Powerica

What Powerica does

Powerica Limited, founded in 1984 in Mumbai and listed on NSE and BSE since April 2026, is an integrated power solutions provider operating two principal business segments. The Generator Set Business manufactures and supplies Cummins-powered diesel generator sets from 7.5 kVA to 3,750 kVA across LHP, MHP, and HHP categories, medium speed large generators from 3 MW to 10 MW in partnership with HD Hyundai Heavy Industries, and allied products including defence EMI shelters, acoustic enclosures, and Schneider Electric PRISMA control panels, sold through 19 sales offices and 32 joint Cummins-Powerica authorised dealers. The Wind Power Business operates 11 IPP projects totalling 279.55 MW of operational capacity in Gujarat backed by 20–25 year fixed-tariff PPAs with GUVNL and SECI, provides EPC services for balance of plant, and runs a 24/7 monitoring centre (PAMC) for asset management achieving 98.30% plant availability.

The company generates revenue primarily through hardware sales of DG sets (approximately 83% of earnings) and managed services from wind IPP operations (17–18%), with supplementary EPC, O&M, and spare parts distribution streams. Pricing is quote-based per project, and go-to-market relies on direct enterprise sales supplemented by a jointly appointed dealer network. Customers span hyperscale data centre operators, manufacturing and process industries, healthcare, banking, hospitality, infrastructure (railways and metros), government and defence, and heavy industries including oil refineries, nuclear plants, fertiliser plants, LNG terminals, and steel and cement plants.

In FY26 Powerica reported consolidated revenue of Rs 3,011.5 crore (up 13.5% YoY) and standalone net profit of Rs 201.63 crore (up 42.31%), supported by a Rs 1,100 crore IPO in April 2026 that was primarily directed at debt reduction and growth. The company holds ISO 9001, 14001, 45001, and 27001 certifications, has strategic OEM relationships with Cummins, Vestas, GE Vernova, and HD Hyundai, and is positioning for material renewable energy expansion including a planned 2,000 MW wind-solar hybrid park with GE Renewable R&D India and growth of its renewable portfolio from 330 MW to 750 MW by 2030.

Name

Powerica

Legal name

Powerica Limited

Website

https://powericaltd.com

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Powerica is a Mumbai-based, NSE-listed integrated power solutions provider manufacturing Cummins-powered diesel generator sets (7.5 kVA to 3,750 kVA) and operating a 279.55 MW wind IPP portfolio, serving data centres, manufacturing, government, and heavy industry customers across India.

Ownership category

akta.pro rank

Product category

Power Generation Equipment

NAICS

Turbine and Turbine Generator Set Units Manufacturing (333611), Engine, Turbine, and Power Transmission Equipment Manufacturing (33361), Wind Electric Power Generation (221115)

SIC

Motors & Generators (3621), Engines & Turbines (3510)

akta.pro primary industry

Emergency & Standby Diesel Generator Power (Critical Facilities) (EUACACAH)

Keywords

• Diesel generator manufacturing
• Medium speed generators
• Wind power generation
• Wind EPC services
• Backup power solutions

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices22 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Diesel Generator Sets: Manufacturing and supply of diesel generator sets ranging from 7.5 kVA to 3,750 kVA powered by Cummins engines, including installation services and auxiliary products. This is the dominant revenue stream contributing approximately 83% of earnings.
2. Wind Power IPP: Independent power producer operating 11 wind farms with 279.55 MW operational capacity in Gujarat, generating annuity-style cash flows from 20-25 year PPAs with GUVNL and SECI. Wind segment contributes 17-18% of revenue.
3. Wind EPC for BoP: Engineering, procurement and construction services for balance of plant in wind power projects, including road infrastructure, civil foundation, electrical construction, and SCADA systems. Serves both own IPP portfolio and external IPPs.
4. Allied Products: EMI shelters and containers for defence applications, acoustic enclosures, and Schneider Electric PRISMA control panels and switchboards distribution.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels4 records

Core offering

Powerica manufactures and supplies diesel generating sets (7.5 kVA to 3,750 kVA) powered by Cummins engines across LHP, MHP, and HHP categories, and medium speed large generators (3 MW to 10 MW) in association with Hyundai. It also owns and operates 279.55 MW of wind power assets as an independent power producer in Gujarat, provides balance-of-plant EPC services for wind farms, and offers asset management and O&M services via its 24/7 Powerica Analysis & Monitoring Centre.

