Board Meeting Details

The Board of Directors meeting was held on October 14, 2026, commencing at 3:35 PM and concluding at 4:40 PM. The Board approved the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2026, together with Limited Review Reports issued by the Statutory Auditors with an unmodified opinion.

Financial Performance Highlights (Consolidated)

Q2 FY27 Performance (Quarter ended September 30, 2026):

  • Revenue from operations: ₹1,576.4 crore, up 39.4% YoY (Q2 FY26: ₹1,131.0 crore)
  • Total income: ₹1,578.9 crore, up 37.4% YoY
  • EBITDA: ₹556.9 crore, up 39.4% YoY
  • EBITDA margin: 35.3% (35.2% in Q2 FY26)
  • Profit after tax (PAT): ₹382.0 crore, up 60.6% YoY
  • PAT margin: 24.2% (21.0% in Q2 FY26)
  • Earnings per share (basic and diluted): ₹5.52

H1 FY27 Performance (Six months ended September 30, 2026):

  • Revenue from operations: ₹3,131.9 crore, up 45.1% YoY (H1 FY26: ₹2,158.8 crore)
  • Total income: ₹3,150.9 crore, up 43.8% YoY
  • EBITDA: ₹1,105.0 crore, up 47.4% YoY
  • EBITDA margin: 35.2% (34.7% in H1 FY26)
  • Profit after tax (PAT): ₹762.3 crore, up 79.1% YoY
  • PAT margin: 24.3% (19.7% in H1 FY26)
  • Earnings per share (basic and diluted): ₹11.01

Operational Metrics:

  • Solar PV module production in Q2 FY27: 952 MW (682 MW in Q2 FY26)
  • Solar cell production in Q2 FY27: 513 MW (319 MW in Q2 FY26)
  • Effective capacity utilization: 89% for solar cells, 44% for modules
  • Order book as of September 30, 2026: 10.4 GW
  • New order inflows in Q2 FY27: approximately 1.5 GW

Balance Sheet Position (Consolidated as of September 30, 2026):

  • Total assets: ₹6,840.7 crore
  • Total equity: ₹4,390.1 crore
  • Net debt to equity: 0.12x
  • Net cash generated from operating activities during H1 FY27: ₹409.9 crore (₹120.7 crore in H1 FY26)
  • Finance costs: ₹20.5 crore in H1 FY27 (₹108.4 crore in H1 FY26)

Capacity and Expansion Plans

Current Installed Capacity (as of September 30, 2026):

  • Modules: 10.3 GW annual capacity
  • TOPCon solar cells: 2.94 GW annual capacity

Expansion Projects:

  • 6 GW integrated TOPCon module and cell manufacturing expansion underway
  • Module line commissioning expected by December 2026
  • Cell line commissioning expected by March 2027
  • Post-expansion capacity: 16.3 GW modules and 8.9 GW cells
  • Most orders for hard costs already placed

Future Backward Integration:

  • Phased integration into 9 GW of ingot and wafer manufacturing
  • 5 GW planned in FY29, additional 4 GW in FY30
  • Estimated capex: ₹5,000-5,500 crore
  • Expected funding: largely through internal accruals
  • Subject to regulatory clarity on ALMM III implementation timelines and market conditions

Management Commentary

Mr. DV Manjunatha, Chairman & Managing Director, stated: "Our performance during the first half of FY27 reflects continued growth in the business, supported by sustained demand, operating efficiencies and the benefits of integrated manufacturing. Our 6 GW integrated TOPCon solar cell and module manufacturing facility expansion project is progressing in line with our schedule... Once fully commissioned, the expansion will increase our annual manufacturing capacity to approximately 16.3 GW of modules and 8.9 GW of cells."

Dividend Information

The Board declared a final dividend of ₹1 per equity share (face value ₹2 each) for FY26, approved by shareholders in the AGM held on September 25, 2026, and paid on October 3, 2026.

IPO Proceeds Utilization

The company raised ₹2,06,000 lakhs (net of IPO-related expenses) through its IPO completed in the previous financial year. As of September 30, 2026, the entire amount has been utilized:

  • ₹1,62,129.00 lakhs for repayment/prepayment of borrowings
  • ₹43,871.00 lakhs for general corporate purposes

Auditor Information

MSKC & Associates LLP conducted the limited review and issued unmodified review reports for both standalone and consolidated financial results.