Project execution & delivery — the active marquee-project book (765 kV lines, AIS/GIS substations, international EPC, RE-evacuation, the Ranjangaon expansion), completion, and where thin EPC margin is slipping against plan.
8 active projects are tracking below target margin, putting ₹53 Cr of thin EPC margin at stake — recoverable while the project is still in execution. With 3 of 9 projects needing attention and ₹1,610 Cr of contract value still to execute, the fastest margin recovery is on the projects already underway (commodity discipline + scope control).
2 of 2 headline metrics improving vs prior · still off target: Order Book ₹4,055 Cr vs ₹4,500 Cr, Book-to-Bill 1.2x vs 1.2x
Egypt 500 kV OHTL (EETC) is 15% executed at 10% vs a 13% target — ₹12 Cr at stake that locks in once the project commissions.
₹1,610 Cr of contract value remains to execute across 9 active projects at 39% average completion — revenue books only as milestones commission.
Behind the ₹4,055 Cr order book sit live 765 kV lines, AIS/GIS substations, the Egypt 500 kV export and the Ranjangaon expansion. This view is where the order book becomes executed revenue — and where thin EPC margin erodes if a project runs long, scope creeps or steel/zinc spikes. 3 of 9 active projects need attention.
Margin shown as actual / target — red where the project is tracking below plan.
| Project | Client / sponsor | Segment | Location | Contract value | Complete | Margin | Health |
|---|---|---|---|---|---|---|---|
| Kurnool-IV → Kurnool-III 765 kV D/C line | Power Grid Corp (PGCIL) | Power Transmission (Lines & Substations ≤765 kV) | South (Karnataka · AP · Telangana · TN) | ₹420 Cr | 45% | 11% / 13% | On track |
| Vindhyachal Pool–Prayagraj 765 kV D/C (87.3 km) | Power Grid Corp (PGCIL) | Power Transmission (Lines & Substations ≤765 kV) | North (Delhi-NCR · Punjab · Haryana · UP) | ₹410 Cr | 55% | 11% / 12% | Watch |
| Egypt 500 kV OHTL (EETC) | EETC (Egypt) / International | International EPC (MENA & Africa) | International (MENA · Africa) | ₹400 Cr | 15% | 10% / 13% | Watch |
| Raipur–Tiroda 400 kV D/C line (217 km) | Adani Energy Solutions | Power Transmission (Lines & Substations ≤765 kV) | East (West Bengal · Bihar · Odisha) | ₹300 Cr | 60% | 10% / 12% | On track |
| Data-centre 400/220/33 kV GIS substation | Data-centre & new-segment | Power Transmission (Lines & Substations ≤765 kV) | West (Maharashtra · Gujarat · MP) | ₹300 Cr | 20% | 12% / 15% | On track |
| Pune 765 kV AIS substation + Karjat / Lonikand bays | State utilities (MPPTCL·KPTCL·MSETCL·HVPNL…) | Power Transmission (Lines & Substations ≤765 kV) | West (Maharashtra · Gujarat · MP) | ₹250 Cr | 30% | 12% / 14% | On track |
| Bellary–Davanagere 400 kV RE-evacuation | KPTCL & other STUs | Power Distribution (Rural/Urban & Schemes) | South (Karnataka · AP · Telangana · TN) | ₹220 Cr | 25% | 9% / 12% | Watch |
| Ranjangaon galvanizing expansion (40,500→110,000 MT) | Internal (Capex) | Monopoles, Structures & Galvanizing (Ranjangaon) | West (Maharashtra · Gujarat · MP) | ₹170 Cr | 40% | 0% / 0% | On track |
| Mandsaur 765/400/220 kV substation bay extension | Power Grid Corp (PGCIL) | Power Transmission (Lines & Substations ≤765 kV) | North (Delhi-NCR · Punjab · Haryana · UP) | ₹150 Cr | 65% | 11% / 12% | On track |
The fastest margin recovery is on projects already in execution — tighten scope, subcontract & commodity cost before they commission.
Act now: the Egypt 500 kV OHTL (EETC) project is 15% executed at 10% vs a 13% target — recover via scope, subcontract & commodity-cost discipline before it commissions, because once the project commissions the margin is locked in.