India’s power sector has made significant progress in reducing Aggregate Technical and Commercial (AT&C) losses—from 21.91% in FY21 to an estimated 12–15% in FY26. The government now aims to bring these losses down to 10% by 2030.
Yet, the journey is far from complete.
The global average stands at nearly 6–7%, indicating that a considerable portion of electricity generated in India is still lost due to outdated infrastructure, inefficient distribution networks, power theft and billing gaps
.This is where companies involved in power distribution improvement, smart metering, network modernisation and operations and maintenance are becoming increasingly important. By helping utilities reduce leakages and improve collection efficiency, they are not just executing projects—they are solving one of India’s most persistent power-sector challenges.
Meet GV Electricals, which helps reduce AT&C losses by modernising and re-engineering the entire power T&D value chain, including smart meter management.
G V Electricals’ core work is centred on power distribution, an area where execution quality, field presence and customer trust matter as much as technical capability.
Focus is to reduce transmission and distribution losses, modernise power infrastructure and provide engineering solutions across the distribution value chain.
The company's work can be divided into three simple buckets.
The operating model is straightforward. A utility identifies a requirement and awards a tender. G V Electricals deploys its workforce, executes the project, operates or maintains the network and bills the customer periodically or against milestones.
A large workforce helps execute projects. Execution builds trust. Trust brings repeat business. Repeat business creates stronger order visibility.
The company’s offering includes operations and maintenance, extension of electrical infrastructure, power distribution work, electro-civil projects, smart-meter management and metering and billing solutions.
This breadth makes the model more scalable. The workforce and operating systems built for one service can support adjacent work. It also allows the company to participate in conventional distribution projects as well as newer opportunities such as smart metering and grid modernisation.
The easiest way to understand the company: G V Electricals is a engineer-led execution partner for power distribution utilities. It is selling execution, keeping networks running, upgrading ageing infrastructure and helping utilities deliver power more reliably.
GV’s historical execution is evident from their Delhi project, where the company reduced T&D losses from 65% to 9%; that too before smart meters or emerging technologies became mainstream, speaks of the company’s specialisation and moat.
The company has executed projects across Odisha, Maharashtra, Delhi, Gujarat, Rajasthan, Uttar Pradesh and Goa.
O&M contributes 76% of the company’s business, providing recurring and high-margin revenue. Repeat customers accounted for 88.29% of FY26 revenue, highlighting strong customer retention.
This tells us two things.
The recurring nature of the business gives them growth visibility.
G V Electricals does not need to rebuild its customer base every year.
That can lower acquisition costs, improve tender visibility and create opportunities to win more work from the same utility network.
Not every logo represents the same size or type of relationship. But the breadth of the list matters. Utility and infrastructure work is reference-driven. A successful project with a recognised customer can improve qualification for future tenders.
Tata Power, Tata Power-DDL, TP Northern Odisha, TP Western Odisha, TP Central Odisha, TP Southern Odisha, Adani Power, BSES, Reliance Energy, CESC, ABB, Siemens, Schneider Electric, Larsen & Toubro, Voltas, DLF, Indian Oil, Air India, Philips, Emerson and Mahavitaran.
The real asset is trust
In a field-execution business, customer relationships are difficult to build quickly. G V Electricals has spent years creating that entry barrier.
One of the most interesting developments in FY26 came from the Data Centre and IT Infrastructure segment.
Revenue from this customer category increased from just ₹2.10 crore in FY25 to ₹10.37 crore in FY26, a nearly fivefold jump in a single year. Its contribution to total revenue expanded sharply from 1.60% to 6.63%, making it the company’s fourth-largest customer segment in FY26.
This is more than a one-year revenue jump.
Data centres require reliable power distribution, uninterrupted operations, electrical infrastructure, metering and continuous maintenance areas where G V Electricals already has established execution capabilities.
The rising contribution from data-centre infrastructure suggests that G V Electricals may now be extending its capabilities into a faster-growing, technology-led segment
As of June 30, 2026, the company had an unexecuted order book of ₹553.70 crore across 34 ongoing projects. That is about 3.5 times FY26 revenue.
The order book spans O&M, metering and electrical infrastructure work. It is supported mainly by distribution utilities and government authorities. The mix matters because long-duration and milestone-based contracts can provide multi-year visibility and help the company plan manpower more efficiently.
