Powell Industries designs, engineers, manufactures, and services custom electrical distribution and control equipment used to manage and protect large-scale electrical systems. Core products include Power Control Rooms (PCRs) and E-Houses — modular, factory-built electrical substations — medium-voltage switchgear and motor control centers, and field services for both Powell-built and third-party systems. Each project is custom-engineered to customer specifications, making engineering expertise and project management central to Powell's value proposition alongside the physical hardware. Powell sells primarily direct to end users and to EPC firms through competitive bids, though repeat business is a meaningful share of revenue. Oil and gas is the largest end market at roughly 37% of revenue, spanning offshore platforms, LNG terminals, pipelines, and refineries. Electric utility accounts for roughly 25% of revenue, reflecting a deliberate decade-long push to diversify away from oil and gas. Commercial and industrial (including data centers) and petrochemical round out the remaining revenue. Powell earns revenue under long-term, fixed-price contracts, recognizing revenue on a percentage-of-completion basis. Margins are driven by fixed-cost leverage, project execution, and closeout performance. Powell's growth strategy focuses on market diversification into utility and data center customers, expanding its product portfolio toward higher-margin standalone products, and building out electrical automation capabilities through the recent Remsdaq acquisition, which adds a proprietary SCADA platform for substation control. Powell carries no debt and held $476M in cash at the end of FY25.