Key Financial Figures (₹ in Crores)

Q1FY27 Performance:

  • Total Revenue: ₹745.40 Cr (up 105.37% YoY from ₹362.94 Cr in Q1FY26)
  • EBITDA: ₹76.87 Cr (up 32.97% YoY from ₹57.81 Cr in Q1FY26)
  • EBITDA Margin: 10.31% (vs 15.93% in Q1FY26)
  • Profit Before Tax: ₹47.50 Cr (down 8.74% YoY from ₹52.05 Cr in Q1FY26)
  • Net Profit (PAT): ₹38.02 Cr (down 11.83% YoY from ₹43.12 Cr in Q1FY26)
  • PAT Margin: 5.10% (vs 11.88% in Q1FY26)

Comparative Performance:

  • Q4FY26 Revenue: ₹792.38 Cr
  • FY26 Revenue: ₹2,163.52 Cr
  • Q4FY26 EBITDA: ₹109.10 Cr
  • FY26 EBITDA: ₹304.62 Cr
  • Q4FY26 Net Profit: ₹69.84 Cr
  • FY26 Net Profit: ₹200.63 Cr

Operational and Business Highlights

Order Book & Contracts:

  • Order book stood at over 2.1 GW as of Q1FY27
  • Subsequent to quarter end, secured ₹558.29 Cr order from NTPC Renewable Energy for solar PV modules (approximately 26% of FY26 consolidated revenue)
  • 226.45 MW awarded under PM-KUSUM Component A
  • ~400 MW IPP portfolio

Manufacturing Capacity:

  • Module manufacturing capacity remains at 5.5 GW
  • Utilization ramp-up ongoing at INA3 facility (described as one of India's most automated PV module manufacturing plants)
  • Company on track to scale capacity to ~7 GW

Backward Integration Progress:

  • 4.5 GW TOPCon solar cell manufacturing facility at Narmadapuram, Madhya Pradesh
  • 18,000 MTPA aluminium frame manufacturing plant at same location
  • Civil works, PEB activities and utilities/infrastructure development advancing as scheduled
  • Major plant and equipment already ordered with advance payments made to key suppliers
  • TOPCon cell facility targeted for phased commissioning in H2FY27
  • Aluminium frame plant targeted for commissioning in FY27

Financing & Capital Allocation:

  • FY27 capex outlay of ~₹1,500 Cr earmarked for backward integration and capacity expansion
  • Funding through mix of term debt (including IREDA facility) and internal accruals
  • ~₹347 Cr of project execution financing arranged during the year to support PM-KUSUM Component A projects

Market Positioning:

  • Company positioning to benefit from ALMM-II transition toward domestically integrated solar manufacturing
  • Strengthening distribution and channel partner ecosystem across key solar growth markets
  • Deepening participation in government-led renewable energy programs including PM-KUSUM and PM Surya Ghar Muft Bijli Yojana
  • Recognized with "Business Maestro Award" at Tally MSME Honours 2026

Management Commentary

Mr. Manish Gupta, Chairman:

Emphasized strong top-line execution with 105.37% YoY revenue growth to ₹745.40 crore and 32.97% EBITDA growth to ₹76.87 crore. Noted that margins reflect broader cost environment across solar manufacturing industry. Expressed confidence in backward integration investments to structurally strengthen margin profile once operational. Confident in India's long-term solar manufacturing opportunity.

Mr. Vikas Jain, Managing Director:

Highlighted focus on pricing discipline and strengthening long-term customer relationships. Stated measured approach to procurement despite near-term margin environment. Confirmed backward integration investments at Narmadapuram remain on track and expected to be significant margin levers once commissioned. Expressed confidence in India's structural solar manufacturing growth story and company's positioning.

Safe Harbor Statement

Document contains forward-looking statements subject to risks and uncertainties. Company undertakes no obligation to publicly update or revise any forward-looking statements.