For a company with FY26 revenue of ₹156.41 crore, a ₹553.70 crore order book provides a strong runway for the next phase of execution.
Revenue grew steadily, but profits grew much faster. EBITDA more than doubled in FY26, and PAT increased by 124.5% year on year.
This is the central financial takeaway. Once the company reaches a larger execution base, overheads and operating systems can support more revenue without rising at the same pace. That is the operating leverage investors usually look for in a scaling services business.
Profitable growth: Revenue, EBITDA and PAT have all risen, with a sharp improvement in profitability in FY26.
Strong customer retention: 88.29% of FY26 revenue came from repeat customers.
Recurring base: 76.9% of FY26 revenue came from O&M services.
Large order visibility: The ₹553.70 crore order book is more than three times annual revenue.
Experienced execution: The company has a four-decade operating history and a workforce of more than 4,770 people.
Diversified service capability: O&M, metering and infrastructure services allow the company to participate across the distribution chain.
Individually, each point is useful. Together, they create a more powerful story: the company has experience, customers, manpower, orders and improving financials at the same time.
The growth drivers are visible across the power chain: rising electricity demand, distribution upgrades, smart metering, renewable-energy integration, transmission expansion and government-led modernisation.
G V Electricals does not need to create this market. It needs to win a larger share of an expanding one.
The Next Phase has three Clear Growth Levers:
Expand high-value EPC work
Bid for larger transmission, substation and network-development projects while improving project mix and geographic reach.
Strengthen recurring O&M
Win more long-term contracts, increase wallet share with existing utilities and build stronger revenue visibility.
Ride India's infrastructure boom
Participate in RDSS, smart metering, grid modernisation, renewable integration and transmission expansion.
This strategy is logical because it uses existing strengths. G V Electricals already has utility relationships and an execution workforce. The next step is to move into larger projects without losing the recurring O&M base.
Most discussions around India's electricity sector begin with generation capacity. But the more immediate problem sits much closer to the consumer in the distribution network.
India's distribution companies continue to report Aggregate Technical and Commercial (AT&C) losses of around 20% to 22%. These losses remain materially above global benchmarks. They arise from a mix of technical leakage, ageing networks, metering gaps, theft, billing inefficiencies and weak collections.
The government's Revamped Distribution Sector Scheme (RDSS), with an outlay of approximately ₹3.03 lakh crore, is designed to bring AT&C losses down to 12% to 15% through network strengthening, feeder segregation, system metering, smart meters, underground cabling, substation augmentation and distribution automation.
Reducing AT&C losses requires more than equipment procurement. It needs continuous work on the ground maintaining feeders and substations, locating faults, restoring supply, managing meters, strengthening low-tension networks and improving day-to-day network performance.
These are already core capabilities of G V Electricals. The company operates across network O&M, metering and electrical infrastructure. Its field teams undertake preventive and breakdown maintenance, fault rectification, substation operations, meter-related services and distribution-network support.
The India Investment Grid lists 258 electricity-transmission opportunities worth USD 57.05 billion and another 130 electricity-distribution opportunities worth USD 17.74 billion. Odisha, G V Electricals’ largest operating market features among the leading states for distribution opportunities.
The broader market is also expanding quickly. The report estimates India's Power EPC market at USD 23.57 billion in 2025 and projects it to reach USD 60.72 billion by 2030.
For G V Electricals, the most important opportunity may not be the headline market size. It is the gap between today's inefficient distribution network and the government's targeted loss levels. Every feeder strengthened, meter upgraded, substation maintained and fault restored moves the system closer to that target and sits within the company's operating territory.
FY26 brought stronger revenue, a sharp jump in profitability, better returns and a ₹553.70 crore order book. The customer base is sticky, O&M provides recurring work and the industry opportunity is expanding.
The bullish view in one line
G V Electricals has spent 40 years building execution credibility and is now entering the phase where that credibility can translate into larger projects, higher revenue and stronger operating leverage.
Its order book, recurring revenue and repeat clients conitnue to drive in the growth of existing businss. While new growth will come from data centre business and newer geographies.
Disclaimer: The content shared is for educational purposes only and should not be construed as a recommendation.
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