The generator set segment, which provides 80.6% of revenue, had a margin of 6.5%.
Management Comment
Chairman and Managing Director Bharat Oberoi said the quarter was healthy despite rising input costs and constraints on engine supply. He said wind generation is typically higher in the first half than the second because of seasonality, and that the IPP portfolio drove the segment. Oberoi said steel prices have risen again, so margins are likely to stay under pressure until the next round of price revisions. He said the company still expects double-digit revenue growth in FY27.
Wind Portfolio
Powerica entered wind power as an IPP in 2008. The presentation lists 12 operational wind projects totalling 330.85 MW, with tariffs from ₹2.4 to ₹4.19 per kWh. Gujarat Urja Vikas Nigam Limited (GUVNL) holds 10 power purchase agreements (PPAs) for 228.25 MW, and Solar Energy Corporation of India (SECI) holds two for 102.60 MW. The company has also built BoP for 12 wind projects with 450.40 MW of capacity and provides BoP O&M at 10 projects with 296.50 MW. The presentation says it monitors wind assets through an in-house supervisory control and data acquisition (SCADA) system. It divested IPP wind projects with 26.4 MW of installed capacity in Tamil Nadu in FY24.
The presentation shows a further 300 MW under construction and in the pipeline. This includes a 100 MW GUVNL project at ₹3.435 per kWh, a 100 MW SECI project with a letter of award and a 50 MW GUVNL project.
Policy Backdrop
Inaugurating the Bharat Renewable Energy Summit & Expo 2026 in New Delhi on 2 November 2026, Prime Minister Narendra Modi announced a goal to add another 500 GW of new non-fossil capacity over the next 10 to 11 years. For Powerica, GUVNL is the largest buyer, with 228.25 MW contracted against 102.60 MW for SECI.
About the Company
Powerica started its diesel generator set business in 1984 and is an original equipment manufacturer for Cummins India. It also makes medium-speed large generators with HD Hyundai Heavy Industries. Its generator sets range from 7.5 kVA to 10,000 kVA.
The Company’s Recent Pipeline
- July 2026: won a 50 MW wind project in a GUVNL competitive auction.
- October 2026: received the GUVNL letter of intent for that 50 MW project; the Cummins-powered generator set order book stood at about ₹1,950 crore, including about ₹1,200 crore from data centres.
- November 2026 (5 November): approved the Windstride stake sale and Q2 FY27 results.
Outlook
The next step is signing the share purchase agreement with GE Renewable R&D India, due within six months, after which Powerica will receive the consideration. Shareholders will also vote on the proposed loan to Windstride. In the wind business, the focus is on completing the 300 MW under construction and in the pipeline, while the generator set margin depends on the next price revision.
Official Sources
- Powerica Limited – Outcome of Board Meeting, Q2 FY27 Results, Windstride Stake Sale Disclosure, Investor Release and Presentation (NSE, 5 November 2026): https://nsearchives.nseindia.com/corporate/PowericaNSE_05112026222830_OutcomeofBM.pdf
- Powerica Limited – Press Release for Q2 and H1 FY 2026-27 (NSE, 5 November 2026): https://nsearchives.nseindia.com/corporate/PowericaNSE_05112026221213_OutcomeofBM.pdf
- Powerica Limited – Investor Presentation (NSE, 5 November 2026): https://nsearchives.nseindia.com/corporate/PowericaNSE_05112026220825_OutcomeofBM.pdf
- Prime Minister’s Office – PM Inaugurates Bharat Renewable Energy Summit & Expo 2026 (2 November 2026): https://www.pmindia.gov.in/en/news_updates/pm-inaugurates-bharat-renewable-energy-summit-expo-2026/
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