Product overview

Powerica is an integrated power solutions provider offering two core business segments: Generator Set Business and Wind Power Business. The Generator Set Business encompasses Diesel Generating Sets (powered by Cummins engines, ranging 7.5 kVA to 3,750 kVA across LHP, MHP, and HHP categories), Medium Speed Large Generators (3 MW to 10 MW units in partnership with Hyundai), and Allied Products including EMI shelters, acoustic enclosures, and Schneider Electric PRISMA control panels. The Wind Power Business includes owned Wind IPP Projects (11 operational wind farms in Gujarat totaling 279.55 MW capacity with PPAs), Wind EPC of BOP services (project development and construction), and Asset Management/O&M services. The company serves diverse sectors including data centers, healthcare, manufacturing, government, infrastructure, and renewable energy utilities across India.

Differentiator

Problem solved

Functional benefit

Products and services

• Diesel Generating Sets (DG Sets) Powerica manufactures and supplies diesel generator sets powered by Cummins engines, ranging from 7.5 kVA to 3,750 kVA, classified into LHP (7.5-160 kVA), MHP (180-500 kVA) and HHP (above 500 kVA) categories. They serve standby and prime power needs across data centres, healthcare, manufacturing, government, banking, hospitality, infrastructure and rental customers.
• Medium Speed Large Generators (MSLG) Medium Speed Large Generators operate at 750 RPM with single-unit capacities from 3,000 kVA to 10,000 kVA, manufactured in association with Hyundai. They can run on multiple fuel types including heavy fuels, crude oil, diesel, and gas, serving oil refineries, nuclear power plants, fertiliser plants, LNG terminals, steel plants, and cement plants.
• Allied Business Products and Services Allied products including design, production, testing and approval of EMI shelters and containers for defence applications; acoustic enclosures; and the manufacture, assembly, distribution, and service of Schneider Electric PRISMA control panels and switchboards.
• Wind IPP Projects

Quantifiable outcome

• 98.30% average plant availability across wind power projects (FY25)
• +4 more outcomes

Named customers13 records

Segments8 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• GE VernovacoreTechnology or Integration · 4 June 2026Agreement signed for supply of 28 onshore wind turbines (3.8 MW each) for 100 MW Botad Wind Farm in Gujarat, marking India debut of GE Vernova's 3.8 MW-154m turbine. Deliveries scheduled for Q4 2026 from GE Vernova's Pune facility. Fourth collaborative project between the two companies. Also entered joint development agreement in 2024 for wind-solar hybrid renewable energy projects up to 2,000 MW in Gujarat.
• Vestas Wind Technology India (Multi-brand Spare Parts)minorChannel Partner/ Reseller/ Distributor · 2 July 2024Framework agreement dated July 2, 2024 (renewed July 2, 2025) for purchasing spare parts and consumables for repair, upgradation and maintenance of multi-brand wind turbines. Covers spare parts suitable for WTGs manufactured or procured by various OEMs for the Indian aftermarket.
• GE Renewable R&D India Private LimitedcoreStrategic or Co-development Partner · 1 January 2024Joint development agreement signed in 2024 for joint development of wind-solar hybrid renewable energy power projects of up to 2,000 MW in the state of Gujarat. Part of Powerica's strategy to expand renewable energy portfolio from 330 MW to 750 MW by 2030.
• 8.2 Consulting AGminorStrategic or Co-development Partner · 1 January 2024International cooperation agreement executed between 8.2 Consulting AG and Powerica Renewable Infra Private Limited for joint processing of projects in the field of wind energy.
• HD Hyundai Heavy IndustriescoreTechnology or Integration · 1 January 2014Non-exclusive association since 2014 for medium speed large generators (MSLG) business. Provides comprehensive solutions including pre-purchase consultancy, design, engineering, sales, testing, installation, and O&M services for MSLG sets ranging from 3,000 kVA to 10,000 kVA. Sets can run on multiple fuel types including heavy fuels, crude oil, diesel, and gas. Agreement also signed for supplying generator sets to nuclear power plants in India.
• Vestas Wind Technology IndiacoreTechnology or Integration · 1 January 2010Association since 2010 for wind turbine supply and joint development of wind farms. Implemented eight wind power projects with aggregate 172.15 MW using Vestas WTGs. Vestas provides O&M services for these projects. In 2024, signed framework agreement for supply of multi-brand spare parts for wind turbine generators in India, covering spare parts suitable for multiple OEMs. JV agreement in 2016 for approximately 750 MW.
• Cummins IndiacoreOEM/ Whitelabel/ Licensing Partner · 1 January 2004Long-standing OEM partnership since 2004 for diesel generator set manufacturing. Powerica is one of Cummins' OEMs with engines and alternators sourced directly from Cummins. Collaboration on integration and testing of diesel generator products aligned with technological, regulatory, environmental and emission standards. 32 authorised dealers are jointly appointed by Cummins and Powerica.
• Schneider ElectricminorChannel Partner/ Reseller/ DistributorManufacture, assembly, distribution, and service of Schneider Electric's PRISMA control panels and switchboards as part of allied products business.
• Gujarat Urja Vikas Nigam Limited (GUVNL)coreOthersLong-term power purchase agreements for wind power projects. First PPA executed in 2008 for 4.80 MW Samana project with 20-year term. Multiple subsequent PPAs with 25-year tenor for wind farms in Gujarat.
• Solar Energy Corporation of India (SECI)coreOthersPower purchase agreements through SECI tariff-based competitive bidding. Orchid Phase I (51.3 MW at Rs 3.70/kWh under Wind Tranche-XVI) and Orchid Phase II (52.7 MW at Rs 3.81/kWh under Wind Tranche-XVII). Payment security through irrevocable letters of credit.

