Financial Performance Highlights

Consolidated Annualized Financial Highlights (FY26)

  • Revenue From Operations: ₹368 Crore with 3-year CAGR of 55%
  • EBITDA: ₹35 Crore with 3-year CAGR of 83%
  • PAT: ₹20 Crore with 3-year CAGR of 86%

Consolidated Key Financial Highlights - H2FY25 vs H2FY26 (₹ in Crore)

  • Revenue: Increased 70% YoY to ₹177.40 (from ₹98.79 in H2FY25)
  • Gross Profit: Increased 23% YoY
  • Employee Costs: Increased 10% YoY; broadly flat compared to H2FY25
  • EBITDA: Increased 27% to ₹24.61 (from ₹5.71 in H2FY25)
  • PAT: Increased 2% YoY to ₹15.74 (from ₹3.16 in H2FY25)

Consolidated Profit and Loss Statement (₹ in Crore)

| Particulars | H2FY25 | H2FY26 | FY26 |

| Revenue from Operations | 98.79 | 177.40 | 230.08 |

| Other Income | 0.13 | 0.41 | 1.01 |

| Total Income | 98.92 | 177.81 | 231.09 |

| Expenses | 93.21 | 153.20 | 204.17 |

| EBITDA (excluding exceptional items) | 5.71 | 24.61 | 26.92 |

| Profit before Tax (excluding exceptional items) | 3.86 | 21.42 | 22.56 |

| Profit after Tax | 3.16 | 15.74 | 18.60 |

| Basic EPS (in ₹) | 2.11 | 10.49 | 11.65 |

Consolidated Balance Sheet (₹ in Crore)

| Particulars | FY23 | FY24 | FY25 | FY26 |

| Equity Share Capital | 4.74 | 20.53 | 141.47 | 162.64 |

| Non-Current Liabilities | 13.53 | 9.13 | 0.51 | 44.13 |

| Long Term Borrowings | 13.53 | 9.13 | 0.32 | 39.39 |

| Current Liabilities | 26.38 | 48.44 | 92.45 | 252.31 |

| Trade Payables | 8.73 | 13.27 | 16.76 | 96.88 |

| Total Equity and Liabilities | 44.65 | 78.10 | 234.43 | 459.08 |

| Non-Current Assets | 10.66 | 13.41 | 11.02 | 101.06 |

| Tangible Assets | - | 5.67 | 6.02 | 93.72 |

| Current Assets | 33.99 | 64.69 | 223.40 | 358.02 |

| Inventories | 12.36 | 23.08 | 38.03 | 99.68 |

| Trade Receivables | 7.26 | 31.52 | 90.90 | 152.61 |

| Cash & Bank Balances | 3.65 | 1.63 | 77.00 | 90.40 |

| Total Assets | 44.65 | 78.10 | 234.43 | 459.08 |

Business Operations and Strategic Updates

Business Segments

1. Residential Rooftop Solar: Company positions itself as the 2nd largest player under PM Surya Ghar Yojana among 20,000+ vendors, now expanding into complete Solar Kit solutions

2. Large EPC: End-to-end engineering, procurement and construction for large-scale solar projects with strong technical capabilities and proven execution

3. Panel Manufacturing: 1.2 GW fully automated module manufacturing line in Ahmedabad producing panels up to 725 Wp

Key Business Developments

  • Strategic shift towards larger ground-mounted EPC projects to mitigate extended receivable cycles from government-distributed projects
  • Secured 50 MW solar project in Maharashtra with contract value exceeding ₹185 crore
  • Commencement of operations at the company's module manufacturing facility
  • Began supplies of solar kits for residential market (accounted within Distribution vertical)

Manufacturing Capacity

  • 1.2 GW annual module manufacturing capacity in Ahmedabad
  • Fully automated line producing up to 725+ Wp panels
  • Production rate: 1 panel every 16 seconds, 4,000+ panels per day
  • AI-powered quality control and RFID traceability
  • Manufacturing all module types including G12 format panels

Market Position and Opportunities

  • Residential Market: Targeting Rs. 1 Lakh Crore+ annual opportunity with 98% unorganized market penetration through 450+ Saarthi partners and presence in 25+ cities
  • EPC Capabilities: 400+ strong technical team across 15+ states and UTs with in-house structure manufacturing facility (1,200 MTPA capacity) providing 5% cost advantage
  • Order Pipeline: 65 MW of confirmed captive module consumption with forward pipeline exceeding 300 MW of projects under active discussion

Management Commentary

Ankit Garg, Chairman & Managing Director provided the following insights:

  • Strong revenue growth driven by strategic shift to larger ground-mounted EPC projects
  • Change in business mix resulted in moderation of gross margins due to lower margins in large-scale EPC projects
  • Module manufacturing facility commencement led to incremental finance costs impacting profitability
  • Company well positioned for ALMM-II regulations with significant order book for projects bid prior to 31 August 2025
  • Advanced stage of securing domestically manufactured cells for Residential EPC and Solar Kit business segments
  • Confident in growth prospects supported by healthy order pipeline, manufacturing integration, and module manufacturing ramp-up

Industry Overview and Market Context

Global Renewable Energy Market

  • Market value reached USD 1.74 trillion in 2025, projected to reach USD 7.28 trillion by 2034
  • Solar PV additions surpassed 600 GW in 2025 for the first time (over 75% of all new renewable capacity)
  • Asia Pacific holds largest market share (41.51% in 2025)
  • Renewable energy capacity: 5,149 GW in 2025 with 23rd consecutive record year of additions (692-800 GW)

India's Renewable Energy Landscape

  • Total renewable energy capacity: 279.26 GW as of 30 April 2026
  • Solar capacity: 154.24 GW (55% of installed renewable energy capacity)
  • Government target: 500 GW of non-fossil fuel based energy by 2030
  • Solar capacity growth: from 2.82 GW in 2014 to 154.24 GW in 2026
  • Manufacturing capacity: 119 GW solar modules and over 9 GW cell capacity added in 2025

Government Initiatives

  • PM Surya Ghar: Muft Bijli Yojna (Launched Feb 2024) with target of 10 million houses solarized by 2027 (4 million done by May 2026)
  • Up to 40% subsidy on installation cost, solar financing available at interest rates starting from 7%
  • Other initiatives: Green Hydrogen Mission, PM KUSUM, PLI for solar PV

Company Background

  • Founded in 2018, providing turnkey solar solutions including design, engineering, procurement, testing, installation, commissioning, and O&M
  • Also distributes solar products such as inverters, Availability Based Tariff (ABT) meters
  • Founded by first generation entrepreneurs with 21+ years of combined experience in solar space
  • Driving vertical integration with ₹70 crore capex for 1000 MW automated solar module plant