Power Mech Projects bags ₹266 cr Adani O&M deal in Maharashtra

Key development: Butibori thermal plant O&M contract

Power Mech Projects, a Hyderabad-based infrastructure and construction company, said it has secured an operations and maintenance (O&M) contract worth ₹266.26 crore from Adani Infrastructure Management Services. The contract is for a thermal power plant in Maharashtra. In its regulatory filing, the company said the work involves key performance indicator (KPI)-based O&M services. The plant is a 2x300 MW thermal power facility located at Butibori in Maharashtra. The company positioned the win as a long-tenure O&M engagement rather than a one-time execution order.

Contract tenure and execution schedule

Power Mech said the Butibori contract will be executed over 60 months. The execution period runs from July 1, 2026, to June 30, 2031. A multi-year schedule like this typically creates a clearer revenue line of sight, because billing is linked to operations performance and service delivery over time. The KPI-based structure also indicates performance-linked deliverables, as stated in the filing. The company did not disclose additional operational parameters beyond the KPI-linked framework.

Related-party clarification from Power Mech

Alongside the order disclosure, Power Mech clarified that neither its promoters nor promoter group companies have any interest in the entity awarding the contract. It also stated that the deal does not qualify as a related-party transaction. This disclosure is relevant for governance-focused investors because it directly addresses potential conflicts of interest. The filing framed the order as a standard commercial arrangement awarded by a domestic entity.

Another Adani O&M win: Tiroda plant order

Separately, Power Mech has also disclosed a larger O&M order from Adani Infrastructure Management Services for the Tiroda thermal power plant in Maharashtra. Multiple reports in the provided material cite the contract value as ₹709.56 crore, with one reference rounding it to ₹710 crore (₹7.10 billion). The Tiroda plant referenced is a 5x660 MW facility. The scope includes comprehensive operations and maintenance services along with overhauling activities. This Tiroda contract is also described as KPI-based.

Tiroda timeline, taxes and scope notes

The execution period mentioned for the Tiroda order is 60 months, starting April 1, 2026, and ending March 31, 2031. The reported contract value of ₹709.56 crore is stated to include all taxes and duties but exclude Goods and Services Tax (GST). The order is described as a domestic award. Power Mech has also stated, for this order, that it is not a related-party transaction and that the promoter group has no interest in the awarding entity.

Mumbai Monorail O&M: bid outcome and award updates

Power Mech Projects has also been linked to a five-year O&M contract for Mumbai’s monorail network with a quoted value of ₹296.4 crore. Financial bid details in the provided text show Power Mech at ₹296.4 crore and Adani Infrastructure Management Services at ₹308.4 crore. The material also states that four companies submitted quotations after the bid submission deadline in November: Konkan Railway Corporation Limited, Power Mech Projects Ltd, Adani Infrastructure Management Services Ltd, and Indwell Constructions. After scrutiny, only Power Mech and Adani Infrastructure Management Services qualified at the technical stage.

Two different updates are present on the award process. One account says a Letter of Acceptance (LoA) was yet to be issued even though Power Mech had emerged as the lowest bidder, highlighting that the process was still being formalised at that point. Another account states that Maha Mumbai Metro Operation Corporation Limited (MMMOCL) awarded the ₹296.4 crore O&M contract to Power Mech and that the LoA was issued on April 8, 2026. Both points indicate investor attention on the timing and finalisation of award documentation.

Market reaction: stock movement after the Tiroda disclosure

The provided material also captures the market’s reaction to the earlier Tiroda order disclosure. Power Mech Projects shares rose more than 4% in early trade on March 17, 2026, after the company announced the order win from Adani Infrastructure Management Services. Another update in the text describes the stock as trading 6% higher on the same day. At 9:18 AM IST, the stock touched an intraday high of ₹1,988.60 compared with the previous close of ₹1,876.50. These reported moves were linked to the announcement of the ₹709.56 crore O&M contract for the Tiroda plant.

Summary table: contracts, values and timelines

Why these orders matter for Power Mech’s O&M positioning

Across the disclosed wins, a common element is the use of KPI-based O&M structures, which ties service delivery to measurable performance parameters. The tenure is consistently long-dated in the disclosed thermal plant contracts, running for 60 months each. The Maharashtra geography also repeats across the Butibori and Tiroda thermal plant mandates. For investors, the disclosures around non-related-party status and promoter interest are notable because they reduce uncertainty around transaction governance.

Conclusion

Power Mech’s latest disclosure is a ₹266.26 crore KPI-based O&M contract for a 2x300 MW thermal power plant at Butibori in Maharashtra, running from July 2026 to June 2031. The company has also disclosed a larger ₹709.56 crore KPI-based O&M and overhauling contract for the Tiroda 5x660 MW plant from April 2026 to March 2031, and it has been associated with a ₹296.4 crore Mumbai Monorail O&M contract outcome. Over the coming months, investors are likely to track execution milestones and documentation updates that are referenced in the provided material, including the status of acceptance and award formalities where applicable.