Financial Performance Highlights

Q2 FY27 Results:

  • Revenue from operations: ₹1,576 crores (39% YoY growth)
  • EBITDA: ₹557 crores (39% YoY growth)
  • EBITDA margin: 35.3%
  • Profit after tax: ₹382 crores (61% YoY growth)
  • PAT margin: 24% (vs 21% in Q2 FY26)

H1 FY27 Results:

  • Revenue from operations: ₹3,132 crores (45% YoY growth)
  • EBITDA: ₹1,105 crores (47% YoY growth)
  • EBITDA margin: 35%
  • Profit after tax: ₹762 crores (79% YoY growth)
  • Finance cost: ₹9.5 crores in Q2 (vs ₹55.2 crores YoY)
  • Net cash from operating activities: ₹410 crores in H1 (239% YoY improvement)

Operational Performance

Production Metrics (Q2 FY27):

  • Solar module production: 952 MW (40% YoY growth)
  • Solar cell production: 513 MW (61% YoY growth)
  • Cell capacity utilization: 89%
  • Module capacity utilization: 44%

Order Book:

  • Order book as of September 30, 2026: 10.4 GW
  • New order inflows in Q2: 1.5 GW
  • Order book composition: 70% DCR, 30% non-DCR
  • Expected delivery: 5-5.5 GW within next 12-15 months

Manufacturing Expansion Update

6 GW Integrated TOPCon Project:

  • Total project cost: ₹5,500 crores (₹4,600 crores hard cost + ₹900 crores soft costs)
  • Module manufacturing commissioning: December 2026
  • Cell manufacturing commissioning: March 2027
  • Equipment FAT ongoing, shipping planned from end of October 2026
  • Upon completion, total capacity will reach 16.3 GW modules and 8.9 GW cells

Backward Integration Plans:

  • 9 GW ingot and wafer facility planned in two phases (5 GW + 4 GW)
  • Timing dependent on ALMM List-III implementation and market conditions

Business Segments and Customer Mix

Sales Distribution:

  • 25% retail market (Surya Ghar Yojana, KUSUM, small EPCs)
  • 75% institutional customers (utility-scale, C&I, IPPs)

Geographical Focus:

  • Primarily domestic Indian market
  • Strong focus on DCR-compliant business

Technology and Product Development

  • Complete transition to TOPCon technology (no mono PERC capacity)
  • Over 50% capacity converted to G12R format
  • Silver consumption reduced from 220 mg to 60-65 mg per cell
  • G12R cells achieving 9.5W vs previous 8W in single cell format

Balance Sheet and Capital Structure

  • Net debt to equity ratio: 0.12x as of September 30, 2026
  • Inventory: ₹1,884 crores (₹860 crores finished goods)
  • Debt drawdown of ₹828 crores in H1 for expansion project
  • Interest costs being capitalized until project commissioning

Industry Outlook and Guidance

Industry Demand:

  • Indian solar installations growing at 64% YoY
  • Domestic module demand running at record pace
  • Strong demand across utility-scale, C&I, rooftop, and government programs
  • Growing adoption of hybrid and round-the-clock renewable projects

Company Guidance:

  • Maintained FY27 EBITDA guidance of ₹2,200-2,400 crores
  • Expect to achieve upper end of guidance based on H1 performance

Regulatory Environment

  • ALMM-II implementation expected to proceed as scheduled (December 2026)
  • Company included in G12R TOPCon cells under ALMM List-II
  • Receiving capital subsidies from State Government (25% for previous projects)
  • Similar subsidies expected for upcoming projects

Q&A Session Highlights

Capacity Utilization: Cell manufacturing can achieve 89% utilization while module max utilization is around 60-65% due to product flexibility requirements.

Margin Defense: Company maintains margins through operational efficiencies, technology improvements, and product differentiation rather than competing solely on price.

Working Capital: Creditor days reduced from 64 days in FY26 to 25 days in H1 FY27 due to optimized procurement strategies.

Customer Concentration: Largest customer represented 44% of Q2 revenue, but payments are secured through substantial down payments or LCs.

Raw Material Costs: Company offsets cost increases through efficiency improvements (e.g., reduced silver consumption) rather than margin compression.