Key Financial Figures - Full Year FY26

  • Revenue from operations: ₹45,484 million, representing 111% year-on-year growth
  • EBITDA: ₹5,811 million, representing 62% year-on-year growth
  • EBITDA margin: 12.78%
  • Profit after tax (PAT): ₹3,571 million, representing 64% year-on-year growth
  • PAT margin: 7.85%
  • Debt-equity ratio: Improved to 0.65 from 1.34 in FY25

Key Financial Figures - Q4 FY26

  • Revenue from operations: ₹16,077 million (highest-ever quarterly revenue)
  • EBITDA: ₹1,166 million
  • Profit after tax: ₹604 million

Operational Metrics - FY26

  • Total production: 3,162 megawatt (compared to 1,459 megawatt in FY25)
  • Total sales volumes: 3,138 megawatt (compared to 1,389 megawatt in FY25)
  • Capacity utilization: Over 84%
  • Confirmed order book: Approximately 5.89 gigawatt as of March 2026 (₹8,000 crores)
  • Order book execution timeline: 18 months

Strategic Updates and Expansion Plans

Manufacturing Expansion:

  • Solar cell manufacturing ambition scaled from 4.8 GW to 6 GW
  • Phase I (2.4 GW cell): Equipment move-in scheduled for June-July 2026, production expected to start in H2FY26
  • Phase II (3.6 GW cell): Civil work to start from August 2026, expected commissioning by mid-FY27 (June-July 2027)
  • Planned entry into ingot and wafer manufacturing with 6 GW capacity

Backward Integration:

  • 2 GW EPE encapsulant manufacturing facility commissioned in Ambala
  • Encapsulant manufacturing roadmap expanded from 2 GW to 5 GW
  • Encapsulant represents 7-10% of module cost, with 5-10% savings from internal manufacturing
  • Expanding ancillary component manufacturing (aluminum frames, ribbons, junction boxes)

Diversification Initiatives:

  • Acquired 80% stake in Melcon Transformers and Electricals Private Limited (transformer manufacturing)
  • Launched UDAY Series on-grid inverters
  • Strong momentum in solar pump business (3-4% of FY26 revenue)
  • Launched Saatvik Power Storage Solutions Limited focused on battery energy storage systems (BESS)
  • Planning expansion into BESS for C&I segment, hybrid/off-grid inverters, and B2C solar kits

Margin Compression Factors (Q4 FY26)

Management attributed Q4 margin compression to:

  • Significant increase in commodity prices (silver, aluminum, copper)
  • High oil prices affecting encapsulant and freight costs
  • Rupee depreciation from ₹88 to ₹94 against USD
  • Fixed-price contracts preventing immediate cost pass-through
  • War situation creating extraordinary fluctuations

FY27 Outlook and Guidance

Financial Outlook:

  • Q1FY27 expected to be softer due to ongoing war-related fluctuations
  • Margins expected to stabilize and improve from H2FY27
  • Cell manufacturing to significantly improve bottom line margins in H2FY27

Capex Plan:

  • FY27 capex requirement: ₹1,700 crores for expansion (mix of debt-equity)
  • FY28 capex requirement: ₹1,800-2,000 crores for 6 GW ingot project
  • Debt-equity ratio expected to remain between 1.0-1.5x

Production Guidance:

  • Cell production to start in H2FY26 and ramp up
  • Ambitious internal targets for cell production optimization in H2FY27

Business Segment Breakdown

  • Utility customers: ~65% of order book (mostly pass-through contracts)
  • C&I customers: Remainder of order book (fixed-price basis)
  • EPC contribution: ~3-4% of FY26 revenue (150 MW)
  • Solar pumps: ~1% of FY26 revenue (₹50 crores)

ESG Achievement

  • Awarded Bronze Medal rating by EcoVadis for ESG and sustainable manufacturing practices

Management Participants

  • Mr. Neelesh Garg - Chairman and Managing Director
  • Mr. Prashant Mathur - Chief Executive Officer
  • Mr. Rishabh Mehtta - Interim Chief Financial Officer
  • ADFACTORS PR - Investor Relations Team
  • Mr. Prakhar Porwal - Ambit Capital (Moderator)

Analyst Q&A Participants

Representatives from: Kotak Institutional Equities, DAM Capital, Anand Rathi Institutional Equities, Ambit Capital, Sapphire Capital