Event Type: Post Earnings Conference Call to discuss Q4 and FY 2026 financial performance and business updates.

Date and Time: The conference call was held on May 18, 2026. The specific time was not mentioned in the disclosure.

Purpose: To discuss the company's exceptional performance in FY26, provide financial highlights, discuss strategic initiatives including the recent MoU with Gujarat Government, and address analyst questions about future outlook, raw material challenges, and capacity expansion plans.

Management Participants:

  • Mr. Chetan Shah – Chairman and Managing Director
  • Mr. Vipul Shah – Non-Executive Director
  • Mr. Hemal Kachiwala – Chief Financial Officer

Moderator: Mr. Hiral Keniya from Ernst & Young LLP

Financial Period Discussed: Q4 FY26 and Full Year FY26 (ended March 31, 2026)

Key Financial Highlights Disclosed:

  • FY26 Revenue: INR 16,211 million (144% YoY growth)
  • FY26 EBITDA: INR 1,867 million (134.6% YoY growth)
  • FY26 PAT: INR 983 million (132.7% YoY growth)
  • FY26 EBITDA Margin: 11.5%
  • FY26 PAT Margin: 6.1%
  • Q4 FY26 Revenue: INR 8,858 million (247.6% YoY growth)
  • Q4 FY26 EBITDA: INR 986 million (246.1% YoY growth)
  • Q4 FY26 PAT: INR 589 million (289.4% YoY growth)
  • Q4 FY26 PAT Margin: 6.6% (71 bps expansion)
  • Net cash flow from operating activities: INR 2,007 million as of March 31, 2026
  • Working capital cycle: Improved to 35 days from 61 days in FY25
  • Net debt-to-equity ratio: 0.57:1
  • ROE: 38.4%
  • ROCE: 31.7%

Strategic Updates and Forward-looking Statements:

  • Company transitioned from manufacturing-centric to fully integrated clean energy enterprise
  • Targeting FY27 revenue of INR 26,000 million with PAT margin of 6-8%
  • Signed INR 40,000 million MoU with Gujarat Government for 5GW solar cell and 10GW BESS manufacturing
  • Order book visibility exceeding INR 34,000 million
  • Cell manufacturing facility (2.2GW first phase) expected operational by Q4 FY27 (December 2027)
  • BESS business to be established as separate subsidiary

Compliance Statement: The document contains forward-looking statements subject to risks and uncertainties, but no specific statement about unpublished price sensitive information (UPSI) was included.

Additional Notes Section

The document includes the complete transcript of the post-earnings conference call held on May 18, 2026. The transcript contains detailed Q&A session covering:

  • Raw material inflation concerns and hedging strategies
  • ALCM (Approved List of Models and Manufacturers) implementation timeline concerns
  • Detailed discussion on cell manufacturing technology (TOPCon) and utility challenges
  • Capacity utilization rates (70% in FY26, 55% conservative estimate for FY27)
  • Module sales volume (over 1GW in FY26)
  • Order book breakdown (INR 3,400 crores across confirmed POs, signed MSAs, and advanced stages)
  • Funding plans (INR 200 crores NCD + INR 150 crores CCD expected by June 30, 2026)
  • Land acquisition status (awaiting connectivity approvals, expected by June 30, 2026)
  • Business segment breakdown (INR 839 crores modules vs INR 46 crores EPC in Q4)

Financial data was extensively disclosed in the transcript including all key performance metrics. The document was submitted to NSE under Regulation 30 of SEBI LODR Regulations pursuant to SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.