Date: September 30, 2026

Financial Results (Standalone & Consolidated)

FY26 Performance (Audited):

  • Revenue from operations: ₹13,762 Mn (up 152.6% YoY from ₹5,448 Mn in FY25)
  • Total income: ₹14,161 Mn (up 157.0% YoY from ₹5,511 Mn in FY25)
  • EBITDA (including other income, excluding share of associate and JV): ₹1,879 Mn (up 62.6% YoY from ₹1,156 Mn)
  • EBITDA margin: 13.3% (down 770 bps from 21.0% in FY25)
  • Profit before tax: ₹1,611 Mn (up 51.1% YoY from ₹1,066 Mn)
  • Profit after tax: ₹1,205 Mn (up 56.4% YoY from ₹771 Mn)
  • PAT margin (on total income): 8.5% (down 550 bps from 14.0%)
  • Basic EPS: ₹14.95 (up 40.0% from ₹10.68)

Balance Sheet (31 March 2026):

  • Net worth: ₹8,478 Mn (up from ₹3,091 Mn in FY25)
  • Total borrowings: ₹2,555 Mn (up from ₹1,146 Mn)
  • Cash and bank balances: ₹5,720 Mn (up from ₹1,271 Mn)
  • Net cash position: ₹3,165 Mn
  • Debt-to-equity ratio: 0.30x
  • Trade receivables (excluding retention): ₹3,477 Mn (up from ₹1,443 Mn)
  • Inventories: ₹1,061 Mn (up from ₹20 Mn)
  • Trade payables: ₹4,452 Mn (up from ₹625 Mn)
  • Total assets: ₹16,880 Mn (up from ₹5,980 Mn)

Q1 FY27 Performance (Unaudited):

  • Revenue from operations: ₹1,684 Mn (up 146.8% YoY from ₹682 Mn in Q1 FY26)
  • Total income: ₹1,780 Mn (up 121.0% YoY from ₹805 Mn)
  • EBITDA (including other income, excluding share of associate and JV): ₹207 Mn (down 1.9% YoY from ₹211 Mn)
  • EBITDA margin: 11.6% (down 1,460 bps from 26.2%)
  • Profit after tax: ₹95 Mn (down 26.4% YoY from ₹129 Mn)
  • PAT margin (on total income): 5.3% (down 1,070 bps from 16.0%)
  • EPS: ₹1.10 (down 36.8% from ₹1.74)

Margin compression in Q1 FY27 was attributed to higher input costs (copper, aluminium, steel, imported cells) and rupee depreciation. Q1 and Q2 are typically weaker quarters, with Q3 and Q4 carrying most of the year's execution.

Order Book and Bidding Position

Order Book (as of 30 September 2026): ₹31,548 Mn (compared to ₹28,130 Mn as of 31 March 2026)

  • Composition: Solar EPC (64%, ₹20,159 Mn), BESS (36%, ₹11,389 Mn)
  • Includes an order of ₹4,097.62 Mn for which the Company is L1 and awaiting formal Letter of Award

Bids Submitted: ₹200,180 Mn across 12 bids

  • Solar EPC: ₹118,530 Mn (59%, 6 bids)
  • BESS: ₹76,000 Mn (38%, 4 bids)
  • Solar + BESS: ₹5,650 Mn (3%, 2 bids)

Ongoing Projects (selected highlights):

  • NTPC Renewable Energy Limited: Multiple projects in Rajasthan totaling 775 MW AC with execution timelines through June 2027
  • SJVN Green Energy Limited: Projects in Gujarat and Assam totaling 410 MW AC, with some orders under suspension
  • Rajasthan Rajya Vidyut Utpadan Nigam Limited: 125 MW/250 MWh BESS project with June 2027 timeline
  • Gujarat Urja Vikas Nigam Limited: 200 MW/400 MWh BESS project with June 2027 timeline
  • NTPC Limited: Multiple BESS EPC projects totaling 257 MW/514 MWh across Maharashtra and Uttar Pradesh

Manufacturing Capacity

Operational Facilities:

  • 1.55 GW TOPCon module manufacturing line in Roorkee, Uttarakhand
  • Operations started: August 2025
  • ALMM approval: December 2025
  • Technology: TOPCon, fully automated
  • Technology partner: ZNSHINE PV-Tech (Tier 1)
  • 5 GW junction box manufacturing line in Roorkee, Uttarakhand
  • 3.4 GW BESS assembly line: Ready for product launch
  • Capex already spent: ₹600-650 Mn
  • Trials completed
  • ~1 GW of line capacity covered by existing orders
  • PBT margin guidance: 14-15%

Under Execution:

  • 2.4 GW solar cell manufacturing line in Narmadapuram, Madhya Pradesh
  • Status: Civil works in progress
  • Target commercial operation: June 2027
  • Major approvals (CTE, factory building) obtained

Proposed Joint Venture

JV Details:

  • Partner: Rays Power Infra Limited
  • JV company: Rays Green Energy Manufacturing Private Limited (proposed)
  • Shareholding: 50:50
  • Scope: 2.4 GW solar cell manufacturing
  • Solarworld commitment: Up to ₹4,200 Mn
  • Target start: Commercial production June 2027
  • Status: Share subscription and JV agreement signed, subject to shareholders' approval

Business Potential

Maximum Annual Revenue Potential from Manufacturing Capacity:

  • Solar module manufacturing line (1.55 GW): ₹12,000 Mn
  • Solar cell manufacturing line (2.4 GW, with proposed JV): ₹21,000 Mn
  • Junction box line (5 GW): ₹1,500 Mn
  • BESS line (3.4 GW): ₹19,500 Mn
  • Total potential: ₹54,000 Mn

Note: Actual utilization and realization may vary with order receipts, capacity utilization, and market conditions.

KMP / Board / Auditor Changes

Not Specified

Dividend Declaration or Non-Declaration

Not Specified

Board Meeting Outcomes

Not Specified

Disinvestment / Strategic Actions

Not Specified

Other Operational / Legal / Strategic Disclosures

Not Specified