Financial Performance (Consolidated)

Q2 FY2027 Results (YoY Comparison)

  • Revenue from operations: ₹8,082 million (↑51.5% from ₹5,334 million in Q2 FY26)
  • Gross profit: ₹2,504 million (↑77.3% from ₹1,412 million); Margin: 31.0% (vs 26.5%)
  • EBITDA: ₹1,586 million (↑68.5% from ₹941 million); Margin: 19.6% (vs 17.6%)
  • EBIT: ₹1,528 million (↑66.0% from ₹920 million); Margin: 18.9% (vs 17.2%)
  • Finance costs: ₹356 million (↑444.0% from ₹65 million)
  • PBT: ₹1,304 million (↑36.4% from ₹956 million); Margin: 16.1% (vs 17.9%)
  • PAT: ₹973 million (↑43.3% from ₹679 million); Margin: 12.0% (vs 12.7%)

H1 FY2027 Results (YoY Comparison)

  • Revenue from operations: ₹13,635 million (↑51.4% from ₹9,005 million in H1 FY26)
  • Gross profit: ₹4,059 million (↑57.1% from ₹2,583 million); Margin: 29.8% (vs 28.7%)
  • EBITDA: ₹2,447 million (↑40.5% from ₹1,741 million); Margin: 17.9% (vs 19.3%)
  • EBIT: ₹2,344 million (↑37.9% from ₹1,700 million); Margin: 17.2% (vs 18.9%)
  • Finance costs: ₹640 million (↑293.1% from ₹163 million)
  • PBT: ₹2,120 million (↑25.1% from ₹1,695 million); Margin: 15.5% (vs 18.8%)
  • PAT: ₹1,598 million (↑30.4% from ₹1,226 million); Margin: 11.7% (vs 13.6%)

Financial Performance (Standalone)

Q2 FY2027 Results (YoY Comparison)

  • Revenue from operations: ₹5,946 million (↑73.8% from ₹3,421 million)
  • Gross profit: ₹1,324 million (↑11.9% from ₹1,184 million); Margin: 22.3% (vs 34.6%)
  • EBITDA: ₹719 million (↓10.7% from ₹805 million); Margin: 12.1% (vs 23.5%)
  • PAT: ₹582 million (↓5.3% from ₹615 million); Margin: 9.8% (vs 18.0%)

H1 FY2027 Results (YoY Comparison)

  • Revenue from operations: ₹8,588 million (↑26.0% from ₹6,818 million)
  • Gross profit: ₹2,189 million (↓0.1% from ₹2,190 million); Margin: 25.5% (vs 32.1%)
  • EBITDA: ₹1,214 million (↓20.9% from ₹1,535 million); Margin: 14.1% (vs 22.5%)
  • PAT: ₹1,008 million (↓10.5% from ₹1,126 million); Margin: 11.7% (vs 16.5%)

Operational Highlights

Manufacturing Capacity

  • BESS manufacturing capacity expanded to 5 GWh
  • H1 FY27 manufacturing output: 844 MWh
  • Line 2 (2.5 GWh) operationalized in August 2026
  • Line 3 (5 GWh) under implementation, commissioning targeted by December 2026

Backward Integration

  • In-house BESS container prototype developed
  • Trial production scheduled to commence November 2026
  • Full-scale production targeted from January 2027
  • Expected to meet ~50% of container requirements for 10 GWh planned capacity

Product Development

  • Developed 261 kWh C&I BESS cabinets
  • Completed customer trial runs

Order Book & Business Updates

H1 FY27 Order Inflows: ₹24,375 million

Energy Solutions (₹21,727 million):

  • NLC India: BESS EPC (250 MW / 500 MWh): ₹7,099 million
  • DVC: BESS EPC (250 MW / 500 MWh): ₹7,020 million
  • BSES Rajdhani Power: BESS BOOT (57.5 MW / 115 MWh): ₹1,794 million
  • BESS Supply (NTPC GE Power Services and Kalpa Power): ₹5,814 million

Telecom & ICT (₹2,647 million):

  • BSNL BharatNet OFC EPC: ₹2,647 million

Executable Order Book (as of September 30, 2026): ₹107,353 million

Energy Segment: ₹85,277 million (79.4%)

  • BOO Projects: ₹37,706 million (2.22 GWh)
  • EPC Projects: ₹41,677 million (2.60 GWh)
  • Supply Contracts: ₹5,894 million

Telecom & ICT Segment: ₹22,080 million (20.6%)

  • EPC + O&M: ₹15,613 million
  • EPC: ₹3,118 million
  • Supply: ₹1,956 million
  • O&M: ₹1,292 million
  • Others: ₹101 million

Regulatory Environment Updates

Key Policy Developments

  • CTUIL BESS Connectivity Advisory (October 2026): 4-hour minimum storage duration for Non-RoFR applications
  • Green Energy Corridor Phase-III (September 2026): Enables evacuation of 135 GW renewable energy, supports 50 GWh BESS deployment with ₹50,000 crore allocation
  • CEA Draft BESS Requirement (September 2026): 2-hour co-located BESS (10% of plant capacity) for projects commissioned after July 2027
  • Phase II ₹5,400 Crore BESS VGF Scheme (May 2026): Supports 30 GWh of new standalone BESS capacity
  • 20% Domestic Content Requirement for VGF-supported BESS projects (December 2025)

Balance Sheet Summary (Consolidated)

As of September 30, 2026 vs March 31, 2026

  • Total assets: ₹58,786 million (vs ₹53,142 million)
  • Equity share capital: ₹432 million (unchanged)
  • Other equity: ₹23,350 million (vs ₹21,641 million)
  • Total equity: ₹24,277 million (vs ₹22,522 million)
  • Long-term borrowings: ₹9,449 million (vs ₹6,067 million)
  • Short-term borrowings: ₹4,258 million (vs ₹3,540 million)
  • Total debt: ₹13,707 million (vs ₹9,607 million)
  • Debt/Equity: 0.56x (vs 0.43x)
  • Cash and bank balances: ₹5,148 million (vs ₹7,691 million)
  • Net debt: ₹8,558 million (vs ₹1,916 million)
  • Net debt/Equity: 0.35x (vs 0.09x)
  • ROE: 13.2% (vs 13.6%)
  • ROCE: 12.6% (vs 14.3%)

Key Balance Sheet Movements

  • Total borrowings increased reflecting ongoing investment towards energy asset creation of ₹13,118 million
  • IPO proceeds 100% deployed towards BESS projects and capex as of September 30, 2026
  • Return ratios moderated during execution and scaleup phase of long-term energy infrastructure assets

Forward Guidance

FY2027–FY2028 Strategic Focus

  • Scale BESS manufacturing from 5 GWh to 10 GWh
  • Expand utility-scale & C&I storage
  • Improve operating leverage through localization and integration
  • Deepen backward integration
  • Increase product-led/manufacturing revenues
  • R&D towards cell manufacturing
  • Expand participation in telecom infrastructure opportunities

Revenue Guidance

  • FY27E: ₹3,300–3,500 crore (Revised upward from ₹3,200–3,400 crore)
  • FY28E: ₹4,000–4,200 crore