Financial Performance Highlights

Q4 FY26 Results (Quarter Ended March 31, 2026)

  • Revenue from operations: ₹591 crores, representing 235% year-on-year growth
  • EBITDA: ₹73 crores with margin of 12.1%
  • Profit After Tax (PAT): ₹49 crores with net margin of 8.1%

Full Year FY26 Results (Year Ended March 31, 2026)

  • Total income: ₹1,416 crores, representing 1.57% year-on-year growth
  • EBITDA: ₹187.9 crores with margin of 13.3%
  • PAT: ₹120.4 crores with net margin of 8.5%
  • Net worth: ₹844.8 crores
  • Total debt-to-equity ratio: 0.3x

Operational and Business Updates

Order Book Position

  • Total order book: ₹28 billion (₹2,800 crores)
  • Solar EPC and O&M projects: ₹16 billion (₹1,674 crores)
  • BESS EPC and IPP-related projects: ₹11.36 billion (₹1,136 crores)

New Order Wins

  • Secured BESS EPC orders at NTPC thermal power stations in Solapur, Maharashtra and Unchahar, Uttar Pradesh
  • Aggregate capacity: 514 megawatt hours
  • Combined order value: approximately ₹5 billion, including O&M
  • Secured BOS package from NTPC REL for 260 MW DC grid-connected solar PV project in Bikaner
  • Order value: approximately ₹2 billion, including O&M

Project Execution

  • Ongoing BESS projects aggregate to 582 MW AC, 1.2 GWh DC
  • 272 MW project expected to be completed in June 2026
  • Additional 70 MW project expected to be completed in June 2026
  • Total commissioned capacity expected to reach nearly 600 MW by July 2026
  • Target of 1.5 GW capacity by year-end

Manufacturing Capacity Expansion

Solar Module Manufacturing

  • 1.5 GW solar module manufacturing facility commenced operations in Roorkee
  • Spread across 7.5 acres with modern fully automated ATW and Horad lines
  • Manufactures high-efficiency TOPCon solar panels ranging from 600W to 750W
  • Configurations: M10R, G12R, and G12

Battery Energy Storage System (BESS) Manufacturing

  • 3.4 GW fully automated BESS manufacturing facility equipped with KUKA Robotics
  • Trials currently underway
  • Annual revenue potential at full capacity: approximately ₹3,000 crores (740 containers at ₹4.5 crores each)
  • Expected PBT margins: 14-15%

Backward Integration Initiatives

  • 5 GW junction box manufacturing line being established in a joint venture (site ready for trials)
  • 1.2 GW solar cell manufacturing facility under development in Pandhurna
  • Commercial operation targeted by June 2027
  • Capex for solar cell line: ₹430 crores (funds already raised)

Strategic Priorities and Guidance

Revenue Mix Target

  • Targeting 60-40 BESS to solar EPC revenue mix

FY27 Outlook

  • Expected revenue: Approximately ₹2,000 crores (70-75% of current order book)
  • Expected PAT margins: 8-11% range
  • Growth expectation: 40-45% year-on-year

Margin Drivers and Headwinds

  • BESS projects typically have better margin profile (14-15% PBT) compared to solar
  • Current headwinds from elevated raw material prices (copper up 40%, aluminum up 50% since October 2025)
  • Exchange rate impact (INR depreciation from 85-86 to 96 against USD)
  • Geopolitical situation creating supply chain challenges

Market Context and Industry Overview

Industry Growth Projections

  • India's solar capacity projected to reach 348.57 GW by 2031
  • Global solar capacity expected to exceed 7 TW by end of decade
  • BESS demand expected to grow from 30 GW to 250 GW by FY32

Policy Support

  • Union Budget FY26 increased solar allocation by approximately 32%
  • Initiatives including PM Surya Ghar, PM KUSUM, and National Green Hydrogen Mission
  • Regulatory changes such as amendments to CERC-GNA framework improving transmission access
  • ALMM 2 requirements effective from June 2026

Claims and Receivables

  • Filed claims with SJVN Limited totaling ₹219 crores
  • Currently recorded receivables of ₹52 crores in books
  • Claims include idling charges, interest on delayed payments, and loss of profit charges
  • Amount recoverable expected to be higher than recorded amount
  • Can only record additional amounts upon award from dispute resolution board

Management Commentary

Growth Strategy

  • Focus on scaling BESS platform
  • Execute solar EPC and storage projects with discipline
  • Optimize backward integration
  • Invest in technology-led capabilities
  • Build alliances for advanced technology access and distribution reach
  • Broaden customer base across PSU and private sectors to reduce concentration risk

R&D Initiatives

  • Accelerating initiatives toward higher efficiency solar modules and advanced solar technologies
  • Target to shift from 620-625W solar panels to 700W panels
  • Focus on delivering better performance at lower cost through EPC optimization

Q&A Session Highlights

Capacity Utilization

  • Module manufacturing break-even at 30-35% utilization
  • Current guaranteed order: 600 MW from NTPC REL (40-45% utilization)
  • Target utilization: 60-65%
  • 100% of existing EPC order book can be serviced through in-house modules

ALMM 2 Impact

  • Current order book doesn't have ALMM 2 requirements
  • Expect shortage of solar cells in short-term (6-12 months)
  • Situation expected to ease by FY28

Project Delays and Challenges

  • PPA signing delays with DISCOMs and PSUs
  • Connectivity issues expected to take 10-12 months to resolve
  • ROW compensation now paid on market rates (improving situation)
  • BESS projects have lower delay risk due to minimal land requirements

Capital Expenditure Plans

  • No immediate plans for capacity expansion beyond current projects
  • Future expansion only when 75-80% capacity utilization visibility exists
  • Module line expansion could be completed in 6 months if decided

Closing Remarks

Management expressed confidence in delivering good results in the coming year and committed to keeping stakeholders informed of new developments.