Scale indicators20 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Mahindra Powerol: Division of Mahindra & Mahindra manufacturing diesel and gas-based generator sets ranging from 5 kVA to 2,000+ kVA. Directly competes with Powerica in the LHP/MHP/HHP DG set categories for commercial, telecom, and industrial buyers.
• Jakson Group: One of India's largest DG set manufacturers and power solutions providers, supplying Cummins and other engine-based generator sets across data centres, infrastructure, and industrial segments. Closely comparable to Powerica in the 7.5 kVA to multi-MVA DG set range and in serving hyperscalers and process industries.
• Ashok Leyland (LEYP / Generator Division): Indian automotive OEM with a genset and engine business supplying diesel generator sets to commercial and industrial customers. Competes with Powerica in the mid- and high-horsepower DG set market and shares the Indian enterprise and dealer channels.
• Sterling Generators: Indian DG set manufacturer and rental power provider, competing directly with Powerica in the 7.5 kVA to 3,000+ kVA range across commercial, industrial, and data-centre segments with a similar field-sales and dealer-led GTM.
• Kirloskar Electric: Indian manufacturer of generators, motors, and power electronics serving industrial, commercial, and infrastructure customers. Directly comparable to Powerica's motor/generator manufacturing business and overlapping customer base.
• Wärtsilä India: Global engine and power-plant manufacturer with a strong India footprint in medium- and large-capacity engine-based power plants. Closely comparable to Powerica's MSLG and high-horsepower DG set offerings, especially for oil & gas, marine, and process-industry customers.

Broad incumbents

• Suzlon Energy: India's largest wind turbine OEM and IPP/developer. Competes with Powerica in the wind EPC, BoP, and IPP segments and shares utility counterparties like GUVNL and SECI, though Suzlon is also a turbine supplier whereas Powerica is a buyer of turbines.
• Adani Green Energy: Large Indian renewable IPP with significant wind and solar capacity, often participating in SECI and state utility tenders. Comparable to Powerica's wind IPP business in terms of counterparty exposure and PPA economics, though at much greater scale and with a solar tilt.
• Tata Power Renewables: Renewable energy arm of Tata Power operating wind and solar IPP assets and EPC businesses in India. Comparable to Powerica's wind IPP and BoP EPC activities, with similar long-term PPA structures and government-utility counterparty mix, but at significantly larger scale.
• Caterpillar India: Global heavy equipment and engine manufacturer supplying large DG sets and power generation systems in India. Overlaps with Powerica in the HHP DG set and large standby/prime power markets but offers a much wider portfolio beyond power solutions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Powerica
• LinkedInlinkedin.com/company/powerica

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries14 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Powerica