Key Financial Figures - Standalone Q1 FY27

Revenue Performance

  • Revenue from operations: ₹5,051.92 million, representing 71.10% year-on-year growth from Q1 FY26 (₹2,952.68 million)
  • Quarter-on-quarter growth of 20.69% from Q4 FY26 (₹4,185.72 million)
  • Other income: ₹34.44 million, up 104.39% YoY
  • Total income: ₹5,086.36 million, up 71.29% YoY

Profitability Metrics

  • EBITDA: ₹861.14 million, up 47.72% YoY
  • EBITDA margin: 17.05% (compared to 19.74% in Q1 FY26)
  • Profit Before Tax: ₹802.89 million, up 60.71% YoY
  • Profit After Tax: ₹596.73 million, up 61.55% YoY
  • PAT margin: 11.81% (compared to 12.51% in Q1 FY26)
  • Total tax expenses: ₹206.16 million, up 58.34% YoY

Expense Breakdown

  • Cost of goods sold: ₹3,646.21 million, up 102.91% YoY
  • Employee benefit expenses: ₹76.90 million, up 11.11% YoY
  • Finance cost: ₹45.60 million, down 41.59% YoY
  • Depreciation & amortization: ₹12.65 million, up 137.78% YoY
  • Installation & project admin charges: ₹432.49 million, up 39.12% YoY
  • Other expenses: ₹69.62 million, up 52.78% YoY

Operational Performance

Systems Installation

  • Systems installed in Q1 FY27: 24,118 units, representing 122.76% year-on-year growth from Q1 FY26 (10,827 units)
  • Quarter-on-quarter growth of 41.72% from Q4 FY26 (17,018 units)
  • Capacity installed: 109 MW during Q1 FY27

Order Book

  • Total order book as on June 30, 2026 plus orders received post June 2026: ₹5,410 million

Full Year FY2026 Performance (Standalone)

Annual Financials

  • Revenue from operations: ₹15,325.41 million, up 39.98% YoY from FY2025 (₹10,948.27 million)
  • EBITDA: ₹3,131.85 million, up 53.49% YoY
  • EBITDA margin: 20.44% (compared to 18.64% in FY2025)
  • PAT: ₹2,012.70 million, up 51.08% YoY
  • PAT margin: 13.13% (compared to 12.17% in FY2025)
  • Systems installed: 61,085 units, up 33.80% YoY from FY2025 (45,655 units)
  • Capacity installed: 276 MW, up significantly from 184 MW in FY2025

Working Capital Metrics (FY2026)

  • Net working capital days: 112 days
  • Debtors days: 140 days
  • Inventory days: 21 days
  • Creditors days: 49 days
  • Total borrowings: ₹2,026.62 million
  • Total cash: ₹4,432.77 million
  • Surplus cash: ₹2,406.15 million (net debt-free position)

Consolidated Financial Performance Q1 FY27

Consolidated Results

  • Revenue: ₹5,051.92 million, up 55.55% YoY
  • EBITDA: ₹861.08 million, up 45.89% YoY
  • EBITDA margin: 17.04%
  • PAT: ₹596.49 million, up 59.86% YoY
  • PAT margin: 11.81%

Consolidated Working Capital (FY2026)

  • Net working capital days: 101 days
  • Debtors days: 125 days
  • Inventory days: 18 days
  • Creditors days: 42 days
  • Total borrowings: ₹2,054.95 million
  • Total cash: ₹4,432.84 million
  • Surplus cash: ₹2,377.89 million

Balance Sheet Position (Standalone FY2026)

Assets

  • Property, plant & equipment: ₹1,050.23 million (up from ₹130.82 million in FY2025)
  • Total non-current assets: ₹1,220.39 million
  • Inventories: ₹581.84 million
  • Trade receivables: ₹5,860.73 million
  • Cash & cash equivalents: ₹3,354.77 million
  • Other bank balances: ₹1,078.00 million
  • Total current assets: ₹11,773.50 million
  • Total assets: ₹12,993.89 million (up from ₹5,836.33 million in FY2025)

