Financial Performance Summary

Quarterly Performance (Q2FY27 vs Q2FY26):

  • Revenue from Operations: ₹836.69 Cr (vs ₹425.90 Cr), up 96.45% YoY
  • EBITDA: ₹63.44 Cr (vs ₹55.99 Cr), up 13.32% YoY
  • EBITDA Margin: 7.58% (vs 13.15%)
  • Profit Before Tax: ₹32.95 Cr (vs ₹44.99 Cr), down 26.76% YoY
  • Net Profit (PAT): ₹25.06 Cr (vs ₹36.95 Cr), down 32.18% YoY
  • PAT Margin: 3.00% (vs 8.68%)

Half-Yearly Performance (H1FY27 vs H1FY26):

  • Revenue from Operations: ₹1,582.09 Cr (vs ₹788.85 Cr), up 100.56% YoY
  • EBITDA: ₹140.31 Cr (vs ₹113.80 Cr), up 23.30% YoY
  • EBITDA Margin: 8.87% (vs 14.43%)
  • Profit Before Tax: ₹80.45 Cr (vs ₹97.04 Cr), down 17.09% YoY
  • Net Profit (PAT): ₹63.08 Cr (vs ₹80.07 Cr), down 21.22% YoY
  • PAT Margin: 3.99% (vs 10.15%)

Cost Structure and Financial Metrics

  • Depreciation: ₹17.72 Cr in Q2FY27 (increased YoY with commissioning of INA3 facility)
  • Finance Cost: ₹12.78 Cr in Q2FY27 (increased YoY with capex funding)
  • Capacity utilization expected to remain over 60% with current order pipeline

Operational and Business Highlights

Order Book and Pipeline:

  • Total order book: ~2.2 GW
  • 1.3 GW scheduled for delivery by March 2027 with production slots already allocated
  • ~2.5 GW of proposals under internal evaluation for cell plant commissioning
  • Ongoing supplies to key customers including NTPC, MEIL and Rays Power

Backward Integration Projects:

  • 4.5 GW TOPCon cell facility at Narmadapuram nearing commissioning
  • Machinery installation underway with trial production on schedule
  • First commercial operations (FCO) targeted in Q4 FY27
  • Secured power and bulk water supply at lowest industrial tariffs
  • Aluminum frame plant (18,000 MTPA) nearing completion

Strategic Initiatives:

  • Five-year partnership with Caelux Corporation, USA to develop 3 GW of Hybrid-Tandem™ modules
  • Technology targets up to 29% module efficiency by 2029
  • Combines Caelux's Energy Producing Glass with INA's N-type TOPCon technology

Policy Benefits:

  • RIPS-2022 Incentives: Entitlement Certificate received for Sawarda facility
  • Phase 1 investment: ₹179.12 Cr
  • 1.98% turnover-linked incentive of up to ₹224 Cr over ~9 years
  • 100% electricity duty exemption, expected to save over ₹1 Cr annually at current consumption

Project Execution:

  • Executed 70 MW of solar projects during H1FY27
  • IPP portfolio targeting 400 MW+ by FY27
  • Record single-day dispatch on November 4, 2026: ~16 MW (26,660 modules) across 40 trucks

Management Commentary

Mr. Manish Gupta - Chairman:

  • H1FY27 period of strong execution with revenue doubling year-on-year
  • Margins under pressure due to industry pricing and input-cost environment
  • Global supply-chain disruptions settling down and prices correcting
  • Expects positive momentum and margin revival in next two quarters
  • Full-year FY27 margins and EBITDA expected to reach FY26 levels
  • Commissioning of 4.5 GW TOPCon cell facility and aluminum frame plant to improve cost competitiveness
  • Investments in backward integration and next-generation technology to strengthen competitiveness

Mr. Vikas Jain - Managing Director:

  • Backward integration programme progressing as planned
  • Cell facility targeting first commercial operations in Q4 FY27
  • Strong execution visibility with 1.3 GW orders lined up for delivery
  • Integrated facilities expected to strengthen cost competitiveness and support margin expansion

Company Background

  • Established in 2017, headquartered in Jaipur, Rajasthan
  • Scaled from 80 MW to 5.5 GW of installed module capacity in eight years
  • Serves utility-scale, government-programme, C&I, rooftop and distributed solar markets
  • Network of 1,000+ channel partners and 40,000+ customers across India
  • Developing fully integrated "Made in India" solar manufacturing ecosystem