Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Revenue from Operations: Rs 4,026.54 million (up 12.3% YoY from Rs 3,585.04 million)
  • EBITDA: Rs 744.15 million (up 0.9% YoY from Rs 737.43 million)
  • EBITDA Margin: 18.5% (down from 20.6% YoY)
  • EBIT: Rs 730.59 million (up 0.2% YoY from Rs 729.32 million)
  • EBIT Margin: 18.1% (down from 20.3% YoY)
  • PBT: Rs 657.85 million (up 6.0% YoY from Rs 620.85 million)
  • PBT Margin: 16.3% (down from 17.3% YoY)
  • PAT: Rs 493.64 million (up 6.3% YoY from Rs 464.59 million)
  • PAT Margin: 12.3% (down from 13.0% YoY)
  • EPS: Rs 2.43 (down from Rs 2.70 YoY)

Quarterly Sequential Performance (Q2 FY27 vs Q1 FY27)

  • Revenue from Operations: Down 20.3% from Rs 5,051.92 million
  • EBITDA: Down 13.6% from Rs 861.14 million
  • EBITDA Margin: Improved to 18.5% from 17.0%
  • EBIT: Down 13.9% from Rs 848.49 million
  • EBIT Margin: Improved to 18.1% from 16.8%
  • PBT: Down 18.1% from Rs 802.89 million
  • PBT Margin: Improved to 16.3% from 15.9%
  • PAT: Down 17.3% from Rs 596.73 million
  • PAT Margin: Improved to 12.3% from 11.8%
  • EPS: Down from Rs 2.94

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from Operations: Rs 9,078.46 million (up 38.9% YoY from Rs 6,537.72 million)
  • EBITDA: Rs 1,605.29 million (up 21.6% YoY from Rs 1,320.40 million)
  • EBITDA Margin: 17.7% (down from 20.2% YoY)
  • EBIT: Rs 1,579.08 million (up 20.8% YoY from Rs 1,306.97 million)
  • EBIT Margin: 17.4% (down from 20.0% YoY)
  • PBT: Rs 1,460.74 million (up 30.4% YoY from Rs 1,120.43 million)
  • PBT Margin: 16.1% (down from 17.1% YoY)
  • PAT: Rs 1,090.37 million (up 30.7% YoY from Rs 833.97 million)
  • PAT Margin: 12.0% (down from 12.8% YoY)
  • EPS: Rs 5.37 (up from Rs 4.85 YoY)

Operational Metrics

  • 19,391 systems installed during Q2 FY27
  • Cumulatively installed more than 184,000 renewable energy systems as of September 2026
  • Commissioned over 800 MW of renewable energy capacity across India
  • Operational presence spanning 7,500+ villages across India

Business Highlights and Order Book

Order Book Position

  • Order book of ₹7,880.00 million as of September 30, 2026, comprising orders as on that date and orders received from October 1, 2026 onwards

Major Orders Received

  • Received an institutional order to install 100,000 Rooftop Solar Systems
  • Received an additional institutional order for 14,000 Off-grid DC Solar Photovoltaic Water Pumping Systems in Maharashtra
  • Entered the Battery Energy Storage Systems (BESS) segment with first order for 150 MW / 300 MWh utility-scale BESS installation

Business Segments Performance

  • Strong growth in Residential and retail Commercial rooftop solar (B2C) business, driven by rising acceptance
  • Solar pumping business continues to gain momentum
  • Expansion into energy storage segment with BESS capabilities

Management Commentary

Mr. Gopal Rajaram Kabra, Managing Director, CEO and Chairman commented:

Financial Performance Overview

  • Revenue from Operations was Rs. 4,026.54 million, EBITDA was Rs. 744.15 million and Profit After Tax was Rs. 493.64 million during Q2 FY27
  • For H1 FY27, revenue reached Rs. 9,078.46 million, with EBITDA of Rs. 1,605.29 million and Profit After Tax of Rs. 1,090.37 million
  • Order book of Rs. 7,880.00 million provides visibility for future execution

Strategic Direction

  • Building on established business of solar-powered agriculture pump systems
  • Scaling rooftop solar and expanding into energy storage
  • Advancing ambition to build India's largest decentralized renewable energy execution and integration platform
  • Capabilities across power generation, storage and delivery
  • Technology-defined, low-capex controlled manufacturing ecosystem
  • Access to partner manufacturing capacity with control over sourcing, specifications and quality

Future Outlook

  • Vision to reach 1 million installed systems
  • Build a USD 1 billion business by 2030
  • Priority to convert emerging opportunities into profitable growth through:
  • Timely execution
  • Dependable products
  • Responsive service
  • Disciplined capital allocation
  • Expand renewable energy platform and build one of India's most trusted renewable energy brands

Company Background

  • India's largest decentralised renewable energy infrastructure execution platform
  • Technology defined, low-capex controlled manufacturing ecosystem
  • Founded in 2008
  • Operates through technology-defined and low-capex business model
  • Low-capex controlled manufacturing ecosystem
  • Decentralised logistics infrastructure
  • One of the sector's largest field execution networks
  • Supported by dedicated warehousing infrastructure and logistics capabilities
  • Large network of installation and commissioning partners across multiple states
  • Recently entered battery energy storage (BESS) segment alongside solar pumping and rooftop solar businesses

Conference Call Details

  • Date: Thursday, October 29, 2026
  • Time: 15:30 PM IST
  • Diamond Pass Registration: https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=2502192&linkSecurityString=1638493740
  • Universal Access Numbers: +91 22 6280 1488; +91 22 7115 8869
  • Toll Free Numbers: UK: 08081011573; USA: 18667462133; Singapore: 8001012045; Hong Kong: 800964448

Registered Address

Office No. 1901, Tower A, Gokhale Business Bay, Plot No. A6 & A7, Sr. No. 20/2, Paschimnagri, Kothrud, Pune – 411038, Maharashtra, India