Equity & Liabilities

  • Equity share capital: ₹405.63 million
  • Other equity: ₹8,440.72 million
  • Total equity: ₹8,846.35 million (up from ₹2,091.07 million in FY2025)
  • Total borrowings (non-current): ₹152.88 million
  • Borrowings (current): ₹1,873.74 million
  • Trade payables: ₹1,348.82 million
  • Total current liabilities: ₹3,990.54 million

Cash Flow Summary (Standalone FY2026)

Cash Flow Performance

  • Profit before tax: ₹2,699.26 million
  • Net cash from operating activities: ₹528.97 million (compared to negative ₹986.13 million in FY2025)
  • Direct taxes paid: ₹632.37 million
  • Purchase of PPE: ₹953.83 million
  • Proceeds from share issue: ₹4,742.71 million (IPO proceeds)
  • Net borrowing changes: -₹163.85 million
  • Net change in cash: ₹3,344.51 million
  • Closing cash: ₹3,354.77 million (up from ₹10.26 million in FY2025)

Business Overview and Strategic Positioning

Company Scale and Impact

  • Cumulative systems installed: 164,500+ systems over 18 years of operations
  • Villages covered: 7,500+ villages across India
  • CO₂ saved: >1.9 million tons
  • Workforce: 1,500+ professionals, technicians, and field engineers
  • Owned vehicles: 40+ proprietary logistics fleet

Business Model

  • Technology-defined, low-capex OEM/ODM based manufacturing ecosystem
  • Asset-light operating model with multiple manufacturing partners
  • Decentralized renewable energy infrastructure execution platform
  • Focus on solar pumps, rooftops, and power plants

Management Commentary

  • Company is building India's largest decentralized renewable energy infrastructure execution platform
  • Strong growth trajectory supported by execution across decentralized renewable energy platform
  • Expanding presence across existing markets and scaling rooftop solar business under PM Surya Ghar Yojana
  • Focus on delivering sustainable growth and creating long-term value for stakeholders

Strategic Advantages

  • Controlled low-capex model with minimal fixed asset investment
  • Geographical presence across 7,500+ villages with deep rural penetration
  • Faster scalability through asset-light model and decentralized infrastructure
  • Rural brand recognition built through 18 years of engagement
  • OEM/ODM partnerships providing supply security and cost efficiency

Market Opportunities

Solar Agricultural Pumping Systems

  • Addressable market of 78 million farmers without pumping solutions
  • Strong positioning under PM-KUSUM and various state schemes
  • Benefits include low-cost ownership, efficient water use, and cleaner irrigation

Solar Rooftop Systems

  • PM Surya Ghar Yojana with ₹75,000 crore outlay targeting 10 million households
  • Current installations: 42.29 lakhs with 15,011 MW capacity installed
  • Subsidy released: ₹28,516 crores
  • Benefits include electricity bill savings, energy independence, and reduced infrastructure burden

Leadership Team

  • Gopal Rajaram Kabra: Chairman, MD & CEO with 20+ years experience in solar power sector
  • Dr. Navaniit Mandhaani: Non-Executive Director with PhD in depreciation accounting
  • CA Susheel Bhandari: Independent Director with 22+ years experience in education sector
  • Sunil Kamalkishor Malu: Chief Financial Officer, Fellow Chartered Accountant
  • Mehul Ajit Shah: Whole-time director & COO, founding member since 2011
  • Dr. Subhash Vasant Ghaisas: Independent Director, renewable energy expert
  • CA Pooja Chandak: Independent Director, Chartered Accountant
  • Shubham S. Jain: Company Secretary & Compliance Officer

Vision 2030

  • Target to become $1 billion business by 2030
  • India's largest decentralized RE execution platform
  • 1 million installed systems by 2030 (7x expansion from current 140,000 systems)
  • Expansion into BESS, utility-scale MW EPC, and future-ready RE products