Financial Performance Highlights

Q2 FY2027 (Standalone)

  • Revenue from Operations: ₹13,068 Million, up 130.1% YoY (Q2 FY26: ₹5,679 Million)
  • EBITDA: ₹2,229 Million, up 116.4% YoY (Q2 FY26: ₹1,030 Million)
  • EBITDA Margin: 17.1% (Q2 FY26: 18.1%)
  • Profit After Tax (PAT): ₹1,329 Million, up 111.2% YoY (Q2 FY26: ₹629 Million)
  • PAT Margin: 10.2% (Q2 FY26: 11.1%)
  • Basic EPS: ₹4.33 (Q2 FY26: ₹2.25)

H1 FY2027 (Standalone)

  • Revenue from Operations: ₹26,525 Million, up 127.6% YoY (H1 FY26: ₹11,653 Million)
  • EBITDA: ₹4,777 Million, up 128.7% YoY (H1 FY26: ₹2,089 Million)
  • EBITDA Margin: 18.0% (H1 FY26: 17.9%)
  • Profit After Tax (PAT): ₹1,907 Million, up 46.1% YoY (H1 FY26: ₹1,305 Million)
  • Exceptional Item: H1 FY27 PAT excludes an exceptional item (net of tax) of ₹1,074 Million relating to provision for Bawal fire loss
  • Normalized PAT (adding back exceptional item): ₹2,981 Million, up 128.4% YoY
  • PAT Margin: 7.2% (H1 FY26: 11.2%); Normalized PAT Margin: 11.2%
  • Basic EPS: ₹6.21 (H1 FY26: ₹4.66)

Capital Structure and Working Capital (As of September 30, 2026)

  • Total Debt: ₹8,516 Million (Mar-26: ₹4,615 Million)
  • Long Term Debt: ₹1,902 Million
  • Short Term Debt: ₹6,614 Million
  • Cash & Cash Equivalents: ₹518 Million
  • Net Debt: ₹7,998 Million
  • Total Equity: ₹14,657 Million
  • Net Debt/Equity Ratio: 0.55x (Mar-26: 0.25x)
  • Net Working Capital Days: 15 days (FY26: 16 days)

Manufacturing Capacity Expansion and Backward Integration

Recent Commissioning

  • 2 GW Power Electronics Facility at Ratlam: Commissioned during Q2 FY27, manufacturing solar inverters, UPS systems, and related power electronics products. Increases total power electronics capacity to 4.1 GW.

Upcoming Capacities

  • Lithium-ion Battery Manufacturing (Ratlam): 3 GWh capacity expected to come online in the coming quarter.
  • Tubular Battery Manufacturing (Hathras, UP): 1 GWh facility to replace capacity lost in Bawal fire (May 2026), expected commissioning by Q3 FY2027.
  • TOPCon Solar Cell Manufacturing (Ratlam): 1.2 GW facility on track for commissioning by Q1 FY2028. This will complement the existing 1 GW solar cell capacity at Dadri.

Backward Integration Achievements

  • Power Electronics: Developed in-house capabilities for sheet metal cabinet, heat sink fabrication, transformers, inductors, PCB mounting (EMS), and wiring harnesses.
  • Lithium-ion Batteries: In-house manufacturing of BMS cards (including EMS), Modbus communication boards, cabinets, busbars, displays, wire harnesses, and critical assembly components.

Distribution Network

  • Total channel partners: Over 10,200 as of September 30, 2026.
  • Added more than 30 distributors and 100 dealers during Q2 FY27.
  • Presence across 25+ states and union territories.

Management Commentary (Mr. Pawan Kumar Garg, Chairman and Joint Managing Director)

  • Demand environment remains favorable driven by government initiatives (PMSGY), consumer awareness, and adoption in Tier 2/3 markets.
  • Growth driven by higher sales volumes, PAN India service engineer network, and competitive pricing strategy.
  • Q2 margins moderated due to overheads at Ratlam facility ahead of production ramp-up.
  • Focus remains on ramping up manufacturing capacities, expanding distribution reach, and strengthening backward integration.

Market Context and Regulatory Environment

  • PM Surya Ghar Muft Bijli Yojana (PMSGY): Over 3.5 million households still to cover, representing ~10 GW+ incremental opportunity. Scheme requires DCR-compliant solar panels and inverters with data localization in India.
  • Company Compliance: Confirmed to MNRE for data localization requirements; manufactures Made-in-India dongles, dataloggers, and RMS with data on Indian servers.
  • Industry Trends: MNRE and CEA regulations increasingly favor trusted Indian manufacturers with data localization and secure communication protocols.

Strategic Evaluation of New Opportunities

The company is evaluating opportunities in:

1. Battery Energy Storage Systems (BESS) for C&I customers

2. Advanced battery cell manufacturing (including sodium-ion)

3. Backward integration into ingots and wafers (subject to ALMM framework)

4. OSAT (Outsourced Semiconductor Assembly and Test) and MOSFET manufacturing

Corporate Social Responsibility (CSR)

  • CSR expenditure supported apprenticeship training under the National Apprenticeship Promotion Scheme (NAPS).
  • Focus on practical skill-building for young trainees under the Apprentices Act, 1961.

Investor Relations Contacts

  • Company Contact: Mayuri Gupta, Company Secretary; +91 011 41055305; investor@utlsolarfujiyama.com
  • Investor Relations Advisor: Churchgate Partners; +91 73032 11037; fujiyama@churchgatepartners.com