Key Financial Figures - Q2 FY27 (Consolidated)

  • Revenue: ₹1,527 crore
  • Gross Profit: ₹140 crore
  • Gross Margin: 9.2%
  • EBITDA: ₹66 crore
  • EBITDA Margin: 4.3%
  • Profit Before Tax (PBT): ₹17 crore
  • PBT Margin: 1.1%
  • Profit After Tax (PAT): ₹17 crore
  • PAT Margin: 1.1%

Key Financial Figures - H1 FY27 (Consolidated)

  • Revenue: Not explicitly stated for H1, but Q1+HQ2 implied
  • EBITDA: ₹481 crore (H1 FY27) vs ₹276 crore (H1 FY26)
  • PBT: (₹270) crore (H1 FY27) vs ₹163 crore (H1 FY26)
  • PAT: (₹296) crore (H1 FY27) vs ₹86 crore (H1 FY26)

Operational and Business Metrics

  • Unexecuted Order Value (UOV): ₹12,481 crore as of September 2026
  • Order Inflow in H1 FY27: ₹3,626 crore
  • O&M Portfolio: 18.9 GWp (as of September 2026), up from 13.5 GWp in March 2026
  • Global Manpower: 4,060 employees
  • EPC Portfolio: 29.8 GWp (commissioned and under construction)
  • Projects Under Execution: Over 50 projects

New Orders in Q2 FY27

The company received 2 new orders totaling ₹985 crore:

1. Domestic EPC (Balance of System) order for a 534 MW project in Rajasthan

2. EPC order for 2 x 308 MWh Battery Energy Storage System (BESS) project in South Africa

Segment Performance Analysis

Domestic EPC Segment:

  • UOV: ₹6,943 crore
  • H1 FY27 Revenue: ₹2,768 crore (12.6% growth from ₹2,458 crore in H1 FY26)
  • Execution is yet to start in a couple of large projects awarded in FY26
  • Pipeline for Domestic EPC and BESS remains strong

International EPC Segment:

  • UOV: ₹5,538 crore
  • H1 FY27 Revenue: ₹165 crore (significantly lower than ₹929 crore in H1 FY26)
  • Lower revenue attributed to old projects nearing completion and new projects yet to commence execution
  • Contract for the Egypt Minya project was signed in Q2 FY27
  • LOA received for 2 X 308 MWh BESS project in South Africa
  • Execution in recently awarded projects likely to commence in H2 FY27

Operations & Maintenance (O&M) Segment:

  • Revenue: ₹99 crore in Q2 FY27 (~55% YoY growth)
  • Revenue growth of ~50% YoY for H1 FY27
  • Portfolio growth driven by completion of EPC projects and addition of new third-party projects

Balance Sheet Position (Consolidated) - September 2026

  • Shareholder Equity: ₹719 crore (vs ₹651 crore in March 2026)
  • Bank Borrowings: ₹920 crore (reduced by ₹244 crore from ₹1,164 crore in March 2026)
  • Cash & Bank Balance: ₹319 crore (including fixed deposits)
  • Net Debt/Equity: 0.84x
  • Credit Rating: BBB+

Working Capital Analysis

  • Net Working Capital: Negative ₹301 crore (improved from negative ₹329 crore in March 2026)
  • Receivable Days: 176 days (increased from 138 days in March 2026)
  • Payable Days: 164 days (increased from 135 days in March 2026)
  • Current Assets: ₹3,106 crore
  • Current Liabilities: ₹3,407 crore

Business Highlights and Developments

  • The company is executing one of India's largest PV plants at Khavda, Gujarat
  • Commissioned 4.5 GW AC capacities in FY26
  • Achieved highest annual turnover post-IPO in FY26
  • Achieved highest unexecuted order value of more than ₹13,000 crore in June 2026
  • Ventured into Wind EPC in 2025
  • Solar O&M portfolio crossed 10 GW in 2025
  • Regional presence across 28 countries

Recent Accolades

  • Recognized as one of the Most Innovative Organisations 2026 by ET Edge
  • Winner of ESG Impact Award 2026 at 3rd Edition of Net Zero Summit & Awards
  • Received 24th Annual Greentech Environment Award 2025
  • Clean Power Generation Excellence Award at 12th Mumbai Climate Summit & Awards 2025
  • Recognized as a Top Brand EPC 2025 by EUPD Research