Power Mech Projects share price jumps over 5% after bagging ₹710 crore contract from Adani Infrastructure
Power Mech Projects shares rose over 5% after securing a ₹709.56 crore contract from Adani Infrastructure for O&M services at a thermal power plant in Maharashtra. The project spans five years, focusing on operation and maintenance for the 5×660 MW facility in Tiroda.
Power Mech Projects share price jumped over 5% on Tuesday, March 17 after the firm after the company obtained a ₹709.56 crore contract from Adani Infrastructure Management Services Ltd for operations and maintenance services at a significant thermal power facility in Maharashtra.
This contract encompasses operations and maintenance (O&M) services, including overhauls, for the 5×660 MW thermal power plant located in Tiroda, Maharashtra. The arrangement will be carried out under a KPI-based contract framework, as indicated in the company's regulatory announcement.
The project has been given to a domestic entity and is set to be executed over a five-year duration, from April 1, 2026, to March 31, 2031.
According to the contract, Power Mech will provide extensive operation and maintenance services along with overhaul assistance for the thermal power units, adhering to the tender specifications and accompanying clarifications.
The overall value of the contract is ₹709.56 crore, not including goods and services tax (GST).
Power Mech Projects - Q3 results
Power Mech announced a 14.6% increase in net profit, reaching ₹94 crore in Q3, up from ₹82 crore during the same quarter last year. Revenue generated from operations rose by 6.1% to ₹1,419 crore, compared to ₹1,338 crore in the previous year.
Nonetheless, the company's operational performance showed signs of deterioration in this quarter. EBITDA fell by 20.7% to ₹159.3 crore, down from ₹201 crore in the corresponding period last year, while the EBITDA margin significantly decreased to 11.2% from 15%.
Power Mech Projects share price today
Power Mech Projects share price today opened at ₹1,961.05 apiece on the BSE, the stock touched an intraday high of ₹1,987.40 per share, and an intraday low of ₹1,920.80 per share.
According to Anshul Jain, Head of Research at Lakshmishree, after a steep 46.86% correction over 35 weeks, the stock is attempting a technical bounce but continues to face strong resistance in the 1,930–1,950 zone.
“Only a decisive breakout above 1,950, backed by strong volume expansion, would open room for a move toward the 50-day EMA near 2,120. Until that happens, the rebound remains corrective in nature. The broader setup continues to favor a sell-on-rallies approach, with downside risk intact as long as the stock trades below key resistance zones,” said Jain.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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