Operational Highlights

Manufacturing Capacity & Expansion:

  • Established manufacturing base at Ambala, Haryana with 4.8 GW module capacity and 2 GW encapsulant capacity
  • Gopalpur, Odisha integrated hub: Phase 1 (57 acres) comprises 2.4 GW cell + 4 GW module capacity
  • Commercial production at 1.3 GW module facility in Gopalpur commenced November 2, 2026
  • Full 4 GW module capacity expected by December 2026 (total operational capacity: 8.8 GW)
  • 2.4 GW cell line commenced trial runs, targeting production ramp-up by December 2026
  • ALMM List-II inspection for cells planned within November 2026
  • Phase 2 (27 acres): Additional 3.6 GW cell capacity (total 6 GW), completion targeted FY28
  • Phase 3: 6 GW ingot/wafer capacity planned for FY29, aligned with ALMM List-III requirements

Production & Sales Metrics (Q2 FY27):

  • Module production: 658 MW (vs 408 MW in Q1 FY27; 792 MW in Q2 FY26)
  • Module sales: 640 MW (vs 334 MW in Q1 FY27; 538 MW in Q2 FY26)
  • H1 FY27 production: 1,066 MW; sales: 973 MW
  • Average realization: INR 13.49/Wp (quarter); INR 13.89/Wp (half-year)
  • Effective capacity utilization: 58.5% (Q2); 47.4% (H1)
  • Domestic customers contributed 96.7% of Q2 revenue

Order Book Status (as of September 30, 2026):

  • Confirmed order book: 6.68 GW (≈110% of installed module capacity of 6.1 GW)
  • Q2 additions: 970 MW new orders; executions: 640 MW (opening: 6.35 GW)
  • H1 additions: 1.76 GW new orders; executions: 970 MW
  • Recent orders: INR 476 crores (Vikran Engineering, August); INR 190 crores (domestic modules, August); INR 297.5 crores (domestic modules, September); INR 1,041 crores (SECI, September); INR 100 crores (MSEDCL, October)

Financial Performance

Q2 FY27 Standalone:

  • Revenue from operations: INR 9,026 million (vs INR 5,110 million in Q1 FY27 - +77% sequential; vs INR 7,680 million in Q2 FY26)
  • EBITDA: INR 696 million; margin: 7.7% (vs INR 425 million, 8.3% margin in Q1 FY27; vs INR 1,263 million in Q2 FY26)
  • Other income: INR 253 million
  • Profit after tax: INR 202 million (vs INR 54 million in Q1 FY27; vs INR 847 million in Q2 FY26)

H1 FY27 Standalone:

  • Revenue from operations: INR 14,136 million (vs INR 16,838 million year ago)
  • EBITDA: INR 1,121 million; margin: 7.9%
  • Profit after tax: INR 256 million
  • Module sales accounted for ≈96% of H1 revenue

Balance Sheet (as of September 30, 2026):

  • Debt-to-equity: 1.37x (vs 0.99x in June 2026; 0.44x year ago)
  • Capital expenditure (H1): INR 5,001 million
  • Capital work in progress: INR 8,842 million (vs INR 3,841 million in March 2026)
  • Inventories: INR 9,074 million (vs INR 7,016 million in March 2026)
  • Receivables: INR 4,855 million (vs INR 6,988 million in March 2026)
  • Trade payables: INR 4,705 million

Strategic Initiatives & Business Diversification

New Business Segments:

  • B2C segment expansion with SuryaConnect solar kits for residential/small commercial customers
  • Distribution network: 85-90 distributors across India, expanding to district/village level
  • New products: Quad-Cut TOPCon 3.0 dual-glass bifacial modules; UDAY Plus hybrid inverter; lithium battery solutions
  • E-commerce sales for direct customer reach
  • Non-module businesses (EPC, solar pumps, transformers, inverters, encapsulants, batteries): Q2 revenue INR 408 million; H1 revenue INR 634 million (≈4% of total revenue)
  • Target: Increase non-module revenue share to 15% in next two years

Sustainability Recognition:

  • EcoVadis Bronze medal (79th percentile globally)
  • Golden Peacock Occupational Health and Safety Award 2026
  • Prithvi Award 2026 from ESG Research Foundation
  • IGBC Green Factory Building Silver rating (Ambala facility)
  • Brand of the Year at India Power and Renewable Leadership Awards 2026

Industry Context & Policy Environment

Policy Framework:

  • ALMM List-I (modules): Effective since April 2021
  • ALMM List-II (solar cells): Effective June 1, 2026 (limited exemption for net metering/open access projects commissioned by December 31, 2026)
  • ALMM List-III (ingots/wafers): Applies from June 2028
  • Government preparing support scheme for polysilicon manufacturing

Market Dynamics:

  • Domestic cell capacity: ≈37 GW vs >200 GW module capacity
  • India solar capacity addition: 20.8 GW (H1 FY27); 44.6 GW (FY26 - +87% YoY)
  • Non-fossil capacity: 238 GW (March 2026) vs 500 GW target for 2030
  • Annual solar demand expected: 50 GW (FY27) → 85 GW (FY30)
  • Government programs: PM Surya Ghar (1 crore households targeted, 50+ lakh achieved); PM-KUSUM (March 2027 completion deadline); open access solar opportunity: 20-25 GW
  • US Section 232 tariffs on polysilicon-based products effective December 4, 2026 (limited export exposure: 3% of revenue)

Management Outlook & Guidance

FY28 Guidance: Revenue ≈INR 6,000 crores with EBITDA margin of 12%

Near-term Priorities:

1. Ramp up Odisha module line to full 4 GW capacity by December 2026

2. Ramp up cell manufacturing line toward production by December 2026

3. Complete ALMM List-II process

4. Execute 6.68 GW order book while strengthening pipeline

5. Manage working capital and balance sheet discipline

Capacity Utilization Targets:

  • Cell: Targeting >90% capacity utilization
  • Module: Targeting return to 80%+ capacity utilization (vs 58.5% in Q2 FY27)

Margin Expectations: Cell manufacturing benefits expected to partially reflect in Q3 FY27, fully from Q4 FY27 onward, with margins in line with integrated peers.

Q&A Session Key Points

Pricing: Current TOPCon DCR prices ≈INR 20-21/Wp; non-DCR prices ≈INR 12-13/Wp

Technology Transfer: China export controls (effective November 15, 2026) not expected to impact phase 2 cell capacity plans; alternative equipment sources available

Wafer Sourcing: Long-term contracts with tier-1 Chinese suppliers; domestic 6 GW ingot/wafer capacity aligned with ALMM List-III

Order Book Mix: 60% DCR, 40% non-DCR