Systematic Industries lands first Power Grid EPC order, eyes ₹1,000 cr OPGW pipeline
The company's entry into utility-grade OPGW and OFC markets, backed by a net-debt-free balance sheet, sets the stage for revenue growth acceleration beyond 25%.
— 2 earlier stories on Systematic Industries Ltd. →What's new
- Won first EPC contract from Power Grid for an OPGW project
- Secured RDSO and BSNL approvals for optical fiber cable supply
- Bagged a ₹10 cr railway order and trial orders from data center companies
Why this matters
Systematic has historically grown at ~25%. The OPGW and OFC orders open two new, higher-margin verticals with a visible ₹1,000+ cr tender pipeline, a step-change in scale and quality of earnings.
What we're watching
- Conversion rate of the ₹1,000 cr pipeline into firm orders
- Scale-up of OFC supply after RDSO/BSNL approvals
- Debt-free status, whether capex plans stay self-funded
The full read
Systematic Industries has won its first EPC contract from Power Grid for an optical ground wire project, a new vertical that opens the door to India's largest transmission utility customer. On the optical fiber cable side, RDSO and BSNL approvals have already yielded a ₹10 crore railway order and trial orders from data center companies. Management's confidence is not just based on the initial wins: they flagged an OPGW tender pipeline of over ₹1,000 crore over the next year, massive relative to FY26 revenue of ₹552.51 crore. With a net debt-free balance sheet after the IPO, the company is positioned to self-fund capex and accelerate revenue growth beyond its historical 25% clip. The open question is conversion: how much of that ₹1,000+ crore pipeline turns into firm orders.
Questions answered
- What is the significance of the Power Grid OPGW order?
- It is Systematic's first EPC contract in the optical ground wire segment, marking entry into utility infrastructure. Power Grid is India's largest transmission utility, so this order serves as a reference for future tenders.
- How large is the OPGW tender pipeline?
- Management pointed to a pipeline of over ₹1,000 crore in OPGW tenders expected over the next year. This is several times the company's FY26 revenue of ₹552.51 crore.
- What approvals has Systematic obtained for optical fiber cable?
- The company secured approvals from RDSO (railways) and BSNL (telecom), enabling it to supply OFC for railway and telecom networks. It has already won a ₹10 crore railway order and trial orders from data center companies.
- How is the company funding its growth?
- Systematic is net debt-free after its IPO, and management expressed confidence in deploying IPO capital to accelerate revenue growth beyond the historical 25% rate without taking on new debt.
Story so far
All notes on SYSTEMATIC →- 16 Jun 2026 · 4:54 PM IST Systematic Industries lands first Power Grid EPC order, eyes ₹1,000 cr OPGW pipeline
- today Systematic Industries sees ₹1,000 cr OPGW pipeline as it pivots from legacy steel
- 21d ago Systematic Industries grows revenue 23.7% in FY26