Financial Performance - Standalone Results (Q1 FY27 vs Q1 FY26)

  • Total Income: ₹13,085.86 lakhs (vs ₹7,643.76 lakhs) - 71.2% YoY growth
  • Revenue from Operations: ₹11,948.55 lakhs (vs ₹6,563.90 lakhs) - 82.0% YoY growth
  • EBITDA: ₹3,667.45 lakhs (vs ₹1,667.22 lakhs) - 120.0% YoY growth
  • Profit Before Tax (PBT): ₹2,225.52 lakhs (vs ₹504.68 lakhs) - 341.0% YoY growth
  • Profit After Tax (PAT): ₹1,867.81 lakhs (vs ₹403.81 lakhs) - 362.5% YoY growth

Financial Performance - Consolidated Results (Q1 FY27 vs Q1 FY26)

  • Total Income: ₹14,071.59 lakhs (vs ₹18,884.29 lakhs) - Not comparable due to missing YoY percentage
  • Revenue from Operations: ₹13,077.21 lakhs (vs ₹17,722.48 lakhs) - 26.2% decline
  • EBITDA: ₹3,836.37 lakhs (vs ₹5,333.65 lakhs) - 28.1% decline
  • Profit Before Tax (PBT): ₹1,039.38 lakhs (vs ₹2,784.95 lakhs) - 62.7% decline
  • Profit After Tax (PAT): ₹765.33 lakhs (vs ₹2,113.96 lakhs) - 63.8% decline

Management Commentary & Operational Highlights

  • Standalone business delivered healthy operating margins through disciplined execution and cost controls
  • Consolidated performance impacted by ALMM 2 policy uncertainty from May 2026 to July 2026, causing customers to defer orders
  • Company has tie-ups for domestic cells for up to 1 GW per year
  • Policy uncertainty and pricing gap between DCR and NDCR modules led to module market slowdown
  • Market showing signs of correction with demand picking up
  • Recognized provision of ₹8 crore for contingencies under other expenses in consolidated financial statement

Strategic Developments & Future Outlook

  • Advanced discussions for two large EPC orders that could significantly strengthen order book
  • Announced investments in 110 MW of IPP projects
  • In process of completing acquisition of two solar parks in Rajasthan aggregating to 140 MW
  • Projected IPP growth on track to contribute to better module manufacturing capacity utilization
  • Launching new solar kits focused on solar energy harvesting during grid downtime
  • Targeting PM Surya Ghar market
  • Additional subsidy announced by Tamil Nadu government expected to boost state solar market

Business Overview

  • Three core businesses: IPP Business with Energy Sales to C&I and Govt Customers, Ground Mounted and Rooftop EPC business, Channel-driven product business for Residential and Commercial customers
  • Manufacturing base includes Solar PV Modules, Module mounting structures, String Combiner Boxes, ACDB, DCDB
  • Vertically integrated manufacturing structure supporting Atmanirbhar Bharat mission
  • Legacy of Numeric, India's leading UPS solutions brand, with expertise in power electronics and battery energy systems