EI Power Berhad (EIPOWER)

EI Power Berhad (EIPOWER) - Mission-Critical Power EPCC Contractor for the AI Data Centre Era

EI Power Berhad is not a newcomer to Malaysia's power engineering landscape. With over 16 years of operating history, the company has built a solid reputation as a specialist EPCC (Engineering, Procurement, Construction and Commissioning) contractor for power systems. What sets EIPOWER apart from the crowd is its positioning at the intersection of two powerful investment mega-themes: the Johor data centre construction boom and the growth of renewable energy (RE).

What Does EIPOWER Do?

EIPOWER operates across two core service lines:

• Diesel Generation and Fuel Distribution Systems - Design, supply, installation, testing, and maintenance of diesel genset systems and fuel distribution infrastructure. This is the backbone of their mission-critical data centre work.
• Solar PV Systems - EPCC services for photovoltaic solar installations, supporting their growing renewable energy segment.

Data Centres: The Heart of the Business

The mission-critical segment is EIPOWER's key differentiator. The company provides internal power systems for Tier III/IV data centres - including diesel gensets, fuel distribution, and internal power distribution infrastructure ensuring 24/7 uptime. Within the data centre ecosystem, EIPOWER plays a Phase 5 role: internal power distribution and critical systems.

Their dominance in Johor speaks for itself:

• Completed 4 operational data centre projects in Kulai district, Johor.
• This represents approximately 30.8% of all operational data centres in Johor.
• And an even more impressive 66.7% of operational data centres within Kulai district alone.

Kulai is not just any location. It is the most active data centre hub in Johor, making EIPOWER the go-to contractor in this high-growth corridor.

Thailand Expansion: A Bold Move into New Territory

EIPOWER is not sitting still domestically. The company is opening a Bangkok office and has already submitted 4 tenders for fuel distribution EPCC projects in Thailand worth a combined THB 620 million (~RM75.25 million) as at 24 March 2026. There are also expressions of interest from clients for mission-critical power systems in Thailand. This is still early-stage, but it opens a meaningful growth channel beyond Malaysia.

IPO: A Strong Market Debut

EIPOWER was listed on Bursa Malaysia's ACE Market on 21 May 2026 at an IPO price of RM0.48 per share. The market response was enthusiastic:

• Opened at RM0.61 on listing day (+27% from IPO price)
• Closed Day 1 at RM0.555 (+15.6%)
• IPO oversubscribed by 30.8 times (21,490 applications; ~RM533.7 million demand)
• Total enlarged shares: 700 million units
• Fresh proceeds raised: RM62.2 million

At the current price of ~RM0.60, EIPOWER's market capitalisation stands at approximately RM420 million.

Shariah Compliant ✅

EIPOWER is a Shariah-compliant stock verified by the Securities Commission Malaysia. Muslim investors and Shariah-conscious funds can consider this stock without compliance concerns.

Industry Position

Based on the 2025 power EPCC industry size of RM4.9 billion, EIPOWER holds approximately 1.6% market share - small, but this leaves enormous room to grow. Peers like Solarvest and Samaiden are larger EPCC players but skew heavily towards solar. EIPOWER differentiates itself with a mission-critical data centre focus that typically commands higher margins and more recurring maintenance revenue.

EI Power reported its first full quarter as a listed company (Q2FY26, ended 30 June 2026), showing continued growth from Q1FY26.

Metric (RM million)	Q1FY26 (31 Mar 2026)	Q2FY26 (30 Jun 2026)	H1FY26 Cumulative
Revenue	20.75	24.4	45.2
Gross Profit	9.8	10.1	19.9
PBT (normalised)	8.0 (38.5% margin)	8.3	16.3
Net Profit (normalised)	6.03	6.3	12.3
EPS (sen)	4.53	—*	—*

*Q2/H1 EPS was not yet updated in our internal database at the time of writing — the Q1 figure (4.53 sen) was computed on a pre-enlarged share base; refer to the official Bursa quarterly report for the confirmed Q2 EPS figure.

Revenue is driven primarily by EPCC (Engineering, Procurement, Construction, Commissioning) work on mission-critical power solutions for data centre projects — comprising around 98% of Q1 revenue.

EI Power is a newly listed company, having debuted on the ACE Market on 21 May 2026 — so there's no dividend history yet as a public company. Our Q1FY26 quarterly data shows a DPS (dividend per share) of 0.00 sen, and no interim dividend has been declared as of Q2FY26 (30 June 2026) based on our latest search.

Historically, pre-IPO, the company paid dividends of RM5.0m for FY2024 and RM12.0m for FY2025 (including RM3.0m paid post-year-end) to its then-shareholders — showing dividend payment discipline before listing, though this is not a guarantee of future dividend policy as a public company.