Key Financial Performance

Q2 FY27 Performance (Consolidated):

  • Revenue from operations: ₹808 crores, representing 51.5% year-on-year growth and 45.5% quarter-on-quarter growth
  • EBITDA: ₹159 crores, showing 68.5% year-on-year growth
  • PAT: ₹97 crores, increasing by 43.3% year-on-year
  • Finance cost: ₹36 crores compared to ₹28 crores in Q1 FY27

H1 FY27 Performance (Consolidated):

  • Revenue: ₹1,364 crores, representing 51.4% growth over H1 FY26
  • EBITDA: ₹245 crores, registering 40.5% growth year-on-year
  • PAT: ₹160 crores, increasing by 30.4% year-on-year
  • Employee expenses: ₹70 crores compared to ₹44 crores in H1 FY26

Segment Performance

  • Energy segment contributed 80% of total revenue
  • Telecom segment contributed 20% of total revenue
  • Energy EBITDA margins: 12-13%
  • Telecom EBITDA margins: 20-23% (O&M margins at 25%)
  • Blended EBITDA margin guidance: 16-17%

Operational Highlights

Energy Business:

  • Commissioned 875 MWh of BESS capacity at project sites during H1 FY27
  • Delivered 1.8 GWh of BESS to customers cumulatively
  • Commissioned 1 GWh at own project sites
  • Expanded manufacturing capacity from 2.5 GWh to 5 GWh in August 2026
  • Produced 844 MWh of BESS capacity in H1 FY27 (94% of FY26 production)
  • Current production running at full 5 GWh capacity
  • Developed in-house BESS container facility with trial production from November 2026 and full-scale production from January 2027
  • Commenced production of 261 kWh C&I cabinets with samples delivered to customers
  • Target: 30% of energy revenues from C&I segment in FY28

Telecom Business:

  • Commissioned more than 8,000 sites for BSNL
  • Sites entered O&M phase for next 5 years
  • Secured additional orders from BSNL and BharatNet OFC projects

Order Book & Inflows

  • Executable order book: ₹10,735 crores
  • Energy: ₹8,528 crores
  • Telecom: ₹2,208 crores
  • H1 FY27 inflows: ₹2,437 crores
  • Energy: ₹2,173 crores
  • Telecom: ₹265 crores

Recent orders include BESS EPC orders from NLC India and DVC, BESS BOOT order from BSES Rajdhani Power, and BESS supply orders from NGSL.

Balance Sheet & Capital Structure

  • Total equity: ₹2,428 crores (vs ₹2,252 crores at FY26 end)
  • Total borrowing: ₹1,371 crores (vs ₹961 crores at FY26 end) - increase of ₹410 crores
  • Build-to-own-operate assets: ₹1,311 crores
  • Cash and bank balances: ₹515 crores
  • Net debt: ₹856 crores
  • Net debt-to-equity ratio: 0.35x (vs 0.09x as of March 31, 2026)
  • Total receivables: ₹2,177 crores (reduced from ₹2,442 crores as of March 31, 2026)
  • Return on equity: 13.2%
  • Return on capital employed: 12.6%

Guidance & Outlook

  • Revised FY27 revenue guidance: ₹3,300-3,500 crores (from earlier ₹3,200-3,400 crores)
  • FY28 revenue guidance: ₹4,000-4,200 crores
  • PAT margin guidance for FY28: ~10%
  • Capacity expansion to 10 GWh expected by next quarter
  • Expected revenue from build-to-operate projects in FY28: ₹325-375 crores

Project Updates

  • Build-to-operate project IRR: ~10%
  • Equity IRR for build-to-operate projects: ~15%
  • Current build-to-operate project expected to complete by December 2026/January 2027
  • Expected annual revenue from current build-to-operate project: ₹197 crores
  • Additional borrowing expected by March 2027: ~₹1,100 crores for new build-to-operate projects

Cost & Margin Drivers

  • In-house container fabrication expected to reduce container costs by 25%
  • Overall BESS cost reduction expected: 4-5%
  • EBITDA margin improvement from container fabrication: 1.5-2%
  • Lithium-ion cell prices increased ~20% in previous quarter but stabilizing now
  • China's export rebate elimination (6%) expected from January 2027

Working Capital & Cash Flow

  • Working capital cycle expected to ease with shift to energy business
  • Expected receivable days: ~150 days (down from 286 days in March 2026)
  • Expected payable days: 60-90 days
  • Net working capital expected: 90-120 days
  • Cash flow from operations positive excluding finance lease receivables

Future Plans

  • 20% of capacity allocated for job work to reduce working capital requirements
  • 10-15% of capacity for build-to-operate projects
  • Localization of components (except lithium-ion cells and BMS) targeted in next 2 quarters
  • PLI tendering expected to complete by mid-November 2026
  • Cell manufacturing capex planned for next financial year
  • Data center power products development with Megmeet (commercial readiness expected in 1 year)

Market Context

  • BESS demand expected to reach 236 GWh by FY32
  • Current bidding competition reduced from 25-30 participants to 6-8 participants per bid
  • Company maintains bidding discipline with focus on margin protection