• Event Type: Q1 FY27 Earnings Conference Call held on August 10, 2026.
  • Date and Time: Monday, August 10, 2026 (specific time not mentioned in transcript).
  • Purpose: Discussion of Q1 FY27 financial results and business updates.
  • Management Participants:
  • Mr. Vivek Gupta – Chairman and Managing Director
  • Mr. Amulya Gupta – Whole-Time Director
  • Mr. Avadhesh K. Singh – Group Chief Operating Officer
  • Mr. Vijay Kumar Yadav – Chief Financial Officer
  • Mr. Sanjeev Sancheti – Investor Relation Advisor (Uirtus Advisors)
  • Moderator: Mr. Dheeraj Ram from 360 ONE Capital Market Limited
  • Compliance: The call began with a reference to the Safe Harbor statement containing forward-looking statements available on BSE and NSE websites.

Financial Performance Q1 FY27:

  • Revenue from operations: INR474 crores (7.9% YoY decline, 7.1% sequential decline from Q4 FY26)
  • EBITDA: INR82 crores (17.1% margin)
  • Operating EBITDA: INR74 crores (15.7% margin)
  • PAT: INR54 crores (11.2% margin)
  • Margin decline drivers: 9% reduction in Magel Tyala scheme realizations, diversification into module sales, elevated input costs from geopolitical situation
  • Gross margin declined 548 bps sequentially; operating EBITDA margin moderated 747 bps QoQ

Order Book and Business Updates:

  • Pump order book: 22,025 pumps as of date
  • Near-term pipeline: ~12,500 pumps across direct PM KUSUM, Magel Tyala, indirect PM KUSUM and export orders
  • Solar EPC order book: 72 MW across rooftop, utility, and C&I segments
  • Solar pipeline: 359 MW
  • Created dedicated PM Surya Ghar vertical with dedicated business head

Capex Update:

  • Pump and motor plant capacity expansion and automation: Expected completion by Q3 FY27
  • Solar module plant: First phase (1 GW capacity) expected by end of Q2 FY27

Balance Sheet Position:

  • Net debt: INR266 crores as of June 30, 2026
  • Net debt to equity: 0.15x
  • Net debt to operating EBITDA: 0.90x
  • Cash conversion cycle: 244 days (increased from 172 days as of March 31, 2026)
  • Receivable days: 229 days (increased from 155 days)
  • INR305 crores of total receivables as of June 30, 2026 were not yet due
  • Receivables entirely from government and government-backed counterparties

FY27 Guidance:

  • Revenue growth: 20-25% over FY26
  • EBITDA margin: 15% to 17%
  • PAT margin: 11% to 13%

Business Diversification:

  • PM Surya Ghar target: ~2 lakh solar installations in FY27 (estimated INR800-1000 crore revenue)
  • Introducing wires and cables through channel sales
  • Developing inverter production capability (expected in 6 months, field trials in 2 months)

Market Challenges:

  • Delay in PM KUSUM 2.0 rollout
  • Competitive bidding in Magel Tyala scheme reducing realizations by 9%
  • Geopolitical situation driving input cost increases
  • Increased number of bidders in state government projects

Additional Notes Section

  • The document is a transcript of the earnings conference call submitted to stock exchanges.
  • No financial data beyond what was discussed in the call was disclosed in this announcement.
  • The transcript included Q&A session with analysts and investors.
  • Management expressed confidence in FY27 guidance despite current challenges.
  • The company emphasized that current margin pressures are due to external factors and temporary in nature.