Consolidated revenue from operations: ₹555 crore, representing 51.3% YoY growth
Gross profit: ₹155.5 crore with gross margin of 28%
EBITDA: ₹86.1 crore with margin of 15.5% (compared to 14.9% in preceding quarter)
Profit after tax: ₹63 crore with margin of 11.3% on revenue
Employee expenses: ₹33 crore (compared to ₹27 crore in previous quarter)
Finance cost: ₹28 crore (compared to ₹34 crore in previous quarter)
Other income: ₹28 crore, primarily from foreign exchange gains and interest income
Business Segment Performance
Energy business contributed 79.5% to overall revenue
Telecom & ICT segment contributed 20.5% to overall revenue
Sequential revenue decline from Q4 FY26 (₹1,097 crore) to Q1 FY27 (₹555 crore) due to timing of project execution and milestone-based revenue recognition
Order Book Position (as of June 30, 2026)
Total executable order book: ₹10,803 crore
Energy segment executable order book: ₹8,453 crore
Build-Own-Operate (BOO) projects: ₹4,074 crore
EPC projects: ₹4,367 crore
Telecom & ICT executable order book: ₹2,350 crore
Q1 FY27 Order Inflows
Total order inflows: ₹1,677 crore
Energy segment: ₹1,412 crore from two EPC contracts with NLC and DVC (execution timeline: 1 year)
Current operational BESS capacity: 5 GWh (two lines of 2.5 GWh each)
Expansion to 10 GWh planned with additional 5 GWh line
Equipment expected to arrive by end-September 2026
Installation planned for October-November 2026
Target operational date: beginning of December 2026
Total capex for expansion: ₹300 crore (including container fabrication unit), funded internally through private placement proceeds
Container Manufacturing
Company has set up own container manufacturing facility to address supply chain bottlenecks
Trial runs ongoing, batch production expected to start from next month (September 2026)
Supplied over 300 containers to date
Project Execution Update
Energy projects: Execution begun for SECI, KPTCL, MAHAGENCO and Bondada
Four Build-Own-Operate (BOO) projects underway
975 MWh of BOO capacity commissioned to date, generating ₹900 crore revenue recognition
Telecom projects: 30% work completed on Railway Kavach project
New Initiatives and Partnerships
Research center established in Pune for battery cell technology development, led by Professor Ogale (Independent Director) with team of 8 PhD scientists
Cooperation agreement signed with MEGMEET for AI data center power solutions (approved by Nvidia)
Applying for 4 GWh PLI scheme for cell manufacturing with assistance from Big 4 consulting firm
Commercial & Industrial (C&I) storage products approved, first trial orders of 25 units received
Exploring Saudi Arabia market through MOU, small export order executed in Q1
Margin Guidance and Cost Structure
PAT margin guidance: 10.5% to 11% for product and project mix
Telecom margins better than BESS but with lower volumes
C&I segment expected to have 3-5% higher EBITDA margins than grid-scale BESS (which has 13-15% product margin)
Lithium-ion cells constitute approximately 60% of total cost
Recent tenders include price variation clauses for cell price changes
Financial Outlook
FY27 revenue guidance: ₹3,200-3,400 crore
H1 FY27 target: 40-45% of annual revenue (compared to 35% in H1 FY26)
