Financial Highlights

Total Income: ₹324 Crore, representing:

  • 79% increase YoY (Q1 FY26: ₹181 Crore)
  • 33% increase QoQ (Q4 FY26: ₹244 Crore)

EBITDA: ₹294 Crore, representing:

  • 86% increase YoY (Q1 FY26: ₹159 Crore)
  • 38% increase QoQ (Q4 FY26: ₹214 Crore)
  • EBITDA Margin: 91% (300 bps improvement YoY and QoQ)

Operating Income: ₹291 Crore, representing:

  • 81% increase YoY (Q1 FY26: ₹161 Crore)
  • 37% increase QoQ (Q4 FY26: ₹213 Crore)
  • Operating EBITDA Margin: 90% (400 bps improvement YoY and QoQ)

Profit After Tax: ₹33 Crore, representing:

  • 54% increase YoY (Q1 FY26: ₹22 Crore)
  • 55% increase QoQ (Q4 FY26: ₹22 Crore)

Cash PAT (PAT + Depreciation): ₹108 Crore, representing:

  • 50% increase YoY (Q1 FY26: ₹72 Crore)
  • 22% increase QoQ (Q4 FY26: ₹88 Crore)

Days Receivable Outstanding: 19 days as of June 30, 2026

Operational Highlights

Capacity Commissioned in FY27 (to date): 767 MWp renewable capacity and 403 MWh BESS across 8 sites:

  • 224 MWp FDRE + 201 MWh BESS (CTU)
  • 165 MWp FDRE + 201 MWh BESS (CTU)
  • 41 MW Wind (GJ-STU)
  • 42 MW Hybrid (GJ-STU)
  • 140 MW Hybrid (GJ-STU)
  • 50 MW Hybrid (MH-Tata Power)
  • 15 MW Hybrid (MH-STU)
  • 90 MW Wind (GJ-STU)

New Contracts Won (post June 30, 2026):

  • SECI FDRE Round the Clock: 920 MWp + 2,200 MWh BESS
  • GUVNL Wind Project: Details not specified

Additional PPA Signed: 50 MW with SJVN under FDRE portfolio at tariff of ₹4.25/kWh

Portfolio Details

Total Portfolio: 11,216 MWp including 8,989 MWh BESS

Operational Capacity (A): 1,961 MW AC (2,575 MWp DC) with 503 MWh BESS

Under Construction - Contracted (B): 2,739 MW AC (3,562 MWp DC) with 3,586 MWh BESS

Under Construction - Awarded (C): 3,710 MW AC (5,079 MWp DC) with 4,900 MWh BESS

Portfolio Composition:

  • 84% consists of FDRE & Wind-Solar Hybrid (WSH) projects
  • Weighted average tariff: ₹3.70/kWh
  • 98% secured through long-term PPAs (typically 25 years)

Off-taker Credit Quality

Portfolio Distribution by Off-taker (11,216 MWp):

  • Central Off-takers (75%): SJVN (24%, CARE AA+), NHPC (22%, CARE AAA), NTPC (16%, ICRA AAA), SECI (14%, ICRA AAA)
  • State & Private Off-takers (23%): GUVNL (11%, CARE AA+), MSEDCL (10%, Acuite A Stable), Tata Power (2%, CRISIL AA+)
  • Merchant (2%)

98% of portfolio with off-takers rated "A" or above

Infrastructure Status

Connectivity: Full connectivity available for current portfolio with surplus of 4,500 MW for future bids

BESS Capacity: Connectivity available for installation of more than 20,000 MWh BESS

Land Bank: Over 14,000 acres available for under construction projects across more than 200 wind turbine locations

Project Execution Timeline

Multiple projects expected for commissioning between September 2026 and December 2027, with BESS installation scheduled for phased commissioning from April 2027 onwards.